Category Archives: Estate Planning
Estate Planning Considerations for Unmarried Couples
Increasingly, people are choosing to cohabitate without marrying. This is an especially attractive option for seniors who might already have been married and see no allure in the prospect of another trip down the aisle. However, unmarried couples need to carefully create an estate plan, otherwise your partner could be left with few assets… Read More »
Revocable versus Irrevocable Trust: Which is Right for You
Many of our clients use a trust as part of their overall estate plan. A trust is a legal vehicle in which a trustee holds and manages property for the benefit of someone else, called the beneficiary. There are generally two types of trusts: revocable and irrevocable. Below, our estate planning lawyer in The… Read More »
Waiver on Required Minimum Distributions for 2020
Taxed-deferred retirement plans are a great way to save. However, the government must wait until a person retires before they can begin taxing the money invested in them (along with any gains generated). To avoid waiting forever, Congress stepped in and mandated required minimum distributions (RMDs). The RMD is the amount that a person… Read More »
Providing for a Caregiver in a Will
Many elderly people want to leave something to their caregiver out of gratitude for the care they have received. However, leaving gifts to a caregiver is a legal landmine, and we encourage all people to meet with an attorney. Leaving a gift to a caregiver can raise concerns about “undue influence,” which your heirs… Read More »
How to Discuss Your Estate Plan with Your Children
If you die with a will, your family will probably gather around in a lawyer’s office to hear the will read. This can be a tense moment for all involved, and if people do not get what they were expecting, they could become angry. At Millhorn Elder Law Planning Group, we encourage our clients… Read More »
How an Attorney Can Help a Personal Representative
Serving as a personal representative is often much harder than people expect. Named in a will, the personal representative is tasked with collecting all estate assets, safekeeping them, and paying off creditor claims made against the estate. At the end of the process, the personal representative distributes assets to the named beneficiaries. Under Fla…. Read More »
3 Myths about Estate Planning
For many people, creating an estate plan is something they never think of doing. To them, it is only something that only the very wealthy have to worry about, or they believe that a simple “do it yourself” will template they find online is adequate. In truth, almost anybody would benefit from creating a… Read More »
Dividing an Inheritance
Many people inherit a parent’s estate equally with their siblings. This often creates problems, especially when the estate has non-liquid assets, such as real estate. Dividing an estate equally between children is a popular move for many parents. For example, there might be three siblings, and the will leaves each a third. Or there… Read More »
Is a Post-Marital Agreement Right for You?
Many people entering their second or third marriages do not view a pre-marital or post-marital agreement as a necessary part of an estate plan. Yet, those with blended families must understand how divorce and death will impact their children. If you have already taken a trip down the aisle, it is too late for… Read More »
What Makes a Good Trustee?
The person who administers a trust is called a “trustee.” This person will have enormous power, so it is important to choose someone who is well qualified for the job. With many inter vivos trusts, the person creating the trust serves as its trustee. But in some situations, it makes more sense to name… Read More »
