Is Probate Always Needed When a Loved One Dies?
John Crawford Sep 8, 2020 in Business Advisory Team
When thinking about the transfer of assets after their death, many people often make one of two erroneous assumptions regarding probate (a court proceeding transferring assets to beneficiaries and/or heirs-at-law): They are married, so everything they own will go directly to their spouse upon their death; or They have a Will (last will and testament), so their assets go to the parties named in the Will without having to go through probate. Both of these […]
Continue ReadingFamily Drama—The Biggest Threat to Your Inheritance
John Crawford Sep 12, 2018 in Estate Planning & Preservation
Co–authored by Kristine M. Scott, Estate Planning Associate When a parent or other family member dies, his or her relatives receive their inheritance from the deceased—or at least that’s what most people think happens. Unfortunately, family drama stands to be the number one threat to the concept of inheritance. While we see this most when vast intrafamily wealth is being transferred, we have seen fights erupt over the most mundane items, including Tupperware. Family conflict not only endangers […]
Continue ReadingThe Kiddie Tax: Think Twice Before Making Gifts
John Crawford Aug 13, 2018 in Estate Planning & Preservation
Co–authored by Kristine M. Scott, Estate Planning Associate Whether it’s to start your kids’ portfolio early, or provide income to students already in college, parents and grandparents make gifts to their children and grandchildren more than you may think. And if those children are under the age of 18, or over 18 but still considered a dependent, you should be aware of the “kiddie tax.” What happens when the child receives interest, dividends, or capital gains (“unearned income”) […]
Continue ReadingGuides for Managing Someone Else’s Money
John Crawford Aug 3, 2018 in Estate Planning & Preservation
Co-authored by Sharon L. Palmer, ACP, FRP Being named to take care of someone else’s money – whether as a trustee of a trust, as a court appointed guardian, or as an agent under someone’s durable power of attorney – can be a tremendous responsibility. It’s easy for the person assigned to that task to become confused about their duties, responsibilities, and the legal requirements that come along with that task. If one adds all that to the actual […]
Continue ReadingCo–authored by Kristine M. Scott, Estate Planning Associate School is out, the kids are home, and you’re traveling to new places and spending time with your family. It’s summer time! While going out on the boat sounds like a good idea, try to make time to take a fresh look at your estate plan before things get busy with school activities and fall events. Life changes every day, and your estate plan should evolve with your life. Keeping […]
Continue ReadingCo-authored by Sharon L. Palmer, ACP, FRP A Letter of Intent is a non-legal document that is quickly becoming a popular way to summarize and/or supplement your estate plan for those you leave behind. Essentially, it’s a letter from you to your personal representative/trustee and/or beneficiaries discussing your personal thoughts that resulted in your estate plan as well as any personal wishes to be considered in implementing your plan. While not a legally binding document, a letter of intent […]
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