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How to Wrap Up an Estate

If you’re an executor or personal representative of an estate – or even an heir – eventually you want closure on the estate. Sometimes, estate proceedings continue to be open for years with no end in sight. There are certain steps that must be taken to close the estate. This article describes the general procedures. The

Estate Planning for Personal Property: Why You Should Sweat the Small Stuff

When planning their estates, most people focus on major assets, such as business interests, real estate, investments, and retirement plans. But it’s also important to “sweat the small stuff” – tangible personal property. Examples include automobiles, jewelry, clothing, antiques, furniture, artwork, photographs, music collections, personal papers, collectibles (such as stamps, coins, or baseball cards), and mementos.

Is it a Good Idea to Name Co-Executors or Co-Personal Reps?

When drafting a will, you need to decide who’ll be the executor or personal representative handling your estate when you die. Individuals who serve in these roles are fiduciaries with a duty to properly administer your estate. When selecting an executor or personal representative, many people gravitate toward individuals they feel should handle the task –

Ten Potential Mistakes to Avoid in Estate Planning

Sometimes people attempt to make an estate plan without consulting legal and financial professionals. Mostly this is because they may have a general understanding of estate planning and believe they can do it themselves without paying for professional services. This may be valid to a point, but it often fails because of the detailed knowledge it

Consider Hosting a Family Meeting about Your Estate Plan

If you’re a business owner and a high-net-worth individual, you may want to gather your family members together to discuss the details of your estate plan. This can be especially important if you own a business that employes family members. These meetings are a little like the Scottish clan gatherings held hundreds of years ago

Estate and Tax Planning Techniques Available

Did you know there are estate and tax planning techniques available to clients that are the wealth creators in their families but whose parents or grandparents do not have significant wealth? A planning technique, commonly known as “upstream power of appointment” or “senior power of appointment” (UPOA), provides for a general power of appointment (GPOA)