“The aim of every artist is to arrest motion, which is life, by artificial means and hold it fixed so that a hundred years later, when a stranger looks at it, it moves again since it is life.” ~William Faulkner, Author and Nobel Prize Laureate. Part I: The Big Picture. As an estate planning attorney, […]
Jamie Held explained that the benefit of disclaimer planning is to utilize “…both spouses’ estate tax exemption amounts in order to minimize or eliminate estate tax on a couple’s accumulated wealth.” As we have mentioned often, the current federal estate tax exemption limit is $5 million. However, this exemption limit is set only until the […]
What happens to your medical records when you die? Who has access to them? How long are they retained? Why are we asking these questions? When someone dies, medical records can be important for several reasons: 1) If the decedent owned a life insurance policy, the insurance company may need the records when processing the […]
Losing a spouse is a heart-wrenching event that can be difficult, if not unbearable, to even plan for. Therefore, many surviving spouses are not prepared for the death of their spouse and subsequently have to deal with financial and legal questions at a time when they are most likely not thinking clearly. This post discusses […]
The old adage “what’s mine is yours and what’s yours is mine” is particularly true for spouses located in community property states. News of the L.A. Lakers star Kobe Bryant’s divorce reminds us how important it is to know whether or not you are located in a community property state and to plan properly if […]
Everyone should have an estate plan. Estate planning attorneys say that a lot, and we mean it! But this is even more critical for farming families. There are many unique issues and problems that play an important role when planning for families with farms, among them: estate taxes, complicated probates, business succession, emotional ties and […]
It is a common misconception that estate planning is only necessary for the wealthy or those with a spouse and children. However, all individuals, no matter what their financial situation may be, can benefit from preparing for the future with estate planning tools, too. An estate plan includes more than creating a Will or trust […]
It is a common misconception that estate planning is only necessary for the wealthy or those with a spouse and children. However, all individuals, no matter what their financial situation may be, can benefit from preparing for the future with estate planning tools, too. An estate plan includes more than creating a Will or trust […]
Below is an illustration (a fictitious one) with three things to consider upon the death of a spouse who owns a business. Henry and Wendy celebrated their 30th anniversary last summer with their two children and three grandchildren. At the time of her death in November 2011, Wendy owned an increasingly successful retail business. Henry […]
It’s a new year! Time to dust of your estate plan and review your documents. While not much may have changed, if anything for that matter, it is still useful to perform an estate plan audit on a regular basis to ensure your documents are always kept up to date. Did you have mom and […]
It is that time of year for eggnog and Yule logs, menorahs and dreidels, Christmas carols and Dickens’ A Christmas Carol, Ralphie and the Griswolds, and so much more that puts us all in the holiday spirit. While this time of year is joyous for most, it is also very stressful. Families gather near and […]