Q. My wife and I want to make a loan to our son to help him buy a home. We are really not interested in charging interest and we might even forgive the loan in our Wills. Are there any tax implications of which we should be aware? A. Yes, there are. Concerns regarding intra-family… Read More »
Posts Categorized: Estate Planning
A New Year’s Resolution
Q. My wife and I created our estate planning documents about 10 years ago and we really have not even looked at them since. Do you have any thoughts about when we should consider updating them? A. Yes, I do. I would tie a review and update into a New Year’s Resolution. Many of us… Read More »
Unmarried Partners Should Give Estate Planning Top Priority
Q. My partner and I have been in a Non Marital relationship for approximately 10 years. Unfortunately, she is showing signs of early dementia, and her children from her former marriage are trying to take over her financial and personal life in a manner which is not in her best interest. We do not have… Read More »
How To Assist Physically Impaired Persons Sign Legal Documents
Q. My husband suffered a stroke and is essentially paralyzed. I need him to sign a Power Of Attorney so that I can take care of our financial affairs. Is there any way to do this? A. Yes. Where a person has sufficient mental capacity to understand the nature of the document he or she… Read More »
A Primer on Adding Children to Bank Accounts
Q. My wife and I are thinking of adding our son and daughter to our bank accounts. What is the best way to do this and how should we title the accounts? A. Good question. The manner in which you add your children to your accounts will affect their rights of ownership, access to the… Read More »
Proving Undue Influence May Void A Will or Trust
Q. I sometimes hear the term “Undue Influence” as a basis to contest a Will. What does that term mean? A. To say that a Will or Trust was signed as the result of “Undue Influence ” means that it was the result of excessive persuasion by someone which overcame the Will-Maker’s own free will,… Read More »
What Is the Difference Between a Will and a Trust?
Q. What is the difference between a will and a trust? Some of my friends seem to use the terms to mean the same thing? A. Yes, many people do use the terms interchangeably, but in reality they are quite different, although they often work together to form a complete estate plan. A will is… Read More »
An Estate Plan without Probate or Trust Administration?
Q. Is it possible to plan my estate so that my assets go to my beneficiaries without probate or even a trust administration? I have a home, bank and brokerage accounts, an IRA, annuity and life insurance policy. I would like to keep things as simple as possible. A. Yes, and here is how you… Read More »
Action Plan After an Alzheimer’s Diagnosis
Q. My husband was just diagnosed with Alzheimer’s, but still seems to be generally okay. Are there legal steps we should take by way of planning for the future? A. Yes. Once you or loved one has been diagnosed with Alzheimer’s, it is important to take action to get your affairs in order. Here is… Read More »
No One to Name As Executor? Consider a Private Fiduciary
Q. I would like to prepare an estate plan, but I do not have a spouse, children or relative whom I could name as executor or trustee. Any thoughts about how I can proceed under these circumstances? A. Yes, and be assured that you are not alone. Many persons find themselves in your situation, whether… Read More »