Posts Categorized: Wills
5 Ways DIY Estate Plans Can Fail & Leave Your Family At Risk – Part 1
by Tara Cheever ~ Attorney at Law
January 18, 2022
Estate Planning, Guardians for Minor Children, Incapacity, Personal Representative, Power of Attorney, Trust Administration & Probate, Trustee, Trusts, Wills
Creating your estate plan using online document services can give you a false sense of security – you think you’ve got estate planning covered when you most likely do not. DIY plans may even lead you to believe that you no longer need to worry about estate planning, causing you to put it off creating a proper plan off until it’s too late.
In this way, relying on DIY estate planning documents is one of the most dangerous choices you can make. In the end, such generic forms could end up costing your family even more money and heartache than if you’d never gotten around to doing any planning at all.
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QTIP Trust – Will My Spouse Get What They Need?
by Tara Cheever ~ Attorney at Law
January 14, 2022
Estate Planning, Successor Trustee, Trustee, Trusts, Wills
A qualified terminable interest property (QTIP) trust is an estate planning tool that married couples can use to minimize uncertainty about the future and maximize certain tax advantages. Since no one can predict how much they will own at the time of their death, which spouse will die first, whether the surviving spouse will remarry, or what the estate tax rate will be when they die, a QTIP trust can help deal with and minimize these uncertainties without the need for a crystal ball.
The most common form of a QTIP trust is a testamentary QTIP, created when the first spouse dies. This QTIP is a marital trust established as part of a married couple’s estate plan to hold money and property for the surviving spouse’s benefit. This trust may be the only one created at the first spouse’s death, or it may be part of a multiple trust arrangement where, after the first spouse’s death, the family trust (or credit shelter trust) receives an amount equal to the federal estate tax exemption and the marital trust gets the rest.
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Preventing Family Conflict And Disputes Over Your Estate Plan
by Tara Cheever ~ Attorney at Law
January 11, 2022
Estate Planning, Trusts, Wills
Family dynamics are highly complicated and prone to conflict even during the best of times. But when tragedy strikes a household member, even minor tensions and disagreements can explode into bitter conflict. And when access to money (or even quite often, sentimental items of furniture or jewelry) is on the line, the potential for discord is exponentially increased. Ultimately, there is no higher cost to families than the cost of lost relationships after the death or incapacity of a loved one.
By becoming aware of some of the leading causes of conflict over your estate plan, you’re in a better position to prevent those situations through effective planning. Though it’s impossible to predict how your loved ones will react to your estate plan, the following issues are among the most common catalysts for conflict.
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Life Insurance and Estate Planning: Protecting Your Beneficiaries’ Interests
by Tara Cheever ~ Attorney at Law
January 4, 2022
Estate Planning, Trusts, Wills
A common misconception people have about life insurance is that they only need to designate their spouse, child, or loved one as the policy’s beneficiary to ensure that the life insurance benefits will be available to the beneficiary when they die. Life insurance is a significant financial and estate planning tool. Still, there is no guarantee that your beneficiary will receive or keep the benefit from your insurance without certain protections in place.
Despite the estate tax exemption currently being at a historic high, the exemption amount will likely change under the current administration or sunset in 2026 at the latest. Therefore, if you have purchased life insurance, consider taking the extra step to ensure that your loved ones’ financial futures are secure.
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Untangling Tangled Titles: Homeownership, Property Deeds, and Estate Planning
by Tara Cheever ~ Attorney at Law
December 17, 2021
Asset Protection, Estate Planning, Trusts, Wills
Do you own the home you live in?
If you are currently living in a property that you inherited, but the deed has not been transferred into your name, you may be surprised to learn that, under the law, you are technically not the owner. This legal situation is known as “tangled title.” A tangled title negatively impacts a property’s current occupant in several ways. It can also harm generational wealth and even contribute to fraud.
Most of their wealth is tied up in their home for many households. However, until a tangled title is resolved, you cannot take full advantage of your home’s value. Untangling a tangled title is often a complicated legal process that requires attorney assistance. There are costs, but not straightening out a title could be much higher in the long term.
Title and deed are legal terms used in real estate. The person who holds the title to a property is that property’s legal owner. A deed is a legal document used to transfer property ownership to another. Although a deed is an official written document, the title merely refers to the concept of ownership rights. You cannot hold a home’s title in your hands.
Titles can often get tangled in the intrafamily transfer of homeownership. A tangled title most commonly occurs when the person whose name is on the deed passes away and a surviving relative continues living in the home without their name being on the deed.
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Decanting: Redoing Your Loved One’s Estate Plan
by Tara Cheever ~ Attorney at Law
December 10, 2021
Estate Planning, Trusts, Wills
Decanting is an essential tool that emerged in some states in the last century. This tool is increasingly being used to remedy situations where a now-irrevocable trust needs to be fixed because of changing circumstances that appear to work contrary to the trustmaker’s intent.
Decanting gets its name from the practice of pouring wine from an old bottle into a new container, allowing the undesirable sediment or impurities to remain behind in the original container and the pure wine to be held in a much cleaner container, thereby enhancing the quality of the wine before consumption. Similarly, trust decanting aims to pour the trust property from an outdated or problematic trust into a newly drafted trust with the necessary improvements so that the beneficiaries can enjoy the trust property without the undesirable elements of the old trust.
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Mental Health Considerations in Estate Planning
by Tara Cheever ~ Attorney at Law
November 29, 2021
Estate Planning, Trusts, Wills
Saying that America is dealing with a mental health crisis is not an exaggeration. According to the National Alliance on Mental Illness, approximately 20 percent of US adults experience mental illness, including 1 in 20 who experience serious mental illness, and 17 percent of American youth experience a mental health disorder.
The mental health crisis has worsened during the coronavirus pandemic. Loneliness and isolation are fueling increases in anxiety, depression, and thoughts of suicide and self-harm report Mental Health America. More people are seeking mental health screening and treatment, but around 23 percent of Americans with mental illness are still not receiving the services they need.
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10 Things You Should Know About Living Wills
by Tara Cheever ~ Attorney at Law
November 23, 2021
Estate Planning, Healthcare, Wills
A living will often called an “advance healthcare directive,” is a legal document that tells your loved ones and doctors how you would want decisions related to your medical care handled in the event you become incapacitated and are unable to make such decisions yourself, particularly at the end of life. Specifically, a living will outline the procedures, medications, and treatments you would want – or would not want – to prolong your life if you become unable to discuss such matters with doctors yourself.
For example, within the terms of your living will, you can spell out certain decisions, such as if and when you would want life support removed should you ever require it, and whether you would want hydration and nutrition supplied to prolong your life.
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Questions First Responders Must Consider to Best Protect Their Loved Ones
by Tara Cheever ~ Attorney at Law
November 19, 2021
Asset Protection, Estate Planning, Healthcare, Power of Attorney, Trust Administration & Probate, Trusts, Wills
Being unable to work or make decisions for yourself can seem like an unimaginable scenario. You spend your time coming to other people’s rescue, so it may be difficult for you to imagine a time when you might need help or rescue. However, such things happen to people every day. To best protect yourself and your loved ones, there are a few things you should consider.
Disability insurance allows you to supplement some of or all your income (depending on your level of coverage) while you cannot work. With the proper range in place, you know that, should you be injured, you and your loved ones will still have money coming in to support you. If you have no disability insurance or are concerned that its coverage is insufficient, consider reaching out to an insurance agent to review your current situation and future needs expertly.
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Think You Are Too Young to Need An Estate Plan? Think Again
by Tara Cheever ~ Attorney at Law
November 16, 2021
Estate Planning, Trusts, Wills
All adults over age 18 should have some basic estate planning documents in place. And this is true regardless of how much money you have, whether you are married or single, and whether or not you have kids. On that note, if you are an adult of any age and the pandemic didn’t inspire you to create your estate plan, here are four reasons why you shouldn’t wait another day to get your plan started.
Most people assume estate planning only comes into play when they die, but that’s dead wrong – pun fully intended. Although planning for your eventual death is a big part of the process, it’s just as important – if not more so – to plan for your potential incapacity due to a severe accident or illness.
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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:
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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.
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Preserving Your Money and Property Beyond the Third Generation
by Tara Cheever ~ Attorney at Law
August 3, 2021
Asset Protection, Estate Planning, Trusts, Wills
Whether you have inherited your wealth or have built it yourself, you likely want to share this wealth with the next generation and beyond. Providing for multiple generations through your financial and estate plans is a significant legacy to leave your family. As previously mentioned, ensuring that it is done properly requires careful planning with experienced professionals. To take the next step in your planning, consider the following steps (if you have not already done so):
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The Difference Between a Prenuptial Agreement and a Will or Trust
by Tara Cheever ~ Attorney at Law
July 27, 2021
Estate Planning, Personal Representative, Trusts, Wills
Having a will or a trust is something responsible people do, but despite the more common use of these tools today, a certain percentage of the general population still misunderstands the difference between the reasons for creating a will or a trust and the reasons for entering into a prenuptial agreement. What do these different legal documents do? And when should you use them?
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Just Married? 6 Estate Planning Essentials for Newlyweds – Part 1
by Tara Cheever ~ Attorney at Law
June 22, 2021
Estate Planning, Incapacity, Trusts, Wills
Indeed, once your marriage is official, your relationship becomes entirely different from both a legal and financial perspective. With this in mind, if you’ve recently said “I do” or have plans to do so in the near future, check out the following six essential items you need to address in your plan.
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