Amy's Angle

What Your Last Will & Testament Will (And Will Not) Do—Part 1 by Attorney Amy Clemmons Brown, Esq.   August is “National Make-A-Will Month,” and if you have already prepared your will, congratulations—too few Americans have taken this key first step in the estate planning process. In fact, only 33% of Americans have created their will, according to Caring.com’s 2022 Wills and Estate Planning Study .  Yet, while having a will is important—and all adults over age 18 should have this document in place—for all but a few people, creating a will is just one small part of an effective estate plan that works to keep your loved ones out of court and out of conflict. With this in mind, here we look at exactly what having a will in place will—and will not—do for you and your loved ones in terms of estate planning. If you have yet to create your will, or you haven’t reviewed your existing will recently, contact me your Personal Family Lawyer® to get this vital first step in your estat...

3 Critical Considerations For How To Save For Your Child’s (or Grandchild's) College Education—Part 2 by Attorney Amy Clemmons Brown, Esq. If you have started to save for your child or grandchild’s college education, it’s worth considering whether to use a 529 plan, an education savings account, or an irrevocable trust.  Last week, we discussed 529 plans and education savings accounts, which are both popular options for saving for college education. One of the main reasons for their popularity is their tax-saving advantages. The money you contribute to a 529 account grows on a tax- deferred basis, and withdrawals are tax-free , provided they are used for qualified education expenses, such as tuition, room and board, and other education-related fees. That said, one of the downsides of 529 plans is that they come with strict limits on how you can use the funds (for education-related expenses only), and they also have a limited range of options for how you can invest your funds, pri...

3 Critical Considerations For How To Save For Your Child’s (or Grandchild's) College Education—Part 1 by Attorney Amy Clemmons Brown, Esq. If you have started to save for your child or grandchild’s college education, it’s worth considering whether to use a 529 plan, an education savings account, or an Irrevocable Trust.  Here’s what I think you should consider as you decide:  First, consider whether you want your offspring to have broader options than just the traditional college experience.  Since the start of the pandemic, college enrollments have declined by over one million students over the past two years, and with college tuition getting more and more expensive, many students are considering alternatives to the traditional higher education path. Gap years, travel, trade programs, and online training are replacing the traditional college education path for many, and if you want that to be an option for your children or grandchildren, you should be aware that the trad...