Tread Carefully with Specific Bequests
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.
Estate Planning
Supporting Your Aging Parents
Your parents were there to guide you through childhood, providing comfort and support as you faced challenges. Now, as the years pass, you find yourself watching them take unsteady steps into the realm of aging. You want to be there for them as they face these new challenges, offering help without taking away their independence. … Read more
Thoughtful vs. Careless Estate Planning
We all understand how important it is to choose the right gift for someone. The thought and care behind a gift often mean as much, if not more, than its actual value. We can all recall a time when someone close to us gave us something truly meaningful—whether it was a photo album filled with … Read more
The Importance of Reviewing Charitable Bequests
Taking time to update the charitable bequests in your trust or will can feel like a minor task compared to the constant demands of daily life. However, neglecting to make necessary updates can lead to unintended and often severe consequences. Consider the case of A.B. Branan, whose charitable bequests caused a legal battle that lasted … Read more
No Contest Clause: Preventing Family Discord
The American Declaration of Independence begins with the phrase, “We hold these truths to be self-evident, that all men are created equal…” While this statement may hold true for people and their rights, it certainly doesn’t apply to Trusts. In fact, seemingly small differences in wording can have significant impacts on a Trust’s outcome. One … Read more
As Time Draws Near: Estate Planning in the Final Chapter
When someone close to you is nearing the end of their life, it can feel overwhelming. You want to do everything possible to support them, but it’s hard to watch as they struggle against a battle they won’t win. The doctors have already outlined the final chapter of their journey, and while you focus on … Read more
The Role of an Executor: Asset Valuation
The role of an Executor, also known in some jurisdictions as a Personal Representative, encompasses a range of time-intensive and challenging tasks. Among these tasks is the critical responsibility of ascertaining the value of all assets within the deceased’s estate. This valuation serves two key purposes: it determines the estate’s tax liability to state and federal … Read more
Mental Capacity in Estate Planning
As Americans enjoy longer lifespans, the shadow of mental incapacity looms larger, with Alzheimer’s Disease affecting over 6 million in the U.S. alone. Indeed, the National Institute on Aging reports that half of those over 85 years old are living with Alzheimer’s, though it’s just one of many conditions that can impair mental capacity. Understanding mental … Read more
Navigating Asset Protection in a Litigious World
In today’s increasingly litigious society, protecting your assets has never been more crucial. Everyone is susceptible to potential legal claims, whether from everyday activities, your profession, or the assets you own. A simple accident or a professional oversight can expose you to claims that threaten your financial stability. For instance, you might face liability from … Read more
The Critical Need for Disability Planning in Estate Planning
Estate planning often centers on the critical question of what happens after death. However, an equally, if not more important, consideration is planning for the possibility of disability. With the increase in life expectancy and the aging population, the risk of becoming disabled through illness, injury, or simply the natural progression of age is more … Read more