Should You Do It Yourself?
LegalZoom™ advertises itself as a cheaper alternative to an attorney. Intuit, through its “Quicken WillMaker™”, and other do-it-yourself programs, entice people to forgo professional advice, assuring them that the documents they create will be “just as good as one created by an attorney.” These programs and web sites are popular with lawyers, too! Why? Because they make more work...
Read MoreShould You Give It Away?
For wealthy individuals and couples, gifting has always been an important part of estate planning. And now that the gift tax exemption stands at $5 million (5.12 million adjusted for inflation in 2012) and the top gift tax rate is 35%, the tax environment is especially favorable for making large gifts. Gifts of up to $5.12 million ($10.24 million for couples) in 2012 incur no gift tax. BUT...
Read MoreDisinheriting A Relative
You may feel that you have given one child more during your life, so he or she should get less in your will. Or you may want to cut out an heir altogether. Whatever the reason, disinheriting a close relative–especially a spouse or a child–can be complicated. It generally is not possible to completely disinherit a spouse. Even if you don’t leave your spouse anything in your...
Read MoreMay Someone With Dementia Sign a Will?
Millions of people are affected by dementia, and unfortunately many of them do not have all their estate planning affairs in order before the symptoms start. If you or a loved one has dementia, it may not be too late to sign a will or other documents, but certain criteria must be met to ensure that the signer is mentally competent. In order for a will to be valid, the person signing must have...
Read MoreRevocable 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...
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