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
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
Most Estate Planning attorneys will tell you that creating an Estate Plan helps prevent litigation after death. That statement needs a caveat. Most of the time, a properly created Estate Plan will prevent litigation. As this article demonstrates, sometimes, even with an Estate Plan, the family ends up in litigation.
This blog post aims to break down the seemingly abstract concept of a family trust into understandable terms, providing clients and potential clients of the McGee Law Firm with a sense of relief and confidence in their estate planning decisions. Navigating the world of estate planning can be daunting, especially when it comes to understanding … Read more
Retirement and estate planning are both related to gratitude. I’m retiring after 23 years with the Academy. The Academy and its Members have made me a better lawyer, a better teacher, and a better person. Whether you are retiring or doing estate planning, don’t forget to express your gratitude to those who have made a difference in your life.
The Internal Revenue Service recently released its Strategic Operating Plan. In that plan, the Service indicated that it planned to conduct more audits, especially on the wealthiest taxpayers. Hearing that you are facing an audit is enough to strike fear into even the most stoic of individuals. No one is immune from audit; however, taxpayers following certain steps are less likely to be audited than those who don’t.
Estate planning is a crucial aspect of life that’s often misunderstood or overlooked. Many believe it’s only necessary for older people or the wealthy, but this couldn’t be further from the truth. Estate planning is for everyone, regardless of age or financial status. It’s about preparing for the unexpected and ensuring your wishes are honored. Let’s explore … Read more
In today’s society, where traditional gender roles are quickly becoming a thing of the past, the importance of estate planning remains significant, especially for women. This necessity stems from the fact that women, on average, outlive men. Given this longevity, women are more likely to face the repercussions of inadequate estate planning. There are common misconceptions … Read more
Imagine discovering you’re married without walking down the aisle or exchanging vows in a formal ceremony. Sounds improbable? Yet, it’s entirely possible due to a legal concept known as “common law” marriage, recognized in several states across the U.S. Common law marriage doesn’t require a license or a ceremonial event. Instead, it hinges on certain conditions: both … Read more
When you are deciding what estate planning tools to use, a living trust should definitely be one of the options under consideration. A living trust is a special type of legal arrangement. You create and fund a trust, and that trust becomes the owner of the assets you transfer into it. You also name beneficiaries … Read more