Great points in this short article. “An estate plan is the best love letter you can write to those you love.” Without one, “a court could end up deciding who takes care of your kids, state law determines who inherits your stuff, and the distribution may not be as you would want.” In terms of...Read More
The major reasons for wanting to form an irrevocable trust. As the article states, caution is needed as “an irrevocable trust that protects you from estate taxes is usually not Medicaid-compliant, and was most likely not set up with a permissible trustee to allow the creditor protection an asset protection trust affords.” Definitely be aware...Read More
A Living Trust is an excellent estate planning option for many people. The idea of being able to immediately transfer assets at death without probating the estate is a huge advantage for many. However, like so many things these days, “One size does not fit all”. The same can be said for “cookie cutter”...Read More
The data according to Caring.com shows that “a majority of people believe estate planning is important, but a low number of people actually have documents in place which likely indicates a lack of education and familiarity with the process.” Even more startling, according to the survey, is that “in 2017, almost half (42%) of all...Read More
Oh my, how things can change in a matter of a few days. Only a few weeks ago, the Coronavirus or Covid-19 seemed like a problem for China and Italy. Never in a million years did any of us think it would have such a dramatic effect on our day to day lives. We’ve gone...Read More
In this segment, I talk about estate planning, why it is important for women to be involved in the planning process, the top reason why a plan would fail, why you want to pay a professional, and the SECURE Act.Read More
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Great practical tips from litigated experiences. Best to leave adjustment provisions (provisions that try to balance inheritances due to outstanding inter-family loans, etc.) out of a Trust or Will, and update it at frequent intervals instead. Moreover, ask your attorney about their practical experiences, i.e. best practices to avoid estate plan failing disputes. https://www.americanbar.org/groups/senior_lawyers/publications/experience/2019/july-august/tips-avoiding-conflict-arising-your-estate-plan/Read More
Wisconsin, like The Revised Uniform Fiduciary Access to Digital Asset Act, establishes of a “three-tier priority system of user direction for disclosure of digital property as follows: 1) an online tool; 2) any other governing instrument (estate planning documents); and 3) the above directions override a contrary provision in a terms-of-service agreement that does not...Read More
Great article that stresses how you can protect your expected inheritance and to make sure that your parent’s estate planning documents are drafted correctly. As the article states, “double check to make sure that any inheritance that might be received will be under an appropriately-drafted trust to protect you and your descendants from creditors, federal...Read More
