Estate Planning Blog - Bernard Law P.C.

What Happens to Parents’ Debt when They Die?

Adult children typically don’t have to pay their parents’ bills. However, there are exceptions. Even when a child doesn’t have to pay directly, debt could reduce what they inherit.

Posted on: March 4, 2022

Can You Get a Tax Deduction for Giving a Gift?

In terms of federal tax law changes, the last year had much ado but little change.

Posted on: March 2, 2022

Who Is the Best Choice for Power of Attorney?

These agents take over your affairs in specific areas, if you become physically or mentally incapacitated.

Posted on: February 28, 2022

What was Stephen Sondheim Estate Plan?

Broadway legend Stephen Sondheim left behind an estate estimated to be worth as much as $75 million to his husband, charities and a dozen other friends, court papers show.

Posted on: February 19, 2022

Do I Really Need a Will?

There are certain financial goals that it's important to check off your list, like having enough money in a savings account to cover emergency expenses and eliminating unhealthy debt. However, here's one goal many people gloss over -- creating a will.

Posted on: February 18, 2022

Write a Letter of Instruction for Loved Ones

Executors can use additional information in administering estates, especially if the executor is unrelated to the decedent.

Posted on: February 17, 2022

What Should Not Be Included in Trust?

A revocable living trust is a great tool to help your assets pass smoothly to your beneficiaries and it can significantly reduce the headaches of probate.

Posted on: February 16, 2022

What Legal Terms in Estate Planning do Non-Lawyers Need to Know?

For most people, entering the realm of estate planning can feel a bit like traveling as a tourist into another culture. Because the language itself is unfamiliar, asking a question can result in an answer that is equally confusing.

Posted on: February 15, 2022

Why Should I Have a Living Will?

As a review of terms, a will is a legal document that specifies how a person’s estate should be handled only after that person’s death. A living will has nothing to do with how your “things” like property, money, jewelry, etc. are to be distributed. Unlike a will, it is, in fact, a document that comes into play while you’re still alive.

Posted on: February 13, 2022

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