When clients undertake Estate Planning, they face the difficult decision of naming a trustee after their death. While Estate Planning documents are effective once signed, they often contain provisions regarding what will happen upon the trustor’s death. Because of the application years in advance, the choice of who will serve as trustee often vexes clients. They need to make this decision years in advance of the time that the individual will serve and as we know, circumstances change. This … [Read more...] about How Do I Trust Thee…Part I
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How Do I Title Thee…Part II
We often recommend a trust as part of a comprehensive Estate Plan. This article by my friend and colleague Tereina Stidd, an estate planning expert, is the second in a two-part series.The first step is understanding what forms of ownership your state recognizes and the potential benefits and detriments of each. The second is determining which form of ownership best accomplishes the goals of the client. Read on to learn more. … [Read more...] about How Do I Title Thee…Part II
How Do I Title Thee…Part 1
We often consider Estate Planning documents such as a Will, Trust, Property Power of Attorney, and health care documents to be the building blocks of an Estate Plan. While a necessary and important part of Estate Planning, thinking of the documents as the starting point for an Estate Plan skips several important steps. This article by my friend and colleague Tereina Stidd, an estate planning expert, is the first in a two-part series. The first part examines the various ways to hold title to … [Read more...] about How Do I Title Thee…Part 1
What the Heck are Digital Assets?
If you think the terms “digital estate” and "digital assets" sound foreign, you are not alone. Until recently, most people did not even worry about how to include their digital assets in their estate plan because they did not have one. Today, however, even the average American owns digital property. As the world moves to computing in the clouds, we will all have more digital property in the years to come–all of which needs to be included in your estate plan. In case you think you don’t have … [Read more...] about What the Heck are Digital Assets?
Good Estate Planning Advice Pays for Itself
When beginning to think about your estate plan needs, it’s important to get proper legal representation. You likely want to make sure that you’re able to have the best plan possible. Don’t guess your way through this important planning process. Take a look at the following information, to learn more. If you have any questions, or if you’d like to create an estate plan, contact an experienced and qualified estate planning attorney. Would you accept legal advice from anyone? Would you use … [Read more...] about Good Estate Planning Advice Pays for Itself
What Makes a Will or Trust Invalid
Clients often worry about the execution of their plan after death. Sometimes, individuals fail to see their complicity in the destruction of their plan. Numerous ways exist to invalidate an Estate Plan. A qualified Estate Planning attorney takes safeguards to protect the plan. My friend and colleague Tereina Stidd, an estate planning expert, explains why. Read on to learn more. … [Read more...] about What Makes a Will or Trust Invalid
Understanding Tax Apportionment Clauses
Many individuals mistakenly believe that they need a large estate before concerning themselves with taxes at their death. While the Federal government does not impose taxes until an estate exceeds the Applicable Exclusion Amount, it’s important to the role that state estate and inheritance tax play, as well as a beneficiary’s own financial picture. Without careful consideration regarding the source of payment, disastrous consequences result. My friend and colleague Tereina Stidd, an estate … [Read more...] about Understanding Tax Apportionment Clauses
The Difference Between Wills & Living Wills
The entire term "last will and testament" is generally just referred to as a standard will these days, but traditionally the will was used to elucidate the desired distribution of real property while the testament was used to distribute personal property. The will now serves both functions and it is the most commonly used vehicle of asset transfer and for the most part it needs no explanation. Because the standard will involves the distribution of assets it is natural for the uninitiated to … [Read more...] about The Difference Between Wills & Living Wills
Unmarried Couples Need An Estate Plan
There are those who are under the impression that the government will simply absorb ownership of your assets if you pass away without leaving behind a will. Someone who does so is said to die "intestate," and though intestacy is not something that you'd want to aim for there are in fact rules of descent in place to determine who would inherit your personal possessions. For example, if you are married your husband or wife would be the individual who naturally assumes possession of your … [Read more...] about Unmarried Couples Need An Estate Plan
Do You Really Need A Probate Lawyer?
When you start to get serious about delving into the subject of estate planning it is likely that you will start to do some research on the Internet. When you do so you will invariably see mention of something called "probate" quite frequently, and you may wonder exactly what it is and what it is intended to achieve. Probate can be defined as the legal process of estate administration, and during this interim the probate or surrogate court in the jurisdiction that is local to you determines … [Read more...] about Do You Really Need A Probate Lawyer?
