Just the FAQs, Ma’am (Vol. 2)
Basic Estate Planning & A Revocable Living Trust As part of getting back to basics for people searching for basic estate planning answers, I’m continuing to cover some basic questions that come from Henry W. Abts III’s book The Living Trust in its Appendix G. While the questions are coming from the book, the answers […]
Just the FAQs, Ma’am (Vol. 1)
FAQs to Basic Estate Planning Questions Living Trust As part of getting back to basics for people searching for basic estate planning answers, I’m going to cover some basic questions that come from Henry W. Abts III’s book The Living Trust in Appendix G. While the questions are coming from the book, the answers are […]
No Kids… Who Gets My Estate?
There’s nothing like death and money on the table to make people go a little crazy. No Kids A frequent question from clients is who should be their beneficiaries or contingent beneficiaries if there are no kids or grandkids? In this review of a Reddit thread on r/estateplanning, Jeff Marsocci reviews the advice and comments […]
7 Things NOT to Put in Your Will
Last Will & Testament A Last Will and Testament is supposed to be a way to communicate your wishes after you’re gone… but there are a lot of “extra” things DIY people (and even some attorneys) put into Wills that really don’t belong there and could cause problems down the road. Why shouldn’t you be […]
DIY Estate Planning
No Logic Required I frequently review questions and answers on Reddit for Estate Planning. Many times, there are legitimate questions from people as well as good advice provided. However, I’m frequently reminded that there are a lot of people online who are seeking the answer they want to hear rather than the truth such as […]
My Mom is on Her Deathbed… What Do I Do?
No Will – No Beneficiary Unfortunately, many people leave planning their estate to the last minute, or they never make a plan at all. In this edition, Jeff examines options and advice from other attorneys to a son on Reddit trying to frantically get his mother’s wishes in place as she lies on her deathbed. […]
Howard Hughes Estate Settled… After 34 Years
The Howard Hughes Estate The impossible has happened. No, the federal government hasn’t done away with all death taxes. No, ice cream is not free. No, it’s more astounding than that. Howard Hughes, who died in 1976, will finally have his estate settled and closed. And it only took 34 years! Howard Hughes, the eccentric […]
How Much Does Probate Cost?
Probate Probate costs a lot. When given the statistics, my clients are usually appalled that their estates going through the probate court system would cost so much. On average, the probate court system will eat up about 4-10% of an estate. Many states allow a standard 5% fee for an executor or administrator, but in […]
But The Will Says …
The Lasts Will & Testament When it comes to a Last Will and Testament, it only controls what ends up in probate. This review of a Reddit thread in r/estateplanning makes it clear that a Will does NOT control everything. In this post, Jeff is reacting to a post from Reddit R/Estate Planning. This is […]
What is a Testamentary Trust?
Testamentary Trust A testamentary trust is basically language written into a Last Will and Testament that holds and manages estate assets for a beneficiary over a period of time beyond the probate estate being initially settled. Unfortunately, this has a lot of drawbacks depending on state law. A testamentary trust may mean that the beneficiary’s […]