Posts Categorized: Wills

Finding the right lawyer for legal issues, especially during a crisis, or even when things are calm, can be really confusing. You aim to find a lawyer you connect with, who gets your family’s needs. But you’ve got to think about the lawyer’s fees too and if they can handle your immediate problems and support you in the future.

Different legal needs – be it a tough court battle, a one-time transaction, or ongoing support – can be confusing to navigate. You might have thought about legal insurance or prepaid programs, but while they sound good, they often fall short. READ MORE

Despite their name suggesting otherwise, irrevocable trusts can indeed be modified. Changes in laws, family circumstances, trustees, or financial situations can often conflict with the original intent of the trust. In cases of identified errors or evolving situations, it’s prudent to consider alterations to an irrevocable trust to ensure alignment with the trustmaker’s intentions.

Here are three examples of when an irrevocable trust can, and should, be modified or terminated: READ MORE

As dementia advances, it’s crucial to take a more proactive and strategic approach to estate planning to prevent potential court disputes over your loved one’s wishes later on. If planning isn’t finalized before dementia progresses significantly, a judge – unfamiliar with your loved one and their preferences – may need to decide who handles their assets and care.

Keep reading to learn what steps need to be considered when estate planning for someone with more advanced dementia. READ MORE

While many wines get better with age, the same cannot be said for some irrevocable trusts.  Maybe you are the beneficiary of a trust created by your great-grandfather over 70 years ago, and that trust no longer makes sense. Or maybe you created an irrevocable trust over 20 years ago, and it no longer makes sense for your current situation. Wine connoisseurs may wonder if there is any way to fix an irrevocable trust that has turned from a fine wine into vinegar.

You may be surprised to learn that under certain circumstances, the answer is yes – by decanting the old, broken trust into a brand new one. READ MORE

Taking care of someone with dementia is tough for many families every year. If you’re looking after them, it’s really important to know how dementia changes their ability to make legal decisions. This helps make sure their wishes are respected and that you’re giving them the best care possible.

In this blog, we’ll explore the importance of estate planning, even after a dementia diagnosis, as the best method to ensure the wishes and rights of your loved one are protected. READ MORE

When you decide to create a comprehensive estate plan, there are many things to consider. One is whether to tell your loved ones about your plan and how much information to share with them. Estate planning can be a complex and sensitive matter, so your choice may depend on your unique relationships with loved ones and your family dynamics. 

Sharing your estate plan with your loved ones can compromise the privacy of your financial and personal information. Some people therefore prefer to keep these matters private, especially when it comes to distributions of significant amounts of money or property. There are both advantages and disadvantages to revealing private information related to your estate plan. You can choose to communicate details relevant to specific individuals or offer a broader explanation to everyone involved. READ MORE

Losing someone dear is tough, and the path through grief can feel really tough to navigate. It’s something we all go through, and learning how to handle your own grief and be there for others matters a lot – it can make your life and connections better.

In our role as your attorney, we know it’s about more than just legal stuff. When people are hurting, offering them comfort is key, and when they’re ready, guiding them forward matters too. READ MORE

A trustee is a person or entity responsible for managing and administering your trust according to your instructions and in accordance with state law. They are considered a fiduciary (meaning they are held to a higher standard of care and owe certain duties to the beneficiaries).

As a fiduciary, a trustee must protect the trust’s investments and act in the best interests of the beneficiaries. They must prepare and maintain trust accounting records and prepare tax-related forms, providing this information to the beneficiaries at their request. At some point, they may need or be required to liquidate or sell the trust’s accounts and property.  READ MORE

In December 2022, the SECURE 2.0 Act was enacted by Congress, ushering in notable modifications to retirement savings and student loans. Two pivotal provisions of this legislation are scheduled to be enforced in 2024, potentially exerting a considerable influence on your family’s financial outlook.

This blog elucidates the implications of the new law on your unused 529 college savings account and delves into its ramifications for your future savings. READ MORE

Michael Oher has had a remarkable life so far. Born to a single mother struggling with addiction and growing up in and out of foster care, Oher went on to star as a University of Mississippi football player and was selected in the first round of the 2009 NFL draft. He played eight seasons in the NFL, won a Super Bowl in 2016, and is the subject of a book that inspired an Oscar-winning movie, The Blind Side. 

Sean and Leigh Anne Tuohy, the Tennessee couple that took Oher into their home when he was in high school and were appointed as conservators of his estate, are featured prominently in The Blind Side. But Oher has recently alleged that, contrary to the movie’s portrayal of events, the Tuohys never actually adopted him. Oher alleges that the Tuohy’s instead tricked him into agreeing to the conservatorship and unjustly profited from his trust in them. READ MORE

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