Our Estate Planning Blog
If you have updated your estate plan during the Covid crisis and even found a way to sign your documents while maintaining social distance, do not overlook the last step of trust funding.
One problem that frequently stems from the inheritance process is fractured relationships between siblings. Unfortunately, the common denominator in many of these situations is the parents’ estate plan.
Although there is often a progression of complexity in estate planning, this progression generally follows stages in life rather than specific ages.
The surviving daughters of Don Lewis, a Tampa man who went missing 23 years ago this month, have filed a lawsuit in Hillsborough County court against Tiger King subjects Kenny Farr and Carole Baskin, along with a woman listed as a witness on Lewis’ will.
We may think of a spoiled heiress to a large fortune, whose parents were savvy enough to prevent her from having full access to her funds. On the other hand, we could imagine a loved one with special needs, whose needs will be provided for with trust-protected money.
A fiduciary is someone who manages property or money on behalf of someone else. When you become a fiduciary, the law requires you to manage the person’s assets for their benefit—and not your own.
The period leading up to and shortly after losing a close relative is often one of the most emotionally demanding times that we, as humans, experience.
Death is not a favorite conversation topic. However, we all know it is something we must at some point discuss. The loss of a close friend or family member, or an event, such as the COVID-19 pandemic, seems to bring the topic to the forefront.
Sometimes, despite best intentions and best efforts, an estate plan leaves unintended problems for heirs, trustees and others to solve. For example, a trust may have become outdated because of changes in tax laws, the birth or death of family members, or special circumstances like an heir’s disability.
Estate planning is not just about saving taxes, it is also about managing and protecting your assets against future creditors, both for you and for your beneficiaries.
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