Writing an estate plan is important, but it is not a once and done process. Instead, an estate plan must be reviewed and kept up to date to reflect a person’s goals. Failure to adequately update an estate plan has the potential to result in some very serious obstacles. The…
There are a number of myths that persist about estate planning. To perform successful estate planning, however, it is critical to learn which of these myths are incorrect. Unfortunately, one of the truths of estate planning is that errors have the potential to result in complications with the administration of…
There are several common myths about estate planning. One of these myths is that people who have small estates do not need estate plans. In reality, everyone has an estate. This means that even if you do not believe so or if you only have a small number of possession,…
Estate planning is never an easy process. Not only does estate planning force a person to face that they will inevitably pass away some day, the estate planning process also requires a person to meet a number of requirements. Even though they are the most common type of estate…
Estate planning serves a valuable purpose. Done correctly, estate planning can include all of a person’s end of life goals. If mistakes are made during the estate planning process, however, an individual can end up facing countless obstacles including paying more taxes and uncertainties about beneficiaries. In an effort…
The AARP reports that 64 percent of Americans do not have estate planning documents. While “do it yourself” estate planning documents might seem attractive if you do not have an end of life plan, they are not without risks. The advantages of “do it yourself” estate planning are clear.…
At the end of March 2019, the Pennsylvania Supreme Court heard the case of Gavin v. Loeffelbein, which concerns the appointment of emergency guardians. In the case, the Superior Court held that an emergency guardianship order automatically expired after a period of thirty days. In addressing this case, the…
In a case that provides an important lesson about the role of charitable deductions, The Ninth Circuit recently affirmed a tax court’s decision to sustain a deficiency against an estate because the estate had overstated its amount of charitable deductions. In the case, Ahmanson Foundation v. United States, the Ninth…
There are a number of risks associated with the estate planning process. Some of the risks involved with estate plans include how interest rates will change and how old the creator of the estate lan is when they die. Not to mentions, tax laws change frequently and depending on the…
In February 2019. The 2nd Circuit Court of Appeals heard the case of Pappas v. Phillip Morris, in which the plaintiff pursued Connecticut state law liability claim on behalf of her deceased husband’s estate. The district court previously dismissed some of the plaintiff’s claim on the basis that Connecticut did…