Does Your Estate Plan Address Incapacity?
At its core, estate planning is the process of ensuring that your loved ones receive your stuff after you pass away. At the same time, we must also address the realities of aging. How do we do that as part of an effective estate plan? How does an estate plan and incapacity go hand-in-hand? Aging […]
What About Remarriage?
Divorces (and subsequent remarriages) are more common today than ever before. This means we have to ask ourselves how could a divorce or remarriage affect my estate plan? Many people don’t know the answer to this fundamental question. Failing to make changes today could put your new spouse and children at risk in the future […]
Newman’s Own: Dressings, Drama, and the Sauce
When a famous individual dies, it’s always interesting to see how they set up their estate, if they bothered to undertake estate planning at all. These cases provide great lessons for Estate Planning practitioners both about what to do, as well as about what to avoid. In some cases, even when celebrities take the time to set up a proper estate plan, things go wrong. Paul Newman’s estate represents one such situation. Read on to learn more.
Does Your Estate Plan Have These Core Documents?
Everyone knows that estate planning is important, but how do we get started with it? Let’s get started by breaking it down into pieces. What are the four components of a basic, solid estate plan? Will or Trust This is the centerpiece! It answers this question – “how will my loved ones actually receive my […]
Powers of Appointment – Who Holds the Power?
Estate Planning attorneys balance competing interests when creating estate plans. Uncertainty about the future concerning taxes and each beneficiary’s situation requires flexibility in an Estate Plan. Powers of appointment offer Estate Planning attorneys a way to add flexibility to a plan without complication. When creating powers of appointment, it’s important to consider not only the reason for including the power but also the way it needs to be exercised
Choosing Your Fiduciary
Estate Planning attorneys balance competing interests when helping clients decide who they should name as personal representative and trustee. Some of the factors that a client needs to consider are the nominee’s responsibility, financial savvy, and temperament. These factors influence the fiduciary’s ability to pay debts, expenses, claims, negotiate on behalf of the estate, and to conclude the administration of the estate or trust. While many individuals consider acting in this capacity a great honor, the role comes with serious implications, including personal liability for failure to pay taxes
Planning for the “Silver Tsunami”
As the population over the age of 65 continues to grow, unique problems arise. For example, many seniors may have never married, or outlived their spouse and lack confidence that someone will help them make financial and health decisions as it becomes more difficult or when they become incapacitated. A qualified Estate Planning practitioner can provide guidance to address the issues unique to the solo senior.
Understanding Undue Influence – Part I
Whenever a client’s Estate Plan deviates from the expected disposition, it raises questions. Most of the time, clients have consulted with a competent attorney regarding their reasons for structuring the plan the way that they have. Sometimes, other factors are at play and the plan doesn’t represent the testator’s true wishes, but rather, another individual’s testamentary desire. That’s undue influence and there are ways to guard against it.