The estate planning lawyers at our firm place an emphasis on education, because far too many people have misconceptions about wills and trusts. One of the most common ones is the idea that a will is the only choice because trusts are "only for very wealthy people." Trusts are often misunderstood as being only useful for the rich. Yes, very high net worth individuals can benefit from the utilization of certain types of trusts. These are going to be irrevocable trusts that are used for estate tax … [Read more...]
Do You Really Need a Trust?
Although many people equate “estate planning” with having a will, there are many advantages to having a trust rather than a will as the centerpiece of your estate plan. While there are other estate planning tools (such as joint tenancy, transfer on death, beneficiary designations, to name a few), only a trust provides comprehensive management of your property in the event you can’t make financial decisions for yourself (commonly called legal incapacity) or after your death. Advantages of … [Read more...]
Understand Perils of DIY Estate Planning
It is important to understand that estate planning documents do not exist in a vacuum. Estate planning is one of the most technical and dynamic areas of the law. Properly planning an estate requires consideration of federal and state tax issues, state property law, state probate law and state trust law. Estate planning documents must be carefully customized to meet each individual’s unique circumstances and objectives. If they are not, unintended, and often costly, consequences may … [Read more...]
Probate, Privacy & Planning
The last will is the most commonly utilized asset transfer vehicle in estate planning. Many individuals assume that this is their only logical option because they are under the impression that trusts only serve the interests of the very wealthy. In fact, this is not true at all. There are indeed trusts that are created to serve the interests of high net worth individuals. However, some trusts, such as revocable living trusts, don't provide the asset protection and estate tax efficiency that many … [Read more...]
Free Reports: Wills, Trusts, Legacy Planning and More
On the Internet there are marketers that sell generic estate planning documents like wills and trusts. Statistics tell us that most people don't have a comprehensive estate plan in place. Some of these people finally decide to put the procrastination behind them and they start searching for solutions. They come upon one of the sites, and they see an easy answer because the marketing materials can be convincing. It is important to recognize the things that you can do on your own with a little bit … [Read more...]
Hemsley Heir Shocked by Estate Challenge
Imagine living with someone for 10 years as a committed partner. Your partner is diagnosed with a terminal illness and he or she creates the Last Will making you the executor and the sole heir. You have known this individual for 20 years and you have been made aware of the fact that he or she has never been married and had no children. After your beloved one passes away you will be grieving and anxious to take care of final arrangements in accordance with the wishes of the decedent. This is the … [Read more...]
Direct Remaining Resources Into Your Trust
When you hear about the pros and cons of Last Wills versus revocable living trusts you may decide that, for you and/or your family, the latter choice is a better one. One of the best things about revocable living trusts is the fact that the resources that you utilized to fund the trust can be distributed to your heirs outside of the process of probate. Probate is a legal proceeding that can be quite time-consuming. Even in simple uncontested cases involving pretty straightforward property … [Read more...]
Self-Service Wills Put Under Microscope
There is a lot to take into consideration from a legal perspective when preparing a Last Will. It is not something that you would want to undertake on your own without any professional advice. While it is true that a will that you draft yourself can be valid the typical layperson could omit essential language or use language that results in unintended consequences. Some do-it-yourself types may recognize the fact that they need guidance but are unwilling to engage professional help. If you … [Read more...]
Can I Just Draw up My Own Will?
There are those who like to roll up their sleeves and do things for themselves, and there is nothing wrong with taking some matters into your own hands when it is appropriate. In a lot of cases you save money while you actually enjoy completing a DIY project. It is important, however, to know where to draw the line. When it comes to drafting sensitive legal documents you would probably do well to steer clear of do-it-yourself documents, even though they are sold on the internet. When you use … [Read more...]
Painter Kinkade's Girlfriend Seeks Share of Fortune
As estate planning lawyers , we often remind their clients about the need to take action with regard to updates when life changes take place. One of these is a change in marital status. If you don't take the appropriate action you could be leaving behind quite a tangled mess and people that you love may suffer the consequences. The matter of the estate of popular painter Thomas Kinkade is a case in point. The self-proclaimed "Painter of Light" died on April 6 of this year at the age of 54 due to … [Read more...]
