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
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 … Read more
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. … Read more
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 … Read more
Most everyone knows that each American can pass nearly $13 million in assets before worrying about an estate tax. In addition, it’s possible to pass an unlimited amount to a spouse without incurring any tax. Of course, to obtain the benefit of the unlimited marital deduction, the amount passing to the spouse must meet specific requirements.
When it comes to estate planning, many people focus on creating a will or trust to ensure their assets are properly distributed after their death. However, creating a power of attorney is just as important. A power of attorney is a legal document that allows you to designate someone to make decisions on your behalf … Read more
People often believe that Estate Planning is a “simple” process designed only for those whose estates will exceed the Applicable Exclusion Amount of $12.92 million in 2023. That myopic view causes many who should undertake Estate Planning to skip it altogether or to look for ways to complete the planning on their own without the services of a qualified Estate Planning attorney. As the last article in this two-part series demonstrated, numerous taxes impact Estate Planning. This second part of this series continues by exploring the various non-tax reasons to create a comprehensive Estate Plan.