For the last two decades, employers across the country have watched pensions go the way of VHS cassettes and tube televisions. Even many state governments are now doing away with bloated pensions and instead offering self-managed 403(b) accounts that allow employees to invest their own money in retirement. The argument…
Few things are as dreaded as probate. This is especially true for wealthier families who have large estates spread across multiple states and jurisdictions. For instance, there are quite a few people living in New York who invest in Florida retirement properties. Perhaps they rent these properties during the off-season…
Many people wish to leave a large inheritance to their children. This is one of the greatest generational wealth-building tools in our society. However, what does one do when the next generation is less than responsible? Or, more commonly, what does one do when an adult child is mentally impaired…
When a child becomes an adult, it is a great day for most parents. It means less financial responsibility for their mistakes. Remember those crystal decorations that she broke when she was 12? You remember – the ones that cost you nearly $500 at the store? No doubt, raising a…
Although most couples make similar wills that leave their estate to their children and other loved ones, some may have reasons why they prefer to distribute their assets differently. For instance, people who marry later in life might have children from previous marriages. In those circumstances, they may ask their…
This is a continuation of last week’s discussion of virtual legacies. There was once a time that people could easily recall the phone numbers and addresses of all family members and most of their friends. We kept this information in Rolodexes or address books. Today, things have changed quite a…
Today, everything is online. People build complex virtual realities through social media, professional and personal websites, and even dating sites. We date online, buy groceries online, sell everything from books to brake pads online, and we even register stars online. So, naturally when we die, there is a lot of…
In this tight economy, people are always looking for value. Budget options are popping up in every industry, from substandard tires to refurbished televisions. Some even view legal services this way. Let’s face it; folks do not want to pay top dollar for a product they will never use. This…
Attorneys strongly advise gay and lesbian clients to prepare their estate plans, because the law generally would not offer many of the same protections as it does heterosexual couples. But following the recent Supreme Court decision in Obergefell v. Hodges, striking down the Defense of Marriage Act (DOMA), misinformation abounds,…
It seems estate-planning attorneys are often asked to help clients avoid probate. In fact, this is typically one of the first questions people ask in a consultation. There are likely many reasons why people are so focused on probate avoidance, not the least of which is probably a wide misunderstanding…