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It’s not enough to simply have a will. If you want to ensure your assets are distributed in the way you’ve planned after your death, you must learn how to title your assets properly. Too many people forget to title their assets, forget to update them, or simply assume their family and friends will bestow […]
Category Archives: Estate Planning
Your dog is more than just an animal that lives in your home. He is a family member. A companion. A friend. And like a child, your pet relies on you for food, shelter, and happiness . . . But what happens to your pet when you die? Many people assume they will outlive their […]
When your beneficiary inherits your tax-deferred retirement plan (whether it’s a 401(k), IRA, 403(b), or SEP) after you pass away, they are required to pay taxes on all the money they receive. These taxes, which could include Income Taxes, Estate Taxes, and IRD Taxes (Income in Respect of a Decedent Taxes), can cost the beneficiary […]
Do you own guns? Whether you have one, two, or a whole collection, it is important that you learn about gun transfer after death. If the gun (or guns) is not transferred properly, your beneficiaries could end up facing state and/or federal prosecution. Assuming you don’t want to leave your loved ones with a burden […]
Eventually every Estate Plan requires administration. What is administration in the context of an estate plan? To put it simply, it is the process that occurs after someone has passed. Many people neglect to prepare for their estate planning administration, making it difficult for their attorneys to take control of the situation. We do our […]
Have you ever wondered what happens to your Internet accounts when you die (or become disabled)? Assuming you’ve been very prudent and private with your passwords, no one will be able to login to your online accounts. Your e-mail, social media, e-commerce sites, and all other online accounts protected by an encrypted password will be […]
Everyone has an email account, probably a Facebook account, online bill pay and bank accounts, and other online personalities. What happens to those accounts when you become incapacitated, or when you die? Recently, a good friend of mine passed away in Colorado and now a year later I can still see his Facebook page online. […]
At Parks & Jones, estate planning is a large part of what we do. But what is estate planning? In this post, we’ll answer some of the most common questions we get. Does everyone have an “Estate”? You are the owner of an estate. Yes, you! It might sound like something only the “rich” have, […]
Did you know that the average cost of one year in a nursing home is $83,000? That’s nearly $7,000 a month! Paying for a nursing home can be very difficult, especially if your long-term care insurance is cost-prohibitive or if you are uninsurable. However, by working with an attorney experienced in elder law, you can […]
Have you ever thought about what will happen to your body and remains after you die? It’s an uncomfortable thing to picture, I realize, but it’s also very important. After your death, someone in your life will decide what happens to your body. You may want to be interred in a certain place. You might […]