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Media mogul Sumner Redstone – owner of CBS and Viacom, among other holdings – allegedly created quite an estate planning mess, according to a recent report in the New York Times. The article reports that “with a fortune estimated at…
During your lifetime, your retirement account has asset protection, but as soon as you pass that account to a loved one, that protection evaporates. One lawsuit and POOF! Your lifelong, hard-earned savings could be gone. Fortunately, there is an answer.…
Estate plans are almost magical: they allow you to maintain control of your assets, yet protect you should you become incapacitated. They take care of your family and pets. And, if carefully crafted, they reduce fees, taxes, stress, and time…
While it is an honor to be named as a personal representative (formerly an executor) of a will or estate, it can also be a sobering and daunting responsibility. Being a personal representative requires a high level of organization, foresight,…
As parents, we always want to be there for our children and help make them avoid making bad decisions. Sometimes we’re too involved and should let our children make mistakes to help them grow. Other times we are not there…
While many wines get better with age, this is not always true with some irrevocable trusts. Maybe you’re the beneficiary of a trust created by your great-grandfather over seventy years ago, and that trust no longer makes sense. Or, perhaps you…
Most financially savvy individuals begin planning their estate when they’re in peak mental shape. The idea that this might change at some point in the distant future is an unpleasant one, and they would rather go about their estate planning…
There is no such uncertainty as a sure thing. –Robert Burns Even with an estate plan, things can always happen that may cause confusion or throw a wrench into the best-made plans. Below are three examples of worst-case scenarios and ways…
Many estate plans contain irrevocable dynasty trusts that are designed to benefit a spouse and several generations. These trusts can span continue many decades, and it’s important to clarify who is a beneficiary at each generation. Who Are Your Descendants?…
While the term fiduciary is a legal term with a long history, it very generally means someone who is legally obligated to act in another person’s best interests. Trustees, executors, and agents are all examples of fiduciaries. When you pick…