The decision to transfer the title of a home to a living trust is not a decision that should be made lightly. An individual should speak with their estate planning attorney before deciding to make such a transfer, as many potential consequences may be unforeseeable by a lay person. If you decide that you would… Read More »
Blog Posts Page 77
If You Have A Claim Against An Estate, Make It Early
A California judge has recently informed Michael Jackson’s manager that his lawsuit will likely be thrown out because he never filed a claim against Jackson’s estate. In the lawsuit, former manager Freddy DeMann argued that he should have received commissions from “the posthumous repackaging of the pop star’s work.” At the hearing, the judge indicated… Read More »
How to Minimize Estate Taxes
Income Taxation of estates and trusts is inherently complicated. With the passage of the American Taxpayer Relief Act of 2012, this area of estate planning has become even more complicated. A recent article discusses how to minimize income taxation. It is important for fiduciaries and beneficiaries of estates and trusts alike to be aware of… Read More »
Nearly One-Quarter Of Koch’s Estate Will Go To The Government
When three-term mayor of New York City Edward Koch died on February 1, he died a very wealthy man. Koch’s estate is estimated to be worth between $10 and $11 million dollars. As a recent article explains, nearly one-quarter of Koch’s estate will go to Uncle Sam. Koch did not accumulate the majority of his… Read More »
Obstacles in Business Succession Planning
Often, the path to business succession is not smooth. As a recent article notes, the single best way to ensure that succession planning goes as smoothly as possible is to be proactive. Family businesses should have a succession plan in place long before they anticipate needing it. According to director of the Family Business Alliance,… Read More »
Debts After Death
In order to determine the nature and extent of a deceased person’s estate, it is important to determine the financial position of the deceased. A recent article discusses how to deal with the debt of a loved one after he or she has died. If the decedent had any credit cards, an important consideration is… Read More »
The Pros and Cons of Probate
Every adult should take the time to create an estate plan. A vital part of the estate planning process is considering whether you would like your estate to go through the process of probate. A recent article discusses the pros and cons of probating an estate. One benefit of probate is that, through probate, the… Read More »
Estate Planning When You Have Children With Special Needs
For parents with special needs children, estate planning is especially important. Most special needs children will need a designated person to care for them after their parents have died. A recent article discusses several aspects of estate planning when special needs children are involved. When special needs children are involved, an estate plan should include… Read More »
Succession Planning: Your Business Needs A Will, Too
Often, entrepreneurs are so engrossed in planning for commercial success that they fail to take the time necessary to create a succession plan for the business. According to a 2010 study by the Cameron Research Group, 32 percent of business owners who planned to sell their business within the next year had not considered succession… Read More »
A Hidden Threat To Your Savings
According to a recent article, there is a hidden threat “lurking within all of us . . . [that] could decimate our savings and deprive our heirs of their inheritance.” That threat is Alzheimer’s disease. As the Alzheimer’s Association reports, there are currently 5.4 million Americans suffer from Alzheimer’s disease. A recent article discusses how… Read More »
How to Protect Your Assets
As the most litigious country in the world, the United States boasts one lawyer for every 265 Americans. According to asset protection attorney Hillel Presser, “There are over a hundred million lawsuits every year. One in three people will be sued in the next twelve months.” With the ever-present possibility of a lawsuit, it is… Read More »
Why Married Individuals Need Estate Plans, Too
It is not uncommon for married people to fail to create an estate plan. Often, this failure occurs because married individuals believe, “I don’t need a will because everything will go to my spouse with or without one.” This is one of the biggest misconceptions when it comes to estate planning. In reality, it is… Read More »
Documents to Speak With Your Estate Planning Attorney About
Regardless of age, wealth, or family circumstance, every adult should have an estate plan. Through a valid estate plan, a person can be sure that their estate is transferred to their heirs according to their wishes. Below are several estate planning documents that adults should consider as they draft or revise their plan: Last Will… Read More »
Planning for A Blended Family
In the United States, over 50 percent of first marriages end in divorce. With 75 percent of these partners remarrying at least once, blended families are becoming more and more common. A blended family is a new family that includes children from a previous marriage. As a recent article points out, members of blended families… Read More »
Three Common Estate Planning Mistakes
As a recent article points out, one of the best ways to learn is from the mistakes of others. In that vein, the article discusses three common estate planning mistakes: (1) failing to prepare a will; (2) failing to update your will; (3) creating a do-it-yourself will. Failing to Prepare a Will The single biggest… Read More »
Early Estate Planning is Important for Farmers
For farmers, estate planning is vital because not only does it assist in reducing taxes, but it also provides the framework for transferring the farm to the next generation. A recent article urges farmers to begin the process of estate planning now. According to estate planning consultant Dave Thompson, many farmers put off estate planning… Read More »
Estate Planning Considerations for Stepchildren
As blended families are becoming more common, it is important to remember that stepparents need to add special provisions into their estate plan if they would like their estate to benefit their stepchildren. A recent article discusses estate planning considerations when stepchildren are involved. Under state probate laws, stepchildren and biological children are treated differently…. Read More »
Estate Left to The Stars
A 71-year-old man who died last July has recently made headlines, as it has been revealed that the man’s will left his entire estate to two actors he had never met. Under the will, actors Kevin Brophy and Peter Barton will spit Ray Fulk’s estate, which is valued at an estimated one million dollars. According… Read More »
Two Ways to Reduce Your Probate Estate
Upon a person’s death, his estate enters a process called probate through which their assets are managed, settled, and distributed. If the decedent left a valid will, this process is carried out according to his wishes. However, some people want to avoid probate at all costs. A recent article outlined several ways through which this… Read More »
The Time For Asset Protection Planning is Now
Many business owners fail to consider asset protection planning until the fear of a potential claim against them springs up. Unfortunately for these business owners, asset planning is sometimes insufficient if a claim has already arisen. A recent article in Forbes cautions readers to not only consider asset planning early, but also to recognize when… Read More »
