Estate planning is important, but it also becomes very challenging when certain factors are present.
In January, TD Wealth held their 53rd Annual Heckerling Institute on Estate Planning. Attorneys, trust officers, insurance experts and accountants were in attendance. Of these, 105 were asked about the biggest issues that can crop up during estate planning. The three factors these professionals identified included family conflict, market volatility and tax reform.
“These are definitely some of the biggest issues we see in our office,” says Steve Novak of Estate & Probate Legal Group. “It is for these reasons, and more, that it is so important to have an attorney by your side when estate planning. An attorney can help settle all of these issues swiftly, and ensure an estate plan is enforceable, and properly represents the individual’s best interests.”
Some family members may be unhappy with who was chosen, or how much of a share they were gifted. While this may tempt some not to tell their family about their estate plan, failing to communicate the plan with family members was another form of family conflict the participants stated could cause a problem with estate planning.
Somewhat surprisingly, volatile markets can also bring complications to estate planning. Some want to gift beneficiaries with something that will be long-lasting, but short-term fluctuations can cause those making the plan real cause for concern.
Lastly, the major overhaul to tax law in 2017 is now playing a major role in estate planning. With increases in the federal gift and estate tax exemption, more people are starting to place assets they would like to gift into trusts.
This allows the gift to be considered the beneficiary’s and theirs alone. If a child goes through a divorce later in life, a trust will make it clear that it was separate property and so, protect that family member in the future.
Unfortunately, these are just the three main issues that arise most often during estate planning. They are also the biggest reasons anyone creating an estate plan should speak with an attorney that can help.
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“Probing the highly imaginative, inspired mind of Teresa Oaxaca is not altogether unlike having a present-day conversation with an Old Master,” says Nashville Arts Magazine.
Here is an unusual opportunity to learn from this incredibly talented and accessible artist, at Art House 7’s two-day oil painting workshop in October. Teresa will give 2 portrait painting demonstrations for 3 hours each morning. Students will then be painting from a clothed live model. Teresa will offer individual critiques that focus on materials, techniques, process and artistic vision. You’ll get jazzed up about painting and become more confident about your abilities.
Art House 7, Two-Day Oil Painting Workshop with Teresa Oaxaca. Saturday, October 22 and Sunday, October 23, 10 a.m.-4 p.m. EDT $250.
See more about Teresa Oaxaca here. Art House 7 5537 Langston Blvd., Arlington, Va. 22207
Validating one’s emotions has the power to heal, transform, and empower. What Is Validation? Every human being has feelings. We all have emotions that change over time, sometimes quickly, sometimes slowly. The question isn’t whether we feel; it’s how we handle feelings once they arise.
Building strategies to understand emotions is essential to positive mental health, and validation is one effective skill to practice.
Emotional validation is the process of understanding, embracing, and actively listening to another person’s feelings (or your own).
Understanding someone’s emotions doesn’t necessarily mean you approve of how they are feeling or reacting to something. You can be supportive in acknowledging and validating an emotional experience without agreeing or diminishing it. Validation is a skill to learn and improve over time. It may take practice, but the effort is most certainly worth it. Emotional validation has the power to enhance interpersonal communication and foster strong relationships.
Are you ready to buy your first home, but concerned about saving for a down payment? Grab a drink and join us for 45 minutes to learn more about how you can buy your first house with 3%, 5%, or