Blended families, those in which one or both spouses may have children from a previous relationship, are a reality in today’s society. It is particularly important to address the complexities that are faced when families and assets are combined in terms of estate planning. There are several techniques that an estate planning attorney can recommend to address the specific needs of blended families. These estate planning tools include: A two-part estate plan: An estate plan that accounts not … [Read more...] about The Challenges of Estate Planning for Blended Families
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Good Intentions and Bad Gifting
Many of the clients we meet with have misinformation regarding gifting their property. When properly used, gifting can be a valuable estate planning tool, but one issue you need to be aware of when you are transferring your property is that there may be unintended consequences. Some of the unintended consequences of improper gifting include: If you give property to an adult child, it could be at risk if that child is sued or files for bankruptcy. If you put money in your adult child's name … [Read more...] about Good Intentions and Bad Gifting
How to Help Avoid Estate Litigation
One of the goals of estate planning is to ease the burden of your passing on your loved ones, while facilitating the distribution of your property. You always hope that your family will understand and accept your wishes, but family dynamics and emotions can get the better of them. Estate litigation, such as contesting a will or disputing a trust, can not only tie up assets, but lead to more costs. Three things that can help avoid estate litigation: 1. Communication Talk to your … [Read more...] about How to Help Avoid Estate Litigation
Does Probate Have Advantages?
There are several estate planning tools that allow property to avoid probate, the legal process that administers and settles the estate of a deceased. But are there any advantages to probate, would it actually help an estate? There are several tasks that take place in probate, such as paying the bills of an estate, notifying creditors, notifying heirs and beneficiaries of the death, as well as passing the title of property. Some of these tasks can benefit certain estates. 1. … [Read more...] about Does Probate Have Advantages?
Three Types of Estates a Living Trust may Benefit
There have been many advertisements touting the benefits of creating a living trust, many intimating that every estate needs one. Just to quickly review how a living trust works: A living trust is created by a Grantor, who names a Trustee to manage the trust's assets. In many cases, the Grantor can also be the Trustee, as well as the initial Beneficiary of the trust. On the receiving end, the Beneficiaries are the heirs that will benefit from the Trust once the Grantor has passed away. The … [Read more...] about Three Types of Estates a Living Trust may Benefit
