I think it’s important for people to understand the consequences of inattention to legal matters and of not involving an attorney. “Penny wise and pound foolish” can be a particularly compelling adage when dealing with legal matters. More often than not, when an estate plan fails and litigation follows it…
When her son recently turned 18, Lisa Kirchenbauer and her husband had him sign papers to take control of an account for minors they had long ago set up as a college fund – which had grown to about $60,000. "What if I ran out and bought a car with…
Knowing these objectives help both the couple and their estate planner determine what might be the best way to structure their estate plan. Below are eight of the most common estate planning objectives that influence a couple’s estate plan. Planning for just you and your hopes takes a lot of…
The vast majority of estate planning lawyers get requests for trusts that "motivate responsible behavior by the next generation," said Los Angeles lawyer Jon Gallo, who presented an overview of the topic at the annual Heckerling Institute on Estate Planning. If you are leaving behind an inheritance for the good…
How do I know what kind of caregiver my family member needs?How do I go about finding a home caregiver?What if I prefer to hire someone myself? Choosing care for an elderly loved one can be challenging as it requires much research and thought. Their needs will determine the type…
It may take some expert help to work out how to pass the pieces to your heirs. Parents' collectibles can hold emotional meaning for adult children, and some collections carry financial value as well. Estate planning is all about deciding how to dispose of your assets, but when it comes to assets, collections can…
Here are a few easy approaches that can reduce or avoid taxes, and are also effective wealth transfer techniques. Gifting makes up one of the pillars of estate planning. Strategic gifting can mean all the difference between a plan for family wealth that works and a plan that doesn’t. Forbes…
To make that wealth last forever, you're probably going to need future generations to replenish that wealth. If you have wealth to pass on to the next generation, have you hoped that your wealth will continue on for generations to come? It's a tough goal to have, considering you'll be…
Dividing money is easy. But who gets Mom’s tea set? When we hear about heirs fighting over an inheritance, most of us think about money as being the main issue. But money isn't everything! How you split up priceless family artifacts and other physical goods can start or end fights…
Today, with smaller families and more women choosing not to have children, “the dynamic has changed pretty significantly for the generation of baby boomers. The option of doing something charitably significant with their estates is a change,” he said. The New York Times recently touched on the subject of estate…