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A special needs trust is restrictive and the third-party trustee sometimes needs to be replaced. It can be quite challenging for the beneficiary to replace the trustee. If a special needs trustee is not up to the job or intentionally mishandles the trust, it can be difficult for the beneficiary to change the trustee, according […]
Don’t assume that you can take care of the plan later. Estate planning can run into two problems: not taking care of the initial planning and then not following up with adjusting for life changes, according to the Sunshine Daily Coast in “Fix your will before it’s too late.” What is the problem with not […]
Can you just show a will to the holder of the assets and take possession? No, you need to head to court. There are numerous misperceptions about how a will works. Attorneys often deal with people upset that it requires approval from a court before it is official, according to The Times Herald in “Wills […]
A slight increase could bring estate tax exemption for couples to $11 million. Analysts are projecting the IRS will increase estate tax exemptions for 2018, as well as boost the annual gift tax exemption, according to Forbes in “Estate Tax Exemption To Top $11 Million Per Couple in 2018.” Analysts forecast an increased exemption for […]
McClatchy Trust case finally goes to court. James B. McClatchy created a trust in an effort to prevent his media company from being absorbed by a larger company. His son, Carlos McClatchy, is now getting his day in court concerning the trust after years of preliminary work, according to the Sacramento Bee in “San Francisco […]
Fraudulent bankruptcy, jail time and return the £300,000. Julie Spalding, an elderly woman in the U.K., passed away and left her window cleaner her entire estate. Spalding’s nephew challenged the will in court and won, according to the Telegraph in “Window cleaner bequeathed £300,000 by customer faces jail for failing to hand money back to […]
If the elderly have problems handling their finances, Social Security has a helpful option. Families sometimes have problems with elderly family members losing the ability to handle their own finances. A general durable power of attorney can help. Social Security also has a program that can help in the situation of receiving their checks, according […]
Most issues were resolved. owever, some challenges remain, including child custody. Despite the Supreme Court decision allowing same-sex marriages, not all potential estate planning issues for same-sex couples are fully resolved, according to the Cleveland Jewish News in “Same-sex couples could face estate planning road blocks.” One of the biggest problems remains child custody. Prior […]
Prenuptial agreements protect assets. However, sometimes they are planned to prevent certain behaviors. Prenuptial agreements are set up to equalize assets such as when one or both parties enter the marriage with children from a previous relationship. It is an agreement that is arranged so the couple comes to terms with potential issues before marriage. However, […]
An estate plan needs constant review that reflects changing circumstances. Most people’s lives are not constant and are often affected by divorce, remarriage, additional children or additional assets, as well as many other circumstances as their lives unfold. When things change, then estate plans normally need to be changed as well, according to Forbes in […]
