Losing your spouse is one of the most difficult things you might face in life. While it is important to take time to grieve, there are some considerations following a spouse’s death that are time-sensitive.
If your spouse’s will or trust, or your joint trust, has a disclaimer provision, Continue reading
Myth #1: When I die, my partner that I am not married to can continue living in our home.
Fact: You must plan to allow your partner to continue living in your home. Some possible planning options include 1) placing your partner’s name on the deed, 2) executing a beneficiary deed, often Continue reading
A deed is a legal document used to transfer real property ownership rights from one person or entity (the grantor) to another (the grantee). In many cases, this transfer occurs due to the property being sold, with the seller transferring the property to the buyer. Typically, a deed Continue reading
If you own your own business or have accumulated some investment portfolio, it is important that you do as much as you can to protect the efforts of your hard work and dedication. A family limited partnership (FLP) is a strategy worth considering — whether you seek to protect yourself, Continue reading
Asset protection planning is certainly useful for wealthy families and people in high-risk professions. But, anyone can be sued. A car accident, unexpected medical bills, or an injury suffered by a tenant or a visitor to your house could result in a monetary judgment that is devastating Continue reading
Life is full of possibilities. While some outcomes are relatively certain, other events are more difficult to predict. This uncertainty can create estate planning challenges. Because life changes quickly and sometimes unexpectedly, your estate plan needs to be flexible.
While you are Continue reading
One of the common challenges to a will or trust is that the person who made the will (the testator) or trust (the trustmaker or settlor) was not mentally competent to create it. While we would all like to believe that our family and loved ones will honor our wishes as expressed in Continue reading
A necessary, but not pleasant, aspect of estate planning is deciding what will happen to your child if both you and the child’s other legal parent were to die unexpectedly. While the odds of this happening may be low, the consequences of not naming a legal guardian in your will or Continue reading
What Is a Transfer-on-Death Deed?
If you own real estate, such as a home, in your sole name but you have not created a trust and transferred your property’s title to the trust, it is virtually guaranteed that your beneficiaries (or heirs) will have to deal with probate after your death. Continue reading
When someone has named you as the fiduciary in a will or trust (personal representative or trustee), when that person passes away you are obligated to distribute their money and assets to the beneficiaries who have been named in the document. Sometimes, perhaps because of a family Continue reading
Do you have any travel plans coming up? You may have decided what you and your travel companions want to see and do, how much you are willing to pay, and the time you plan to travel. While your travel arrangements may be set, you need to consider calling in a special planning team Continue reading
A big goal in estate planning is to make things easier for our loved ones. A comprehensive estate plan can allow your money, property, and legacies be transferred to your intended beneficiaries in a harmonious, stress-free, and fair process so that your loved ones to grieve and deal Continue reading
It isn’t necessarily an honor to be named in a person’s will as the personal representative or executor. While you can take some satisfaction that your loved one thought enough of you to trust that you could act in that position, the duty you have been given can often be a sobering Continue reading
For many of our clients, probate is an unnecessary process that we try to avoid. But the probate system is there for those who need it, in some cases because of lack of proper planning and in others because of the benefits and protections that probate may offer. The probate system Continue reading
Most of us are familiar with the federal income tax. If you earn a paycheck, you can’t help but notice the deductions each pay period. Perhaps less familiar are federal taxes such as the capital gains tax, estate tax, and gift tax. Even less familiar for most is the generation-skipping Continue reading
If you are a beneficiary of a trust and your trustee is unresponsive to your requests for information regarding the trust, what should you do? A trustee has a duty under the law to communicate with beneficiaries and keep them reasonably informed as to the progress of the trust administration. Continue reading
Estate planning is all about protecting you and your loved ones. If you have a loved one that you want to provide a home for after you pass away, while having ultimate ownership pass to someone else after that loved one’s death, a right of occupancy trust can provide a solution.
What Continue reading
If you are an artist, it is important to include your artwork in your estate planning. Who can control your artwork if you become incapacitated, including matters such as selling, loaning, or licensing your pieces.
What do you want to happen to your artwork after you pass away? Options Continue reading
In a financial power of attorney, you designate a trusted decision maker (called an attorney-in-fact or agent) to act on your behalf if you become disabled or unable to manage your financial affairs. You may choose to give your agent, among other things, the power to buy and sell Continue reading
A spouse’s death creates a difficult and demanding time for the surviving partner. As much as you might want space and time alone to process your grief, you may have certain responsibilities related to settling your deceased spouse’s affairs, including paying off their debt.
The obligation Continue reading
Approximately 7.5 million second homes are owned by families according to a study in 2018 by the National Association of Home Builders. For many families, these second homes are vacation homes that carry years of special family memories. Following are some important estate planning Continue reading
If you own a business, it is important to consider what happens to the business after your death. Who will own the business? How will the business be run? Who will benefit from the business? A trust can be a great way to manage these decisions. The details will vary based on the type Continue reading
Everyone needs estate planning. Regardless of your wealth, age, marital status, gender identity, or sexual orientation, it is crucial to have a plan in place to protect your money, assets, and loved ones in the event of an accident, illness, or death.
For LGBTQ+ Americans, estate planning Continue reading
If your life or the law has changed since you signed your Will or Trust, you need to review your plan and perhaps update your plan documents. A trust can be updated by an amendment or restatement. The amendment updates just a specific part of the trust, while a restatement is a complete Continue reading