Let's take a look at a hypothetical scenario. Your grandparents started from scratch having inherited nothing to speak of, and they worked hard all of their lives. They were fortunate enough to accumulate some wealth, but when they passed it along to your parents, it was reduced by nearly half due to the estate tax. Your parents did well in their own right and never had to touch what they inherited from your grandparents. When they pass on and leave that legacy to you it is subject to the estate … [Read more...] about Estate Tax Solution: Generation-Skipping Trusts
Living Trusts & Probate
A well structured, comprehensive estate plan can contain a number of different components. Many people are under the impression that estate planning revolves around the drafting of a will, and this is of course one of the ways that you can state your wishes concerning how you would like your assets distributed upon your death. However, when you utilize a will to this end the estate will have to go through the process of probate. The probate or surrogate court is charged with the responsibility … [Read more...] about Living Trusts & Probate
Purcell & Amen Announce a New Attorney has Joined the Team
The law firm of Purcell & Amen, L.L.C. announces a fourth attorney to join its staff, Jacquelynn M. Capriano. Capriano has been working for the law firm for the past three years as a paralegal while attending law school. She will now help sustain the business of estate planning, trust administration and probate while providing an avenue to grow in the areas of elder law, Medicaid and special needs planning. “I’m excited to have the opportunity to stay on staff at Purcell & Amen,” says … [Read more...] about Purcell & Amen Announce a New Attorney has Joined the Team
Can You Contest a Will?
Have you been left out of a family member’s Last Will and Testament and you suspect foul play? If you feel a Will has not been properly created and you are affected by the outcome, then you may have grounds to contest the validity of that document. Just Cause There are four reasons a Last Will and Testament may not be valid. In order to contest a family member’s Will, you must believe one of these four bases to be true. The most common reason a Will is ruled invalid is that the Will was not … [Read more...] about Can You Contest a Will?
Understanding the Different Types of Wills
While everyone knows the important of having a Will, about 70% of Americans still haven’t created one. But before you start drafting, you should know that different Wills do different things. A Simple Will for example, covers your basic necessities, such as provisions for your children and distribution of assets. There are templates available on the internet but because estate planning can get complex very quickly, it’s best to have a qualified estate planning attorney draft your Will for you. … [Read more...] about Understanding the Different Types of Wills
What’s the Difference Between a Living Will and a Last Will and Testament?
In the world of estate planning, there are a variety of documents you can use to protect your assets, provide for your loved ones and plan for unforeseen events. One of the most common of these documents is the Will, but not every type of Will is the same. For example, a Last Will and Testament is the traditional “Simple Will” that outlines how your assets should be distributed after you’re gone. This document can also be used to set up a trust after your death and it can designate who should … [Read more...] about What’s the Difference Between a Living Will and a Last Will and Testament?
