If you have a loved one with a disability, estate planning takes on a different dimension. Your goal is not only to provide financial support but also to protect access to essential public benefits. A special needs trust, sometimes called a supplemental needs trust, is the tool that allows you to achieve both. Without it, … Read more
When Terry Bollea, aka “Hulk Hogan,” died on July 24 at age 71 in his Clearwater, Florida home, I wondered if I’d have another celebrity estate gone awry to discuss. I found something different but equally important for Estate Planning practitioners: disclaimers.
When Prince died over nine (9) years ago, he shocked his fans one last time. Turns out, his unexpected death wasn’t the last surprise. Prince died without an Estate Plan causing his siblings to spend the next six years fighting over his Estate.
Legacies need not reside solely in dusty books or on yellowed legal documents. Other times they hover, in the stories we tell and the places we go after night falls. There’s no shortage of haunted tales in Dallas and Fort Worth, all with a story that refuses to let go. Take Goatman’s Bridge in Denton. … Read more
Parents often decide to leave one child a specific asset and provide an equalizing cash bequest to the other. This article explores how specific bequests may provide unintended results.
One of the most common misconceptions related to estate planning is the idea that trusts are only for the wealthy. A lot of people think that a will is the only logical choice for most of us, but this is not the case at all. Let’s look at five compelling reasons to use a trust … Read more
Most people have heard of “probate,” but few understand what it involves until they’re faced with it. So, what is probate? And why do so many people want to avoid it? Probate is the legal process that takes place after someone dies to transfer assets from the deceased to their heirs or beneficiaries. If the person who passed … Read more
Remarrying later in life can be a joyful new beginning, but it also brings unique challenges when it comes to your legacy. If you have children from a prior marriage and significant assets, you may wonder how to provide for your new spouse without unintentionally disinheriting your children. Effective remarriage estate planning helps you protect … Read more
There are many tools in the estate planning toolkit, and targeted solutions can be implemented to address specific circumstances. With this in mind, let’s look at some of the trusts that can be used to respond to common challenges. Spendthrift Trust Not everyone is prepared to handle a sudden inheritance. A spendthrift trust gives you … Read more
It may sound surprising, but sometimes the best way to care for your loved ones is not to leave them assets outright. Leaving an inheritance directly to your children or other beneficiaries can expose them to risks you may not have considered. A carefully structured trust allows you to provide long-term benefits, protect assets, and … Read more