Articles Posted in Wills

The pandemic has created substantial challenges for many people and disrupted countless facets of daily living. Low-interest rates and depressed asset values, however, have created an ideal situation for estate planning. If you’re interested in planning for the future, there are some unique estate planning strategies that you should consider utilizing. This article reviews just a few of the most potentially helpful techniques that you should consider using during the Covid-19 pandemic. 

# 1 – Annual Gift Tax Exclusions

This amount refers to the amount that a person can give away each year without being subject to taxes. Currently, a person can pass $15,000 in assets tax-free to any person in any one year. This amount applies to how much can be given to one individual, which means that a person could make an unlimited number of gifts below this amount to various people without being subject to taxation.

In the 2020 case, In the Estate of Mayberry, a Texas court ruled that the common-law wife of a deceased individual who died interstate lacked standing to remove the deceased’s daughter as an independent administrator. 

The court’s ruling was based on the perspective that the deceased’s daughter was not an “interested” party following a settlement agreement between the daughter and the deceased’s common-law wife to voluntarily release all of the daughter’s rights in the estate.

Under the terms of the agreement, the daughter agreed to accept $2,000 as “consideration” for the settlement and release of all claims to any part of the deceased individual’s estate. The daughter later argued that she did not release her right to receive an inheritance from the estate but had only released “claims” against the estate. The daughter argued that her right to receive an inheritance from the estate was not a claim against the estate. 

Countless families have members who are black sheep. These individuals can end up influencing how the family passes on assets. Regardless of the situation, it is critical to evaluate and reflect on your beneficiary’s situation when it comes to estate planning. As a result, this article reviews some critical issues to consider about estate planning if you have a black sheep in your family.

# 1 – You Need Not Divide Your Assets Equally

Disinheriting a beneficiary is a more routine occurrence than many people think. There are various reasons why you might decide to disinherit a beneficiary that has little to nothing to do with that beneficiary’s lifestyle. Parents might decide to leave more assets to a special ended child. Other times, parents might have helped a house with something while the parent was alive and wants now to make sure that an equal amount of assets are passed to each child. Regardless of your reasons for disinheriting a beneficiary, it is a good idea to explain either in your estate documents in a separate document your intention for unequally dividing  assets.

While trusts grow in their popularity and usage, some people still encounter difficulties in creating a trust. One problem that some clients face is banks and financial institutions who create challenges in funding a trust. 

While this problem is not all that common, it is still helpful to understand why these challenges can arise. This article also reviews some of the benefits that people commonly realize through the creation of a trust.

Common Challenges involved with Trust Funding

Trust protectors are becoming an increasingly common part of estate plans in New York as well as the rest of the country. A trust protector refers to someone who is appointed to look over a trust and make sure that the trust is not adversely affected by changes in the law. 

Appointing a trust protector is not a decision that benefits everyone. As a result, this article reviews some of the biggest advantages that people realize throughout appointing a trust protector.

# 1 – Make Changes to a Trust without Formal Amendments

After the devastation of accepting the loss of a loved one subsides, it can be challenging to determine how to best process. Unless you have navigated this process before, performing the various tasks asked of an executor can seem overwhelming. 

As a result, this article reviews some pieces of advice that will make the selection of an executor easier. 

# 1 – Understand the Role of an Executor 

Following a diagnosis of Alzheimer’s, you and your loved one will end up facing a number of serious challenges. 

For one, there are a number of difficult emotions including fear and uncertainty about what the future holds. Second, there are a number of complex issues involving estate planning. 

As a result, this article reviews some important estate planning tips that you should remember following an Alzheimer’s diagnosis of a loved one.

There are few things as painful in life as the death of a spouse. In addition to weathering the devastating emotions like loneliness and sadness that accompany this process, it is still important to plan for your future as a widow or widower. 

Unfortunately in some situations, the surviving spouse might have even been left out of financial and estate planning decisions that were made before death. 

This article reviews some of the important strategies that you should remember when it comes to estate planning and the death of a spouse.