Paula Clarkson, Esq.

What Happens when Homeowner Dies without Will? How do we move into probate, so we do not lose the house and bank accounts, while not killing ourselves in the process?

Common Mistakes when Making Beneficiary Designations Once you’ve bought an annuity or a life insurance policy and named your beneficiaries, you may never think about those beneficiary designations again. However, that could be a big mistake.

Can a Charity Be a Beneficiary of an Estate? Ever since a group of philanthropists created the Giving Pledge in 2010, taxpayers have expressed greater interest in potential estate planning strategies that would allow them to leave a significant portion of their assets to charity upon their death.

What Should I Do when Spouse Dies? While no one is ever ready to lose a loved one, proper planning in advance of a loss may help ensure that finances may be one less concern during such a trying time.

Is it Better to Have a Living Will or a Living Trust? Whether you need a living will vs. living trust as part of your estate plan depends on your overall financial situation and goals. However, it’s helpful to consider the advantages of including one or both in your planning efforts.

What Is Family Business Succession Planning? If you plan to pass your business to your offspring, there is more to keep in mind when creating your succession plan than your descendantsthere are also their spousesespecially if they become ex-spouses.

Are Your ‘Affairs’ Really in Order? With the threat of COVID-19, we’ve all come face-to-face with our mortality, but are you prepared for the worst?

What are Big Tax Goofs to Avoid when Retiring? One of the best ways to prepare for retirement is to set aside money in a tax-advantaged retirement account. Hopefully, you have done so year after year and built a nice nest egg.

It’s not only during a life threatening experience that you should review your estate plan. We recommend you review your will and trust every couple of years.

Does My Estate Plan Need an Audit? Estate planning is the process of transferring the management of your assets, if and when you are unable to manage them yourself due to disability or death. Whether you have $100 or $100 million you should have an estate plan.

What Does It Mean to Be an Executor? It means you are in charge of managing the person’s assets after death, but what does it really mean? An executor has many roles and responsibilities. Executors should first understand it is a significant responsibility and not something to be taken lightly.

The Wrong Power of Attorney Could Lead to a Bad Outcome When do you need your estate plan to ‘go to work’ for you? While you may think the right answer is ‘after I die,’ the actual answer is ‘if I lose the ability to manage my own affairs.’

Will I Owe Taxes on My Life Insurance Benefit? Life insurance is an essential part of estate planning. When you buy life insurance, it's important to make sure the policy payout will be enough to take care of your loved ones.

Does Your Inherited House have a Mortgage? What happens if you inherit your loved one’s home? What if they still have payments to make on their mortgage?

Is Probate Required If There Is a Surviving Spouse? A common misconception is that you do not have to probate a will when your spouse dies.

Why You Need an Advance Directive Right Now COVID-19 is quickly becoming the leading cause of death in the United States. As of today, Indiana has over 37,000 cases of COVID-19 and over 2,100 deaths. That is why articulating your wishes regarding end-of-life health care, is more important than ever.

What are the Most Important Items in an Estate Plan During the Pandemic? Estate planning is the process of arranging, while you are alive, what will happen to your estate, your children and your wealth after you die.

Save Your Family Stress and Plan Your Funeral The death care industry yep, it’s got its own industry moniker is an estimated $20 billion business. Service Corporation International, a publicly traded company that operates 1,475 funeral homes and 483 cemeteries in 44 states, pulled in more than $3.2 billion in revenue in the past 12 months.

Is It Easy to Change My Home’s Title from Tenants in Common to Joint Tenants? Usually, when you make a simple change in the title from tenants in common to joint tenants, the taxing authorities will ignore that change.

How Is the Inheritance Tax on My Estate Paid? Most of my money is in investments, and most of my beneficiaries will face the inheritance tax when I die.

Can Mom Leave a Home to Daughter but Not Grandchildren? If you want a legal plan that avoids probate court, there are two options: first, an enhanced life estate deed, and second a living trust. Each has its pros and cons.

There are so many amazing ways to honor a loved one who has passed in the form of jewelry, trees, and even pottery.

Not Having a Will Should Scare You and Your Family Your will is one of the most important documents you will ever sign. However, to think that over 70% of people don’t even have a will is, indeed, quite frightening.

What Happens to Debt when You Die? Creditors typically try to collect on unpaid debt, by going after the decedent’s estate during a process called probate.

Which Stars Made the Biggest Estate Planning Blunders? The saying goes that anyone who does not learn from mistakes in the past, is doomed to repeat them. In estate planning, if you do not learn from other’s mistakes, you are likely to repeat them.

Don’t Overlook Key Parts of Estate Plan During the past four months, more than 141,000 Americans have died of COVID-19. Anecdotal evidence suggests that the pandemic has prompted some people to get serious about creating or updating their estate plans, according to Christine Benz, Morningstar’s director of personal finance.

Estate Planning Is a Gift and a Legacy for Loved Ones Talking about death makes most of us uncomfortable, so we don't plan for it. That's a big mistake, because if you don't have an end-of-life plan, your state's laws decide who gets everything you own.

Securing Farm or Ranch Needs to Happen Sooner and Not Later Develop a successful transition plan that will provide for you, your heirs and your business.