Category: Estate Planning
“What steps can be put into place to ensure an adult child who makes poor decisions, will be secure after the death of the parent? The main asset is life insurance.” This is not an unusual question for most estate planning lawyers—and in most cases, the children aren’t bad. They just lack self-control or have […]
“Simultaneously, T&E practitioners are well aware of the primary risk posed by a GRAT; namely, the mortality of a grantor during the GRAT’s term.” The 9th U.S. Circuit Court of Appeals addressed whether a Grantor Retained Annuity Trust, or GRAT, should be included as a taxable asset in an estate where the decedent died during […]
“With all these anxieties and unknowns weighing on your mind, it might feel like there’s suddenly a pressing need to get your affairs in order―just in case.” Most people who contract COVID-19 experience mild symptoms, but it does not hurt to be prepared just in case you need to be hospitalized, explains the article “A […]
“To put it bluntly, what if you were in a serious accident or were suddenly rushed to the hospital with COVID-19 symptoms or another life-threatening illness, and you were unable to make health care decisions for yourself?” The coronavirus pandemic has had an impact on the entire world. No wonder—it’s a frightening disease that experts […]
“External events that cause reflection are good reminders to update estate planning documents.” Now is a good time to reach out to an estate planning attorney to review and update beneficiaries, named executors, financial and health care proxies, wills and trusts, advises the article “Planning Strategies During Market Uncertainty & Volatility: Estate Planning and Debt […]
“If your will was signed before 2013 and you have a so-called by-pass estate tax saving trust that is no longer necessary, you really should update and simplify your will.” Estate administration, that is, when the executor gets busy with paying debts, taxes and distributing assets, is often the time when any missing steps in […]
“Utilization of a testamentary trust for the surviving spouse is an excellent idea, whether the survivor is the husband or wife.” A couple doing some retirement planning has an updated will and a health care proxy in place, prepared with the help of an estate planning attorney. They own some rental property, a small business […]
“When parents start the planning process for a child with special needs, they usually work under the perception that if they create a special needs trust (SNT), the child will be taken care of and the needs will be met.” Funding a Special Needs Trust is just the start of the planning process for families […]
“An immature or troubled child could try to misuse your money or goad you into handing over assets you might need later. Complicated family dynamics, or just your desire for privacy, may make you hesitant to open up.” Talking about who will control your assets is always a tricky thing, says AARP.org in a recent […]
“The official figure for elder financial fraud used by a congressional committee is around $3 billion a year, but that’s based solely on reported cases of fraud. Other estimates are 10 times that much.” Aging baby boomers are a giant target for scammers. A report issued last year from a federal agency, the Consumer Financial […]
