It’s rare that a movie centers on an archaic estate planning issue, but that’s exactly what Martin Scorsese’s latest film does. Recently Killers of the Flower Moon was released in theaters to critical acclaim. That’s no surprise. The surprise is that the central conflict of the movie focuses on several Estate Planning issues and provides real-life lessons for all of us. Read on to learn more. … [Read more...] about Estate Planning Lessons from the Movies – Part I
Trusts have become ubiquitous parts of estate plans. Many Estate Plans use revocable trusts as the foundation for the plan while others include irrevocable trusts. Regardless of the planning reason, every trust needs a trustee. The grantor may name the beneficiary as trustee, or the grantor may name another individual or entity as trustee, creating a natural tension between the beneficiary and trustee. If the tension becomes too great, the beneficiary may seek to have the trustee removed. As … [Read more...] about What Happens When You Don’t Trust Your Trustee – Part II
If you recently experienced the death of a parent, you are undoubtedly going through an extremely emotional time period. Making decisions when you are highly emotional is not usually a wise idea; however, there are a number of practical and legal decisions that often must be made shortly after the death of a loved one. You may, for example, be thinking about contesting your parent’s Last Will and Testament. Such an important decision should never be made without first consulting with an … [Read more...] about Should I Contest My Parent’s Will?
Since so many people go through life without any estate planning documents, some folks finally decide to take the matter into their own hands, quite literally. About 11 years ago, there was an interesting story circulating about a couple of handwritten wills, and we will revisit it here. Thomas Kinkade Thomas Kinkade was a successful artist that called himself the “Painter of Light.” He was quite prolific, and he made a lot of money, but he was also a prolific imbiber of alcohol. In 2012, … [Read more...] about Can You Draw Up Your Own Will By Hand?
Many souls believe that if they lack means, they do not need an Estate Plan. Nothing could be further from the truth. If you die without an Estate Plan, it’s like opting for a trick on Halloween and the results of both can be downright scary. Read on to learn more. … [Read more...] about The Horrors of Dying Intestate
If you had the opportunity to speak with an estate planning lawyer who was willing to answer your questions, what would you ask? You would certainly learn a lot if you were in this position, and we will share a possible conversation of this nature in this post to shed some light on the subject. Is a will the right transfer document to use if you are not extremely wealthy? The idea that trusts are only for the rich is a misconception. Yes, there are irrevocable trusts that are used by … [Read more...] about An Informative Discussion With an Estate Planning Lawyer
There are different approaches that can be taken when you are planning your estate, and this is why you should work with an attorney to create a custom-crafted plan. This being stated, there are some standard components that make up the basic framework. In an effort to provide you with a starting point, we will share an outline of a basic estate plan in this post. Asset Transfers The facilitation of postmortem asset transfers is at the core of the estate planning process. Everyone has heard … [Read more...] about The Anatomy of a Basic Estate Plan
Individuals often have reservations about seeking out an attorney’s help with their Estate Plan. Sometimes they worry about the cost, other times they think that they can do it on their own, and sometimes they die before the thought of creating an Estate Plan ever crosses their mind. Unfortunately, the issues that arise from a lack of proper Estate Planning on death don’t care who we are. As this blog demonstrates, even celebrities struggle with creating a comprehensive Estate Plan. Read on to … [Read more...] about R-E-S-P-E-C-T Find Out What It Means To…Your Estate Plan
Embarking on your journey to understanding estate planning may initially seem daunting, with a complex set of terms and concepts to grasp. But fear not, we're here to demystify some of the most common phrases in the realm of estate planning to make this process more accessible. Let's delve into these terminologies. Estate Planning Let's begin with the very term itself. Estate planning is the process of arranging for the distribution of an individual's assets after their death. It also covers … [Read more...] about Unraveling Jargon: Understanding Essential Estate Planning Terms
In the realm of estate planning, single seniors have unique considerations that set them apart from their coupled or familial counterparts. Being single, senior, and childless means addressing specific challenges to secure your future. Here's what you need to know. Why Singles Need Special Attention The absence of a spouse or immediate family members in the decision-making process makes estate planning not only necessary but also more complex for single seniors. Choose Your Representatives … [Read more...] about Estate Planning Essentials for Single Seniors: Your Guide