Last week, I attended the 58th Annual Heckerling Institute on Estate Planning (“Heckerling”) held in Orlando, Florida. Nationally renowned speakers take the stage and give attendees legislative updates, tips on estate planning techniques, and answers to their submitted questions.
It’s a common misconception that wills and trusts serve the same purpose in estate planning. Although both are essential tools for asset distribution after death, their functionalities and implications are distinctively different. A will becomes active only upon death, directing the distribution of assets held in your name. It requires formalities like signing in the … Read more
Every day, we wield words with ease and spontaneity, often overlooking their profound impact and the nuances they carry in different contexts. Words can be playful, creating humor through clever twists and interpretations, much like the late comedian George Carlin masterfully showcased throughout his career. Carlin’s exploration of language, especially in his infamous “Seven Dirty … Read more
For many, pets are cherished members of the family, and their care and well-being are of paramount concern. But what happens to your pets if you’re no longer around to care for them? Traditional wills can provide for pets in a general sense, but they may not guarantee the specific care or immediate attention pets … Read more
Dynasty Trusts present a great opportunity to pass significant wealth on to future generations. If structured properly, the assets of a Dynasty Trust pass with minimal gift, estate or generation-skipping transfer tax consequences. As we approach the sunset of the temporarily doubled Applicable Exclusion Amount, practitioners and clients should consider whether a Dynasty Trust makes sense for them.
The outdated notion that women play a secondary role in financial and legal matters has been thoroughly debunked in recent times. In reality, women are pivotal to the estate planning process, not only participating actively but also being significantly impacted by its outcomes. The evolution of women’s roles over the past few decades has been … Read more
Inheritance disputes can fracture families, consuming time, energy, and resources. Often, these disputes stem from unclear estate plans, perceived inequities, or the absence of direct communication about one’s intentions. Fortunately, with thoughtful planning and clear communication, you can significantly reduce the likelihood of disputes arising over your estate. Here are strategies to ensure your wishes … Read more
Divorce has become a relatively common occurrence in modern times. Recent statistics reveal a significant number of marriages ending in separation. First marriages still end in divorce at a rate of approximately 35-50%, while second marriages face an even higher likelihood of dissolution, ranging from 60-70% or more. Consider a scenario where you’ve remarried after a previous … Read more
A Power of Attorney (POA) is a fundamental component in estate planning, often overshadowed by wills and trusts, yet it plays a pivotal role in managing your affairs should you become unable to do so yourself. This legal document grants another person, known as the agent or attorney-in-fact, the authority to make decisions on your … Read more
Matthew Perry died at the end of 2023. While it seems unlikely that Matthew’s estate will end up embroiled in a court battle as we see with other celebrity estates, that doesn’t mean that we can’t learn anything from his death and Estate Plan.