ESTATE PLANNING PROBATE NEWSLETTER
Just because you aren't married doesn't mean you don't need an estate plan. Who will make financial decisions if you are incapacitated? Who will make your health care decisions if you are unable to express your desires? Who will receive the assets of your estate? The truth is, unmarried individuals... More...
You have been named executor of your deceased friend's will. You discover that his/her liabilities exceed the amount of assets in the estate. Can you, as executor of the estate, file for bankruptcy on behalf of the estate? Sadly, the answer is no. In order to file for bankruptcy, the... More...
Trusts are commonly recognized as a legal entity organized to hold and administer one's assets. The person establishing the trust (the "Settlor") transfers legal title to the Settlor's assets to the person administering the trust (the "Trustee"). Unlike a will, a trust does not necessitate probate, the sometimes costly and... More...
Many estate plans also include life insurance policies as part of their comprehensive package. If you decide to include a life insurance policy as part of your estate plan, you must first assess your individual needs. There are many types of life insurance, but most can be categorized as either More....
Some Settlors have attempted to shield their own assets from current and potential creditors by transferring their assets to a trust. In general, the law has rejected a Settlor's ability to shield assets from the Settlor's creditors through the use of a trust. The general philosophy has been that people cannot enjoy and use their own assets through a trust, while preventing their creditors from access to trust assets to satisfy debt. In most states, by law, Settlors cannot prevent their own creditors from seeking payment from assets in the Settlor's trust. More...
Just because you aren't married doesn't mean you don't need an estate plan. Who will make financial decisions if you are incapacitated? Who will make your health care decisions if you are unable to express your desires? Who will receive the assets of your estate? The truth is, unmarried individuals have the same issues and concerns as married couples when it comes to estate planning...
Probate is not a free process, and the costs of disbursing a person's property after death through the probate courts can be considerable, depending on the state where the probate is required. The costs related to probate are usually paid from the assets of the estate. In most cases, people who are involved in the administration of the estate are not personally responsible for paying for the cost of probate.
You have been named executor of your deceased friend's will. You discover that his/her liabilities exceed the amount of assets in the estate. Can you, as executor of the estate, file for bankruptcy on behalf of the estate? Sadly, the answer is no...
Trusts Organized Under Foreign Laws in Order to Protect Assets
In today's litigious society more individuals are inquiring about asset protection planning, especially those individuals with a high risk of potential exposure to liability, such as business owners, doctors, or those involved in high risk occupations. Asset protection planning involves the use of legal entities and techniques to protect one's...
Advances in modern medicine have made it possible for us to live longer. For many who do live longer, living assistance becomes a necessity. Studies have shown that 40% percent of Americans over 65 will require some form of assisted living at some point in their lives. The average national... More...
When planning your estate, you must make important decisions regarding the distribution of your material possessions. An important but frequently forgotten consideration is whether you wish to gift your organs or tissue in the event of your death. Uniform Anatomical Gift Act All 50 states have now adopted the Uniform
If a person intends to leave his/her property to specific individuals or entities upon death, he/she should create a will. A will is also known as a "testamentary instrument." Allowable Distributions Types of property that may be distributed through a will include: Separate property (real or personal). Half of a spouse's...
Are you entitled to a share of your deceased spouse's property if he/she does not include you in a will? In most cases, you would be able to receive a share. However, some laws may prohibit you from getting any of your deceased spouse's property. What Is an Omitted Spouse?It...
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