When a couple engages in foundational estate planning, one of the first questions addressed by estate planning attorneys is whether it makes sense for the couple to use a revocable living trust (RLT) as a part of their plan. If using an RLT makes sense, an important follow-up question Continue reading
Author: Tom
What if I Can Find Only Photocopies or Digital Copies of My Estate Planning Documents?
If you were to ask attorneys across the country how often they get phone calls like the following, the answer (“Very frequently”) may surprise you. The phone call might go something like this: “Hi, this is John Jones. My dad, Bill Jones, passed away recently and we have torn the house Continue reading
Important Questions Your Estate Planning Attorney Will Ask You
For many people, the thought of meeting with an estate planning attorney strikes fear into their hearts. It can be uncomfortable to even consider the possibility of no longer being able to manage your own affairs, let alone no longer being alive, with your property and accounts passing Continue reading
Is Our Home Community Property or Separate Property, and Why Does It Matter?
When two people get married, the property they obtain during their marriage is called marital property. This includes anything from real property like homes and rental properties, to stock options, investment accounts, heirlooms, and employment income.
A common assumption is that spouses Continue reading
Basis: What You Need to Know
“Basis” is a term used frequently in tax law. But for many, the term is unfamiliar and intimidating—perhaps something they feel is better left to a certified public accountant to worry about. Nevertheless, a basic understanding of the concept can be very helpful for understanding Continue reading
When You May Not Be Able to Use a Financial Power of Attorney
Besides directing what happens to your finances when you pass away, a comprehensive estate plan also addresses the possibility that you could become unable to handle your financial affairs while you are still alive.
You may have signed a financial power of attorney (POA) that allows Continue reading
What Happens to Your Digital Movies When You Die? (Hint: Read the Fine Print in the User Agreement)
In today’s digital age, many people have a library of digital assets that may include items such as books, music, and movies. One of the perceived benefits of owning these digital items is having a convenient way to access your favorite media indefinitely with just a few mouse clicks. Continue reading
The Difference Between a Prenuptial Agreement and a Will or Trust
There was a time when most people heard about prenuptial agreements only when watching soap operas or Hollywood movies or reading a novel. For many of us, prenuptial agreements seemed to be reserved only for the ultrawealthy, where the continuation of dynastic family wealth was at Continue reading
Can a Beneficiary Also Be a Trustee of a Trust?
Clients often naturally choose their children to be beneficiaries of their revocable living trusts. Many clients also wish to name one or more of their children as the trustee of that trust, but are not sure if that is allowed by the law. The short answer is yes, a beneficiary can Continue reading
Successor Trustee Compensation
Asking someone to serve as your fiduciary (trustee of your trust or personal representative or executor under your last will and testament) is not something that you should take lightly. Serving as a fiduciary is a heavy responsibility that requires significant time and effort. If Continue reading