When a family member, or close loved one, passes away, the grieving process that follows often overwhelms the survivors. Focusing on even the most mundane of tasks can be difficult in the wake of a loss. If you were appointed as the Executor of the estate by the decedent, however, you must find a way to focus on the duties and responsibilities involved in probating the estate. To help prevent costly mistakes, the probate attorneys at Nash, Bean, Ford & Brown, LLP point out several common … [Read more...] about Top 5 Obstacles to Avoid during Probate
Long-term care planning should be part of most comprehensive estate plans because we all stand a good chance of needing long-term care (LTC) at some point. The reason LTC planning is essential is the high cost of that care and the need to have a plan in place to pay for that care. The Medicaid lawyers at Nash Bean Ford & Brown, LLP help you understand whether purchasing a long-term care insurance policy is the right option for you. Why Is Long-Term Care Planning Important? Long-term care … [Read more...] about Should I Purchase a Long-Term Care Insurance Policy?
Although most Americans acknowledge the need to have at least a basic estate plan in place, more than half of them do not have one. Various explanations are given for the seeming disparity, including the fact that estate planning can be intimidating for the first-time planner. Along with the need to make potentially life-changing decisions, estate planning involves the use of a number of tools and strategies with which the average person is not familiar. To help take some of the mystery out of … [Read more...] about Common Estate Planning Tools Explained
In recent decades, the popularity of individual retirement accounts (IRAs) has increased significantly as more and more companies do away with employer-sponsored pensions. The ubiquitous nature of IRAs make it increasingly likely that a beneficiary will inherit an IRA as part of an estate after the death of the owner of the estate. If you are one of those beneficiaries, you may be wondering if an inherited IRA is taxable to the beneficiary? What Happens to an IRA When the Account Owner … [Read more...] about Is an Inherited IRA Taxable to the Beneficiary?
Your estate plan is your opportunity to put down in writing what you wish to happen to your estate assets after you are gone. For most people, one of the strongest motivations for having an estate plan in place is to ensure that those wishes are honored. Unfortunately, the law does allow certain people to challenge the Last Will and Testament that you execute. Because a Will contest is only initiated after your death, you cannot defend your Will if one is filed. You can, however, take steps now … [Read more...] about Tips for Reducing the Likelihood of a Dispute over Your Estate
Creating an initial estate plan can be a daunting task. Most people understand the overall goals of an estate plan, and may have a vague idea of what needs to be included in a plan; however, until you actually sit down to work on your plan most of the components of an estate plan remain a mystery. Not surprisingly, this leads to a number of questions. What does each of the estate planning tools accomplish? Which tools and strategies should be included in a plan? What are the most common … [Read more...] about Estate Planning Attorneys Discuss Top 5 Components
Like many people, you may choose to execute a Last Will and Testament as your primary method for distributing your estate assets after you are gone. You will undoubtedly spend a considerable amount of time deciding which assets you wish to gift to which beneficiaries in your Will. After your death, your estate will need to go through the legal process known as probate. During the probate process, someone could decide to challenge the validity of your Will by filing a Will contest. The estate … [Read more...] about Estate Planning Attorneys Explain What Happens When Someone Contests a Will
Although most people continue to use a Last Will and Testament as their primary estate planning document, another option has become increasingly popular as well – a trust. Trusts are also commonly used as a secondary estate planning tool that can help achieve a specific goal, such as incapacity planning or asset protection. Regardless of what type of trust is used, and what the trust is intended to accomplish, all trusts must have a Trustee, appointed by the Settlor (the trust creator) whose … [Read more...] about Trust Administration Attorneys Explain What Happens If The Trustee Cannot Serve
The time period immediately following the death of a family member is one that is typically filled with a number of heightened emotions, including grief, despair, and even anger. It can also be a confusing time for those left behind as they try and focus on the practical and legal ramifications of their loved one’s passing. The decedent’s Last Will and Testament must be submitted to the appropriate court for probate as soon after his/her death as possible. One of the first steps in the probate … [Read more...] about Can Probate Attorneys Help Me Contest a Will?
To create a comprehensive estate plan that addresses all of your estate planning needs and goals you will need to incorporate a variety of estate planning tools and strategies into your overall plan. One of the most common of those tools is a trust. In fact, trusts are frequently found in the average estate plan today. If you are contemplating the use of a trust in your estate plan, one of the most important decisions you will need to make when you create your trust is who to appoint as your … [Read more...] about Why Professional Trustees Make Better Trustees