All adults, no matter their means or age, should draft a basic estate plan. But that doesn't mean that the simple will that you signed at age 25 will serve you and your heirs in good stead two decades later.
In fact, it is advisable to review your estate plan every few years — and always after major life changes occur. Marriages, births, deaths, divorces, adoptions and even significant job status changes should all prompt an estate plan review.
If you've begun looking into setting up a small business, then you've likely found that there are many different ways for you to incorporate it here in Nebraska. Some of the more popular business formations that residents select are those that limit their owner's liability for their company's actions.
There are many ways that individuals can incorporate their business if they want to reduce their chance of having creditors claim their personal property and assets if something happens with their company.
Divorcing parents usually understand the importance of a carefully worded divorce decree and parenting plan -- but even the most detailed plan can make mistakes in wording that can have serious consequences. Sometimes, wording with a meaning that seems "obvious" to one parent will still leave plenty of room for the other parent to bend the agreement more to their liking.
Take, for example, a case that made it all the way to the Nebraska Supreme Court. A tiny lack of clarity in the couple's divorce decree led to a major disagreement that had to be litigated well after the divorce was over.
Nearly 60% of American adults do not have an estate plan, such as a will or power of attorney, according to a recent Caring.com survey. What’s more disturbing is that less than 40% of families with young children have designated a guardian to care for their kids if they die.
Creating an estate plan is not just about giving away your property when you die. It is an essential part of financial planning regardless of your age, income or the amount of wealth you have accumulated.
You know that you want to ask for a divorce. Now you just want to talk to your spouse.
Technically, you know that you could just file for divorce and then serve them the papers. But this isn't just a legal decision for you. You have children together. You know you'll need to stay in contact even after the marriage ends. You want to do this in a more personal manner.
When you set up your estate plan to deal with future medical decisions, you have a few options. The two main ones are a living will and a power of attorney. You need to know the differences to find out which one is right for you.
If you use a power of attorney, you essentially turn your power to make medical decisions over to someone else. It's probably going to be a spouse or an heir.
You set up a trust for your children, who are minors. If you pass away, your financial assets get passed on through the trust. You don't want to leave money directly to your 12-year-old child, after all. The trust holds it until the kids become adults.
But should they get it as soon as they are technically adults? Legally speaking, that means when they turn 18.
Unfortunately, Omaha has not been spared the blight of the effects of opioid addiction that have cast a pall over the entire country. Lives have been lost and families splintered in the wake of this scourge.
Perhaps the most vulnerable ones affected by opioid addiction are the children of those struggling with their addictions. These kids are innocents caught up in the web that slowly strangles the life out of their addicted parents.
When planning your estate as a young parent, the most difficult decision you will make is choosing a guardian for your child in the event of your death and, if applicable, your spouse’s death. It is nearly unimaginable to think of another person raising your child. Yet it’s vital to prepare for all possibilities.
If you had to choose someone to raise your child, who would it be? What qualities should they possess and what things should you consider as you contemplate who to choose?
It's easy to feel like estate planning is something that you do by yourself, for yourself. That can be true in some situations. However, other people are impacted by this plan. Therefore, it may be a good idea to talk with them throughout this process.
In fact, some experts say that one of the most important things people can do while developing their estate plan is to talk to their heirs about that plan and their intentions.
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