If your spouse has biological children, you may consider them your own. But, if you haven’t adopted them, they have no inheritance rights. This article looks at how to plan for step-children.Planning for Step-Children … [Read more...]
How Can the Funeral Rule Protect Me?
For some time after the death of a loved one, the survivors go through the mourning process. During this time, most people are highly emotional, vulnerable, and generally not capable of making the best decisions. Unfortunately, there are some funeral providers who exploit the grief of surviving loved ones. If you are in charge of making funeral plans for a recently deceased loved one, it may help you to know that there is an important federal law that can protect your from being taken advantage … [Read more...]
Tom Petty’s Family Members Battle Over His Estate
One of rock’s legends, singer-songwriter Tom Petty, died of an accidental drug overdose on October 2, 2017 at the age of 66. As is so often the case when a blended family is left behind, tension between his widow, Dana York Petty, and his two daughters from Petty’s prior marriage over the estate he left behind started to build shortly after his death. That tension has not abated in the intervening year and a half. On the contrary, it appears to have gotten worse. Tom Petty’s estate is yet … [Read more...]
Clarity is Key to Planning
Clarity is essential in an estate plan. This article examines the case of Tom Petty, what he did right and what he did wrong. It shows that clarity can avoid problems later.Clarity is Key to Planning … [Read more...]
Consequences of Modifying an Irrevocable Trust
Irrevocable trusts often can be modified. They can be modified under the Uniform Trust Code or a state law decanting. While these modifications may be determinative of the state law consequences, they may not determine federal tax consequences. Read on to learn more.Consequences of Modifying an Irrevocable Trust … [Read more...]
