Revocable Trust Myths
Articles constantly appear and seminars proliferate lauding the benefits of “revocable” or “living” trusts and urging all people of sound mind to create them. These articles or seminars invariably prompt clients to ask me why their estate plan fails to include one of these miraculous devices. This Memorandum will highlight some of the advantages and disadvantages of Revocable Trusts vis‑à‑vis...
Read MorePreventing a Will Contest
Emotions can run high at the death of a family member. If a family member is unhappy with the amount they received (or didn’t receive) under a will, he or she may contest the will. Will contests can drag out for years, keeping all the heirs from getting what they are entitled to. It may be impossible to prevent relatives from fighting over your will entirely, but there are steps you can...
Read MoreEstate Taxation
Lions and tigers and bears . . . Ever since the estate tax was instituted in 1916, whatever an individual owns has been subject to the federal estate tax upon his or her death — until 2010, that is. The estates of those dying during that year were entirely free from federal taxation because Congress could not reach an agreement extending the federal estate tax in some form. An agreement...
Read MoreEstate Planning Fees
How much do you charge for estate planning documents?” or “How much does a will cost?” These are the most asked questions of estate planning attorneys. Fees generally are less than you fear but more than you wish to pay — but hey, you’re not buying a flat screen tv here. It really IS about your family’s security, and estate planning costs are a significant...
Read MoreThe Forever Agency
I’ve written before about the legal traps in some agency clauses inserted into publishing agreements. Recently, a New York appeals court upheld the lower court decision in Peter Lampack Agency v. Martha Grimes, et al, a case that interprets these clauses favorably for authors. First, some background. At one time, in a galaxy far far away, publishers paid royalties directly to an author, who...
Read More