In honor of May being National Etiquette Month, we offer ways to bolster your estate plan by incorporating the key elements of etiquette. Furthermore, this month’s newsletter outlines circumstances that may indicate an update to your estate plan is calling. Lastly, we discuss some essential probate rules to know should you need to wind up…
Estate planning requires a balancing act of providing the greatest benefits to loved ones while saving on income and estate taxes and safeguarding savings from beneficiaries’ creditors. This balance requires careful consideration alongside proper legal and financial tools. Saving on Taxes Unfortunately, estate and income taxes might be quite the hurdle for you and your…
Trust and estate litigation refers to legal disputes that arise in the context of trusts, wills, and estates. This type of litigation usually involves disagreements between family members and other interested parties over the interpretation or implementation of a will, trust, or estate plan. Trust and estate litigation can take many forms, including challenges to…
Are you concerned about the future of your assets? Estate planning is the process of planning how your assets will be handled after death. It usually involves signing a will and a trust. You also sign a healthcare directive and power of attorney that take effect if you become incapacitated. It’s important to know that…
The story starts just like any other. Mom, who had been diagnosed with dementia a couple of years prior, met a man while out on a walk (we’ll call him “Stranger”). Within a couple of weeks, Stranger moved into Mom’s house and professed his love to Mom, and proposed. Mom was a widow and, between…
A Trust Dispute It made headlines when Lisa Marie Presley, daughter of the great Elvis Presley, suddenly passed away on January 12, 2023. However, shortly after that, the headlines quickly shifted to the dispute over who will be handling Lisa Marie’s trust now that she has passed away. In 1993, Lisa Marie established a trust…
A trustee takes responsibility for managing money and assets set aside in a trust for the benefit of another person. Along with this financial responsibility comes tax duties. A trustee must file complete and accurate tax returns and pay taxes when they are due. Here are a few things for a trustee to keep in…
So, you’ve found yourself in the position of trustee and are managing your loved one’s estate while they are still alive. What are your duties to account to the eventual beneficiaries of your loved one’s estate? And what if your loved one is incompetent, thus the reason you are now overseeing their estate? Beneficiaries Left…