We have all heard the statistic that approximately half of marriages end in divorce. However, the majority of second and third marriages do not last and this is something to consider when you are planning your estate. When you decide to remarry, it is a good idea to obtain legal advice. Many people who enter into second or third marriages have been able to accumulate significant financial resources. You are taking quite a leap of faith if you do not enter into a prenuptial agreement before … [Read more...] about Obtain Legal Advice Prior to Remarriage
Use Caution When Including Person With Special Needs
Part of the process of inheritance planning will involve deciding who you would like to name to receive your estate assets. However, it is also important to consider the methods that you will use to arrange for the transfer of assets to the people who are on your list. If you just give direct inheritances to everyone that you want to include, you could be doing some family members a disservice. There are those who are really not ready to handle a large influx of financial resources, and some … [Read more...] about Use Caution When Including Person With Special Needs
A CRUT May Be a Viable Solution
There are certain advanced estate planning tools that enable individuals to satisfy multiple objectives at the same time. One of these is the charitable remainder unitrust or CRUT. Many people would like to leave something behind to charity after they pass away. There are a number of different ways to do this, and you can explore all of your options by setting up a consultation with a good estate planning lawyer. When you speak to an attorney, you will learn about charitable remainder … [Read more...] about A CRUT May Be a Viable Solution
Comprehensive Planning Includes Postmortem Action Plan
You must have a postmortem action plan if you want to make comprehensive preparations for the inevitable. While it is important to position your assets optimally and execute the appropriate estate planning documents, you must also consider the hands-on tasks that must be completed to make your final wishes a reality. When you explain your situation to your attorney, he or she will gain an understanding of your financial position and make recommendations with regard to possible tax efficiency … [Read more...] about Comprehensive Planning Includes Postmortem Action Plan
Don’t Make Uninformed Assumptions About Living Trusts
The general perception about trusts is that you are divesting yourself of personal ownership of assets that you place into the trust. This understanding can lead to unintended consequences because it is not entirely true. One of the most popular estate planning vehicles is the revocable living trust. With these trusts you facilitate the transfer of assets to the beneficiaries outside of the probate process. People often take steps to avoid probate because of the fact that it can be costly, it … [Read more...] about Don’t Make Uninformed Assumptions About Living Trusts
Probate Court Sets Hemsley Estate Trial Date
We always keep an eye on celebrity estate planning cases because you can learn a lot from the successes and failures of others. Along these lines, we recently passed along some news about the estate of the deceased comedic actor Sherman Hemsley. A Philadelphia resident stepped forward to stand in the way of Hemsley's longtime partner Flora Enchinton receiving an inheritance and having the ability to put Hemsley's body to rest. This individual claims to be Hemsley's brother. Enchinton lived … [Read more...] about Probate Court Sets Hemsley Estate Trial Date
Seniors Living Together Must State Wishes in Writing
Love and companionship are important to everyone, including senior citizens. When you are widowed or divorced you may eventually find a new partner, and this can make a huge difference in your life during your golden years. However, there is an interesting trend developing that has caught the attention of the elder law community. According to United States Census Bureau statistics, increasing numbers of individuals who are in their 60s are deciding to live together without getting … [Read more...] about Seniors Living Together Must State Wishes in Writing
Matter of Shelby Final Arrangements Settled
The automotive world lost an iconic figure when Carroll Shelby passed away on May 10 at the age of 89. Shelby rose to fame as a very successful race car driver and then went on to become a designer of performance automobiles. He is well known for the Shelby Mustang, but before he started working with Mustangs he made his mark with the legendary AC Cobra. Shortly after his passing we reported here about the dispute that was taking place between his wife Cleo and his three children that was … [Read more...] about Matter of Shelby Final Arrangements Settled
Create a Clear Cut Path for Executor
Estate planning is one thing, but estate administration is another. Yes, you have to ask yourself how you want your assets distributed after you pass away. Once you know what you want to achieve, the next step is to sit down with a good inheritance planning lawyer to state your wishes in writing in a legally binding manner. However, there are actions that must be taken after you pass away. If you use a last Will as your primary vehicle of asset transfer, you must select an executor to actually … [Read more...] about Create a Clear Cut Path for Executor
Prevent Intestacy Through Proper Advance Planning
What would happen to your resources if you were to pass away without executing a last Will or a trust? The answer is that the situation would wind up being sorted out by the probate court. Ultimately, the assets that you leave behind would be distributed to your closest relative or relatives in accordance with intestacy laws of succession in the state of California. This is something that you want to steer clear of because the probate process will take a lot of time to run its course. In … [Read more...] about Prevent Intestacy Through Proper Advance Planning
