Category Archives: Estate Administration
Estate Planning Lessons from Celebrity Nightmares
The dispute over Larry King’s estate shines a harsh spotlight on what happens when an elderly person makes major changes late in life to his or her estate plan, especially when the person has become physically weakened and possibly mentally affected, due to aging and illness. A recent article from The National Law Journal,… Read More »
What Paperwork Is Needed after Someone Dies?
Tax return issues, family matters, business associates, partners, trustees, bankers, investment advisors and tax collectors from the IRS to state and local taxing authorities all require attention after someone has died. There is a lot of work, and often a grieving family member finds it helpful to enlist the aid of a professional to… Read More »
What are the Stages of Probate?
Probate is a court-supervised process occurring after your death. It takes place in the state where you were a resident at the time of your death and addresses your estate—all of your financial assets, real estate, personal belongings, debts and unpaid taxes. If you have an estate plan, your last will names an executor,… Read More »
Estate Planning Lessons from Celebrities for ‘Regular’ People
Hsieh, former CEO of Zappos, left behind an estate worth an estimated $840 million and no estate plan, reports Forbes in a recent article titled “Lessons From The Rich And Famous: Why Estate Planning Should Be Part Of Your Retirement Plan.” The family had to file with the court to have family members appointed… Read More »
Estate Battles Over Personal Property Distribution
Creating and probating a last will and testament is rarely a simple task, but one of the most challenging aspects is the distribution of personal property, warns the article “Be clear about personal property distribution in your will” from The News-Enterprise. The nature of personal property—that it is relatively low in market value but… Read More »
Protect Your Estate with Five Facts
It is true that a single person who dies in 2020 could have up to $11.58 million in personal assets and their heirs would not have to pay any federal estate tax. However, that doesn’t mean that regular people don’t need to worry about estate taxes—their heirs might have to pay state estate taxes,… Read More »
What’s Involved in the Probate Process?
SWAAY’s recent article entitled “What is the Probate Process in Florida?” says that while every state has its own laws, the probate process can be fairly similar. Here are the basic steps in the probate process: The family consults with an experienced probate attorney. Those mentioned in the decedent’s will should meet with a… Read More »
How to Protect Your Estate from Unintended Heirs
Disinheriting a child as an heir happens for a variety of reasons. There may have been a long-running dispute, estrangement over a lifestyle choice, or not wanting to give assets to a child who squanders money. What happens when a will or trust has left a child without an inheritance is examined in an… Read More »
What Do I Look for in a Trustee?
The trustee is tasked with caring for the assets in the trust for one or more beneficiaries. It is the trustee who handles all the necessary paperwork and sees that tax returns are filed. FedWeek’s recent article entitled “Your Options for Selecting a Trustee” explains that probate and trust law creates a fiduciary responsibility,… Read More »
What If a Sole Beneficiary Wants to Share?
That doesn’t sound like a bad idea, right? However, Morningstar’s recent article entitled “3 Strategies to Consider When Sole Beneficiaries Want to Share the Wealth” says that there are a few hurdles to clear, such as the IRA administrator’s policies, income tax consequences, transfer tax consequences and the terms of the decedent’s will. Here’s… Read More »