Sometimes “No” is the Best Answer Sometimes “No” is the Best Answer Written By: The American Academy of Estate Planning Attorneys When receiving an inheritance, few people consider that there may be a big decision looming. You are still mourning the passing of someone dear to you when you learn about the inheritance. While you continue with your daily life, numb from the emotional loss, the estate or Trust Administration process continues, which eventually leads to the distribution of your … [Read more...] about Sometimes “No” is the Best Answer

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Every year, about 6,000 babies with Down syndrome are born in the United States. Over their lifetimes, many of these children will contend with serious medical conditions including heart defects, gastrointestinal problems, visual or hearing impairment, dementia, and early-onset Alzheimer’s disease. As a result, the costs associated with Down syndrome can be astronomical and many of those with the … [Read more...] about Special Needs Trusts for Children with Down Syndrome

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys “It’s not fair!”   Parents hear this protest all the time, and it often comes from children who confuse being treated fairly with being treated equally.   One of the challenges of parenting is figuring out how to be fair to your children when, often, that doesn’t mean treating them exactly the same. Here’s an example:   Andy is ten years old and Emma is sixteen. Emma has … [Read more...] about Fair Does Not Always Mean Equal

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys A vacation home is a special place for a family. You buy a beach house or a cabin at the lake with visions of the long, lazy summer days and holidays you’ll spend with your children…and eventually your grandchildren. You dream of the memories you’ll make, and you look forward to passing the home on to your children and grandchildren so that they can do the same. Sadly, without a … [Read more...] about Proper Planning Protects Your Vacation Home

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys June 26, 2013 was a landmark day for LGBTQ couples across the United States. With two much-anticipated rulings, U.S. v Windsor and Hollingsworth v. Perry, the U.S. Supreme Court made federal benefits available to spouses in same-sex marriages and cleared the way for same-sex marriage in California. DOMA In U.S. v. Windsor, the Supreme Court struck down a section of the Defense of Marriage Act … [Read more...] about DOMA’s Impact on Estate Planning for LGBTQ Couples

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys If you’re like many small business owners, you’ve poured your heart and soul into launching your business and making sure it thrives. The idea of allowing your enterprise to fade away after you die may be unthinkable. After all, in many ways, your business is your legacy. As is often the case, you may have focused a lot of your time and energy on day-to-day operations and put off creating a succession … [Read more...] about Next Generation Planning for Your Family Business

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys The New Year brings with it a renewed outlook and fresh resolutions. We vow to get organized, eat healthier, and lose those last stubborn 10 pounds. But many of us overlook one simple and practical resolution that could have a profound effect on our lives, not to mention the lives of those we love. What’s that resolution? Create a basic estate plan. It’s not hard to get started. First, find an … [Read more...] about This New Year, Resolve to Plan Your Estate

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys May people might think it is beyond their means to leave a testamentary charitable gift (a gift made after you die) and would be surprised to learn that you don’t have to be wealthy to leave behind a substantial charitable legacy. One way to accomplish this is with an Irrevocable Life Insurance Trust (ILIT). All you need is enough income to set aside a little extra money each month. The great news about … [Read more...] about How Life Insurance Can Fund Your Charitable Legacy

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys There is no question that a Living Trust allows you to avoid probate – if, of course, the Trust is properly drafted and funded. But does this mean a Living Trust is more cost-effective than a Will? Some people say that a Living Trust offers no net savings over a Will. In their opinion, the cost of preparing a Living Trust plus the cost of Trust Administration at death, equals or exceeds the costs of … [Read more...] about Which Costs More: Probate or Trust Administration?

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Although considering the event of one’s own death can be uncomfortable, it’s imperative to start planning ahead and set up an estate plan that will guarantee security for your loved ones. Meeting with a qualified estate planning attorney will ensure you’re informed about the choices available to you, and help relieve some stress knowing your affairs will be in order after your death. For some, this … [Read more...] about Common Estate Planning Terms You’ll Want To Know