Monthly Archives:: November 2023

Jimmy Buffett died on September 1, 2023, at age 76 after a diagnosis of Merkel cell carcinoma (skin cancer) four years earlier. He was a renowned singer-songwriter, film producer, businessman, novelist, and philanthropist.

Buffett released his first album, Down to Earth, in 1970. By 2023, his net worth was officially $1 billion, including a $180 million stake in his company, Margaritaville Holdings LLC, which opened in 1985 and now brings in $1 to $2 billion annually.  READ MORE

Lifetime gifts are commonly utilized to minimize estate and inheritance taxes, particularly given the current federal estate tax threshold of $12.92 million. In addition to federal regulations, twelve states and the District of Columbia impose their own estate or inheritance taxes.

Individuals seeking to reduce their taxable estate often consider gifting assets to friends and family. However, a recent case from the United States Court of Appeals for the Third Circuit underscores the importance of carefully timing and structuring such gifts. In this case, the failure to finalize gifts in the form of checks before the donor’s death resulted in a significant financial loss for the estate and its heirs READ MORE

The holiday season is approaching, offering a unique opportunity for family gatherings. If you’ve been contemplating discussions about financial matters, inheritance, end-of-life decisions, estate planning, and family wealth, having everyone together presents an ideal scenario. However, broaching these sensitive topics during festive occasions may not be appropriate.

1. Share Your Intention Ahead of Time: Initiate discussions about financial matters well in advance. If you have regular interactions with your family, casually mention your thoughts about creating a plan for your finances and family care. Planting the seed early on can make the idea more palatable. As the family gathering approaches, revisit the topic with more intention, seeking input on the best time for a dedicated conversation. Address any concerns the host may have, ensuring everyone is prepared for a meaningful discussion. READ MORE

With the increased coverage of artificial intelligence (AI) and all of the applications it can have in our everyday lives, some people may wonder whether an AI program can create an estate plan for them. While AI may be able to generate basic estate planning documents, including wills and trusts, there is no guarantee that they will be valid and enforceable.

Providing accurate information and executing the documents in compliance with your state’s laws is critical. Otherwise, your documents will not work as intended. Most people do not have the legal knowledge necessary to determine what clauses and language should be included in a will or trust to accomplish estate planning goals. They also are not familiar with state laws or how to comply with them. This is why people rely on experienced attorneys to prepare the necessary documents to carry out their wishes. READ MORE

Soon after the challenges of puberty and the excitement of high school, an even larger milestone looms: the 18th birthday. It marks your child’s transition from childhood to adulthood, and with it new responsibilities and rights. From a legal standpoint, this milestone also brings significant changes that every parent should be aware of. 

In the eyes of the law, an individual is considered a legal adult at the age of 18. This means that your child gains certain rights and privileges, including the ability to enter into contracts, vote, buy property, and make medical decisions for themselves. While this newfound independence is a crucial part of growing up, it can also pose challenges for parents, especially when adult children need their parents’ help or need someone to make decisions on their behalf. READ MORE

When planning for the future, it’s common to consider who will inherit financial accounts, properties, and other valuable assets. Yet, it’s equally important to recognize the worth of personal belongings. These items, often overlooked, hold their own significance. To ensure a comprehensive estate plan, take a moment to ponder these questions about your personal property. This step can greatly contribute to a well-rounded approach in securing your legacy.

Value is subjective and varies from person to person. For example, an antique clock may hold significant monetary worth, whereas your grandmother’s class ring may carry sentimental value. It’s important to recognize that different types of value require distinct strategies when considering how they will be passed on or distributed in your estate plan. READ MORE