Estate planning is crucial in securing your legacy, safeguarding your family’s future, and ensuring your assets are distributed according to your wishes. At the McGee Law Firm, we focus in comprehensive estate planning service tailored to meet each client’s unique needs. Understanding Estate Planning Estate planning involves creating a definitive plan for managing your wealth during … Read more
Irrevocable trusts are a cornerstone of many estate plans, offering unique benefits that make them valuable for a variety of goals. From safeguarding assets to managing tax liabilities, these trusts are more flexible than their reputation might suggest. Why Use an Irrevocable Trust? Irrevocable trusts are often used to achieve specific financial and estate planning objectives: … Read more
Procrastination is human nature, especially when it comes to estate planning. Many think, “What’s the worst that can happen?”—believing it’s only about deciding who gets their money after they’ve passed away. Unfortunately, that perspective is short-sighted. A lack of planning can cause significant issues—not just for your assets, but for you and your loved ones … Read more
Estate planning is about more than distributing assets. It’s also about ensuring your wealth is used wisely by future generations. An incentive trust can help you achieve this goal by encouraging specific behaviors or accomplishments among your beneficiaries. This flexible tool lets you establish conditions for asset distributions, providing peace of mind that your legacy … Read more
When most people think about legacy planning, financial assets often come to mind. While distributing wealth is a crucial aspect, a meaningful legacy goes far beyond material possessions. Legacy planning is also about the values, experiences, and wisdom you pass on to future generations. These intangible assets can leave a lasting impact on your family … Read more
Studies show that the majority of Americans do not have estate plans in place. Interestingly, researchers have found that most people who are unprepared know that estate planning is important. Many say they haven’t acted because they don’t know where to begin. With this in mind, we are going to break it down and explain … Read more
Despite knowing that they should have an estate plan, many individuals give excuses for failing to create an Estate Plan. They may rely upon advice from seemingly well-intentioned individuals that if they do not have a taxable estate, they don’t need a plan, or that each state has its own set of rules regarding distribution that gives assets to beneficiaries upon death. Some folks go so far as to suggest methods to avoid probate without truly considering the impact of those suggestions. This article explores the most commonly cited reasons for failing to create an Estate Plan and addresses the invalidity of these excuses.
The best Estate Planners stay current on the latest trends. The American Academy of Estate Planning Attorneys held its semi-annual conference providing education on selected topics designed to inspire excellence in its Members.
We’ve all got that friend or relative who thinks they know it all. You know the type—they recommended Enron as a hot stock pick. Now they’re convinced that holding everything in joint tenancy is all the estate planning you’ll ever need. Joint tenancy is a way to own property, like real estate or brokerage accounts, … Read more
Art often imitates life and the latest drama surrounding Rupert Murdoch demonstrates that. Most of the time, when an individual creates an irrevocable trust, they part with dominion and control over the assets, and it is difficult to change the terms. Not long ago, Rupert Murdoch filed a petition in Nevada probate court to change the terms of an irrevocable trust that was originally created in 1999.