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The Invisible Estate
Your estate may contain more than you realize. Airline miles, hotel points, credit card rewards, gift cards, travel credits, and other loyalty rewards can represent significant value—but they are often overlooked. Unlike money in a bank account, rewards points are generally governed by the program’s terms and may not automatically pass to your heirs. Some…
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Your New Year’s Resolution: Estate Planning
The new year is a natural time to set meaningful resolutions. Making a resolution to create or review your estate plan is a powerful step toward ensuring your wishes are honored and your loved ones are cared for. An effective estate plan does more than distribute assets. It can reduce the risk of family conflict,…
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Myth 3: I Already Signed a Will, so I’m Covered
Life shifts, laws change, and your goals evolve over time. An outdated estate plan can be just as detrimental as having no plan, so be sure to review your estate plan regularly—ideally, every three to five years. You should also review your estate plan whenever significant life events such as the following occur: family changes…
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Asset Protection Tip #2 Liability Insurance
The first line of defense is insurance, including homeowner’s or renter’s, automobile, business, professional, malpractice, long-term care, and umbrella policies. Liability insurance not only provides a means to pay money damages but can often include payment of all or part of the legal fees associated with a lawsuit. If you do not have an umbrella…
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Outdated Beneficiary Designations
If you fail to name a beneficiary or do not name a contingent beneficiary in case something happens to the primary beneficiary, the money or account could be subject to probate upon your death. The probate process can add costs and delays to settling an estate. Probated accounts and property must be reviewed by the…
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Review Beneficiary Designations Regularly
A beneficiary designation supersedes a will or trust about how to distribute an asset. Many people make the mistake of assuming the opposite: that their will or trust overrides beneficiary designation forms. A beneficiary form that is not up to date can result in assets not passing to the correct beneficiaries. An estate plan should…
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Your Post-Honeymoon Legal Checklist
As you start living happily ever after, make sure to take care of these post-honeymoon to-dos. Meet with an estate planning attorney to discuss creating a will or trust or updating your current one. Review and update your existing power of attorney finance, power of attorney for health care, and HIPAA authorization, or have them…
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Stay in Touch With Your Attorney
Some estate planning attorneys offer a periodic estate plan review for their clients. Alternatively, some firms offer newsletters where you can learn more about estate planning, current developments in the law, and related topics. Being a part of a review program or newsletter list reminds you to think about your estate plan regularly (once a…
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Managing the Cost of Your Estate Plan
An experienced estate planning attorney stays informed about the nuances and changes in laws, so you do not have to. An experienced estate planning attorney can ensure your estate is not left to the mercy of the courts or state law, or vulnerable to creditors, divorcing spouses, or lawsuits. These services and protections provided are…
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The Estate Planning Investment
You may think creating an estate plan is easy and something you can do independently. Unfortunately, this is likely not the case. One wrong word, one missing signature, or one procedure not followed can potentially render a last will and testament, trust, or power of attorney ineffective. Also, certain planning tools are not available in…
Category: Keeping Your Plan Current
Eckert & Krautkramer, LLC
Protecting Assets, Preserving Dignity, Ensuring Peace of Mind
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