Consider This Before You Create A Will Online A last will and testament is the most commonly thought-of document when it comes to an estate plan. But really it is only a very small part of an integrated plan that ensures your family stays out of court and out of conflict if and when something ...
QUESTION How can I avoid being placed under the care of a professional guardian? —Senior Planner ANSWER Dear Planner: Should you become incapacitated without any planning in place, your family would have to petition the court in order to be granted guardianship. In most cases, the court woul...
Almost Three Years After Her Death, Aretha Franklin’s Poor Estate Planning Continues To Haunt Her Family—Part 1
In this blog, we’ll discuss Aretha Franklin's planning mistakes and how those errors have impacted both her family and fortune. From there, we’ll explain how proper planning could have prevented the entire mess from ever happening, and then I’ll outline the steps you can take to make certain that, unlike Aretha, your loved ones never have to endure such a nightmare.
The Netflix movie I Care a Lot provides a dark, violent, and somewhat comedic take on the real life and not-at-all funny dangers of the legal (and sometimes corrupt) guardianship system. While the film’s twisting plot may seem far-fetched, it sheds light on a tragic phenomenon—the abuse of seniors at the hands of crooked “professional” guardians. Last week in part one of this series, I offered a brief synopsis of the movie, which revolves around Marla Grayson, a crooked professional guardian who makes her living by preying on vulnerable seniors, and I then outlined the true events that inspired the fictional account. Here in part two, I’m going to explain how you can protect yourself and your loved ones from such abuse using proactive estate planning.
In this two-part series, we’ll discuss how the movie depicts such abuse, how this can occur in real life, and what you can do to prevent something similar from happening to you or your loved ones using proactive estate planning and my Family Wealth Planning process. For support in putting airtight, protective planning vehicles in place, meet with me as your Personal Family Lawyer®.
To highlight the ways the ARP can impact your family’s bank account, last week in part one of this series, I outlined three of the legislation’s most important elements. Here in part two, I’ll break down three additional parts of the law that stand to boost your family’s finances. To learn about all the full array of benefits provided by the ARP, meet with me as your Personal Family Lawyer®.
To highlight the ways the ARP can impact your family’s wallet, here I’ll break down six of the legislation’s key elements. To learn about all the full array of benefits provided by the ARP, meet with me, as your Personal Family Lawyer®.
QUESTION: What estate planning documents should my son, who just turned 18 and is planning to attend college in the fall, have in place? -Prudent Papa ANSWER: Dear Prudent: At age 18, your son is now an adult in the eyes of the law. This means you no longer have the authority to make...
While there are dozens of potential tax breaks available for 2020, last week in part one of this series, I highlighted the first three of seven ways you can save big money on your 2020 tax return. Here in part two, I’ll discuss the remaining four ways you can save.
While there are dozens of potential tax breaks available for 2020, here are 7 of the leading ways you can save big money on your 2020 tax return.
Here, in part two of this series, we are going to discuss proactive measures that single parents debilitated by the coronavirus or another illness can take to improve your chances for a smooth recovery and better manage your parenting duties at the same time. Additionally, we are going to discuss additional estate planning steps for you to consider now.
Even though there are now vaccines for COVID-19 and the number of new cases is on the decline, becoming infected with the virus is still a very real possibility. And for parents who become infected, it can be a colossal challenge to navigate your typical parenting responsibilities, while trying to recover from the illness. This is especially true for single parents who are the sole caregiver, with limited outside child-care options. That said, plenty of single parents have faced the same challenge and successfully recovered from COVID-19, while raising their young children. Fortunately, you can learn from their experiences, ask for support, and take steps to improve your chances for recovery. With this in mind, here in this series, we’ll outline ways single parents can prepare for and manage your illness and your role as a parent.
QUESTION: Do I need to create a new will if I move to another state? -Curious Mover ANSWER: Dear Curious: Most states will accept a will that was executed properly under another state's laws. However, there could be differences in the new state's laws that make certain provisions in y...
Larry King’s Death Highlights the Importance of Updating Your Estate Plan for Divorce and Death—Part 2
Here, in the second part of this series, we’ll first look at the different ways a Lifetime Asset Protection Trust would have benefited Larry’s children. From there, we’ll discuss the complications that are likely to arise given that two of Larry’s children died before he had the chance to update his plan—and the three planning lessons we can take away from this mistake.
Larry King’s Death Highlights the Importance of Updating Your Estate Plan for Divorce and Death—Part 1
Larry King, legendary passed away at the age of 87. A recently discovered hand-written will is likely to create problems for his estate, for a variety of reasons. Proper planning prior to a life event is critical to keeping your family out of court and conflict.
When it comes to putting off or refusing to create an estate plan, your mind can concoct all sorts of rationalizations but the fact is, you can't afford to not have a plan.
Within the past year, a combination of new legislation and the recent change of leadership in the White House and Congress stands to dramatically increase the income taxes your loved ones will have to pay on inherited retirement accounts as well as increasing the income taxes you owe on your taxable investments. However, purchasing life insurance may offer you the opportunity to minimize the effect of these developments. To this end, if you hold assets in a retirement account, you should review your financial and estate plans as soon as possible to determine if investing in life insurance or some other strategy may offer tax-saving benefits for you and your family. To help you with this process, I’ll discuss how these new developments might affect the taxes owed by you and your heirs, and how investing in life insurance may help offset the tax impact of these new changes.
Although you likely won’t need to have an entirely new estate plan prepared for you, upon relocating to another state, you should definitely have your existing plan reviewed by an estate planning lawyer who is familiar with your new home state’s laws. Each state has its own laws governing estate planning, and those laws can differ significantly from one location to another. Given this, you’ll want to make sure your planning documents all comply with the new state’s laws, and the terms of those documents still work as intended. Here, we’ll discuss how differing state laws can affect common planning documents and the steps you might want to take to ensure your documents are properly updated.
While estate planning should be at the top of everyone’s to-do list, it can be an overwhelming topic to dive into. To help you get situated, this blog gives you some important terms you should know as you think about your own estate plan.