{ "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [ { "@type": "Question", "name": "What is the difference between an estate lawyer and an estate planner?", "acceptedAnswer": { "@type": "Answer", "text": "An estate planning attorney is a licensed lawyer who drafts legal documents such as Wills, Trusts, and Powers of Attorney. A financial estate planner is usually not a lawyer and focuses on investment and insurance products. Only an estate planning attorney can provide legal advice and draft legally binding planning documents." } }, { "@type": "Question", "name": "What is the 5 by 5 rule in estate planning?", "acceptedAnswer": { "@type": "Answer", "text": "The 5 by 5 rule is a trust provision that lets a beneficiary withdraw the greater of $5,000 or 5 percent of the trust's value each year. It is commonly used inside irrevocable trusts to give beneficiaries some access to funds without collapsing the trust's tax advantages. Whether this rule belongs in your plan depends on your goals and the type of trust involved." } }, { "@type": "Question", "name": "Do I need an estate plan if I do not have significant assets?", "acceptedAnswer": { "@type": "Answer", "text": "Yes. Every adult needs at least a Will, a Financial Power of Attorney, and an Advance Medical Directive. Without these documents, a court decides who manages your affairs if you lose capacity and who inherits your property when you pass. Even a modest estate can face months of probate and thousands of dollars in avoidable fees without a basic plan in place." } }, { "@type": "Question", "name": "Should I update my estate plan after a major life change?", "acceptedAnswer": { "@type": "Answer", "text": "Yes. Major life changes such as marriage, divorce, a new child or grandchild, a move to a new state, a death in the family, or a significant change in assets should all trigger a review. Tax law changes and Medicaid rule changes also matter." } } ] }
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