Choosing a Corporate Trustee

Making plans for your money and property after you pass away is not the most exciting thing to do. It involves thinking about situations that may cause feelings of fear…

What Is a Medallion Signature Guarantee, and Do I Need One?

Upon seeing the words medallion signature guarantee (MSG), you may envision some shiny grand medallion, signifying a level of greatness few attain. However, that is far from what this guarantee means. An MSG is a unique tool used to protect the transfer of certain accounts and property from fraudulent transfers and may be required during the transfer of certain stocks and bonds.

Open Enrollment

With open enrollment of your employer benefits here, we wanted to take this opportunity to remind you of some changes you may want to consider.  If you are currently enrolled in your employer’s legal plan, or if you are thinking about enrolling during open enrollment, here are some things to consider before making your decision.

Protecting a Loved one Who Is, Will Be, or Has Been Incarcerated

It is natural to want to protect our loved ones no matter what. However, you may be finding it difficult to provide a prosperous future for your loved one if that person will be, is, or has been incarcerated. Unfortunately, this event will forever change your loved one’s life, but with the right planning, you may still be able to provide the kind of future you envision for your loved one.

Considerations Before Heading South for the Winter

For many snowbirds, cooler weather means it is time to head south. If you are thinking about heading for warmer weather this winter, there are a few things you should consider before hitting the road.

When You May Not Be Able to Use a Financial Power of Attorney

Besides directing what happens to your finances when you pass away, a comprehensive estate plan also addresses the possibility that you could become unable to handle your financial affairs while you are still alive. You may have signed a financial power of attorney (POA) that allows one or more people to act on your behalf if and when you become unable to act for yourself.

Trust and Estate Administration: Whom Should You Bring to the Meetings?

A loved one’s passing is felt by their entire surviving family. But when it comes to carrying out the decedent’s final wishes, not everyone has an equal say. In fact, in many cases, only one person—the executor, or personal representative, of the estate—plays a role in administering a will…..There are some things you need to know.

How Your Financial and Estate Planning Team Has Your Back

Comprehensive estate and financial plans are not just for the wealthy. Anyone who cares for a person or cause and who wants to provide for the person or cause after they die can benefit from such plans.

How Can Remarriage Affect Your Estate Planning?

Divorce is more common now than it was in the past, as is remarriage. Depending on how long a prior marriage lasted, the former couple may have engaged in certain levels of estate planning together. When that is the case, it is important to understand how a subsequent marriage can impact the estate planning from a prior marriage.

Estate Planning: Answering Common Questions of Senior Citizens

According to a study conducted by Caring.com, the percentage of people aged fifty-five and older who have created a will has fallen from 60 percent to 44 percent since 2019.[1] Although creating or updating your estate planning may seem like a daunting task, a proper estate plan can help address the concerns you may face as a senior citizen. We are here to help you.

Basis: What You Need to Know

“Basis” is a term used frequently in tax law. But for many, the term is unfamiliar and intimidating—perhaps something they feel is better left to a certified public accountant to worry about. Nevertheless, a basic understanding of the concept can be very helpful for understanding important estate planning strategies used by your attorney and financial or tax advisors. So what is basis, and why is it important to be familiar with the term?

Can a Beneficiary Also Be a Trustee of a Trust?

Clients often naturally choose their children to be beneficiaries of their revocable living trusts. Many clients also wish to name one or more of their children as the trustee of that trust, but are not sure if that is allowed by the law. The short answer is yes, a beneficiary can also be a trustee of the same trust—but it may not always be wise, and certain guidelines must be followed.

Successor Trustee Compensation

Asking someone to serve as your fiduciary (trustee of your trust or personal representative or executor under your last will and testament) is not something that you should take lightly. Serving as a fiduciary is a heavy responsibility that requires significant time and effort.

The Difference Between a Prenuptial Agreement and a Will or Trust

A certain percentage of the general population still misunderstands the difference between the reasons for creating a will or a trust and the reasons for entering into a prenuptial agreement. What do these different legal documents do? And when should you use them?

Estate Planning Checklist to Facilitate Multigenerational Wealth Transfers

Studies estimate that 70 percent of family wealth is lost by the end of the second generation and 90 percent by the end of the third generation.[1] To help your loved ones avoid becoming part of this statistic, you need to educate and update your extended family about your wealth transfer goals and the plan you have put in place to achieve these goals.

Make Gifts That Your Family Will Love but the IRS Won’t Tax

Do not let constant political and financial speculation prevent you from making tax-free annual exclusion, medical-payment, and educational gifts to or for the benefit of your loved ones.

Types of Life Insurance and How They Can Be Used in Estate Planning

Many of us do not start thinking about life insurance until we get our first full-time job and the company’s human resources representative asks us if we want to enroll in the employer’s group life insurance policy. Most people think “Why not?” and sign up, naming a family member as the beneficiary of their policy, and then never give it another thought. Although this may be a good start, too few of us spend much more time thinking about life insurance.

Why Is My Trust So Long?

You may be wondering, “Why is my trust so long?” Creating a comprehensive plan for your future involves numerous different and critical elements.

Living, Testamentary, and Constructive Trusts: Are They All the Same?

What is a will, and how does it differ from a trust? What distinguishes a springing power of attorney from an immediate power of attorney? Or are they the same thing?

How the Employee Onboarding Process Can Affect Your Estate Plan

Starting a new job is an exciting new chapter in your life. Depending on your company’s onboarding process, there can be a lot of moving parts. You may feel overwhelmed by the introduction and review of the many different types of employee benefits. Not only are there forms to be filled out, they need to be filled out properly to ensure that your true financial and estate planning wishes are carried out.

National Home Remodeling Month: Can I Remodel My Own Estate Planning Documents?

Do you know that, according to the National Association of Home Builders, May is National Home Remodeling Month? Many people associate spring with cleaning out the old, brushing off the dirt accumulated from the long winter, and starting projects around the house that have been neglected for far too long.

Selling a Deceased Loved One’s Real Estate: Things You Need to Know

After the death of a loved one, such as a parent, there are a variety of tasks that must be handled to wrap up your loved one’s final affairs. Selling your deceased loved one’s real estate is one of the more daunting ones. But before you call a real estate agent, you should take some time to get familiar with and consider a few of the key issues as you work through this process.

Simultaneous Deaths: What If My Spouse and I Die at the Same Time?

The chances of a married couple dying in a common accident or within a very short time of one another are probably quite slim. However, it does happen. And it happens frequently enough that most states have laws to address the issue and the problems that can arise from simultaneous deaths. What are these laws, why do we need them, and can we work around them if we need to?

The Lesson Plan for Your Estate

We are here to make sure you have the foundational estate planning documents to ensure your own successful future. Here are some basic questions and answers about estate planning and how estate planning, or the absence of an estate plan, may impact your life.

It’s All in the Family: Understanding Common Legal Terms That Describe Loved Ones in Estate Planning

Using the correct terms is critical in wills, trusts, and other legal documents because words have significant implications. The wrong word can lead the courts to incorrectly interpret your documents and therefore cause an unintended result. Here are a few commonly confused words, their proper meanings, and some usage scenarios.

Do I Have to Leave Anything to My Children?

One common storyline in Hollywood movies is the rich father disinheriting the family outcast. The story usually traces the child’s attempts to win the father over and be considered a part of the family again. But can fiction imitate reality? Can you actually disinherit a child? The answer, in most circumstances, is yes. You can disinherit a child under most states’ laws, but you must understand the limitations and additional factors if you are considering this option.

Defining “Fair Market Value”: The Case of Wilburn v. Mangano

When reading through a will or trust agreement, you may see language that grants a right to an individual to purchase certain property from the estate or trust at “fair market value.” At first glance, this phrase may seem a perfectly reasonable method of setting a suitable purchase price for a property to be sold at a later date. But a recent court case out of Virginia teaches an important lesson to those who have a will or a trust that relies solely on the term “fair market value” to set a future price of property.

Options for Establishing and Transferring Your IRA to a Loved One

Now, more than ever before, Americans are using a variety of tax-deferred accounts such as 401(k)s and IRAs to save for retirement. And while the laws are currently designed so that people must start withdrawing the money when they retire, it is not uncommon for many of these accounts to still have significant value at the owner’s death.

What to Know If Your Deceased Loved One Owned Firearms

According to the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), from 1986 through 2018, tens of millions of firearms were both manufactured in and imported into the United States.[1] Where are those guns today? They are most likely filling gun safes, closets, nightstands, and desk drawers in homes all across this country. Regardless of whether you think that is a good thing, the fact remains that firearm ownership is very common in America. When you are handling a deceased loved one’s final affairs, you must consider the chance that your loved one owned one or more firearms at the time of death.

Nosy Neighbor Nellie Can Find Out About Your Probate. Really.

Most people think of probate (the process of collecting, managing, and distributing a deceased person’s money and property) as a private process. However, because wills are filed at the courthouse, probated estates become a matter of public record. That means your nosy neighbor Nellie can simply go down to the courthouse or hop online and find out about your probate. Really. 

What If No One Wants My Stuff?

A critical question to ask yourself when creating an estate plan is who will get your stuff when you pass on? While most people think about who they would like to receive the major items—homes, retirement accounts, savings—personal property such as jewelry, clothing, sports equipment, vehicles, and other possessions are often overlooked. The truth is that while some mementos and sentimental items may be very valuable to you, the people that you want to give them to at your death may not need or want them. Who, then, will get your remaining property and possessions if no one wants them?

Estate Tax Returns—Not as Scary as They Sound

When an individual passes away, tax issues are one of the many things that must be considered. For most individuals who pass away, a final income tax return must be filed with the Internal Revenue Service (IRS) and state (if the particular state also taxes income) to settle any income tax liability that may exist.

How to Talk to Mom and Dad about Creating an Estate Plan

Conversations about death and dying are rarely fun. Most people avoid them because they invoke feelings about our inevitable demise. Broaching this subject can be particularly difficult for parents and their adult children. Adult children may avoid bringing up the topic because they do not want to think about their parents’ mortality, and they may also want to avoid sounding as though they are waiting for their parents to die.

What If I Can’t Find My Loved One’s Documents?

If a loved one has recently died or become mentally incapacitated, finding the person’s estate planning documents is essential. The estate planning process and associated documents are critical to making decisions on the loved one’s behalf, gaining access to accounts, and discovering your deceased loved one’s wishes regarding how to distribute the individual’s money and property.

Ways to Leave Your Real Estate to Your Loved Ones (and the Pros and Cons)

Owning real estate continues to be a very popular investment vehicle for individuals and couples alike. One attractive feature of investing in real estate is that investment property can also double as a personal residence. In other cases, real estate investments may be rental, recreational, commercial, or farm properties. Whatever the case, it is important to understand that real estate can be owned in several ways, each of which has important legal consequences when it comes to leaving that real estate to your loved ones upon your death.

Reviewing Your Estate Plan after the Death of a Loved One

The death of a loved one is never easy. Regardless of your relationship with the deceased (blood relative, life partner, or close friend), you need space and time to process and grieve your loss. Once you have had time to cope with all that has happened, you should consider updating your estate plan in light of your loved one’s death.

My Loved One Has Died – What Do I Do Now?

When a family member or other loved one dies, grief and shock can sometimes be overwhelming. The last thing most people want to think about is making phone calls or funeral arrangements. Some things do not need to be done immediately, but there are some steps that should be taken soon after the loss of your loved one. We hope the following guide will help facilitate this process during a stressful and emotional time.

Third-Party Supplemental Needs Trusts

If you want to provide for a loved one who is disabled or has special needs when you are no longer here, care must be taken to ensure that the inheritance you leave will help rather than harm your loved one. An inheritance received outright could negatively impact your loved one if he or she is currently receiving government aid or benefits or will need to apply for aid in the future.

Five Mistakes Successor Trustees Make (and How to Prevent Them)

Even the most capable, well-intentioned successor trustees can make mistakes when managing affairs, however. Here are five surprisingly common mistakes along with steps to take to prevent them from happening.

Who Should I Choose to Be Successor Trustee?

When you create a living trust, you must name a successor trustee to take over for you if you are unable to act due to incapacity or death. It is crucial that this decision be given careful consideration and that the right person be selected for the job.

My Loved One Has Died: As an Heir or Beneficiary, Do I Need an Attorney?

You just found out that your favorite aunt, Aunt Melba, has died. In the midst of your grief and sadness, you receive a notice from the attorney handling Aunt Melba’s affairs stating that you are a beneficiary. Your best friend advises you to get an attorney. What should you do? Will Aunt Melba’s attorney help you? After all, Aunt Melba’s attorney has been helping your family for years. Since this attorney knows Melba and the family affairs, shouldn’t her attorney be able to help you as well?

Should You Own Your Timeshare in Your Trust?

Timeshares have come a long way since they first arrived in the real estate market back in the ’70s. In the early days of timeshare ownership, high-pressure sales tactics, exceedingly vague contracts, and inflexible scheduling policies caused many people to quickly regret such purchases. Over time, however, timeshares have become more consumer-friendly with greater transparency in the terms of the contract, more flexibility in scheduling timeshare weeks, more diversity in the location of the vacation properties, and less pressure during the sales experience.

Can Dual Citizenship Ruin Your Estate Plan?

In early 2020, married actors Tom Hanks and Rita Wilson became honorary citizens of Greece. The president of Greece bestowed this honor upon them due in large part to their humanitarian work in the country after a deadly wildfire swept through Athens in 2018. Hanks and Wilson spend considerable time in Greece as it is one of their favorite spots for extended vacations, so when this honor was offered to them, they graciously accepted. Although neither of them gave up their US citizenship, there will nevertheless be important estate planning considerations that Hanks and Wilson must address.
Any US citizen with dual citizenship must be prepared to carefully consider a variety of complex legal issues when planning for death. This is particularly true if the dual citizen owns property in one or both countries.

The Recipe for a Satisfying Estate Plan

Misconceptions about who needs an estate plan abound. Most people believe that estate planning is only for extremely wealthy business moguls or celebrities. But that could not be further from the truth. Estate planning is the process of making decisions about what happens to you, your money, and your property when you pass away or can no longer make decisions for yourself. Thus, estate planning should be standard practice for every adult age eighteen or older.

One way to think about estate planning is to compare it to a classic recipe you should have in your cooking repertoire by your twenties. Like that satisfying meal, your estate plan should have the right ingredients—or in this case, people.

A Tale of Two Celebrities: Chadwick Boseman and Eddie Van Halen

The death of an iconic figure can sometimes impact us deeply because it reminds us of our shared humanity. With a celebrity’s passing, we realize that death is an equalizer. It also reminds us of the importance of estate planning to protect a person’s money and property. Estate planning is not reserved for those with large amounts of wealth or larger-than-life personalities. Life’s difficulties challenge all of us regardless of our relative fame or obscurity.

You Inherited a Retirement Account: Now What?

Gone are the days when you can write up a quick will or trust and be assured that everything you own will pass to your heirs or beneficiaries according to the terms of those legal documents. Instead, it has become critically important for families to understand both the laws applicable to wills and trusts and the complex laws governing retirement plans. Failure to understand these laws can exact a heavy price. The following are some of the crucial considerations if you end up inheriting a qualified retirement plan.

Avoiding Financial Grief: How to Protect Your Significant Other from Frozen Accounts

The death of a loved one is one of the most difficult times in a person’s life. Nothing can truly prepare a person for such a loss. However, dealing with the financial stress of frozen bank accounts can exacerbate the stress. Without proper planning, your significant other could struggle to gain access to your accounts. The frustration is especially distressing if the frozen account was the primary source for paying joint or household expenses.

Wills, Trusts & Dying Intestate: How They Differ

Most people understand that having some sort of an estate plan is a good thing. However, many of us do not take the first steps to get that estate plan…

Estate Planning: 3 Reasons We Run the Other Way

It can be hard to get motivated about your estate planning; it sounds about as fun as getting a root canal. However, you also probably want to make sure that your loved ones are protected and receive your hard-earned money and property – regardless of whether you have $10 million or $10,000.

Can an Estate Plan Include a Right of First Refusal on Certain Property?

Estate planning attorneys are occasionally asked by clients whether an estate plan can include a right of first refusal (ROFR) (sometimes called a first right of refusal) on certain items or parcels of property. The following example helps to illustrate the way this legal tool is used and why it might be useful in your own situation.