Despite knowing that they should have an estate plan, many individuals look for shortcuts to creating an Estate Plan. They rely upon advice from seemingly well-intentioned individuals that if avoiding probate is their main goal and they don’t have a taxable estate, they need not seek out an attorney to create an Estate Plan. While options exist to avoid probate, probate avoidance is just one of many considerations in creating an Estate Plan. My friend and colleague Tereina Stidd, an estate … [Read more...] about Common Mistakes in Estate Planning – Part I
Estate Planning
Keeping Your Estate Plan Up To Date
If you’ve ever done estate planning, you deserve a pat on the back. It may surprise you to know that about half of the people in the United States, don’t have an estate plan. It’s shocking, really, because all adults need their own estate plan. So, you’re off to a great start; but, there are some important things you may have forgotten since you did your estate planning. Have you forgotten that you need to review and, as needed, update your estate plan every few years? Yes, your needs, the … [Read more...] about Keeping Your Estate Plan Up To Date
Do All Estates Have to Go Through Probate?
If you have recently suffered the loss of a family member or loved one, you may be concerned about the legal steps required to probate the decedent’s estate. Probate is the legal process in court by which a decedent’s estate assets are inventoried and valued, debts of the decedent are paid and assets eventually transferred to the beneficiaries or heirs of the estate. Whether or not an estate must go through probate depends on a number of factors. Wills, Trusts, and Estate matters are governed … [Read more...] about Do All Estates Have to Go Through Probate?
How Will Your Family Handle Your Estate Plan?
One of the secrets to estate planning is that your estate plan is only as effective as your family makes it after you pass away. This is whyexperienced estate planning attorneys spend a lot of time with their clients making sure that the clients designate appropriate people to positions of authority in an estate plan. It's also why estate planning attorneys often spend lots of time after clients pass away to make sure that the families understand and know how to implement the estate plan. All … [Read more...] about How Will Your Family Handle Your Estate Plan?
Revocable Living Trusts Are Not All the Same
Perhaps the most common form of estate planning today involves a Revocable Living Trust. Normally, when you create a Revocable Living Trust, you retitle your assets in the name of the trust and use them for your own benefit. After you pass away, the Trust distributes any remaining assets in the Trust to the named beneficiaries according to the terms of the Trust. However, there are other ways to use a Revocable Living Trust to distribute your assets to your heirs. If you have young children, … [Read more...] about Revocable Living Trusts Are Not All the Same
Are You Better Off Without an Inheritance?
When most people think about estate planning, they think about ways that they can leave assets to their heirs. They do not think about the opposite: planning to receive an inheritance. What you do after receiving an inheritance is just as important as planning what to do with your own estate. You should consider whether you are better off with or without the inheritance. Receiving assets can have a drastic impact on your financial situation. It can put you in a higher tax bracket in some cases, … [Read more...] about Are You Better Off Without an Inheritance?
More than Just Salad Dressing: The Ongoing Saga of Newman’s Own Foundation
When a famous individual dies, it’s always interesting to see how they set up their estate, if they bothered to undertake estate planning at all. These cases provide great lessons for Estate Planning practitioners both about what to do, as well as about what to avoid. In some cases, even when celebrities take the time to set up a proper estate plan, things go wrong. Paul Newman’s estate represents one such situation. My friend and colleague Tereina Stidd, an estate planning expert, has looked … [Read more...] about More than Just Salad Dressing: The Ongoing Saga of Newman’s Own Foundation
Planning for the “Silver Tsunami”
As the population over the age of 65 continues to grow, unique problems arise. For example, many seniors may have never married, or outlived their spouse and lack confidence that someone will help them make financial and health decisions as it becomes more difficult or when they become incapacitated. A qualified and experienced estate planning attorney can provide guidance to address the issues unique to the solo senior. My friend and colleague Tereina Stidd, an estate planning expert, explains … [Read more...] about Planning for the “Silver Tsunami”
Confusion About How to Avoid Probate and Estate Taxes
Some consumers mistakenly believe that avoiding probate also avoids the federal estate tax. Both probate and the federal estate tax deal with your estate, but avoiding one doesn’t avoid the other. What is Probate? What’s the Federal Estate Tax? Probate is the legal proceeding of validating a will, if there is one, and settling an estate. Probate assets are all those assets that the decedent owned in his or her individual name, but didn’t have a beneficiary designation, a joint owner or … [Read more...] about Confusion About How to Avoid Probate and Estate Taxes
Estate Planning for Unmarried Persons
While much of the advice and popular material available on estate planning is aimed at married couples or those who have reached retirement age and beyond, that doesn't mean that unmarried persons of every age don't need estate plans of their own. In fact, there are some situations in which a single person has a greater need for a good estate plan. If you are single and haven't begun the estate planning process, here are a couple of tips to help you get started on the path. Step 1: Develop a … [Read more...] about Estate Planning for Unmarried Persons
