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 delays. Estate plans can even keep your family and financial...
As poet Robert Burns mused centuries ago, “The best-laid plans of mice and men often go awry.” Despite thoughtful effort and a concerted strategy, you cannot prepare for every emergency. A car accident, sudden illness, workplace injury or chronic medical condition can force you to re-evaluate the core assumptions you...
Market volatility is a constant in our modern world. But so-called Black Swan events sometimes take the concept of volatility to the next level. On June 23, voters in the U.K. passed a referendum supporting the idea that Britain should leave the European Union. Known as “Brexit” for short, this...
These four celebrity estate planning fiascos offer lessons about how to handle your own planning and legacies. Pablo Picasso – The great Dada artist died in 1973 at 91 without a will, a status referred to as “intestate.” Of course, Picasso isn't the first, or the last, celebrity to die...
Not too long ago, tax minimization or avoidance was a motivating factor for large numbers of people to engage in estate planning. Just 15 years ago, a 55% estate tax kicked in for estates worth just $675,000, an amount that many families could easily exceed once they added life insurance benefits...
College is not only a time of significant adjustment for students. It is for their parents as well. Although it may still seem as though your child is still heavily dependent on you for guidance, discipline, and money, in the eyes of the law, your child is now an adult....
The news of the unexpected death of music legend Prince, age 57, shocked the world and touched off stirring tributes from the likes of Bruce Springsteen, Elton John, the Harlem Gospel Choir and the cast of Saturday Night Live. Prince left a profound, indelible mark as an artist – when...
Trust protectors are a fairly new, but already commonly used, protection in the United States. In short, a trust protector is someone who serves as an appointed authority over a trust that will be in effect for a long period of time. Trust protectors ensure that trustees: maintain the integrity...
Did you know that an irrevocable trust can be modified? If you didn’t, you’re not alone. The name lends itself to that very belief. However, the truth is that changes in the law, family, trustees, and finances sometimes frustrate the trust maker’s original intent. Or, sometimes, an error in the...
We all need a “do over” from time to time. Life changes, the law changes, and professionals learn to do things in better ways. Change is a fact of life - and the law. Unfortunately, many folks think they’re stuck with an irrevocable trust. After all, if the trust can...