Category: Estate Planning
“Probate and trust administration are not the same. There are important differences and similarities between administering a decedent’s probate estate and administering a decedent’s trust estate.” Many people get these two things confused. A recent article, “Appreciating the differences between probate and trust administration” from Lake County News clarifies the distinctions. Let’s start with probate, […]
“By discussing finances with your children early and often, you can set them—and future generations—up for success, when it’s time to receive the wealth you’ve accrued.” Almost three quarters of the wealthiest people in the world—those whose net worth is higher than $30 million—are self-made, according to a Wealth-X report. Look closer into the world’s […]
“Talking about death makes most of us uncomfortable, so we don’t plan for it. That’s a big mistake, because if you don’t have an end-of-life plan, your state’s laws decide who gets everything you own.” Without an end of life plan, a doctor you’ve never even met might decide how you spend your last moments, […]
Special Needs Trust Pitfalls: Planning for Parents “Both the state and federal government, administered through the Social Security Administration (SSA) and Medicaid provide disabled individuals with a variety of life enhancing, and sometimes life sustaining, public benefits.” Public benefits for disabled individuals include health care, supplemental income, and resources, like day programs and other vital […]
“Recently, the Indiana Court of Appeals decided the case of Trowbridge v. Estate of Trowbridge. The case involved a man, Everett, who, despite their divorce, remained on good terms with his ex-wife, Christal.” A dispute over a will that made its way to the Indiana Court of Appeals serves as a useful lesson for the […]
“What may have seemed like something to take care of ‘one day,’ has turned into a basic necessity that makes it essential and necessary for you to encourage your clients to act now.” The Covid-19 pandemic has brought estate planning front and center to many people who would otherwise dismiss it as something they would […]
“Estate planning documents often are treated like the photocopied permission slip for a child’s field trip. You fill in your name, include the children’s names and dates of birth and sign. The document is filed away to be used if needed, but you really never expect it to be used.” The only thing worse than […]
“Without an estate plan in place, clients will be reliant on state laws and probate courts to appoint individuals who will be responsible for financial affairs and health-care decisions, in the case of illness and ultimately the transfer of assets upon death.” The continuing escalation of the COVID-19 pandemic has forced many people to finalize […]
“It can be hard to move through your daily life after someone you love dies. It may be even harder to embark on the complex tasks required to put their financial affairs in order. However, you can’t afford to put that off.” When a member of a family dies, it falls to the people left […]
“When the Spanish painter Pablo Picasso died of a heart attack on April 8, 1973, he left behind not only a huge artistic oeuvre of 50,000 works, but enough family drama to cover several generations.” The great artist was also known for the many women he was involved with, but he only married two of […]