According to Statista, more than 295 million people in the United States use social media.[1] If you are an avid social media user, have you considered what will happen to your accounts when you die? If you have spent time creating, uploading, and sharing content, it is important to take a look now at what will happen after you pass away so you can determine your content’s future.
A popular estate planning tool that has long been used effectively may be facing new challenges under the current administration in Washington, DC. The family limited partnership (FLP) is an estate planning tool that allows families not only to transfer significant amounts of their wealth to succeeding generations while reducing estate, gift, and income tax liabilities but also to achieve several other important estate planning goals.
A common misconception people have about life insurance is that they only need to designate their spouse, child, or loved one as the beneficiary of the policy to ensure that ...
The odds are that you or somebody in your family is living with a mental health condition. Rather than ignoring what might be an uncomfortable topic, you should think proactively about the challenges of living with mental illness and set up an estate plan that addresses such challenges head-on. Estate planning is a sensitive subject and it can be even more sensitive when the issue of mental health is involved. If you need to set up an estate plan, or revise an existing estate plan, around mental health concerns, we are here to help. Please contact our office to set up an appointment with an estate planning attorney.
A life estate, sometimes called a right of occupancy, is a property law concept that allows a property owner to split their interest in real estate and other types of property into different types of ownership that can exist simultaneously. For example, the owner of a cabin could legally split their ownership interest in the cabin, allowing them to possess and enjoy the cabin for the remainder of their life and then, at death, automatically pass full ownership of the cabin to a named individual.
Decanting is an important tool that emerged in some states in the last century.[1] This tool is increasingly being used to remedy situations where a now-irrevocable trust needs to be fixed because of changing circumstances that appear to work contrary to the trustmaker’s intent.
Avoiding probate is a common goal for individuals deciding how they want their money and property to be handled when they pass. It is a worthy one and is regularly promoted by estate planning attorneys across the nation. However, probate is not an inherently bad process and does not always need to be avoided. Probate can be simply defined as the court-supervised process of distributing a deceased person’s money and property—the key word being “court-supervised.” Court supervision has both pros and cons. In most cases, emphasis is rightly placed on the complexities associated with court involvement. Namely, court supervision makes the process of distributing money and property a public proceeding that is subject to timelines that are slow and often drawn out. The cost of court involvement also complicates matters.
Although some attorneys make it their standard practice to retain and store a client’s original will for safekeeping as a service, that trend is becoming increasingly rare. As more law offices make efforts to “go green” by storing only digital copies of legal documents, they are giving their clients the responsibility of keeping their original documents safe.
A conservatorship is a legal means of stripping someone of their right to make certain decisions for themselves. This drastic measure, provided for under the law, is typically implemented with the best of intentions. Many people who suffer mental health challenges or disabilities, dementia, or extreme physical disabilities require the help of someone who can make informed decisions that are in their best interests. However, a conservatorship is an extreme step and should be approached with great caution—an individual’s liberties are at stake.
Working with an attorney to draft a trust agreement for estate planning purposes is an important step. But just getting the document drafted and signed is not enough. For any trust to be effective, you must complete the process of funding your trust as soon as you can. But what exactly is funding?