It is useful to consider the odds when you are getting remarried after having been divorced. There are various different theories with regard to why it is so, but a high percentage of divorced people who get remarried wind up getting divorced again. The majority of second marriages fail, and almost 3 out of every 4 third marriages do not withstand the test of time. Most people who get remarried after divorcing have children. From an estate planning perspective you have to consider … [Read more...] about Consider the Odds When Getting Remarried
Wills and Trusts
Financial Abuse of Elders an Ongoing Concern
The process of estate planning should ideally include preparations for the eventualities of aging. There are a number of different things to take into consideration, and one of them would be the possibility of declining cognitive capabilities or incapacity. With the above in mind we would like to highlight the significant threat that is posed by elder financial abuse. A survey that was conducted by MetLife suggests that almost $3 billion is lost each year due to this type of … [Read more...] about Financial Abuse of Elders an Ongoing Concern
Wealthy New Yorker Died Intestate
When you go through life without an estate plan you are taking the risk of dying intestate. There are intestacy laws of succession that would hold sway if you die without a will or a trust stating your final wishes. While these laws allow for your closest relatives to inherit your assets, the specific distributions may not be in line with what you would prefer. Plus, it would take the probate court a good bit of time to sort everything out if you don't leave behind any … [Read more...] about Wealthy New Yorker Died Intestate
Choose Trustee or Executor Wisely
When you use a trust such as a revocable living trust to direct the transfer of your remaining assets to your heirs after your passing you have to choose a trustee. The word trustee has some inherent implications. This individual or entity is going to be managing the funds that have been placed into the vehicle, and because of this fiduciary responsibility you clearly want to select a person or company that you trust. The utilization of a trust company or the trust department … [Read more...] about Choose Trustee or Executor Wisely
Living Trust Provides More Than Probate Avoidance
A revocable living trust is a good choice for people who would like to avoid probate. This is a legal process that an estate must pass through before the heirs receive their inheritances when a will is used to arrange for asset distributions. Why would you want to avoid this process? There are a few different reasons. One of them is the fact that probate is a public proceeding, and anyone can access the records. You may want your final affairs to be conducted … [Read more...] about Living Trust Provides More Than Probate Avoidance
Why Would You Want a Defective Trust?
If someone told you that you could work with an estate planning lawyer to create a defective trust how would you feel about that? Most people are automatically going to equate the term "defective" with something that is useless. In fact there is an estate planning device called an intentionally defective grantor trust that is in fact more effective than it is defective in practice. Some people have to take steps to gain estate tax efficiency. The estate tax exclusion is $5.25 … [Read more...] about Why Would You Want a Defective Trust?
Possible Estate Tax Hike in the Offing
The estate tax parameters were newly defined after the enactment of the American Taxpayer Relief Act of 2012. When you look back on the situation that was described as a path toward the fiscal cliff this precipice represented a plunge into a sea of tax increases and spending cuts. One of the taxes that would have went up was the estate tax. Under the laws as they existed throughout 2012 the top rate of the estate tax was going to rise to 55% in 2013 while the exclusion was reduced to … [Read more...] about Possible Estate Tax Hike in the Offing
Answers to Three Common Questions About Probate
Probate is a mystery to many people when they first start to look into the subject of estate planning. In an effort to clear the haze a bit we would like to answer three common questions about probate here. 1.) In a general sense, how would probate be defined? Probate is a legal process. The probate court in the jurisdiction within which a deceased individual passes away supervises the administration of his or her estate. 2.) What does this administration … [Read more...] about Answers to Three Common Questions About Probate
Autism Awareness Month Raises Planning Questions
Autism is a developmental disability that strikes with alarming frequency these days. Autism is called a "spectrum disorder," meaning that there is no one consistent symptom. Instead, individuals with autism exhibit one or more of the behaviors associated with the disorder, and the severity of the symptoms will vary person by person. In many cases people with autism require care and treatment throughout their lives. This can be extraordinarily expensive, reaching well into … [Read more...] about Autism Awareness Month Raises Planning Questions
Three Estate Planning Errors to Avoid
Sometimes people make errors of commission or omission that come back to haunt them or their families. We would like to take a look at three common estate planning errors in an effort to bring them to your attention so you can take steps to avoid them. 1.) The Creation of a Do-It-Yourself Estate Plan This is an error that is becoming increasingly common in the age of the Internet. Doing things for yourself can be personally rewarding, and it can sometimes save you money. … [Read more...] about Three Estate Planning Errors to Avoid
