When we talk about estate planning, the immediate thought often drifts to the distribution of our assets. Yet, delving deeper, we find that the heart of estate planning lies in choosing trusted individuals also known as key figures like guardians, trustees, executors, and agents. When crafting a Will, an executor or personal representative is mentioned to oversee the estate's matters. Their role involves: Contrastingly, a trustee has a role akin to an executor but manages the trust's … [Read more...] about Decisions Beyond Possessions: Key Figures in Estate Planning
The Role of a Power of Attorney in Estate Planning
While estate planning often conjures images of wills and trusts, ensuring a seamless transition during life's unexpected turns is equally vital. Enter the Power of Attorney (POA) - a critical instrument that can safeguard both your financial and personal well-being during periods of incapacitation. 1. Understanding Power of Attorney: At its core, a POA is a legal document that allows an individual (the principal) to grant another person (the agent or attorney-in-fact) the authority to make … [Read more...] about The Role of a Power of Attorney in Estate Planning
R-E-S-P-E-C-T Find Out What It Means To…Your Estate Plan
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. Read on to … [Read more...] about R-E-S-P-E-C-T Find Out What It Means To…Your Estate Plan
Fully Funded Trusts: A Valuable Tool in Probate Avoidance
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 step can help your heirs avoid the time-consuming and often expensive probate process. Trusts: An Overview In its most basic form, a trust is … [Read more...] about Fully Funded Trusts: A Valuable Tool in Probate Avoidance
Estate Planning for Small Business Owners
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 or if you become incapacitated. 1. Business Succession Planning: Succession planning is essential for … [Read more...] about Estate Planning for Small Business Owners
A Real-Life Look at the Application of the Slayer Statute
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 … [Read more...] about A Real-Life Look at the Application of the Slayer Statute
A Family Fractured by a Heartbreaking Oversight
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 art sketching. As she blossomed into adulthood, Terri tied the knot with Michael Schiavo in November 1984, a few days short of her twenty-first birthday. Settled in Florida … [Read more...] about A Family Fractured by a Heartbreaking Oversight
Celebrating the Grandparent-Grandchild Connection: An Invaluable Legacy!
The sheer pleasure grandparents derive from quality time spent with their grandkids is truly incomparable. A conversation with a grandparent often unfurls into a vivid show-and-tell of their beloved grandkids, painting images of enchanting trips to the zoo or serene days by the lakeside. Those heartwarming moments of strolling hand in hand to a favored fishing spot, pausing to skip stones and whistle a familiar tune, are evocative of scenes from the Andy Griffith Show. However, have you … [Read more...] about Celebrating the Grandparent-Grandchild Connection: An Invaluable Legacy!
Keeping Your Powers of Attorney Updated: Why it Matters
At the McGee Law Firm, we understand the complexities of life. As an estate planning attorney, I aim to help you navigate the intricate labyrinth of legal and personal decisions that create your legacy. One crucial aspect of this journey that often gets overlooked is the importance of keeping your powers of attorney (POA) current. What is a Power of Attorney? A Power of Attorney is a legal document that allows you (the "principal") to appoint someone (the "agent" or … [Read more...] about Keeping Your Powers of Attorney Updated: Why it Matters
The Role of Family Meetings in Estate Planning: Enhancing Communication
As you delve into the realm of estate planning, you might find that it extends beyond merely distributing your assets. It is also about creating harmony, preserving family relationships, and ensuring your wishes are respected. Herein lies the importance of family meetings in estate planning. They offer an opportunity to enhance communication, prevent misunderstandings, and set the groundwork for a smooth transition. Begin by understanding the purpose of these meetings. They are not just … [Read more...] about The Role of Family Meetings in Estate Planning: Enhancing Communication
