Today, it is impossible to put together even a simple estate plan without the assistance of an experienced estate planning attorney. Why? Because estate planning laws vary greatly from state to state and these laws are extremely convoluted and constantly changing.
Read More »Financial Firms Roll Out Form Aimed at Stopping Financial Elder Abuse
With cases of financial exploitation of the elderly on the rise, advisors who work with older clients are looking for ways to head off the abuse before it happens. Enter the “Emergency Contact Authorization Form,” a document in which clients can list a trusted person who should be contacted if an advisor suspects a client […]
Read More »The Advisory Team Approach to Estate Planning
Estate planning is not simply the documents prepared by an attorney, nor is it the insurance and financial plan recommended by a financial advisor. Properly done, estate planning encompasses at least the legal and financial elements, but it may include more, as estate planning often points out the need to plan in other areas.
Read More »Life Insurance: How Much and What Kind?
Life insurance can be an affordable way to provide for our children, spouse, a sibling, aging parents and others if we should die while they are depending on us. Life insurance proceeds can provide extra income to help pay ongoing household bills and child care; pay off a mortgage, credit cards and other debt; pay […]
Read More »Naming a Guardian for Your Minor Child(ren)
Parents with minor children need to name someone to raise them (a guardian) in the event both parents should die before the child becomes an adult. While the likelihood of that actually happening is slim, the consequences of not naming a guardian are great.
Read More »An Estate Planning Checklist to Facilitate Wealth Transfer
Studies have shown that 70% of family wealth is lost by the end of the second generation and 90% by the end of the third. Help your loved ones avoid becoming one of these statistics. You need to educate and update your heirs about your wealth transfer goals and the plan you have put […]
Read More »Decanting: How to Fix a Trust That Isn’t Getting Better With Age
While many wines get better with age, the same cannot be said for some irrevocable trusts. Maybe you’re the beneficiary of a trust created by your great grandfather seventy years ago that no longer makes sense. Or maybe you created an irrevocable trust twenty years ago that doesn’t work as it should. Is there any […]
Read More »Anna Nicole Smith Saga Finally Over?
After almost 20 years, the long legal battle between Anna Nicole Smith’s estate and her late husband’s estate might finally be over after a recent court ruling.
Read More »Wells Fargo Ordered to Pay for Committing Trustee Fraud
When creating a large trust, especially one for a minor child, it is often a good idea to use the services of a professional trustee. Many banks, both large and small, offer the service. However, there is no guarantee that professional trustees will behave appropriately.
Read More »Should You Be a Trustee?
It is fairly easy to find online advice about who to appoint to be a trustee. However, there is comparatively little advice for those chosen concerning whether or not they should accept the position. Some things to consider are below.
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