We all know that the cost of sending just one child to college can be exorbitant. If you happen to have more than one child in college at the same time then you are undoubtedly feeling the crunch as they head back to school this month. Along with figuring out how to cover the expenses related to higher education, you also have to consider the tax implications of your expenses. As a general rule, any money you give to someone, or pay on behalf of someone, is subject to gift taxes. There are, … [Read more...] about College Expenses—Do I Have to Pay Gift Taxes on Them?
An App for Everything – Even Estate Planning
They say that sooner or later there will be an “app” for everything. They may be right. For now though, you should make use of the ones that exist including apps that can make your estate planning duties easier and will ultimately make the probate of your estate easier. By taking a little bit of time now, you can make your executor’s job easier in the future and know that your assets will be on their way to your intended beneficiaries that much faster. If you are one of the many who don’t know … [Read more...] about An App for Everything – Even Estate Planning
Comedian Sherman Hemsley’s Estate Challenge
Best known for his role as George Jefferson from “All in the Family” and later on “The Jeffersons,” Sherman Hemsley, the “movin’ on up” actor, apparently cannot move on up until a court decides whether the Last Will and Testament presented to the court was really signed by him. Despite purportedly executing a Will, he remains on ice while a court decides whether the Will is genuine. Hemsley died on July 24th and a Last Will and Testament was presented to the appropriate court shortly after his … [Read more...] about Comedian Sherman Hemsley’s Estate Challenge
Understanding Testamentary Capacity
Imagine that a loved one has recently died and you just received a copy of the decedent’s Last Will and Testament. Further imagine that the terms found in the Will seem very strange and out of sync with what you would have expected from your loved one. In fact, you start to wonder if your loved one was himself or herself when the document was signed. Do you have legitimate grounds to challenge the Will on the basis that your loved one lacked testamentary capacity? Maybe. While state laws … [Read more...] about Understanding Testamentary Capacity
Estate Planning and Financial Planning Should Go Hand in Hand
If you have assets that are worth protecting and passing down when you die then you need both a financial planner and an estate planning attorney. Not only that, but your financial planner should have a firm grasp of what your estate plan looks like and vice versa. Your financial planner advises you on how to grow the assets you have while your estate planning attorney advises you on how to protect them. For example, let’s say that you are 30 years old and have assets worth $100,000 with a … [Read more...] about Estate Planning and Financial Planning Should Go Hand in Hand
Controlling Your Investments after Death – The Importance of an Investment Policy Statement
If you have worked hard all of your life and make prudent investments, then you are hopefully fortunate enough to have a moderate to large sized estate that you will eventually pass down to loved ones. Many people choose to include a trust in their estate plan for a variety of reasons, including the ability to retain a certain degree of control over assets even after death. In order to fine tune that control, make sure that you prepare and include an investment policy statement with your trust … [Read more...] about Controlling Your Investments after Death – The Importance of an Investment Policy Statement
What Happens If My Spouse Left Me Nothing in His/Her Last Will and Testament?
The loss of a spouse can be an extremely emotional time. Along with the grief you likely feel from the loss you may also be concerned about how you will survive financially after the death. Just when you think it can’t get worse, what happens if you find out that your spouse left you nothing under the terms of his/her Last Will and Testament? The good news is that you may be able to take against the Will. Unfortunately, this scenario happens more often than you may think. Most often, it occurs … [Read more...] about What Happens If My Spouse Left Me Nothing in His/Her Last Will and Testament?
Keeping Your Estate Plan Private – The Davy Jones Estate
In case the name Davy Jones means nothing to you, he was the frontman for the famous 60s music group known as “The Monkees”. Unfortunately for fans and the music world as a whole, Jones dies earlier this year of a heart attack at the relatively young age of 66 years old. Jones left behind a wife who was half his age as well as four grown children. Not long after Jones’s death, a petition was filed with the probate court asking for the records to be sealed. In the normal course of events, … [Read more...] about Keeping Your Estate Plan Private – The Davy Jones Estate
The High Cost of a Will Contest
When you die, certain individuals may have the legal right to contest your Last Will and Testament. A Will contest must be based on allegations that the Will itself is invalid. Using a “do-it-yourself” Will form found in the internet or at a local stationary store increases the likelihood of a Will contest being filed after your death simply because those forms are frequently not executed properly according to state law or are otherwise deficient based on the laws in the state where you live. If … [Read more...] about The High Cost of a Will Contest
Gay Partners Should Take Estate Planning Very Seriously
If you are legally married your spouse is going to inherit community property that you shared together even if you do not have an estate plan in place. Of course this does not mean that you should ignore estate planning just because you are married because there are a lot of things to take into consideration. For one you may have a broader estate plan in mind. And and there are many different factors to consider with regard to the best way to transfer assets in a tax efficient manner that … [Read more...] about Gay Partners Should Take Estate Planning Very Seriously
