Posts Categorized: Wills
Anne Heche Dies with Conflict Around Her Will, Leaving Her Sons & Estate in Legal Limbo – Part 1
by Tara Cheever ~ Attorney at Law
September 27, 2022
Estate Planning, Wills
Actress Anne Heche died this August following a tragic car accident in which she plowed her vehicle into a West Los Angeles home, where it burst into flames. After being pulled from the wreckage, the Emmy Award-winning actress was hospitalized in critical condition, suffering from severe burns and smoke inhalation.
The fiery accident left Heche brain dead and comatose, but she was kept on life support for seven days in order to identify a suitable recipient for her organs, which was in line with the actress’ wishes, according to a statement from her publicist. After a successful match with organ donors, Heche was removed from life support on August 14th, and she died shortly thereafter. She was 53 years old.
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Things to Consider Before Accepting Your Inheritance
by Tara Cheever ~ Attorney at Law
September 23, 2022
Estate Planning, Trustee, Wills
An inheritance, like the loss of a loved one, can be life-changing. While there is no law that requires you to accept an inheritance, there are sometimes good reasons for doing so. And if you choose to turn down a gift, that does not mean it will end up in the hands of the state. Before accepting or rejecting an inheritance, you might seek legal and tax advice about the implications of either decision.
An estate plan contains instructions for distributing a person’s money and property when they pass away. Some families discuss who will receive certain accounts or property. For example, maybe all of the kids are asked if they would like to inherit an item from mom’s collection of family heirlooms.
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President Biden’s Student Debt Relief Plan Explained with FAQS
by Tara Cheever ~ Attorney at Law
September 20, 2022
Estate Planning, Trusts, Wills
This August, President Biden, Vice President Harris, and the U.S. Department of Education (DOE) announced a three-part plan to help low and middle-income families deal with the increasingly burdensome cost of paying for college while also making the student loan system more efficient and easier for borrowers to manage. The most dramatic part of the plan includes the cancellation of up to $20,000 in student loan debt, which would benefit an estimated 43 million borrowers, and completely cancel the debt of 20 million.
Since 1980, the cost of public and private colleges has nearly tripled, yet federal assistance hasn’t kept pace with the increased expense. Indeed, Pell Grants once covered roughly 80% of the cost of a four-year public college degree, but today they cover just one-third. This has forced many students to rely on student loans, and today’s typical undergraduate student leaves college with nearly $25,000 in debt, according to the DOE.
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Top Four Estate Planning Questions to Answer When Using Assisted Reproductive Technology
by Tara Cheever ~ Attorney at Law
September 16, 2022
Estate Planning, Trusts, Wills
From a financial perspective, now is a good time to start planning for your child. As you are probably aware, the ART process can be expensive. Having a proper financial plan can help alleviate some of your worries during the process. Raising a child is also expensive; the cost of food, clothing, shelter, toys, and education must be considered. Even if you are not expecting a child imminently, setting money aside or preparing a budget to accommodate these expenses can put you on the right financial path.
When it comes to addressing your child in your estate plan, including who will be the child’s guardian if something should happen to you, how much money the child will receive, and when the child will receive an inheritance, it is best to wait until the child is soon born. While you can plan for a potential child, your estate planning documents will be clearer if you plan for things as they are at the time of drafting. However, you can still create an estate plan now and change your plan when a child is born. Creating an estate plan is not a one-and-done event. It must change and evolve as your, and your family’s circumstances change.
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Protect Your Aging Loved Ones From Undue Influence
by Tara Cheever ~ Attorney at Law
September 6, 2022
Estate Planning, Trusts, Wills
Following the death of a loved one, close family members are sometimes surprised to learn that they didn’t receive the inheritance they were expecting and that the deceased instead left most of their estate to an individual they only recently met, who wasn’t even a relative. While it’s not always the case, in some situations, this can mean your loved one was taken advantage of by a bad actor, who manipulated him or her into cutting out close family members from their plan and leaving assets to the bad actor instead.
This is called “undue influence,” and it’s not only unethical, it’s illegal and considered a form of elder abuse. Given the growing number of seniors, the prevalence of diminished capacity associated with aging, and the concentration of wealth among elderly Baby Boomers, we’re likely to see a serious surge in the number of cases involving undue influence in the coming years.
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Think Your Estate Plan is Complete? Make Sure You’re Not Missing These Important Points
by Tara Cheever ~ Attorney at Law
September 2, 2022
Estate Planning, Trusts, Wills
Roughly two-thirds of Americans do not have an estate plan. If you are among the minority of US adults who have prepared a will, living trust, and other end-of-life documents, you may think your estate plan is settled. But you might want to think again. An estate plan is a living set of documents that should be regularly reviewed and updated. Even if you are vigilant about changing your estate plan over time, there may be aspects that you have missed, such as beneficiary designations for retirement accounts or life insurance policies.
Because your estate plan relies on others, such as designated decision-makers and beneficiaries, it is important to consider not only what might happen to you but also what might happen to them. There may be other aspects of your estate plan that you have overlooked as well. The best-laid plans often go awry, but paying attention to the smallest details can help keep your final wishes intact.
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What Your Last Will & Testament Will (And Will Not) Do – Part 2
by Tara Cheever ~ Attorney at Law
August 30, 2022
Estate Planning, Wills
Like most court proceedings, probate can be time-consuming, costly, and open to the public. Moreover, during probate, there’s also the chance that one of your family members might contest your will, especially if you have disinherited someone or plan to leave significantly more money to one relative than the others. Even if those contests don’t succeed, such court fights will only increase the time, expense, and strife your family has to endure.
Bottom line: If your estate plan consists of a will alone, you are guaranteeing your family will have to go to court if you become incapacitated or when you die. Fortunately, it’s easy to ensure your loved ones can avoid probate using different types of trusts, so meet with us, your attorney, to spare your family this unnecessary ordeal.
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What To Do if Your Trustee Is Unresponsive
by Tara Cheever ~ Attorney at Law
August 26, 2022
Estate Planning, Successor Trustee, Trustee, Trusts, Wills
First things first, if your trustee has not responded to you, try examining your contact method. How have you tried to contact them? If you have left them a phone message, try sending them an email instead. If a text message has received no response, try sending a letter through the mail. And it should be obvious, but if you are argumentative or hostile, it is not surprising that the trustee is not responding, even if they have a duty to do so.
If you cannot speak in a civil manner to the trustee, try keeping all of your communication in writing, be clear about your questions and requests, and do so without accusations or threats. If you have tried multiple methods of communication with your trustee in a civilized manner and still have not received any response, then it is probably time to take it to the next level of involving the attorney.
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What Your Last Will & Testament Will (And Will Not) Do – Part 1
by Tara Cheever ~ Attorney at Law
August 23, 2022
Estate Planning, Wills
August is “National Make-A-Will Month,” and if you have already prepared your will, congratulations – too few Americans have taken this key first step in the estate planning process. In fact, only 33% of Americans have created their will, according to Caring.com’s 2022 Wills and Estate Planning Study.
Yet, while having a will is important, and all adults over age 18 should have this document in place for all but a few people, creating a will is just one small part of an effective estate plan that works to keep your loved ones out of court and out of conflict. With this in mind, here we look at exactly what having a will in place will and will not – do for you and your loved ones in terms of estate planning.
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How to Keep Your Child’s Inheritance Out of Your In-Law’s Hands
by Tara Cheever ~ Attorney at Law
August 19, 2022
Estate Planning, Trustee, Wills
During a marriage, the lines between what each partner owns can blur. Generally, whatever is acquired during the marriage by either partner becomes a marital property that is subject to division in the event of a divorce, but there are exceptions.
One exception is a bank account that is kept separate during the marriage. Inheritance money that you leave to your child or monetary gifts that you give to your child during your lifetime can theoretically go into a separate account. However, in practice, it can be difficult for spouses to avoid commingling bank accounts. Even something as simple as depositing marital money into the account or using it to pay bills during the marriage could make the account marital property.
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3 Critical Considerations For How To Save For Your Child’s (or Grandchild’s) College Education – Part 2
by Tara Cheever ~ Attorney at Law
August 16, 2022
Estate Planning, Trusts, Wills
As we noted in part one, one alternative way to save for your offspring’s higher education is by using an irrevocable trust. Although there isn’t any income tax deferral on income earned by the assets held by these trusts, it is possible to structure a trust, so your beneficiaries could qualify for financial aid that they may otherwise be ineligible for with a 529 plan. Depending on your situation, qualifying for financial aid may prove even more valuable than savings on the income taxes owed on income earned by the trust.
Here in part two, we’ll further discuss how these trusts work and why they may be an attractive alternative to 529 plans if you are looking to save for your loved ones’ education – whether that education is college or some other form of learning.
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Questions You Should Ask Your Estate Planning Attorney
by Tara Cheever ~ Attorney at Law
August 12, 2022
Estate Planning, Trusts, Wills
Creating an estate plan is a personal and often emotional undertaking, making the selection of your estate planning attorney of the utmost importance. Here are some questions you should ask your estate planning attorney to determine if they are the right person for the job.
At its core, estate planning is a personal endeavor. Many estate planning attorneys have personal experiences that influenced their decision to specialize in this area. Asking this question can help you get to know your attorney and their reasons for practicing the way they do. These attorneys are passionate about their work and happy to share their background and the experiences that brought them to choose estate planning as their practice area. If the attorney you are considering has no particular reason for choosing estate planning, then perhaps you should keep looking.
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3 Critical Considerations For How To Save For Your Child’s (or Grandchild’s) College Education – Part 1
by Tara Cheever ~ Attorney at Law
August 9, 2022
Estate Planning, Trusts, Wills
Since the pandemic’s start, college enrollments have declined by over one million students over the past two years. With college tuition getting more and more expensive, many students are considering alternatives to the traditional higher education path.
Gap years, travel, trade programs, and online training are replacing the traditional college education path for many. If you want that to be an option for your children or grandchildren, you should be aware that the traditional college savings plans may not be the right fit for your family.
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Three Steps You Can Take Now to Protect Your Artistic Legacy
by Tara Cheever ~ Attorney at Law
August 5, 2022
Estate Planning, Trusts, Wills
The first step is to catalog your artwork, including pieces that you have sold. Make sure to specify to whom they were sold and for how much. This information can be helpful in valuing artwork that has not sold and providing a list of potential buyers for when you pass away. You should also include any pieces of artwork that you have lent. This knowledge will be helpful for your loved ones to determine who has the artwork and under what circumstances it will need to be returned. Your list should also include any pieces that have been licensed to someone else. It will be important for your loved ones to know about this stream of income, which could continue after your death. Also, consider including a list of pieces that you have gifted to individuals or donated to charities. Be sure to include any pieces that you have kept for yourself.
After you have compiled a list of your artwork, it will then be important to determine the value of any piece that has not already been appraised, and that is still considered yours (having been neither donated nor sold). This process can help you understand the value of everything you own (an important step in the estate planning process) and determine if you have adequate insurance to cover your artwork’s value. Just like other pieces of tangible personal property, your artwork can be susceptible to theft and destruction and needs to be protected.
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4 Essential Strategies For Protecting Your Family’s Assets
by Tara Cheever ~ Attorney at Law
August 2, 2022
Asset Protection, Estate Planning, Trusts, Wills
Insurance is always the first line of defense when it comes to asset protection. Anyone can file a lawsuit against you at any time – and basically for any reason. And whether you are ultimately found at fault or not, defending yourself in court can be extremely costly.
The insurance coverage you purchase should not only pay damages if a lawsuit against you is successful, the policy should also cover the cost of hiring a lawyer to defend you in court, whether you win or lose your case. And because a large judgment could exceed your policies’ coverage limits, you should also seriously consider buying umbrella insurance.
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