Joint real estate ownership allows the property to bypass probate and pass directly to the other owner(s) upon death. However, it’s important to note that joint property ownership can lead to unintended consequences despite its appeal for succession planning. Let’s discuss these potential complications further: Financial Risks of a Co-Owner’s Debt Any debt or obligation,…
Hiring an estate planning attorney may involve a notable financial investment, but the benefits and protections they offer make this investment well worth your while. It’s a proactive step to ensure your wishes are legally enforceable and followed, providing for your loved ones as you intend. Additionally, investing in an expert estate planning attorney ensures…
You’re probably aware of the most straightforward way to leave a child an inheritance—a single lump sum. However, did you know that estate planning lets you limit how your child receives their inheritance? While there are some legal limits on conditional gifting, estate planning gives you the flexibility to design your child’s inheritance according to…
Did you know that special protections are built into the law to help protect against spousal disinheritance? While state laws differ in the details, a spouse has a claim to a share of their deceased spouse’s estate in every state. However, as estate planning attorneys, we see situations in which a person does not want…
Our August newsletter celebrates National Make-a-Will Month, explaining why some people don’t have wills and why they should. We debunk common estate planning misconceptions and discuss the importance of planning today for a lasting legacy. We’ve outlined the key points below, but you can explore these topics in more detail in the newsletter. August is…
The Wall Street Journal (Alexandra Samuel) 8/6/24 published an article titled “Why Everyone Needs a ‘Digital Death-Cleaning’ Plan,” in which the author discusses why it’s essential to have a digital death-cleaning plan so that heirs aren’t left with a confusing collection of digital files and accounts they don’t have access to and assets that they…
The Wall Street Journal (Julie Zauzmer Weil) 8/5/24 published an article titled “The IRS has opened its free tax filing for all states. Which ones will join?”. The article discusses how, in 2024, the IRS offered 12 states the chance to try Direct File, a new free tax tool allowing taxpayers to file federal taxes directly…
Most of us know the story of Snow White and the Seven Dwarfs, and crucial to this story is the relationship between Snow White and her stepmother. Things are peaceful for a time, but once the King dies, Snow White’s stepmom’s true colors come out, and she tries to kill Snow White, who flees into…