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There are triggering events which make estate planning, or editing an estate plan, necessary in Oregon. Remarriage is one of these triggers. This is especially true if your new marriage includes children from previous marriages, stepchildren, and additional children from your current marriage. Even in the most well-adjusted blended families, death challenges relationships. This makes a clear estate plan vital if you want to provide for family members while also reducing conflict. You must also avoid making the same estate planning assumptions that are appropriate in first marriages but are likely to backfire in subsequent ones. Here are four uniqueContinue Reading
Divorce is often necessary but there is no doubt that it causes financial hardship. Households that were once supported by two incomes are now supported by one. Even if it was only a one-income household before, that still places the non-working spouse in serious uncertainty.Taxes are the last problem you need when you are newly divorced or planning on it. Fortunately, the tax reforms arising from the Tax Cuts and Job Act offer new advantages to single taxpayers, including parents. Here are four of them. No Tax on Spousal SupportA 75-year-old law made spousal support a tax deduction for theContinue Reading
Estate planning is often associated with middle age or even the retirement years. Millennials, who range in age from 18 to 36, are often too busy managing student loan debt, building careers, and buying homes to give much thought to their mortality. Like other young adults, they may still feel invincible. On the contrary, these years are the best time to start estate planning. As less traditional family arrangements take over and options expand, you must be prepared in case the worst occurs. If you are younger than 40, here is what you need to do at a minimum forContinue Reading
No one is immune to dying without a will. Some people believe it is unnecessary and others never find the time to sit down with an estate planning attorney and make plans. The chances of you discovering that one of your loved ones fell into the same trap is fairly high, considering only 40 percent of Americans have a will or living trust. The result of this discovery is extra work to top off your period of grief. Here is what to know when your loved one dies intestate in Oregon.There are Big DifferencesEstates are classified as testate or intestate.Continue Reading
In 2005, Oregon passed a statute that allows the creation of pet trusts. This estate planning tool provides for the care of any animals living with you at the time of your death. Homeless animals are vulnerable to adverse circumstances. It is not a good idea to assume that a family member will take in your pets should something happen to you. The best course of action is to designate a caretaker for your animals and provide resources to ease the financial burden of good care. That is how pet trusts are effective. Here are answers to common questions aboutContinue Reading