Estate Planning Law Articles

What do you do if you feel a Guardian is not looking out for the interests of the ward? If you have reason to believe that a Guardian is not fulfilling their obligations to the ward, you must first report your concerns to the Superior Court in the county in which the ward lives.

Jointly owned property is everywhere. While we were growing up, our moms and dads owned all of their assets jointly. So when we got married, we did the same. We own our assets jointly with our children, second spouses, and siblings. When a joint owner is sued or dies, we see why joint owned property is the big “Oops.”

While most folks can breathe a sigh of relief regarding the provisions of the 2011 tax law, this relief will only last for the years 2011 and 2012. If you’re not planning on giving away all of your assets or dying during the next two years, the 2011 tax law will likely affect you and your family.

While funeral planning is an important aspect of an estate plan, we offer the top five reasons not to enter into a prepayment plan with a funeral home.

A large majority of people in the United States believe that you have to have a lot of money available to you before you can retire, but this isn’t necessarily true. Although it doesn’t hurt to save money when you can, you don’t have to be wealthy in order to enjoy your retirement years.

Investing doesn’t always have to mean taking on a ton of risk. In fact, there are a few investment vehicles that while offering a lower return, are also relatively safe and are a great way to “start small.” U.S. Savings Bonds for example, numerous benefits and little to no risk. What to learn more?

The short answer is, yes it’s possible to change your Will once it has been drawn up. In fact, it is highly advisable that you schedule regular maintenance reviews to ensure your will is always up to date.

Are you wondering if a Trust could help your family avoid probate after your death? A Revocable Living Trust is a legal document that can be used to accommodate the control of your property and financial assets.

If you’ve started creating an estate plan, then you probably know there’s more than one way to address all your concerns.

An estate planning attorney helps and guides you in choosing the correct options for maintaining your estate after death or in case of incapacity. An experienced attorney seeks to fully understand your desires and goals regarding the maintenance of your estate and other property and suggests ways to achieve those wishes.

When it comes to selecting a successor trustee, the common choice is a spouse, a family member, or a close friend. And for most trusts, this is the most rational choice – you’re looking for someone who is close to you, who knows your beneficiaries, and is loyal, trustworthy, and capable of managing your trust assets.

The primary reason most people opt to base their estate plan on a Revocable Living Trust is to avoid probate when they pass away. The primary reason most people opt to base their estate plan on a Revocable Living Trust is to avoid probate when they pass away. A fully-funded Living Trust allows your assets to be distributed to your loved ones without the time, expense, or loss of privacy involved in a probate proceeding.

The reason for having an incapacity plan is so that you and your family can avoid the unpleasant process known as Living Probate.

How do you know if your estate plan is effective, especially if your documents were not drawn up by a qualified estate planning attorney?

After a trust maker dies, the person who has been appointed trustee has the job of administering the trust.

Nearly two hundred years ago Benjamin Franklin wrote, “Nothing is certain but death and taxes.” In current times, probate is often the step that occurs between a person’s death and the payment of their remaining taxes. Probate is the legal process supervised by the court system which insures that a deceased person’s estate is properly distributed and all remaining bills are paid.

Many people think that wills are only for the rich. I do not have a lot of property, why should I worry about having a will. Some people just do not like to think about dying and drafting a will seems morbid. If you do not execute a will before you die, you die intestate. Dying intestate means that what property you have will be divided among your remaining relatives by the laws of intestate succession.

With professional special needs planning, you can rest assured that money set aside for a loved one’s care will be protected, as well as not hinder their ability to receive other kinds of assistance.

The estate tax was repealed in 2010 due to a provision that was contained in the Economic Growth and Tax Relief Reconciliation Act of 2001. This was a welcome respite from what many derisively refer to as the “death tax,” but it was scheduled to return in 2011. When the tax was last in effect in 2009, the exclusion was $3.5 million, and the top rate of the tax was 45%.

Estate planning is part of the broader field of elder law, which invariably includes retirement and incapacity planning. All of these things are connected, and to put it bluntly, you can't pass along what you don't have. So the expenses that you incur during the years that precede your death are going to impact your estate quite profoundly unless your wealth is truly extraordinary.

As the 2010 calendar year started to wind down, talks in Congress intensified about the possibility of extending the Bush era tax cuts. Included in the discussions was the possibility of altering the parameters of the estate tax.

When you draft a last will and testament, it must be witnessed in order to be considered valid by the courts.

One of the first things that you need to determine when you are planning your estate is whether or not it is exposed to the estate tax.

A trust is a valuable estate planning tool, but many don’t realize how their estate can benefit by creating a trust.

Many of the estate tax laws address property that is passed from one generation to the next, such as from a parent to a child.

One of the cornerstones of estate planning is creating a will, but a ‘do it yourself’ will kit may leave out a necessary provision within a will – the Residuary Clause.

Certainly estate planning is not a pleasant subject. No one likes to consider what life will be like for their family when they die. We discuss some of the most frequently heard excuses in putting off estate planning.

Creating a will is the cornerstone of estate planning – a will names a guardian for your minor children, names an executor for your estate and allows you to distribute your property. While wills are certainly critical, they are not the place for all of your estate planning directives.

If you have started the process of estate planning, you realize that a living trust can benefit many estate plans.

Leaving money to a special needs child through an outright inheritance can disqualify them for government benefits that they may need for their care. In fact, an inheritance of as little as $2,000 could have serious consequences for them and cause them an interruption in any public benefits they may be receiving.

The first priorities when you are engaged in the process of estate planning are usually going to involve inventorying and positioning your assets, but it is important to remember the recipients as well. The inheritances that you will be leaving behind to your loved ones are going to be going to specific individuals who have unique personalities and proclivities.

One of your top priorities when you are planning your estate is going to be to determine whether or not your heirs will be exposed to the estate tax

Traditionally people tend to think about estate planning as the practice of drawing up a last will. They assume that alternate vehicles of asset transfer, such as trusts, are only something that the wealthy should consider. This is really not the case because there are a number of pitfalls involved in using a will as your vehicle of transfer, and they stem from the fact that your estate must pass through the process of probate when you use a will.

Estate planning is typically thought of as a purely financial endeavor, and it is true that preparation of assets for eventual distribution to your loved ones after your passing is central to the exercise.

An estate plan can cover a lot of ground in ensuring that your assets are distributed appropriately and your loved ones are taken care of in the manner you’d like after your death – or even in case of your disability.

Taking the time to create an estate plan is an important part of life. It’s also important to make sure that your plan continues to meet your needs throughout your lifetime. This is why it’s beneficial to review and update your plan on a regular basis.

Why should I make a Will? Lots of people think that their loved ones will be looked after adequately under intestacy rules (the rules which say who will inherit if there is no Will). This is often incorrect.

Are you looking to get rid of your current will or to update it? If so, it’s often a good idea to start fresh by creating a new will. Just destroying your current will may not be enough! Take the following tips into consideration if you are thinking about revoking your will. This will ensure that you have the correct legal documents in place for the future.

You will need a death certificate to deal with the decedent’s assets such as collecting life insurance, closing bank accounts, managing and distributing assets, and dealing with retirement assets.

If you've been putting off your estate planning, you are putting yourself and your family at risk. Without a plan, you will have no control over the future and you won't be protected during unexpected events.

More people are looking for new ways to save and this often leaves many people looking for low-cost estate planning options.

If you have a family business that you would like to pass down to the next generation, a Family Limited Partnership may be an estate planning tool to consider.

Have you asked the guardian that you named in your will if he or she will actually serve if needed? When you name anyone in a position of authority in your estate plan be sure that he or she is actually willing to serve.

Many people make small mistakes and their estate planning wishes are not followed. It's important to stay on top of your estate plan duties so that you not only have a great plan that meets your needs, but also follows your wishes. Take a look at some of the information below to learn how to prevent a simple mistake before it happens. If you have any questions or if you'd like assistance with your estate planning affairs, consult with a qualified estate planning attorney.

When you start to explore the subject of estate planning you are invariably going to hear about probate avoidance. People who are new to the subject may not even know what probate is much less why they might want to avoid it, so we will take a look at the matter here.

Even if you are new to estate planning, you may have heard that you should avoid probate.

When you are in a small business partnership with others you must approach estate planning differently than those who don't have assets tied up in a business.

Estate planning centers around the preparation of assets for distribution to your loved ones after your passing. However, if you want to be comprehensively prepared for any and all contingencies that may arise there are some other things to take into consideration as well. One of these is the possibility of falling into an incapacitated state that renders you incapable of making medical decisions for yourself.

Everyone is aware of the fact that they should have some vehicle of asset transfer in place such as a last will or a revocable living trust.

People are often embarrassed to ask "what is probate?" because they feel they ought to know the answer. This article explains it.

Young married couples who have just had their first child understand that the joys of parenthood come with great responsibility. These young parents want to do the best for their child by planning ahead for their future, and by making sure that the child will be secure no matter what happens.

Death and taxes may indeed be inevitable, but paying a so-called “death tax” is not. "In this world nothing can be said to be certain, except death and taxes." —Benjamin Franklin

For many, the word “estate” has come to be associated only with manor houses and trust funds, but the reality is that your estate is anything you leave behind at death, be it a mansion or mobile home; a billion dollars or a dime.

For many parents, choosing who will raise their minor children if both parents die is not only disturbing to think about, but is often the most difficult decision they have to make when planning their estate. However, it is also one of the most important. Failing to make and document the decision can lead to outcomes the parents never would have wanted for their children.

When a person dies, federal estate tax may be due. These are taxes that are due when the assets are passed to another person. Most people refer to this tax as the “death tax.” You may be aware that there are new laws regarding this tax. It is important to stay on top of the new tax law so that you know how you may be affected. Will you have to pay estate taxes?

Estate planning is an essential part of life. With proper planning, you can make sure that important future decisions are made.

If you have begun your estate planning, you are taking an important step in planning for your future. It is important to discuss your estate planning with your family. This will not only let them know that you have taken care of this responsibility but it will also be a great way to communicate your wishes and talk about your desires for the future.

If you don’t have a will, the state of Arkansas has one for you. Here is what happens to your assets under Arkansas intestacy laws.

The Irrevocable Life Insurance Trust (ILIT) is typically used to get the value and proceeds of an insurance policy out of an estate so they’re not taxed for federal estate tax purposes. The use of ILITs is not complicated, but there are some administrative hoops to jump through. Your estate planning attorney can do much of the jumping through hoops on your behalf.

Estate planning is extremely important for business owners who want their business to continue operations after their death.

A Health Care Directive is a legal document that allows you to state your medical wishes in the event that you become mentally incapacitated.

A trust is a powerful estate planning tool, and there are three important things a living trust can do for your estate plan.

When you are keeping your finger on the pulse of elder law issues the costs associated with long-term care stand out as a matter of ongoing concern.

A lot of people hear the term “estate planning” and immediately think about the document called a will, or last will and testament.

Estate planning has everything to do with making sure that your loved ones are properly provided for after you pass away.

When you hear the term “long-term care”, it’s easy for your mind to automatically jump to the image of a nursing home, but this isn’t necessarily accurate

It’s quite a figure: according to the Wall Street Journal, 30% of 401(k) owners now have a loan outstanding.

When you own a business, you pour an immense amount of time and energy into making sure it is successful

One of the things that you are going to have to decide upon when you are planning your estate is the primary vehicle or vehicles of asset transfer that you want to utilize.

When you are a partner in a small business succession planning can be a bit tricky.

There are gifts that you can give to people, other than your spouse, that are not subject to the Federal Gift Tax

Once your child reaches 18 years of age, they are legally considered to be an adult

For parents of young children, the most important element of the estate plan is choosing a guardian for them

One of the things that you must understand about estate planning is the fact that there is no universal, one-size-fits-all approach

One of the primary reasons why it is advisable to retain the services of an estate planning attorney when you're planning for the future is the fact that every situation is unique. Though there are websites that would tell you otherwise as they to try to sell "one-size-fits-all" template documents, the best course of action is going to vary on a case-by-case basis.

Many people equate estate planning with the creation of a last will. While it is true that the last will is the most widely used estate planning vehicle it is not always the best one. The primary reason why alternatives are often suggested is because of the fact that your estate must pass through probate when you use a last will as your vehicle of asset transfer. Many people choose to avoid probate, and there are a few good reasons for doing so.

One of the challenges that you face when you are planning your estate is the fact that its distribution will be your final act of giving. You will no longer be there when your loved ones need assistance, so this final act of giving is a profound one indeed. Of course some of your family members will usually need the help more than others, but none of them will be more dependent than the four-legged variety.

Estate planning is a legal matter that differs a great deal from some of the other issues that you may have encountered that required legal advice on a couple of different levels. For one thing, estate planning involves some very sensitive and highly personal information. Of course there is the financial side of things, and revealing all of your financial data to another person is always going to require a certain level of trust.

Sometimes Canadian courts will use equitable remedies, like proprietary estoppel, to address a situation where the application of strict legal rights would be unfair. Under these circumstances the court may ignore a contract or a testamentary document and provide the plaintiff with a remedy. By applying equitable principals courts will sometimes enforce promises.

The AB Trust is often used by married couples that have children; it can be setup as part of the couple’s Will, or as a Living Trust.

Life insurance is a great way to provide for surviving family members, but a large life insurance policy may impact your estate.

A Revocable Trust creates a number of benefits: Privacy, avoiding probate, avoiding or minimizing estate taxes, protection for your heirs from creditors, and the ability to determine when and how beneficiaries receive an inheritance, just to name a few.

Nearly everyone could benefit from the services of a good financial advisor, but when you are investing for your retirement, a financial advisor can be essential.

When you are named as the executor of an estate, basically your duty is to take care of the decedent’s final business.

Planning for the latter portion of your life has its ups and downs. When you are immersed in your working years and find yourself looking forward to an active retirement it can actually be fun to map out a financial strategy that will culminate in the ability to enjoy your golden years to the utmost. And though it certainly couldn't be described as “fun,” most people are aware of the fact that they must engage in estate planning as well.

A 2010 Indiana court ruling highlights the importance of working with an estate planning attorney who can create a customized estate plan to meet your specific needs.

One of the most important estate planning documents is a will – not only does it distribute your property when you die, but it names a guardian for your children and an executor for your estate.

Estate planning has changed over the past decade, and for the better. Estate Planning now takes a more holistic approach to the process, one that often includes life care planning.

Estate planning can not only distribute your property and ease the burden of your passing on your loved ones, but you can pass along your value system to your beneficiaries as well.

The duties of the Trustee of a trust, whether it is a living trust or a testamentary trust, surround those of any fiduciary relationship, and that means there is not only a moral and ethical responsibility, but a legal one as well.

When you place your assets in a revocable trust, you still have control of the assets and your beneficiaries will still have to pay estate taxes upon your death.

While creating a will and writing advance medical directives address many issues of estate planning, legacy planning takes it a step further.

It’s not only important to do your estate planning, but to also make sure that you keep up with your planning.

When you create an estate plan, one of the most important things that you could do is to ensure that all of your documents are in order and easily accessible when it comes time that they are needed by your loved ones.

According to Article 41 of Law Number 5 of 1960 on the Principles Provisions of Agrarian (“Agrarian Law”), Right of Use means right to use and collect the production over State Land or land which is owned by private parties.

Many people think about estate planning as being a purely financial matter, but if you are serious about planning for the future it is important to consider all of the legal ramifications of aging.

One of the elder law issues that is very challenging for many people is the cost of long-term care.

Trusts have been around for centuries. They’ve actually been used longer than wills have been used.

Taking the time to handle your estate planning can help you prepare for the future

It is no secret that there are some rather arcane terms tossed around in the legal profession, giving rise to the notion of "legalese." Estate planning has its share of somewhat confusing terminology, and this is in part because of the fact that there are a number of variations of the same basic legal instruments commonly utilized.