Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys John Ober may or may not have thought he was married, but a Montana court certainly believed he was – and the fact that he was married determined what happened to his estate. John Ober and Selma Klein had a long-term live-in relationship which lasted for many years. John proposed to Selma in 1987, but they never applied for a marriage license and never had a marriage ceremony. They kept filing tax … [Read more...] about The Accidental Spouse

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys Your estate plan is prepared. Your Living Trust is in place and properly funded, you have a Pour-Over Will just in case, and your incapacity plan is ready and waiting in the event you need it. Is it time to part ways with your attorney? Not at all! In fact, your relationship with your estate planning attorney has just started, and here's why: Your Estate Plan Should Be Reviewed and Updated … [Read more...] about I Have an Estate Plan: Do I Still Need My Attorney?

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys Parents of adult children often don't give much thought to the manner in which their children receive their inheritances. They decide how to divide their assets and then distribute their estates directly to their children - end of story. If you want to make sure your children enjoy flexibility in accessing and using their inheritances while minimizing the impact of taxes, divorce, lawsuits, and other … [Read more...] about Why a Trust Makes Sense – Even If Your Child Is Not a Child

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys What would you think about your next-door neighbor or your nosy sister-in-law thumbing through the pages of your Will or perusing your financial records? The mere idea probably shocks and outrages you. Maybe it even embarrasses you a little. Would you be surprised to find out that after you pass away, your Will is filed with your local probate court, and your probate file is open to the public? Anyone … [Read more...] about Planning Your Estate With Privacy in Mind

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys We all want to do our very best to provide for our families, both during our lifetimes and after we're gone. That is why we work hard, manage our finances carefully, and take estate planning seriously. The estate planning landscape has changed significantly in just a few years, and the opportunities are better than ever for those of us who want to leave a true legacy for our loved ones. A generation or … [Read more...] about Your Family Deserves More Than an Estate Plan

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys As you look back over your life, you realize just how much your parents' support has meant to you. They were there as you took your first faltering baby steps, they supported you with advice and encouragement as you navigated adolescence, and, even as you ventured into adulthood, you knew your parents would be there to help you face life's unending questions and challenges. Years later, the roles are … [Read more...] about Helping Your Parents Age Gracefully

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys Who hasn't daydreamed about what they'd do with an inheritance? We imagine a sudden windfall from a long-lost relative and think about the new car we'd buy, the long vacation we'd take, or the beautiful new home we'd move into. In reality, inheriting money can be a little more complicated, and it can give rise to unanticipated questions and concerns. Here are answers to four common concerns about … [Read more...] about What to Expect When You’re Inheriting

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys Estate planning. It's on everyone's "should do" list, but it rarely seems to make it to the top of the "to do" list. Maybe that's because estate planning is surrounded by myths and misconceptions. People think it's only for the wealthy, or only for the elderly. The truth is, everyone needs some form of estate planning, because estate planning is life planning. Let's do away with five common estate planning … [Read more...] about Five Estate Planning Myths

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys Since Congress introduced the Roth IRA in 1997, certain retirement account owners have been able to choose between two kinds of accounts with very different features. Whether a Roth is the right option for you depends on a number of factors, including your income and your savings goals. Traditional IRA A traditional IRA is a tax-deferred account. Contributions to the account are made with pre-tax … [Read more...] about Does a Roth Make Sense for You?

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys According to the Center on Budget and Policy Priorities, only the wealthiest one out of every 400 estates owed an estate tax in 2009. For those who may be subject to estate tax, a properly-drafted estate plan can help reduce or eliminate estate taxes. It can also help to minimize capital gains and income taxes. But estate planning is about more than reducing taxes - it's about planning for life. When you … [Read more...] about The Estate Tax Is Not the Only Consideration in Estate Planning