June 24, 2020
How to Start the Estate Planning Discussion
As is the case with most things in life, getting started can be the hardest challenge. Now couple that challenge with a project that involves planning for your eventual passing. Most people don’t view estate planning...
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INTRODUCTION
When a person (Testator) signs a Will, he/she anticipate the persons named to receive a portion of their estate (Beneficiaries) will outlive them. So what happens if one or more Beneficiaries predecease the Testator? Or survives the Testator, but then passes before the bequest can be passed to...
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As the world continues to flatten, what once was a challenge (for Trustees to administer a Trust with Beneficiaries located in different states within the United States) has now become a challenge to observe the many laws of both the United States and other countries. It is no longer uncommon to find...
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As costs dramatically increase and life expectancy continues to trend higher, Medicaid planning has become an essential part of estate planning. Unfortunately, most people do not become aware of this need until it’s too late to qualify.
The Skyrocketing Costs of Nursing Home Care
Nursing home...
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Choosing who will administer your estate (Personal Representative), or your Trust (Trustee), is as an important decision as you can make when crafting your estate plan. When you pass, the most carefully made plans will only be as successful as the person, or persons, you charge with carrying them out. Below...
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The COVID pandemic has led to many changes in the economy which may have short- and long-term effects on your existing estate plan. If you have not revisited your plan in the past 3-5 years, now may be a good time to do so. Particularly with potentially large estates, this could be...
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Life insurance can be one of the most important components of an estate plan. How you name your beneficiaries can have significant tax implications and can provide protection against creditors. Most people name either their spouse and/or children and don’t give it much thought. This blog outlines some things to consider as...
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In some cases, people appointed as Personal Representatives feel as if they can navigate the Probate Court process alone. Perhaps they feel as if the estate is too small to justify hiring professionals. Or, maybe they feel as if they were entrusted to handle the estate and just don’t realize they need...
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You have a family member with a history of making poor financial decisions. Or perhaps there’s a spouse of that family member whom you have misgivings about that are not yet resolved. As you make your estate plans, the decision weighs heavily on you. You don’t want to disinherit this person. They...
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Ambiguity in estate planning documents can lead to disputes, uncertainty, and potentially litigation. Your Trustee or Personal Representative is charged with the duty of disbursing your estate in accordance with your intent. If that intent is unclear because of murky testamentary language, your wishes may not be followed. Consider the following recent...
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