The passing of a family member presents challenges on multiple fronts. In addition to grieving, practical responsibilities need attention. For example, their accounts must be settled, including utilities, insurance, memberships, digital subscriptions, and other recurring payment programs. Resolving these accounts aids in preventing avoidable fees and safeguards against identity theft. Your initial step should be…
When you pass away, estate planning facilitates the transfer of wealth to your loved ones. Therefore, estate planning involves preparing various legal documents to ensure your wishes are carried out effectively. However, there is some personal information that we recommend an estate plan should not include: Social Security Numbers You do not need to provide…
By Nate Loftin, Esq. Aretha Franklin, the legendary Queen of Soul, left behind a legacy that will forever be remembered. But what many people didn’t expect was the discovery of her last will and testament hidden in a most unexpected place – her couch! Yes, you read that right. It seems even icons like Aretha…
It’s common knowledge to include bank accounts, retirement accounts, and other standard financial accounts in estate plans. However, did you know it’s essential to have a digital estate plan that accounts for your digital accounts, such as PayPal, Venmo, and Apple Pay? Without a digital estate plan for these accounts, your loved ones may need…
Self-employment often comes with the freedom that many individuals seek. However, there are various added responsibilities that those who are self-employed face. As a matter of fact, here are three important issues that should be addressed by the self-employed and the attorneys helping them plan: Safeguard Your Financial Future While employers typically offer retirement accounts…
Inadequate or outdated estate plans can have detrimental effects on both you and your loved ones. Our July newsletter aims to emphasize the significance of establishing a comprehensive estate plan that safeguards your legacy and facilitates a seamless transition for future generations. Parent-Child Relationship in Estate Planning The parent-child relationship can take many forms, including…
The legendary Queen of Soul, Aretha Franklin, passed away on Aug. 16, 2018, of pancreatic neuroendocrine cancer. Contrary to her lawyer’s advice to establish a will and trust before her death, Aretha Franklin did not leave behind an estate plan for her estimated $80 million estate. Since she was very private, she decided against formal…
The Sixteenth Amendment to the United States Constitution, ratified in 1913, grants Congress the power to levy and collect income taxes. But what becomes of income that hasn’t been received or realized? The Supreme Court will hear arguments in a tax law case addressing such issues. The case arose from a one-time tax on accumulated…