A while back I introduced the topic of Revocable Trust versus a Will. This post explores the first consideration in making this decision … what type of assets do you own, how are they owned and how do you feel about probate.
Beneficiary Designations and Estate Planning for Retirement Accounts
Maggie Green
October 7, 2013
October 7, 2013
One of the most commonly overlooked items I see in client’s estate plans and during probate administrations is retirement accounts and their beneficiary designations. I think this has to do with the cumbersome nature of updating beneficiary designations. You call the plan administrator or custodian who sends you paperwork with tiny print and all sorts […]
And the Huguette Clark estate drama continues
Maggie Green
September 20, 2013
September 20, 2013
Huguette Clark’s estate litigation reaffirms some lessons that we already know. Primarily, caretakers and advisors must take precaution when conflicts of interest arise, namely when they receive more benefits from a client than they would otherwise receive for their services. We all know that, as advisors, we should take extra steps to ensure that the […]
Special Gifts
Jayne Sykora
September 6, 2013
September 6, 2013
Oftentimes testators will choose to leave a specific piece of property, known as a specific gift, to a devisee in a Will. Or, in other instances, testators will choose to leave a specific dollar amount to a devisee in their Will, a pecuniary gift. Both of these gifts are considered special gifts. Property Gifts In […]
Who Cares If Stretch IRAs Are Eliminated?
Chris Revak
August 29, 2013
August 29, 2013
Only wealthy people benefit from the “loophole” anyways. Retirement plans were never intended to be an estate planning tool. It won’t impact me. I don’t care. These are some of the comments in the press right now regarding proposed legislation to end the ability of heirs to take inherited IRAs out over their life expectancies […]
Revival of a Revoked Will
Jennifer Santini
August 27, 2013
August 27, 2013
Earlier this month I discussed what is required to revoke a Will. Occasionally, however, testators wish to revive a revoked Will. Similar to revoking a Will, there are certain requirements to ensure that it is the intent of the testator to revive a previously revoked Will. If a testator wholly revokes a subsequent Will (Will […]
Revoking a Will
Jennifer Santini
August 7, 2013
August 7, 2013
In Jayne Sykora’s article, Holographic Wills, she outlines the requirements for a valid Will. But what if you want to revoke your current Will? A testator can revoke a Will either in writing or by an act that expresses the intent to revoke the Will. Writing A written revocation of a Will usually occurs when […]
I Need a Revocable Trust … Right?
Jamie Held
August 5, 2013
August 5, 2013
This statement (turned inquiry) may or may not be true. It depends on a variety of factors and client goals. Deciding whether to use a will or a revocable trust (a.k.a. living trust or revocable living trust) as one’s primary estate planning document is a question to be discussed with an estate planning attorney. The […]
Uncomfortable Conversations
Jamie Held
July 23, 2013
July 23, 2013
When speaking with my elderly clients I encourage them to have conversations with their children about their wishes. Upon the mention of this suggestion, I have witnessed the change in demeanor of many. I go on to explain what their children will need and how the administration of their estate will proceed. We discuss how […]
Cleveland Browns Fan’s Dying Wish…
Steve Held
July 17, 2013
July 17, 2013
Many people will take their allegiance to their favorite professional or college sports team to the grave with them. Some have memorabilia put into the coffin; others are buried in their favorite jersey. Scott Entsminger of Mansfield, OH took it one step further.
Death Certificates
Jayne Sykora
July 15, 2013
July 15, 2013
When you die, there are a lot of possibilities as to how your estate might be administered: Will you have a Will? A trust? Will there be a probate? Or will all your assets pass by beneficiary designation? Regardless all of these options, one thing is for certain: a death certificate will be issued and […]