Each year the University of Miami sponsors the Heckerling Institute on Estate Planning. The 58th Institute took place in Orlando, Florida in January 2024. The Institute is widely regarded as the premier estate planning program in the country as thousands of attorneys, trust officers, financial planners, and related parties descend upon the Orlando World Center Marriott Resort and Convention Center for a week-long educational and networking conference. My friend and colleague Tereina Stidd, an … [Read more...] about The View from Heckerling 2024
Estate Planning
What “Sue,” the Tyrannosaurus Rex Skeleton, Teaches us about Estate Planning
Some of my favorite blog topics come from headlines. In this week’s edition, we explore the fate of fortune that resulted from the 1990 discovery of a Tyrannosaurus Rex skeleton. The family made a modest fortune from the sale of the skeleton. In a tale as old as time, now that both the parents have died, the children are fighting over the family fortune. It’s unclear whether the fight itself or the fact it could have been avoided is more unfortunate. My friend and colleague Tereina Stidd, an … [Read more...] about What “Sue,” the Tyrannosaurus Rex Skeleton, Teaches us about Estate Planning
Wills vs. Trusts: A Comparison for Young Families
Young families often find themselves at a crossroads when deciding between a will and a trust as the cornerstone of their estate plan. Both tools can offer substantial benefits, but their effectiveness depends on the family's specific needs and goals. Here's a comparison to help young families understand these options better: Wills: A will is a legal document that allows you to specify how you'd like your assets distributed after your death. It's a straightforward way to ensure that your … [Read more...] about Wills vs. Trusts: A Comparison for Young Families
A Real-Life Look at the Application of the Slayer Statute
Usually women sue their husband’s estate to enforce their right to the elective share of their husband’s estate. Of course, it’s not just wives that sue the estate of their husbands, but both husbands and wives who sue the estates of their spouses, be they husbands or wives. Enforcement of the elective share usually results from a lawsuit, although sometimes its enforcement of provisions of an Estate Plan that cause the lawsuit. This article by friend and colleague Tereina Stidd, an estate … [Read more...] about A Real-Life Look at the Application of the Slayer Statute
Estate Planning for Unmarried Couples: Your Legal Rights
When it comes to estate planning, unmarried couples often face unique challenges and misconceptions. The default legal systems in place tend to favor married couples and biological family members. However, with careful planning and a clear understanding of your rights, unmarried partners can ensure they protect and provide for each other in the face of life's uncertainties. 1. No Automatic Rights It's crucial to recognize that, without a proper estate plan, unmarried couples typically … [Read more...] about Estate Planning for Unmarried Couples: Your Legal Rights
Debunking Common Estate Planning Myths
Estate planning is a critical process that ensures our assets and loved ones are taken care of after we're gone. However, misunderstandings and myths surrounding estate planning can lead to costly mistakes. Let's debunk some of these common misconceptions. 1. Myth: Estate Planning is Only for the Wealthy Truth: Regardless of the size of your estate, planning is essential. Everyone has assets, be it a home, bank accounts, or sentimental items. Estate planning ensures these are distributed … [Read more...] about Debunking Common Estate Planning Myths
Why ‘I’m Too Young for Estate Planning’ is a Fallacy
It's a sentiment often heard from younger adults: "I'm too young to think about estate planning." There's a common misconception that estate planning is reserved for the elderly or the ultra-wealthy. But the truth is, life's uncertainties don't discriminate by age. Let's delve into why the "too young" belief is not only a fallacy but a potentially costly one. 1. Life's Unpredictability The primary argument against the "too young" mindset is the inherent unpredictability of life. … [Read more...] about Why ‘I’m Too Young for Estate Planning’ is a Fallacy
What Your Children Wish You Knew About Estate Planning
Estate planning is a topic many avoid, considering it morbid or presumptive. Yet, in the perspective of your children—whether they're young, grown, or somewhere in between—having a clear estate plan is crucial. Here's what they'd likely want you to know, even if they've never voiced it aloud. 1. "We Want Clarity, Not Chaos." In the absence of clear directives, disputes can arise. Your children wish for a harmonious transition, where everyone knows their roles and entitlements. A … [Read more...] about What Your Children Wish You Knew About Estate Planning
The Impact of Inflation on Estate Planning: Adjusting for Future Costs
Inflation is a critical factor to consider in the realm of estate planning. It is the increase in the general level of prices for goods and services over time. While it may seem somewhat abstract, the impact of inflation can be quite concrete when it comes to the value of your estate and the effectiveness of your estate plan. One direct impact of inflation on estate planning is the erosion of purchasing power. As prices rise, the value of money decreases, meaning your assets might not be as … [Read more...] about The Impact of Inflation on Estate Planning: Adjusting for Future Costs
Understanding and Manipulating Estate and Gift Taxes – Part 1
Most everyone knows that each American can pass nearly $13 million in assets before worrying about an estate tax. In addition, it’s possible to pass an unlimited amount to a spouse without incurring any tax. Of course, to obtain the benefit of the unlimited marital deduction, the amount passing to the spouse must meet specific requirements. My friend and colleague Tereina Stidd, an estate planning expert, discusses those requirements. Read on to learn more. … [Read more...] about Understanding and Manipulating Estate and Gift Taxes – Part 1
