In the old movie The Princess Bride, one of the primary characters constantly uses the word “inconceivable.” Eventually, one of the other characters says, “I do not think this means what you think it means.” The same thing applies to using Joint Tenants with Rights of Survivorship (JTWROS) as an estate planning tool. There are times when JTWROS is [...]
When Aretha Franklin, the Queen of Soul, died in August 2018 she left behind a legendary career and a massive music legacy that touched millions of people. She also left an estate worth $80 million and a legendary family controversy because no one could find a Will, a Trust or any kind of estate plan that outlined her wishes. [...]
Having estate planning conversations with a spouse is not always the easiest thing to do because it’s a reminder of the inevitable. It can be even more difficult when one spouse is dying and the other spouse realizes there are estate issues that need to be addressed before death occurs. What should you do? Review estate plans currently in [...]
Remember that old adage, nothing is certain except death and taxes. Well, no matter your belief structure, or whether you’re reluctant to admit your own mortality, it’s a fact that none of us will live forever. And since no one knows if their demise will happen quickly or be proceeded by a lengthy illness, it’s good to make plans ahead [...]
Someone close to you dies and you are now the executor of the estate. You’ve never been in this position before and if you’re like many of my clients who have been faced with settling an estate, you’re a little panicked by the whole prospect—you’re staring into the great unknown with no idea of what it all entails. One [...]
Have you made preparations? It’s a question I’ve asked clients more times than I can count, but I was reminded of the significance of the question and the possible consequences when I recently asked the same thing of a family member. Bill (not his real name) is 70 years old and never been married. He’s in the early stages [...]
Sam sat at the table holding his chin in his hand. “My kids are going to inherit my estate. Do I give it to them now or let them inherit it after I’m gone?” That’s an estate planning question that’s been pondered ad infinitum. There is no black-and-white answer. Your decision will be based on your particular circumstance. But [...]
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