Category: Estate Planing

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sept-22

Is the Probate Attorney Able to Represent the Executor or Estate Heirs?

September 22, 2022

Knowing the lawyer’s role is one of the first steps you should take when starting the probate process, no matter if you’re the Executor or an heir. One of the biggest sources of conflict in probating the estate is understanding the role of the lawyer hired by the Executor of a probate estate. Many Executors do not understand the probate process and leave the tasks up to the lawyer. The heirs of the estate may hear only from the lawyer or may hear the Executor say, “This is what the lawyer says we have to do.” This often raises the question, does the lawyer owe a fiduciary duty to the heirs of the estate since the Executor owes a fiduciary duty to the heirs?

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sept-15-1

The Estate Planning Process for Individuals with Special Needs

September 15, 2022

How are special needs defined? The term special needs refer to those with learning difficulties, behavioral or emotional problems, or physical disabilities requiring specialized education. For example, individuals with autism, ADHD, Asperger syndrome, Down syndrome, dyscalculia, dyslexia, deafness, blindness, and cystic fibrosis fall into the special needs category, as do cleft lips, missing limbs, and more. The US government combines this group into the overall classification of disability, and current US Census data estimates the US disabled population to be 12.7 percent or 41.1 million individuals.

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aug-25

A Guide to Creditors and Probate

August 25, 2022

By avoiding probate through legal methods, you can save taxes, keep your estate out of public view, and avoid needing court approval every step of the way. It can save you time, frustration, and in many cases, significant attorney and court fees. Your personal representative sometimes referred to as an executor, must formally notify all your creditors of your death. This action is one of the first steps in the probate process. Often this is as simple as placing a notice of death in a local newspaper(s) to which creditors respond and file a timely claim to the probate court for estate payment of the said claim.

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aug-4

Estate Planning and Cryptocurrency

August 4, 2022

Most traditional estate planning elements no longer apply to digital assets. Crypto-assets may comprise significant individual wealth in the forms of cryptocurrencies like Bitcoin and noncurrency blockchain tokens. If you own any of these asset classes, addressing complex challenges to secure, transfer, protect and ultimately gift crypto-asset wealth is crucial to your estate plan.

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jul-28

What Is the Step-By-Step Process of Probate?

July 28, 2022

An estate is probated when a deceased person’s will is authenticated, their assets are inspected, their debts are paid, their taxes are paid, and their remaining assets are distributed to their beneficiaries. After an asset-holder dies, the court will appoint a valid will’s executor to administer the probate process. In the absence of a will, the court will appoint a state administrator to handle probate. Probate law varies by state, but there are steps in the process that are common.

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Planning for a Disabled Family Member: Common Mistakes

July 21, 2022

Americans with special needs who are five years of age or older comprise the largest minority group in this country. The majority of federal and state benefits available to help persons with disabilities are needs-based, meaning income and assets are strictly limited and can often be misinterpreted, resulting in costly mistakes.

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Developing an Estate Plan for Unmarried Couples

July 7, 2022

Widows and divorce are common among older Americans (in record numbers), spurring new partnerships. The US Census Bureau reports that more than half of all older adults have only married once, opting to stay legally single in their future relationships. Cohabitating can have unforeseen and unintended consequences without a legally recognized civil union, marriage, or domestic partnership certificate.

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Including Life Insurance in Your Estate Planning

June 30, 2022

A grieving loved one should not inherit assets only to find that they can’t be used for any expenses they have to take care of after your death. Most retirees’ assets are in homeownership and retirement accounts, requiring a sale to get cash. Life insurance can provide the liquidity needed when managing and distributing your estate assets. Your policies can address final expenses, estate taxes, business ownership, estate equalization, probate, and special purposes depending on your circumstances and the number of assets at hand.

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