Estate Planning for Blended Families
The days of “Leave it to Beaver” are far behind us. According to the Pew Research Center, just 46% of children live in a household with two married heterosexual parents in their first marriage. In 1960, 73% of children fit this description. In 1980, the number was 61%. The rise of so-called blended families — […]
Wills vs. Trusts
Wills vs. Trusts: which estate planning tool should you choose? That is the subject of a column I wrote for the Norman Transcript, which appeared in the paper’s business section on Sunday. Check it out by clicking here.
Investing in Estate Planning
“The cost is more than I expected.” I’ve heard this on several occasions during estate planning consultations, which is understandable. You’ve got a mortgage and other bills to pay, a family to support. Many people think of estate planning as a luxury: sure, it’d be nice to have, but it’s not something you absolutely need. […]
The Role of a Personal Representative Under a Last Will and Testament
Whenever somebody creates a last will and testament, they designate a personal representative (also called an executor). What are the duties of a personal representative, and what should you expect if a family member or loved one appoints you as personal representative under their last will and testament? Answering these common questions is the subject […]
Trust Funding
You signed the trust documents. Your estate planning is complete, right? As Lee Corso of ESPN’s College GameDay would say, “Not so fast, my friends!” For a revocable living trust to work as intended, it must be fully funded. Otherwise, the trust is worth little more than the pieces of paper on which it is […]
Should I Contest the Will? Undue Influence
Our society highly values private property rights and the freedom to contract. As a result, the legal system gives significant deference to an individual’s choices regarding the disposition of their estate. Provided a will or trust was executed according to law, courts are very reluctant to declare it invalid. One exception is in cases of […]
Avoiding Probate With Transfer-on-Death Deeds
In my opinion, a revocable living trust is the best estate planning tool available to avoid probate, maintain the privacy of your affairs and provide for incapacity or disability. However, for some people, a revocable living trust may not be the right fit. In these instances, it makes sense to consider a transfer-on-death deed, which […]
Americans’ Attitudes Regarding Long-Term Care Insurance
I recently read an article on Forbes.com discussing Americans’ attitudes regarding long-term care insurance. Unsurprisingly, most were price sensitive and hesitant to use their home equity as an alternative method of financing their care. That’s why it makes sense to consider planning for the possibility of long-term care in your estate plan. Through the use […]
Resources on Aging
Last month, President Obama hosted the White House Conference on Aging. The gathering of elder care advocates and experts has been held every decade since the 1960s. Now, the federal government has launched a website to serve as a one-stop shop for older Americans seeking resources on aging. The website covers everything from filing for […]
How Safe is Your Children’s Inheritance?
Maybe you want to provide for yearly family vacations. Or perhaps you’d like to help with the cost of college education for your grandchildren. Whatever the reason, we instinctively seek to ensure that the next generation has it just a little bit better than we did. But how safe is your children’s inheritance? The answer […]