What Happens to Your Social Security Number When You Die?

Even if you have an up-to-date estate plan, there are some logistical quirks to be aware of whenever someone passes away.  Clients frequently ask if they need to notify the Social Security Administration of the loved one’s passing.  The short answer is “no.” 

What is a Living Probate?

Most people believe that an estate plan consists of one legal document, the Will, which is more completely known as a Last Will and Testament. However, your Will doesn’t become effective until you pass away. In fact, a Will doesn’t have any legal effect whatsoever while you are alive. This causes some estate planning lawyers What is a Living Probate?

Estate and Gift Tax Exemption Increased to $11.2 Million

What a difference two decades makes. In 1998, the federal estate and gift tax lifetime exemption was only $600,000. With a home, a modest IRA, and a life insurance policy, many middle class Americans had estates subject to estate taxes in the late 1990s.

Who Is In Charge?

We all like to be in charge because it gives us a sense of control. This is particularly true when it comes to managing our finances and personal health. None of us really think about giving up control or—worse—losing control.