Posts Categorized: Estate Planning

2021 Estate Planning Checkup: Is Your Estate Plan Up to Date?

by Tara Cheever ~ Attorney at Law November 2, 2021 Estate Planning

Even if you put an excellent estate plan in place, it can turn out to be worthless for the people you love if it’s not regularly updated.

Estate planning is not a one-and-done type of deal – your plan should continuously evolve along with your life circumstances and other changing conditions, such as your assets and the law. 

No matter who you are, your life will inevitably change: families change, laws change, assets change, and goals change. In the absence of any significant life events, we recommend reviewing your estate plan annually to ensure its terms are up to date. READ MORE

How Estate Planning Can Bring Blended Families Closer

by Tara Cheever ~ Attorney at Law October 26, 2021 Estate Planning

Yours, mine, and ours, in today’s modern family, it’s oh so familiar. The blended family is the product of 2nd or more marriages, in which one or more of the parties comes with children from a prior marriage. And then, they may even go on to have children together.

Suppose you have or are part of a blended family. In that case, it’s essential to understand how estate planning could be precisely what you need to keep your family out of conflict and in love, both during life, in the event of incapacity, and when one or more of the senior generation or parents dies. 

Let’s begin with understanding where potential conflicts could arise when you have a blended family.  READ MORE

Why You Need a Trust – Even if You Aren’t Rich

by Tara Cheever ~ Attorney at Law October 19, 2021 Estate Planning, Trusts

When you hear the words, “trust fund,” do you conjure up images of stately mansions and party yachts? A trust fund – or trust – is actually a great estate planning tool for many people with a wide range of incomes who want to accomplish a specific purpose with their money.

Simply put, a trust is just a vehicle used to transfer assets, and trusts are especially useful for parents of minor children as well as those who wish to spare their beneficiaries the hassle of going to Court in the event of their incapacity or death.

And why would you want to keep your family out of court (known as avoiding probate)? READ MORE

Estate Planning Awareness Week: Don’t Fall Victim to These Common Myths

by Tara Cheever ~ Attorney at Law October 18, 2021 Estate Planning

This week is Estate Planning Awareness Week. To that end, we are geared towards helping you become aware of and better understand common estate planning myths. Left unaddressed, these myths can create serious trouble for your loved ones, often leading to intrafamily conflict, permanently damaged relationships and lengthy and expensive court battles. READ MORE

With Tax Laws in Flux: What Should You Do Now?

by Tara Cheever ~ Attorney at Law October 12, 2021 Estate Planning, Tax

Last week in our blog titled “House Democrats Propose Sweeping New Changes to Tax Laws That Stand To Have Major Impact on Estate Planning – Part 1,” we discussed the new bill’s proposed changes to tax rates and estate planning vehicles, including several different types of trusts.

Here, in part two, we’ll focus on what you should do now, given that the tax law is in flux and we may not have clear answers until close to the end of the year. READ MORE

House Democrats Propose Sweeping New Changes To Tax Laws That Stand To Have Major Impact On Business Taxation and Estate Planning – Part 1

by Tara Cheever ~ Attorney at Law October 8, 2021 Business Law, Estate Planning, Tax

On September 13, 2021, Democrats in the House of Representatives released a new $3.5 trillion proposed spending plan that includes a wide array of changes to federal tax laws. Specifically, the Democrats have proposed a number of significant tax increases and other changes to fund the plan, including increases to personal income tax rates and READ MORE

House Democrats Propose Sweeping New Changes To Tax Laws That Stand To Have Major Impact On Estate Planning – Part 1

by Tara Cheever ~ Attorney at Law October 6, 2021 Estate Planning, Tax

On September 13, 2021, Democrats in the House of Representatives released a new $3.5 trillion proposed spending plan that includes a wide array of changes to federal tax laws. Specifically, the Democrats have proposed a number of significant tax increases and other changes to fund the plan, including increases to personal income tax rates and the capital gains tax rate, along with a major reduction to the federal estate and gift tax exclusion and new restrictions on Grantor Trusts that would basically eliminate such trust’s ability to be used as planning vehicles.

While the proposed legislation is still under consideration and far from being finalized, given the broad-reaching impact these changes stand to have, we strongly encourage you to take action now if you would be affected by the proposed legislation if it does pass. With the exception of capital gains rate increase, which could go into effect on transactions that occur on or after Sept. 13, 2021, most of the proposed changes would be effective after December 31, 2021, meaning that you have time to plan now.

That said, due to the time it takes to plan and execute some of the financial and estate planning actions we’d need to support you with, we suggest you start strategizing now. That way, you’ll have plenty of time to take the appropriate action before the end of the year. With that in mind, here we’ll outline how the proposed tax law changes stand to affect your financial, tax, and estate planning, so you can contact us if you would be impacted if the new bill does pass. READ MORE

A Not-So-Happy Accident: Bob Ross’s Estate Planning Failures Leave His Son With Next to Nothing – Part 2

by Tara Cheever ~ Attorney at Law September 27, 2021 Business Law, Estate Planning

Bob Ross’ planning failures led to an ugly court battle between his former business partners and his family, who were fighting for control of the lucrative intellectual property rights to the Bob Ross brand.

Unfortunately, Bob’s son Steve ultimately lost his fight to benefit from the business empire built on his father’s persona and painting skills. Here in Part Two, we’ll explain the steps you can take to ensure that your loved ones don’t suffer the same fate and are able to fully benefit from all of your business assets following your death.

When it comes to the ownership of business assets, the legal agreements governing the ownership rights of a business are what determines who owns the business and its assets upon the death of an owner, regardless of what your estate plan says. This is why it’s essential that you make certain that any business agreements you enter into are in coordination with your estate plan. We can help you do this as long as we know about all of your business holdings, including your intellectual property and business entities when we handle your estate planning with you. READ MORE

A Not-So-Happy Accident: Bob Ross’s Estate Planning Failures Leave His Son With Next to Nothing – Part 1

by Tara Cheever ~ Attorney at Law September 20, 2021 Business Law, Estate Planning

As the host of the wildly popular The Joy of Painting TV series on PBS, Bob Ross became a pop-culture icon, who was equally famous for his giant head of hair, soothing baritone voice, and folksy demeanor as he was for his iconic landscape paintings. And like so many other artists, Bob’s artwork and image would become even more popular following Bob’s death in 1995.

Bob’s philosophy in both painting and life was that there “were no mistakes in life… just happy little accidents.” Sadly, as detailed in the recent Netflix documentary Bob Ross: Happy Accidents, Betrayal & Greed, Bob’s failure to coordinate his business agreements with his estate plan was anything but happy, leaving his only son largely unable to benefit from his father’s fame and fortune.

As we’ll discuss in this series, Bob’s planning failures have led to an ugly court battle between his former business partners and his family, who were fighting for control of the lucrative intellectual property rights to the Bob Ross brand. READ MORE

Estate Planning Must-Haves For Single Parents

by Tara Cheever ~ Attorney at Law September 16, 2021 Estate Planning, Healthcare, Trusts, Wills

Having an estate plan that covers the care of your children in case you should be in a severe accident, fall ill, or die welcomes peace of mind for the single parent knowing everything and everyone they love is taken care of.  Here are the must-haves that can protect your children if something were to ever happen to you: READ MORE

Legendary Rapper DMX Dies With No Will, Millions in Debt, and 15 Children – Part 2

by Tara Cheever ~ Attorney at Law September 7, 2021 Estate Planning, Healthcare, Tax, Trusts

As we reported last week in part one, Legendary hip hop artist DMX born Earl Simmons passed away on April 9 at age 50 after suffering a massive heart attack a week earlier at his home in White Plains, New York. The heart attack was reportedly triggered by a cocaine overdose on April 2, which left the rapper hospitalized in a coma. After a week of lingering in a vegetative state, his family made the decision to remove him from life support.

Although DMX was wildly successful in both music and movies, the rap icon experienced serious legal and financial problems, along with frequent issues with drug addiction throughout his career. Having fathered 15 children with nine different women, DMX’s money issues largely stemmed from unpaid child support, but he also failed to pay income taxes, and both of these issues would land the rapper in prison and rehab on more than one occasion.

The saddest part of this whole situation is that virtually all of the conflict, expense, and trauma that DMX’s loved ones are likely to endure could have been easily prevented with straightforward estate planning. Using revocable living trusts, for example, DMX could have ensured that his children and fiancée would have immediate access to his assets upon his death or incapacity, avoiding the need for court involvement altogether and keeping the contents and terms of his estate totally private. READ MORE

Legendary Rapper DMX Dies With No Will, Millions in Debt, and 15 Children – Part 1

by Tara Cheever ~ Attorney at Law August 31, 2021 Estate Planning, Wills

Legendary hip hop artist DMX, born Earl Simmons, passed away on April 9 at age 50 after suffering a massive heart attack a week earlier at his home in White Plains, New York. The heart attack was reportedly triggered by a cocaine overdose on April 2, which left the rapper hospitalized in a coma. After a week of lingering in a vegetative state, his family made the decision to remove him from life support.

DMX and Desiree, who were engaged in 2019, had been together for seven years, and she gave birth to his 15th child, a boy named Exodus Simmons, in 2016. However, because the two were never married and DMX did not create any estate planning providing for her, Desiree will likely inherit nothing from her late fiance’s fortune.

Don’t let what happened to DMX’s family happen to your loved ones. Whether you have no estate plan at all or have a plan that needs review, even one created by another lawyer, contact us, as your Family Lawyer, today. With our support and guidance, we can ensure that your loved ones will always be provided for and stay out of court and out of conflict no matter what happens to you. READ MORE

Don’t Forget To Protect Your Furry Family: Estate Planning For Your Pets

by Tara Cheever ~ Attorney at Law August 24, 2021 Estate Planning, Pets, Trusts

Humane Society estimates that between 100,00 to 500,000 pets are placed in shelters each year for exactly this reason, and a large number of these animals are ultimately euthanized.

Unfortunately, the law considers pets to be nothing more than personal property just like cars, furniture, and electronic devices. So unless you take the proper steps to include your pet in your estate plan, your beloved companion could end up in a shelter or worse following your death or incapacity. READ MORE

Everything You Need to Know About Including Digital Assets In Your Estate Plan – Part 2

by Tara Cheever ~ Attorney at Law August 18, 2021 Digital Assets, Estate Planning

Last week in part one, we discussed some of the most common types of digital assets and the current legal landscape governing what happens to those assets upon your death or incapacity. Here, we offer some practical tips to ensure all of your digital assets are properly included in your estate plan, so these assets can provide the most benefit for your loved ones for generations to come. READ MORE