If you invest in property at any point in your life, it’s likely that some of your real estate purchases become important assets in your estate plan. Second homes and vacation homes are a popular investment, between buying an attractive property in a growing area or using the space to make additional income through short-term rentals.
Second or vacation homes that have been in the family for a long time also accrue emotional attachment. Some family members—maybe your own children—grew up in them and made many enduring memories there. Both the emotional and financial value of a vacation home point to the need to include it in your estate plan.Read More
Happy New Year! It’s day 2 of the new decade and it is a great time to review or move forward with your estate planning. Estate planning is a comprehensive plan designed to take care of your loved ones, not just a single document. As our clients know, it is important to regularly review all aspects of your plan, your finances, and your family’s needs. Whether or not you have a plan with us, take some time this month to review the below categories and then schedule a time to come in and either establish your estate plan or go over plan updates with our team!
Beneficiary Designations: For assets such as life insurance and retirement accounts, the beneficiary designation form is crucial. If these documents are not filled out properly, the wrong or unintended person could end up with your asset, completely unraveling your estate plan. As a result, it is a good idea to review these documents periodically to make sure that the correct beneficiary is named. Life can change quickly, and sometimes changing beneficiary designations is the last thing on anyone’s mind.Read More
Pop culture presents estate planning as a singular event where you sign the dotted line in a will and move on with your life. Then after you die, as daytime soap operas portray, there is dramatic reading of your last will and testament by your attorney that results in family drama. This makes for great television, but a terrible real-life experience.Read More
The main goal of an estate plan is to take care of your family and loved ones, and to give you assurance of this. The more thorough your estate plan is, the fewer instances there will be of wondering “do I have this covered?”
Our team at Family Estate Law Planning Group helps families consider the details, even the ones which may not be obvious. If you’ve followed our blog, you may have noticed some of those aspects of estate planning, like outlining end-of-life or life-extending care wishes. Something else that you should include in your estate plan is a set of funeral instructions.Read More
Whether you’re retired or simply planning ahead for the day you no longer have to work, one investment that’s worth looking into is a second or vacation home. After a lifetime of working, it’s worth having a getaway that you and your family can enjoy. Plus, it also serves as something you can pass down to the rest of your family after you’re gone.
Adding a second home can double as a good property investment in a desirable or up-and-coming area. Give these attractive locales consideration if you’re thinking about adding a getaway house to your assets:Read More