Plain-spoken answers to the questions families ask us. These articles are educational material, not legal advice, and shouldn’t be relied on as legal counsel.
As an article in Forbes explains, even the rich and famous get it wrong when it comes to estate planning. Although these people can afford entire teams of attorneys to set up their estate plans just right, many often become victims to bad estate planning advice or maneuvers.
Much of our lives are lived online. After we die, we leave a digital imprint that may never be completely erased. A recent article discusses the importance of estate planning for digital assets. Consider the activities you partake in online.
After a family member dies, his or her family members will often question provisions of the will. Typically, this questioning will often lead to vicious lawsuits. This article in Forbes discussed ways to make an estate lawsuit proof. First, if possible, treat siblings equally.
As reported in Forbes, congress has recently introduced two bills that would repeal the federal estate tax entirely. The two bills, S. 1183: Death Tax Repeal Act, and H.R. 2429: Death Tax Repeal Act of 2013, both aim to permanently repeal the federal estate tax. Senator John Thune, who introduced S.
Recently, the United States Supreme Court struck down the Defense of Marriage Act (“DOMA”), claiming that it was unconstitutional. As a recent article explains, this decision will have a huge impact on estate planning for same sex married couples. DOMA defined marriage as between one man and one woman.
When Juliann Reynolds created her estate plan, she worried what would happen if her daughter received her full inheritance at the age of 18. In order to avoid this fate, Reynolds staggered her daughter’s inheritance so that she would not have full access to the trust until she was in her 40s.
Although not necessary for every estate, a trust fund can be beneficial for many individuals and families. A trust is simply another estate planning tool used to assist individuals and families in reaching their estate planning goals. A recent article discusses several ways that a person can benefit from a trust.
It is often difficult and awkward to sit your children down and tell them what they will inherit upon your passing. As a recent article in the Wall Street Journal points out, however, it is important to communicate your estate plan with your children.
Many people believe that probate should be avoided at all costs. However, the urgency to avoid probate can sometimes lead to unwanted consequences. A recent article in The New York Times discusses probate avoidance traps for the unwary. One of the most popular ways to avoid probate is through a living trust.
In 1998 there was overwhelming press coverage the legal battle over the future of Terry Schiavo. The legal battle centered around whether Schiavo should be kept alive in a vegetative state.
If you have an IRA account, 401(k), or annuity, take a minute to consider who the beneficiary of your account(s) is. While this may be an easy answer for some, others may not be exactly sure of who, if anyone, is named as beneficiary on these important accounts.
The standard power of attorney is a basic part of any estate plan. Unfortunately, as a recent article points out, it may also become a license to steal.