Estate Planning Is About Knowing Your Priorities Thinking about the world and how our loved ones will fare after we pass away can be very difficult. Although we all know that we will pass away at some point, this is not something most people like to dwell on. However, by proactively planning and prioritizing your [...]
Demystifying Probate & The Role Of The Personal Representative What Are The Responsibilities Of a Personal Representative In Probate? When creating a last will and testament (commonly known as a will), one of your most important considerations is who to choose to serve as the Personal Representative (also called an “executor” in some states and [...]
What Happens to Real Estate With a Mortgage When I Die? Estate Planning for Your Home: Mortgages & Inheritance Explained Your mortgage, like the rest of your debt, does not simply disappear when you die. Suppose you leave your home that has an outstanding loan to a beneficiary in your will or trust. In that [...]
What Is the Difference Between a Probate & Trust Administration Attorney & an Estate Planning Attorney? Differentiating Estate Planning, Probate, & Trust Administration Legal Services Estate planning attorneys and probate and trust administration attorneys play crucial but distinct roles in the legal processes involving legacy planning, asset distribution, and wealth preservation. Estate planning attorneys focus [...]
Testamentary Trusts: The Best of Both Worlds? The Role of Testamentary Trusts in Estate Planning Strategies You have several different options when it comes to creating the right estate plan for you and your family. Contemporary estate planning attorneys generally recommend a revocable living trust as the ideal tool for most families. Some others [...]
The Real Story Behind Trust Fund Kids When we hear the phrase “trust fund kid,” words like “entitled,” “privileged,” and “financially irresponsible” might come to mind. But another word we should associate with “trust fund kid” is “protected.” What Is a Trust Fund Kid? According to a Forbes article published in 2021 about trust [...]
Your Clients’ Legacies: How Do They Want to Be Remembered? As trusted advisors, we often discuss with our clients all aspects of the future, whether it be their financial future, the future support of their loved ones, or what the future will look like when they are no longer a part of it. As [...]
How Much Authority Does a Trustee Have Over the Stuff in My Trust? Exploring the Trustee’s Powers in Asset Liquidity & Management A trustee is a person or entity responsible for managing and administering your trust according to your instructions and by state law. They are considered fiduciary (meaning they are held to a [...]
The Life & Legacy Of Jimmy Buffett The Legacy Of Jimmy Buffett: Estate Planning, Philanthropy & Business Continuity Jimmy Buffett died on September 1, 2023, at age 76 after a diagnosis of Merkel cell carcinoma (skin cancer) four years earlier. He was a renowned singer-songwriter, film producer, businessman, novelist, and philanthropist. Buffett released his [...]
Estate Plan Lessons From DeMuth v. Commissioner The Costly Mistake In DeMuth v. Commissioner & Estate Planning Lessons Learned Lifetime gifts are a popular way to reduce estate and inheritance taxes. Currently, only estates worth $12.92 million or more are subject to the federal estate tax. Twelve states and the District of Columbia levy [...]
