This blog post aims to break down the seemingly abstract concept of a family trust into understandable terms, providing clients and potential clients of the McGee Law Firm with a sense of relief and confidence in their estate planning decisions. Navigating the world of estate planning can be daunting, especially when it comes to understanding … Read more
Retirement and estate planning are both related to gratitude. I’m retiring after 23 years with the Academy. The Academy and its Members have made me a better lawyer, a better teacher, and a better person. Whether you are retiring or doing estate planning, don’t forget to express your gratitude to those who have made a difference in your life.
Trust administration benefits include privacy while your family is grieving, more control for you, and fewer costs. After someone in your family passes away, your assets will get transferred to your heirs through a formal legal process. Most often, the probate process begins, and the state dictates who receives your assets. The probate process is … Read more
The Internal Revenue Service recently released its Strategic Operating Plan. In that plan, the Service indicated that it planned to conduct more audits, especially on the wealthiest taxpayers. Hearing that you are facing an audit is enough to strike fear into even the most stoic of individuals. No one is immune from audit; however, taxpayers following certain steps are less likely to be audited than those who don’t.
Planning for incapacity is not something you should wait on. It’s an unfortunate fact that most people procrastinate when it comes to this aspect of estate planning. They want to put this off until much later, if not forever. After all, no one really wants to deal with the possibility they’ll become incapacitated or pass … Read more
Estate planning is a crucial aspect of life that’s often misunderstood or overlooked. Many believe it’s only necessary for older people or the wealthy, but this couldn’t be further from the truth. Estate planning is for everyone, regardless of age or financial status. It’s about preparing for the unexpected and ensuring your wishes are honored. Let’s explore … Read more
As much as I enjoy writing about celebrity Estate Planning gone wrong, and less often, right, occasionally, a court opinion catches my attention. That’s particularly true when the decision will have lasting implications for Estate Planning. This blog returns to the basic lessons about amending a Trust. In an increasingly litigious world, disgruntled beneficiaries feel emboldened to fight for what they think is theirs. It doesn’t always work out in their favor, especially when they base their argument on a “technicality.”
More than half — 52% of couples — in the United States do not have an estate plan in place, according to a study conducted by Ameriprise. This isn’t surprising, because estate planning can seem complicated and unpleasant, especially since it requires you to think about what could happen if you become very ill, are … Read more
The 4th of July reminds people of the flag, freedom, and fireworks! As our nation’s birthday approaches, we should reflect upon what freedom means to us. Creating an Estate Plan provides a level of individual freedom – a peace of mind regarding your family’s well-being and the legacy that you leave for them once you are gone.
In today’s society, where traditional gender roles are quickly becoming a thing of the past, the importance of estate planning remains significant, especially for women. This necessity stems from the fact that women, on average, outlive men. Given this longevity, women are more likely to face the repercussions of inadequate estate planning. There are common misconceptions … Read more