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Posts tagged "Estate Planning"

Is it OK to divide your estate unevenly among your adult kids?

In an ideal world, all of your children would be equally successful. However, that's rarely the case. For any number of reasons, some beyond a person's control, adult siblings may end up with vastly different levels of financial security. One may be a world-renowned chef with several restaurants and a TV show. Another may be a respected professor, living in comfort but not vast wealth. Yet another may have never found his or her niche and is barely making ends meet on his income, with some help from his parents.

Why your pets should be included in your estate plan

Many people these days are single or widowed and don't have any living family. Therefore, they see no reason to have an estate plan or even a simple will. They figure the courts will just sort things out. However, if you have pets, what will happen to them when you die?

Why a joint will probably isn't right for you

Some Maryland couples consult estate planning attorneys to have joint wills drafted. They figure that this is the most efficient way to leave their assets to their children. With a joint will, each can designate that when one of them dies, the estate will automatically go to the surviving spouse.

The advantages of a revocable trust

Many estate planning attorneys recommend that in addition to having a will, their clients set up a revocable trust. Revocable trusts allow your assets to be more distributed expediently according to your wishes after you die. A revocable trust also makes it easier for your executor to pay any bills or outstanding debts.

Why business owners need a carefully crafted estate plan

Estate planning is important for just about everyone. However, if you own a business that you want to thrive long after you're gone, a carefully crafted estate plan is essential. A business owner can use his or her estate plan to designate who will own and manage the business and who will benefit from its continued success.

There are alternatives to disinheriting a child

Some people choose to leave their children out of their estate plan because they believe they've given them more than enough advantages and financial help to become thriving, self-sufficient adults. Billionaires Warren Buffett and Bill and Melinda Gates, for example, are leaving relatively small portions of their wealth to their children and the majority to nonprofit organizations.

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