Creating a will and an estate plan is not a “one and done” event. Many events can cause a plan that made perfect sense when it was drafted fail to meet expectations and the needs of the family. Life happens. As a rule of thumb, a will and estate plan should be reviewed every five…
Tag: estate planning
Estate planning for collections
It seems that everybody collects something these days. Many collectors have spent a lifetime gathering the items in their collection. The collector’s sentimental attachment to the collection is often greater than any other assets that he or she owns. A careful discussion of a collection’s disposition is critical. Among the issues to be resolved: The…
Another celebrity may have died without a will
According to early reports, music superstar Prince died without a will. Just days after his funeral, his sister Tyka Nelson petitioned the probate court to appoint a special administrator for the estate, stating that she believed that there was no will or other testamentary document. If there is, in fact, no will, the heirs will…
Digital Estate Planning
Last year, Facebook announced a change in its policy for managing profiles after death. Earlier, the family of a deceased user could ask Facebook to “memorialize” the user’s profile. Now users can designate a “legacy contact” who will have access to the account after the user’s death. The legacy contact will be permitted to post…
What “Trust Fund Loophole?”
Estate planners were curious when they heard that President Obama, in his State of the Union address, planned to call for closing the “trust fund loophole.” As it turns out, the “loophole” proposed to be closed had nothing at all to do with trusts, and no one has yet explained why that terminology was used.…