Some people who have heard about the existence of revocable living trusts shy away from them because they don't understand exactly how they work. There is no reason to decide against something before you understand the facts. You can always schedule a free consultation with our firm to learn about revocable living trusts, and we invite you to do so if you are interested. Let's take a look at three frequently asked questions about revocable living trusts here. Do I surrender … [Read more...] about Three FAQs About Revocable Living Trusts
Estate Planning
Studies Reveal Trend Toward Reduced Inheritances
There is an interesting trend that researchers are finding regarding the inheritances that members of the baby boomer generation will be receiving. These are the people who were born between 1946 in 1964, and they are incrementally reaching their mid-60s, which is of course the approximate age of retirement for most individuals. Merrill Lynch surveyed a sampling of individuals who are in possession of at least $250,000 of investment assets over a period of time. In 2009, 54% of … [Read more...] about Studies Reveal Trend Toward Reduced Inheritances
Have You Heard of All of These Wills?
In the field of estate planning most people are aware of the existence of wills and trusts. What they may not be cognizant of is the fact that there are a number of different types of wills and trusts. We will look at some of the more commonly utilized trusts in a different post, but let's take a glance at four different types of wills. Living Will: An Advance Directive for Health Care Since there is such a thing as a living trust there can be some confusion about the purpose of a … [Read more...] about Have You Heard of All of These Wills?
Tax Relief Act Positively Impacts Some Farm Families
The movie Secretariat is entertaining for horse racing fans and casual observers alike, but it is also instructive from an estate planning perspective. If you saw the movie you know that the family that owned and bred Secretariat was faced with the prospect of selling their farm just to pay the estate tax when family patriarch Christopher Chenery passed away. There are those who say that the estate tax is something that only rich people have to think about. In fact, there are many … [Read more...] about Tax Relief Act Positively Impacts Some Farm Families
Consider a Charitable Lead Trust
There are various different ways to incorporate charitable giving into a comprehensive estate plan. While giving is its own reward on a particular level, without question many people are more or less compelled to give to charity because of the tax advantages. One of the devices that can be utilized to great advantage, especially during our current era when interest rates are low, is a charitable lead trust. We will endeavor to provide a very simple, surface explanation here but we … [Read more...] about Consider a Charitable Lead Trust
The Value of Post-Marital Agreements
Premarital agreements can be very useful from an estate planning perspective. This is particularly true for people who are entering into second or third marriages after having children from previous marriages. If you simply allow all assets that you bring into the marriage to become community resources you are doing nothing to protect the interests of your children. There are no guarantees with regard to what your spouse would choose to do with the assets if you were to die … [Read more...] about The Value of Post-Marital Agreements
April Indianapolis Estate Planning Seminars
Our firm is very proactive about community outreach and education. When you understand why estate planning is important you invariably feel compelled to take action for the benefit of those that you love. One way that we make solid information available is through our website and right here on this blog. A great resource that you may want to explore is our library of informative free estate planning reports. We offer a number of reports on many different specific topics, and they … [Read more...] about April Indianapolis Estate Planning Seminars
Estate Planning and the Kindness of Strangers
Peter Barton, who played Dr. Scott Grainger on the soap opera The Young and the Restless back in the late 80's and early 90's, and Kevin Brophy, who starred on the Lucan television series that aired for a couple of years during the 1970's, recently came into inheritances. The windfalls that these two veteran actors received were very much unexpected. A fellow named Ray Fulk died in Illinois over the summer. He was the owner of about 160 acres of property that has been appraised at … [Read more...] about Estate Planning and the Kindness of Strangers
Wife and Girlfriend of Kinkade Settle Case
We reported on this story some time ago but there has been a new development. A last will that is constructed completely by hand is called a holographic will. The painter Thomas Kinkade, who died last April, apparently executed two different holographic wills leaving significant resources to his girlfriend Amy Pinto. One can legally construct a holographic last will, but in the case of Thomas Kinkade there were some complications. These documents were very poorly written and … [Read more...] about Wife and Girlfriend of Kinkade Settle Case
Will Challenges: What Are the Legal Grounds?
Some people hear about the topic of last will challenges and they see a one-sided picture. This perspective involves a disgruntled party who cannot deal with the final wishes of a family member. Rather than accepting the decedent's right to make his or her own decisions the indignant individual in question decides to challenge the validity of the will. The fact of the matter is that there are those who may step forward out of a sense of being slighted personally without really having … [Read more...] about Will Challenges: What Are the Legal Grounds?
