Estate Planning practitioners field questions regarding disinheriting beneficiaries regularly. The second question often relates to what happens when that beneficiary or any other tries to have the estate plan or portions thereof overturned. An “in terrorem” or “no contest” clause usually acts as a deterrent to such beneficiaries by completing divesting them of their inheritance should they choose to initiate a lawsuit
You may not know where your biggest assets will go. It’s true. Of course, you know who the beneficiaries under your Will are. You know who the beneficiaries of your Trust are. But, do you know whom you designated as beneficiary on your IRA, 401(k), or other retirement plan? You may not. You may have … Read more
Life lessons from Anna Nicole Smith. Anna Nicole Smith has become a household name. But that was not always the case. She was born as Vickie Lynn Hogan and grew up about 80 miles south of Dallas, Texas. She was raised by her mother and, at age 17, she married Billy Smith, age 16, a … Read more
Estate Planning attorneys balance competing interests when helping clients decide who they should name as personal representative and trustee. Some of the factors that a client needs to consider are the nominee’s responsibility, financial savvy, and temperament. These factors influence the fiduciary’s ability to pay debts, expenses, claims, negotiate on behalf of the estate, and to conclude the administration of the estate or trust. While many individuals consider acting in this capacity a great honor, the role comes with serious implications, including personal liability for failure to pay taxes
You may not know where your biggest assets will go. It’s true. Of course, you know who the beneficiaries under your Will are. You know who the beneficiaries of your Trust are. But, do you know whom you designated as beneficiary on your IRA, 401(k), or other retirement plan? You may not. You may have … Read more
Many times, clients name someone they trust as the agent in their power of attorney. It’s often a new role for some people; they’re unsure of what’s expected of them and what it means for them and their relationship with our client. If you have recently been named as an agent under a power of … Read more
Estate Planning attorneys balance competing interests when creating estate plans. Uncertainty about the future concerning taxes and each beneficiary’s situation requires flexibility in an Estate Plan. Powers of appointment offer Estate Planning attorneys a way to add flexibility to a plan without complication. When creating powers of appointment, it’s important to consider not only the reason for including the power but also the way it needs to be exercised
You tuck your children into bed and kiss them goodnight. In the doorway, you watch them peacefully drift off to sleep. They are so innocent, so naïve. After your long day, you fall into bed and dream of the day your children will be grown. You dream you are walking your daughter down the aisle … Read more
Many Estate Planning attorneys shy away from business succession planning, but if you approach it like you do any other asset, it’s not so scary! First, it’s important to understand that entities involve not just the business relationship, but family relationships as well. Often, businesses start with one or maybe two members of a senior generation who have the funds, desire, and connections to create the business. It’s not always clear, though, what will happen when that senior generation retires, or worse yet, dies unexpectedly.
It’s tempting to think that by taking the time to hand-write your Will or preparing a do-it-yourself plan, you can avoid many of the issues that arise with a Will. In fact, the opposite may be true. By handwriting your Will or preparing a do-it-yourself plan, you may be creating more issues for your family.