Articles

Wills, Trusts, and Dying Intestate: How They Differ

Most people understand that having an estate plan benefits them and their loved ones. However, many individuals do not initiate the estate planning process because they do not fully understand the nuances of foundational estate planning tools such as a will and a trust and the full implications of dying without either in place.

 Here are three scenarios illustrating what will generally happen when you die, whether you pass away intestate (without a will or trust), with a will, or with a revocable living trust (sometimes referred to simply as a trust).

Estate Planning: What to Expect from the New Administration

Each election brings about the possibility of change. Indeed, it is no exaggeration to say that the 2024 election has significant implications for estate planning due to potential proposed changes in estate taxes, capital gains, and wealth transfer regulations.

According to many commentators, 2025 could be the most critical year for tax legislation since the 2017 enactment of the Tax Cuts and Jobs Act (TCJA). If several TCJA reforms are not extended, more than $4 trillion in tax increases will take effect January 1, 2026. And if Congress acts to extend the tax cuts of the TCJA, it could be forced to explore new tax increases to offset them.

New Year’s Eve Trivia and Fun Facts

Americans are known for their “work hard, play hard” mindset. On average, we work 1,789 hours per year.  However, even with our play-hard mentality, many of us do not stay up to see the ball drop on New Year’s Eve. Less than one-third of Americans plan to either attend or host a New Year’s Eve party, while more than half will spend the evening at home.

Whether your plans involve a night on the couch with family or celebrating into the wee hours with fellow partygoers, here are some fun New Year’s trivia questions and factoids to stimulate the mind and ring in 2025.

It Is Okay to Ask for Help

There are times, like the holiday season, that we think about and prepare for, for much of the year. However, when they arrive, we may still feel unprepared.

The holidays serve as a reminder of how quickly life happens. It can also feel this way when we get the news that family is counting on us—and not just to bring the rolls to this year’s holiday dinner.

Perhaps you found out that your mother’s health has deteriorated and she needs somebody to take care of her, or your father has passed and you have been named executor of his estate and are now in charge of winding up his affairs.

It Is Time to Make Your Estate Planning List and Check It Twice

“He’s making a list. He’s checking it twice. He’s going to find out who’s naughty and nice . . . .”

The estate planning process can sometimes be similar to Santa’s process. You decide who should receive your money and property (the nice people on your list) and who should not (the naughty ones).

Gathering with friends and family this holiday season can serve as an important reminder for you to ensure that the right people are included in your estate plan.