Why You Cannot Wait to Plan Your Estate

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People often think they can wait until they retire to make plans for their estates. However, it is very likely that people will need plans before then.

Americans generally like to drag their feet, when it comes to estate planning. They always think they can wait until they get a little bit older. Many try to put it off, as long as possible.

These Americans do not prepare estate plans, until they are about to retire or even until after they retire. That means they do not have wills. They do not have trusts. They do not have any advanced...

Retirees Not Spending All Their Assets

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A new study suggests that retired Americans are not running out of money.

The conventional wisdom is that when people retire, they will slowly spend down the money they saved for retirement. If they live long enough, they will eventually run out of retirement savings. This happens in many cases. However, a new study suggests that the opposite is actually happening.

The study found that two decades after retiring, 80% of retired Americans retained all of their pre-retirement assets and, in some cases, had more assets than when they retired. The Wills, Trusts & Estates Prof Blog discussed this study...

Bad States for Caregivers

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It can be very expensive for families to provide the care needed for elderly parents. Sometimes living in the wrong state can make things worse.

In recent years, the costs of providing care for the elderly has skyrocketed. The rising costs have put extreme pressure on the finances of many American families who provide care for their older parents. The elderly parents often discover that they did not save enough for retirement to cover the rising costs for themselves.

However, not all states are equal. Caring for elderly parents is cheaper in some states than others.

Financial Advisor recently reported...

Americans Buying Fewer Life Insurance Policies

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Americans are purchasing far fewer life insurance policies than they did a few decades ago. The reasons for the decline are not clear.

Life insurance can be a key tool in estate planning. This is because it provides a way to provide cash to families who might need it, especially while the rest of an estate is settled in probate. Life insurance can also help equalize inheritances between children, when other estate assets are difficult to divide.

Americans are purchasing fewer policies than before. Between 1965 and 2016 the population grew by approximately 50%. However, the total number of life...

Estate Litigation Trends

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Estate litigation occurs for a variety of reasons. However, experts can often predict what types of litigation will become more popular.

At the heart of most estate litigation cases is some sort of family grievance. There are other reasons for litigating over an estate. However, family issues are by far the biggest source of conflicts. That is a timeless principle that has been true since the very beginning of estate law and it is likely to always be true.

However, the contours of how the litigation proceeds changes over time. It is useful to try and anticipate how potential battles...