Certain individuals have a knack for making headlines. Orenthal James Simpson was one of those people. He first made headlines for his talent on the football field. Later, he made them as an actor and broadcaster. In 1994, he made headlines when he was arrested for the murder of his former wife, Nicole Brown Simpson, and her friend, Ronald Goldman. Orenthal James Simpson died on April 10, 2024, and with his death, his presumed Executor made headlines, perhaps for the last time for the “Juice.” … [Read more...] about The “Juice” and an Executor’s Duties
What You Need to Know about the Corporate Transparency Act
Estate Planning attorneys need to understand multiple issues ranging from taxes to asset protection to create a comprehensive estate plan. Passage of the Corporate Transparency Act adds yet another layer to the already complex world of Estate Planning. Beginning on January 1, 2024, any company that qualifies as a Reporting Company needs to file a report with the Financial Crimes Enforcement Network (FinCEN) regarding its Beneficial Owners and individuals who helped register the Reporting … [Read more...] about What You Need to Know about the Corporate Transparency Act
The Vital Role of Estate Planning for LGBTQIA+ Couples
In today's evolving societal landscape, the recognition and protection of rights for the LGBTQIA+ community have made significant strides. Despite these advancements, comprehensive estate planning remains critically important for LGBTQIA+ couples. Estate planning is not solely about the distribution of financial assets after you pass away but offers protection for you and your loved ones while you are alive and encompasses the comprehensive protection and distribution of your legacy after you … [Read more...] about The Vital Role of Estate Planning for LGBTQIA+ Couples
Use It or Lose It…Examining the Efficacy of the Spouse And Family Exclusion Trust or Spousal Lifetime Access Trust
The Applicable Exclusion Amount (“AEA”) permits individuals to transfer a certain amount of property either during life or at death without worrying about incurring an estate or gift tax. Passage of the Tax Cuts and Jobs Act of 2017 temporarily doubled that amount thereby allowing significant amounts of wealth pass from one generation to another without imposition of tax. As we draw nearer to January 1, 2026, and the sunset of those doubling provisions, attorneys and clients alike will rush to … [Read more...] about Use It or Lose It…Examining the Efficacy of the Spouse And Family Exclusion Trust or Spousal Lifetime Access Trust
What You Should Know About Conditional Gifts
Grantors like the idea of placing conditions upon a gift. In many ways, it’s the final opportunity to exert control or influence on the beneficiary. Most courts try to uphold the conditions as long as they are not void as against public policy or otherwise illegal or immoral. This article explores what happens when a Trustee fails to strictly enforce the conditions placed upon a bequest. Read on to learn more. … [Read more...] about What You Should Know About Conditional Gifts
Navigating HIPAA Authorization versus Healthcare Power of Attorney
Making sure that you are prepared for the possibility of incapacity is an important aspect of comprehensive estate planning. Two key legal documents pertaining to incapacity act to allow access to healthcare information and/or confer legal authority for healthcare decisions. While both are integral components of a comprehensive estate plan, they accomplish distinctly different things. To ensure that you understand each, the attorneys at Legacy Care Law Firm discuss navigating HIPAA authorization … [Read more...] about Navigating HIPAA Authorization versus Healthcare Power of Attorney
Navigating Estate Planning: Strategies for Dealing with a Spendthrift Beneficiary
Having a comprehensive estate plan in place is the best way to ensure that your assets are distributed according to your wishes after you pass away. One common concern, however, that arises during estate planning is how to manage assets for beneficiaries who are spendthrifts. A spendthrift beneficiary is someone who may have difficulty managing money responsibly, potentially jeopardizing their financial future. Not only can a spendthrift jeopardize their own financial future, but they can also … [Read more...] about Navigating Estate Planning: Strategies for Dealing with a Spendthrift Beneficiary
10 Estate Planning Mistakes You Can Avoid Making
Estate planning is a multifaceted process that requires careful consideration and strategic decision-making to ensure your assets are safe while you are alive and that they are managed and distributed according to your wishes after you pass away. Despite how important estate planning is, many individuals make critical mistakes that can have significant consequences for themselves and for their loved ones. To safeguard your legacy and provide peace of mind for your family, it's essential to steer … [Read more...] about 10 Estate Planning Mistakes You Can Avoid Making
The Magic of Grantor Trusts
Grantor trusts are a particularly powerful tool in estate planning. They allow the taxpayer to remove assets from their taxable estate, while those assets can grow tax-free because the grantor is paying the income tax for the trust. Read on to learn more about the magic of grantor trusts. … [Read more...] about The Magic of Grantor Trusts
If Your Spouse Remarries After Your Death Will Your Assets Be Safe?
If you are married, an important focus of your estate plan is likely ensuring that your spouse is financially protected in the event of your death. If you have children together, you likely plan for your combined estate assets to be passed down to your children after you are both gone. What happens, however, if you die at a relatively young age and your spouse remarries? Will the assets you intended for your children be safe? The Beverly estate planning attorneys at Legacy Care Law Firm discuss … [Read more...] about If Your Spouse Remarries After Your Death Will Your Assets Be Safe?
