The odds are favorable that you will be either the Principal or the Agent in a power of attorney, or POA, at some point in your life. A POA can be an extremely useful legal tool when drafted and used properly. Unfortunately, people frequently execute a POA without really understanding the power and authority they are bestowing on the Agent. For example, exactly how does an agent use a power of attorney? Furthermore, are there limits to the authority granted to an Agent under a POA? A power of … [Read more...] about How Does an Agent Use a Power of Attorney?
Famous Estates – Legacy Champ or Chump?
Katharine Hepburn (1907-2003) - Actress Katharine Hepburn was an American actress known for her fierce independence and spirited personality. As a leading lady in Hollywood for more than 60 years she appeared in a range of genres, from screwball comedy to literary drama. Hepburn received four Academy Awards for Best Actress and in 1999 she was named by the American Film Institute as the greatest female star in Hollywood history. Upon her death President George W. Bush said Hepburn “will be … [Read more...] about Famous Estates – Legacy Champ or Chump?
Can You Be the Trustee of My Living Trust?
Trusts have become an increasing popular addition to any estate plan. The reasons for this are varied and numerous. Trusts allow for flexibility when creating an estate plan as well as help your estate avoid probate. In addition, trusts may help decrease your gift and estate tax exposure. When you create a trust you must appoint a trustee. One question we often get asked is “Can you be the trustee of my living trust?” The short answer to that question is “yes”; however, it helped to better … [Read more...] about Can You Be the Trustee of My Living Trust?
What Is a Pour Over Will and Do I Need One?
When discussing estate planning you may have heard the term “pour over Will” used at some point and wondered “What is a pour over Will and do I need one?” The simple answer to that is that if you are relying on a revocable living trust to handle the fate of your estate assets after your death you should also create a pour over Will as well. A Last Will and Testament typically serves as the foundation of an estate plan; however, you may choose to rely on a revocable living trust to handle your … [Read more...] about What Is a Pour Over Will and Do I Need One?
Famous Estates – Legacy Champ or Chump?
Mary Pickford (1892-1979) - Actress, Producer & Screenwriter Mary Pickford was a Canadian-American motion picture actress, cofounder of the film studio United Artists and one of the original 36 founders of the Academy of Motion Picture Arts and Sciences. Known to many in the U.S. as “America’s Sweetheart” and “Little Mary,” she was one of the Canadian pioneers in early Holly wood and a significant figure in the development of film acting. In consideration of her contributions to American … [Read more...] about Famous Estates – Legacy Champ or Chump?
What Is a QTIP Trust?
When you sit down to create or revise your estate plan you may decide to include a trust agreement in your overall plan. Among the many benefits of including a trust is that trusts have evolved to the point where there seems to be a specialized trust for just about every estate planning goal or objective. A QTIP trust, for example, is an excellent way to provide for a second spouse while still protecting and reserving assets for your children. All trusts share the same basic elements – a … [Read more...] about What Is a QTIP Trust?
Who Should Be Designated as Successor Trustee of a Family Wealth Trust?
If you are fortunate enough to have a sizable estate to pass down to future generations you are likely aware of how important it is to create a comprehensive estate plan that will facilitate the transfer of your family wealth in the most efficient and cost-conscious manner possible. Within your estate plan you may plan to incorporate a family wealth trust, or FWT. If so, you will likely appoint yourself to be the trustee of the FWT; however, you may be wondering “Who should be designated as … [Read more...] about Who Should Be Designated as Successor Trustee of a Family Wealth Trust?
How Often Should an Estate Plan Be Reviewed and Updated?
If you have taken the time and effort to create a comprehensive estate plan you are to be congratulated. Over half of all Americans have yet to create an estate plan despite understanding the importance of doing so. Don’t stop now though! Creating your estate plan is only the first step to ensuring that you, your assets, and your loved ones are protected now and in the future. The next step is to review and revise that plan on a regular basis and when life events call for an … [Read more...] about How Often Should an Estate Plan Be Reviewed and Updated?
Famous Estates – Legacy Champ or Chump?
Philip Seymour Hoffman (1967-2014) - Actor Philip Seymour Hoffman’s death was a tragedy. For his loved ones, the pain resulting from his tragic, sudden death was amplified when his long-term partner and their three children found out what the estate plan entailed. The 46-year-old actor’s estate was reportedly worth $25 million. He and his partner of 15 years, Mimi O’Donnell, had three children together. They never married, and Hoffman last updated his estate plan in 2004. At the … [Read more...] about Famous Estates – Legacy Champ or Chump?
How Are Elder Law Fees Handled?
Elder law is a relatively new area of the law, yet there is a good chance that you will need an elder law attorney at some point in your life. You may find yourself in need of an elder law attorney or you may be the caretaker of an older loved one who is need of advice and assistance from an elder law attorney. Either way, you will likely have a number of questions for your elder law attorney, such as “How are elder law fees handled?” Because each attorney has his or her own system of … [Read more...] about How Are Elder Law Fees Handled?
