As the Baby Boomer Generation retires and eventually dies, the greatest transfer of wealth will occur and according to many sources, it will dwarf any prior wealth transfer. This transfer gives those anticipated to inherit the wealth a great opportunity to open the lines of communication with their families to plan for the shift that has already started.
Adding your children’s names to your property titles and other assets may seem straightforward and hassle-free. But the truth often lies beneath the surface, and unintended repercussions can emerge. Consider the case of Helen Carter. Helen transferred her CDs and house title to her sons while reserving the right to occupy the home for the remainder of … Read more
Planning for the unexpected is a pillar of sound financial strategy, and as you age, one of the significant unforeseen expenses could be the need for long-term care. Whether due to an illness, cognitive decline, or the natural progression of aging, the costs associated with extended care can be substantial. This brings us to the … Read more
Individuals often have reservations about seeking out an attorney’s help with their Estate Plan. Sometimes they worry about the cost, other times they think that they can do it on their own, and sometimes they die before the thought of creating an Estate Plan ever crosses their mind. Unfortunately, the issues that arise from a lack of proper Estate Planning on death don’t care who we are. As this blog demonstrates, even celebrities struggle with creating a comprehensive Estate Plan.
As an estate planning attorney, I continually emphasize the significance of strategic estate planning. One of the most important tools for effective estate management and probate avoidance is the Trust, specifically a fully funded trust. In this post, we’ll delve into the importance of trusts, why it’s crucial to fund them fully, and how this … Read more
Owning a small business brings pride and fulfillment, but it also presents unique challenges when it comes to estate planning. For small business owners, personal and business finances often intertwine, making the planning process more intricate. Crafting a comprehensive estate plan ensures that the business you’ve worked so hard to build continues to thrive after you’re gone … Read more
Usually women sue their husband’s estate to enforce their right to the elective share of their husband’s estate. Of course, it’s not just wives that sue the estate of their husbands, but both husbands and wives who sue the estates of their spouses, be they husbands or wives. Enforcement of the elective share usually results from a lawsuit, although sometimes its enforcement of provisions of an Estate Plan that cause the lawsuit. This article isn’t about a lawsuit over the right to an elective share, rather it’s about a clever attempt at avoiding one state’s slayer statute.
The importance of a living will: In the wintry season of 1963, on December 3, Mary and Robert Schindler welcomed a beautiful baby girl named Theresa Marie, fondly known as Terri. Growing up in Pennsylvania, she enjoyed a normal childhood filled with playtimes with her siblings and pets and exploring her passion for music and … Read more
A healthcare proxy, also known as a healthcare power of attorney or healthcare surrogate, plays a critical role in personal healthcare decisions, particularly when you are unable to make these decisions yourself due to incapacity or illness. It is an essential part of a comprehensive estate plan, which typically involves more than just the distribution … Read more
When Estate Planning practitioners talk about the “Holy Grail” of Estate Planning, they generally mean the intentionally defective grantor trust which includes the assets contributed to it in the grantor’s income tax for income purposes but excludes such assets from the grantor’s estate for estate tax purposes. The 529 plan provides yet another example of the “Holy Grail” in Estate planning by allowing tax-free growth, control of the plan until the death of the grantor without estate tax inclusion, and protections in the event of bankruptcy, among other things.