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Whether you are reviewing your existing trust or creating a new trust, you should understand the important role that a trustee plays not only in handling trust matters but also in providing for and protecting your loved ones. Designating a reliable trustee for your assets is a crucial step in the estate planning process and the estate planning attorneys at Pavone Law are here to help you learn more about the process.
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Beginning your retirement is a great milestone that is worth celebrating. You have put in many years of hard work, and you are now able to focus your energy on the next phase of your life. However, before you begin this next chapter, you need to make sure that you have fully thought through this exciting change in your life.
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Roughly one in five US adults experiences a mental illness each year. Anxiety disorders are among the most common mental health conditions, affecting nearly one-third of adults at some point in their lives. While anxiety can be generalized and chronic, it can also be a normal reaction to everyday stresses, such as worrying about finances, health, and family.
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If you are among the minority of US adults who have prepared a will, living trust, and other end-of-life documents, you may think that your estate plan is settled. But you might want to think again. An estate plan is a living set of documents that should be regularly reviewed and updated. Even if you are vigilant about changing your estate plan over time, there may be aspects that you have missed, such as beneficiary designations for retirement accounts or life insurance policies.
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One would assume that celebrities with extreme wealth would take steps to protect their estates. But think again: some of the world’s richest and most famous people enter the pearly gates with no estate plan, while others have made estate planning mistakes that tied up their fortunes and heirs in court for years.
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About 40 to 50 percent of all marriages in the United States end in divorce. Should that day come, the money you leave to your child could be subject to a division of marital assets. But with careful estate planning, your child’s inheritance can be kept safely out of the hands of their spouse or former spouse.
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Although it is an honor to be named as a trusted decision-maker as executor or personal representative in a person's will, it is frequently a sobering and intimidating responsibility. Being an executor calls for a great degree of planning, foresight, and attention to detail in order to fulfill obligations and guarantee that all beneficiaries receive the funds and property to which they are legally entitled. Here are some suggestions from Pavone Law Firm to lessen your workload if you're an executor who's feeling overburdened.
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Estate planning can be a very difficult and emotional experience, which is why selecting the right estate planning attorney is crucial. Before meeting with an estate planning attorney, plan ahead and prepare to ask the following questions to ensure they are the right person for the job.
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When creating an estate plan, many have their children, grandchildren, and other living heirs in mind when handing down money and property. However, some people want to leave behind a more enduring legacy. Dynasty trusts are a great option for those interested in multigenerational wealth transfers and could be the best method for your estate planning goals.
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A living trust is a formal arrangement made by a person (the grantor) to safeguard their assets and control how they are distributed once they are no longer physically capable of doing so. It is a strategy that can assist beneficiaries and family members in avoiding a drawn-out, public, difficult, and occasionally expensive probate process.
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