A traditional “nuclear family,” typically consists of a mother, father, and two children. However, what makes up a typical family structure in our society has shifted to a more complex structure, including step-children, cohabitation, same-sex couples, and blended family structures. While basic estate planning principles are similar for any family, there may be extra steps…
It is common that an event or experience will cause someone to take steps to start their estate planning. In my experience, it is the expecting, or birth, of a baby that most often leads people into my office. It may seem that amidst buying baby clothes and developing a birth plan, estate planning would…
“In this world nothing can be said to be certain, except death and taxes.” Benjamin Franklin With this famous line written in 1789, Benjamin Franklin offered a friend some wisdom that has become one of his most-quoted quips. While some taxes are certain, Estate and Inheritance tax laws continue to evolve. An Estate Tax is…
A Personal Representative (sometimes also referred to as an executor) is the person who is named in a will to manage the decedent’s affairs after death. This role is an important one. Oftentimes, understanding what the role entails can help in making the decision of who to name in your will to act as Personal Representative. If you…
The idea of discussing your parent’s finances and estate planning can seem overwhelming and incredibly intimidating. After all, this is oftentimes the type of questions parents ask their children – not the other way around. However, as challenging as it can be to initiate this conversation, it is important to do so in order to…
Bringing up the topic of estate planning with parents is something that many people avoid. It is an awkward, seemingly morbid, conversation to start with aging parents. You may fear your parents will feel you are invading their privacy, or assessing your inheritance prematurely. However, it is an incredibly important and necessary conversation to start. “Hey,…
So, you’re married! You have found the one you wish to have and to hold, you are freshly relaxed from your honeymoon, and now you’re wondering “What’s next?” Schromen Law, LLC would advise that it is the perfect time to set up an appointment to update or create your estate plan. Here is a helpful…
Estate planning is crucial to personal financial management, so it is astounding that a majority of Americans do not have an estate plan in place. Why do so many people avoid this important process in planning for their future? The impact of deciding to not create an estate plan can result in significant court and…
Prenuptial agreements are an important tool for individuals who are entering into a marriage and have assets they want to protect should the marriage end in divorce. With many people entering into marriages later in life, they are oftentimes joining lives when one party, or both, have accumulated assets such as a home, retirement accounts…
Last week, my sister-in-law asked my husband and I to be the godparents of her soon-to-be-born daughter. Of course, we ecstatically agreed! We excitedly began discussing details surrounding the role we had just accepted – flying to California for the baptism, and future anticipated events – including her eventual wedding. Needless to say, we are…
