If you have taken the time to create a comprehensive estate plan you are ahead of the game compared to most people. Despite knowing the importance of having an estate plan in place, over half of all Americans do not have one. Creating your estate plan is only the first step in protecting you, your assets, and your loved ones. Reviewing and revising that plan are also important to ensure that your plan is up to date and has taken into account any recent changes in your life. If you have not done … [Read more...] about Why Now Is a Good Time to Review Your Estate Plan
Charitable Gifting in Your Estate Plan
Charitable gifting in your estate plan from Charlie Amen If you support charitable causes while you are living, you may want to support them in your estate plan as well. Learn more about charitable gifting in this presentation. … [Read more...] about Charitable Gifting in Your Estate Plan
Who Is the Trustee of My Family Wealth Trust?
Like many people, your estate plan may include a number of diverse documents and strategies. Collectively, these documents and strategies provide protection for you and your assets while you are alive and ensure that your loved ones are financially taken care of after your death. One common inclusion in a comprehensive estate plan is a family wealth trust, or FWT. If you are contemplating the addition of a FWT to your estate plan, one question you may have is “ Who is the trustee of my family … [Read more...] about Who Is the Trustee of My Family Wealth Trust?
Why Do I Need a Pour Over Will If I Have a Family Wealth Trust?
If you have decided to include a family wealth trust in your overall estate plan you likely made that decision, in part, because using a trust allows your estate to avoid a lengthy and costly probate process. In addition, your family wealth trust can be used to distribute the majority, if not all, of your estate assets. Despite this, you may have been advised to also execute a “pour over” Last Will and Testament. Understandably, you may then wonder “ Why do I need a pour over Will if I have a … [Read more...] about Why Do I Need a Pour Over Will If I Have a Family Wealth Trust?
When Does a Power of Attorney become Effective in Missouri?
A power of attorney, or POA, is a legal document that can be used to serve a variety of purposes. Often, a POA is incorporated into a comprehensive estate plan. If you are planning to execute a POA you should first have a firm understanding of the power conferred in the document. You may also have other questions relating to a POA, such as “ When does a power of attorney become effective in Missouri? ” A power of attorney is a legal arrangement that allows a “Principal” (you) to appoint an … [Read more...] about When Does a Power of Attorney become Effective in Missouri?
How Long Does It Take to Set Up a Trust?
Estate planning in the 21st century typically involves much more than simply creating and executing a Last Will and Testament. For many people, a comprehensive estate plan includes at least one trust agreement. If you have been considering the inclusion of a trust agreement in your overall state plan you likely have a number of questions regarding trusts, such as “ How long does it take to set up a trust? ” Because of the individual nature of a trust agreement, only an experienced Missouri … [Read more...] about How Long Does It Take to Set Up a Trust?
Illinois Man Leaves Large Bequests to Actors He Never Met
In 2013, Ray Fulk, a 71 year old Illinois man, left his half million dollar estate to two actors he had never met. According to the deceased’s estate planning attorney, he left his estates assets to the actors because they were friends of his, despite the fact that they had never actually met in person. The beneficiaries of the estate assets, actors Kevin Brophy and Peter Barton, were understandably surprised to hear that they were the recipients of the decedent’s estate valued at more than $1 … [Read more...] about Illinois Man Leaves Large Bequests to Actors He Never Met
New York Developer Leaves $40 million Estate and No Heirs
The State of New York may eventually “inherit” an estate worth in the neighborhood of $40 million if heirs of the decedent are not located. Despite an international search, no heirs have yet been located. The estate is that of Roman Blum who died in 2012 at the age of 97. Born in Poland, Blum was a holocaust survivor who eventually made his way to the United States where he got into real estate development. Blum was married for fifty years but divorced his wife over a decade ago. The couple was … [Read more...] about New York Developer Leaves $40 million Estate and No Heirs
Have You Had the Estate Planning Conversation with Your Parents Yet?
When we were younger, our parents frequently sat us down to have a serious conversation about something. As much as most of us dreaded those conversations, in retrospect they may have been easier than some of the conversations we now need to have with our parents. One of the most important conversations you should have with them is about their estate plan. Don’t be surprised if your parents are hesitant to sit down and discuss their estate plan with you. Talking about finances with your … [Read more...] about Have You Had the Estate Planning Conversation with Your Parents Yet?
Probate Avoidance – Why It Should Be An Important Estate Planning Goal
The primary goal of any comprehensive estate plan is to devise a plan for how your estate assets will be distributed when you die. While this is certainly an important goal, your estate plan will likely have other goals as well. One of those should be probate avoidance. Understanding what probate is, and why you want to avoid it, can help you when it comes time to create your estate plan. When a person dies, his or her estate typically has to go through the legal process known as probate. … [Read more...] about Probate Avoidance – Why It Should Be An Important Estate Planning Goal
