Estate Planning
Will a Living Trust Really Work Better Than a Will?
The potential for avoiding the process and costs of probate makes some people feel like living trusts are the answer to their estate planning problems. However, there are certain limitations and costs associated with trusts, which need to be considered before making a decision. “Living trust” seminars have a single focus: that using this type…
Read MoreIf You Have Minor Children, You Must Have an Estate Plan
It’s heartbreaking, but it does happen: both parents die unexpectedly, and there’s no will, and no one has been named a guardian. Who decides who will raise your children? Being a good parent means being responsible for the well-being of every member of the family. That includes planning for catastrophe. In a best case scenario,…
Read MoreMake Sure These Documents are Part of Your Estate Plan
An estate plan is much more than a will to distribute your worldly goods. An estate plan plans for incapacity, including conveying your end-of-life care wishes and tells others how you want to be cared for when you cannot speak for yourself. There are a number of documents that need to be completed in an…
Read MoreWhat to Do with the Family Home Before or During Retirement?
In markets where a home’s value is near or above a million dollars, estate planning decisions about the family home become complicated. Do you downsize and sell now, put your home in a trust or age in place and let the kids deal with it after you’re gone? A recent study from AARP’s Public Policy…
Read MoreWhat Could Go Wrong? Plenty, With Do-It-Yourself Wills
You may never know the impact of a DIY will, but your heirs certainly will. This is an instance where having a professional involved makes a world of difference. We’re used to doing everything online ourselves, from making movies to creating photo books and shopping for car loans. But there are some things, including estate…
Read MoreDispute Between Daughter and Sister on Revocation of Will Settled by Georgia Supreme Court
A man who required 24/7 care, became the center of a battle between family members that resulted in a court deciding that a testator is not required to physically destroy a will in order to revoke it. The case of a daughter and sister of decedent Edison Milbourne, Milbourne v. Milbourne, over whether or not…
Read MoreCorporate Trustee Removal Decision from Pennsylvania Supreme Court Clarifies Issue
Can the beneficiaries of a trust remove a corporate trustee? This was the issue in a recent decision from a Pennsylvania Supreme Court case. In “Trust Under Agreement Of Edward Winslow Taylor Appeal Of: Wells Fargo Bank,” the beneficiaries of an irrevocable trust were told they did not have permission to remove a trustee through…
Read MoreThe Newest Estate Planning Asset: Your Digital Life
Now that every generation is well-represented in the online world, we all need to consider what will happen to our social media, financial and creative online assets, when we pass away. Treat your digital assets as you do any other assets during estate planning, and your heirs will thank you for it. That includes creating…
Read MoreHow Do Those Assets Get into the Trust?
If you don’t get the assets into the trust, you end up with an “unfunded” trust. If an “unfunded” trust ends up being created because assets were not transferred, there are a number of things that can happen when the trust settlor passes away, according to the NWI Times in “Estate Planning: Unfunded Trust.” If…
Read MoreDoes an Inherited Property Generate a Tax Bill?
There are certain tax savings to leaving the family home to members of the family. They gain what is called a “step-up in basis.” Here’s how it works. Inheriting real estate is a little different than other assets. When members of the family inherit property, usually the family’s primary residence, they learn about the property’s…
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