There are many misconceptions about who needs a Will and what happens if you die without one. If you die without a Will, the legal term is that you die “intestate,” meaning that you didn’t have a will drafted before you died or your will does not meet the requirements of your state’s laws. For example, […]
The Uniform Transfers to Minors Act (UTMA) provides for a convenient way to make gifts of money and other items to minors through the use of a custodial account. Created in 1986 by the Uniform Law Commissioners, nearly all states have adopted the UTMA. The UTMA is sometimes still referred to by its predecessor, the Uniform […]
Succession Planning from a small business owner’s perspective It has been covered a lot – and in this very blog – so you may have heard it before: succession planning for business owners is essential. Stuff happens, and when it does, Business Owner, you need to be sure that your business survives by explicitly specifying […]
Although much attention is generally given to the federal estate tax, many never realize or consider that some states also impose their own taxes upon the death of an individual. State Estate Tax Like the federal estate tax, an estate tax imposed by a state is based on the value of the deceased person’s estate, […]
Since I am an estate planning attorney, clients, family, friends, and even strangers, often ask about what happens to any debt they may have at their deaths. Most often, people are concerned about whether loved ones will “inherit” debt. The short answer is that your estate is responsible for paying off the balance of any […]
On December 17, 2010 Congress passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (HR 4853). This legislation dramatically changed the laws that would have come into effect on January 1, 2011; however, they only extend the existing legislation for two more years. So although we have some certainty, it is […]
A Transfer on Death Deed (TODD) allows the owner of real estate to execute a deed that names the beneficiary who will succeed to ownership of the real estate at the owner’s death. A TODD can be a useful estate planning tool because it allows the transfer of real property without the need of probate […]
You have traveled the country and world over and have racked up thousands of airline miles – now what do you do with them? Hopefully you take advantage of the free flights and continue to travel and experience new places. However, if you truly have so many miles and can not use them all, there are […]
In November 2004, a US Marine named Justin Ellsworth was killed in action in Iraq. His parents wanted access to Justin’s email account and asked Yahoo! for help. Yahoo! said no; allowing anyone access to another person’s email account is against their terms of service. Ellsworth’s parents decided to take Yahoo! to court and on […]
In the Minneapolis-St.Paul Star Tribune today, Jeremy Olson reports on a woman’s battle to maintain control over her husband’s medical decisions. With diagnoses of dementia, kidney failure, and mental incapacity, Al Barnes needs someone to make his health care decisions for him. Up until recently, Al’s wife Lana was that person. Lana Barnes was designated […]
The picture of the American family has evolved greatly over the last few decades, creating more considerations when it comes to estate planning. Blended families can be characterized in a wide variety of ways including, but not limited to, families with divorced parents, remarried parents, deceased parents, half-siblings and step-siblings. With the prominence of blended […]