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Things to Consider Before Accepting Your Inheritance

Posted by Mona O'Connor | Nov 30, 2022 | 0 Comments

An inheritance, like the loss of a loved one, can be life-changing. While there is no law that requires you to accept an inheritance, there are sometimes good reasons for doing so. And if you choose to turn down a gift, that does not mean it will end up in the hands of the state. Prior to accepting or rejecting an inheritance, you might want to seek legal and tax advice about the implications of either decision. Accepting an inheritance is a free and voluntary act that is also affected by personal circumstances. If you were informed that you have an inheritance coming your way, you will have to decide whether to receive or reject it. Read this blog for some factors that may impact your decision.

Think Your Estate Plan is Complete? Make Sure You’re Not Missing These Important Points

Posted by Mona O'Connor | Nov 28, 2022 | 0 Comments

Estate planning does not have to be complicated or expensive. But can you afford to leave things to chance—or worse, to the government? For those who already have documentation in place, your plans need backup plans to account for the unexpected. Revisit your estate plan today and add backup decision makers, pet caretakers, contingent beneficiaries, disaster clauses, and anything else you may have overlooked! Read on for more information but don't procrastinate!

Generation-Skipping Transfer Tax

Posted by Mona O'Connor | Nov 15, 2022 | 0 Comments

The generation-skipping transfer (GST) tax is a federal tax on an individual's transfer of property to a person at least two generations below the individual. Generally, GST tax applies to gifts made by an individual to grandchildren or descendants of the grandchildren. To learn more about the GST tax and things to consider when preparing your estate plan, read this article.

What To Do if Your Trustee Is Unresponsive

Posted by Mona O'Connor | Nov 03, 2022 | 0 Comments

A trustee has a duty under the law to communicate with beneficiaries and keep them reasonably informed as to the progress of the trust administration. Unfortunately, some trustees fail to comply with this duty to inform, leaving beneficiaries in the dark as to what is happening with the trust. Read this blog to learn more about the trustee's obligation to keep you informed and ways to handle the ghosting situation!

How to Keep Your Child’s Inheritance Out of Your In-Law’s Hands

Posted by Mona O'Connor | Oct 25, 2022 | 0 Comments

Almost 50% of all marriages in the United States end in divorce. And you need to recognize that the money you leave to your child could be subject to a division of marital assets. But with careful estate planning, your child's inheritance can be kept safely out of the hands of their spouse or former spouse, or even worse, the new spouse of your child's former spouse! Read this blog for some background information on how to protect where your money ends up after your death.

What Estate Planning Awareness Means For You

Posted by Mona O'Connor | Oct 17, 2022 | 0 Comments

It's Estate Planning Awareness Week! A lot of people don't believe they have enough assets to do an estate plan - and they couldn't be more wrong. Estate planning is important for everyone regardless of wealth or family status because if you become incapacity or pass away without an estate plan, you are leaving the distribution of your assets subject to state law – and the results may not be what you want or expect. Keep reading for a more information.

Questions You Should Ask Your Estate Planning Attorney

Posted by Mona O'Connor | Oct 13, 2022 | 0 Comments

Selecting an estate planning attorney is of the utmost importance since each estate plan is unique. Here are some questions you should ask your estate planning attorney in order to get to know the attorney, to better understand their process, to determine the level of service they will provide, and to understand their professional experience. Ultimately, the answers can help you determine whether the attorney is a good fit for you and your needs. Keep reading for more information!

Legal Considerations for Buying an Existing Business

Posted by Mona O'Connor | Oct 05, 2022 | 0 Comments

Buying an existing business can eliminate the initial legwork of establishing a customer base, training employees, and securing start-up funding, but it is not without its own challenges. As a prospective business buyer, part of the challenge is figuring out exactly what you are buying. Read this blog for guidance into buying a business!

Right of Occupancy Trust: A Trust to Protect Your Home and Your Loved Ones

Posted by Mona O'Connor | Oct 03, 2022 | 0 Comments

A right of occupancy trust allows you to designate a beneficiary to live at your residence or use another piece of real estate for a designated time period or until the beneficiary dies or moves away. However, you must pay close attention to the details associated with the continue utilization of the property. This blog reviews some of the basic information and items to consider and contains a link to a Right to Occupancy Checklist on our website. Call us today to schedule an appointment to incorporate a right of occupancy into your estate plan!

Using Assisted Reproductive Technology: What Happens to Unused Genetic Material at Your Death?

Posted by Mona O'Connor | Sep 30, 2022 | 0 Comments

Since there are so many serious questions surround genetic material and its use after a person's death, it is important to consult an experienced attorney who knows your state's genetic material laws and can competently advise you on how those laws affect you and your estate plan. This blog contains some background information to assist you in this process.

Powerful Provisions in Your Financial Power of Attorney

Posted by Mona O'Connor | Sep 26, 2022 | 0 Comments

In a financial power of attorney, your agent generally has the power to buy and sell property, the power to invest, and powers regarding your retirement benefits. But have you ever thought about the power to gift, the power to make or change your estate plan, or the power to prosecute and defend legal actions. Continue reading to gain a better understanding of the use of these powers in a financial power of attorney.

Important Questions to Ask When Investing in a Vacation Property

Posted by Mona O'Connor | Sep 20, 2022 | 0 Comments

The fate of your vacation property at your death largely depends on how it is currently owned. And there are many things that you need to consider and address, such as what do you want to happen to the property; can your loved ones afford to keep and maintain the residence; and if more than one person will own it, do those individuals get along. Read this blog for more information about how to address your vacation property in your estate plan.

Legal Considerations for Farm Owners

Posted by Mona O'Connor | Sep 08, 2022 | 0 Comments

The farming industry is highly regulated, and navigating the applicable laws and regulations can be far from simple. Those who want to break into the farming business should familiarize themselves with the legal landscape that impacts their operations. Read this blog for a brief summary of legal considerations for farmers and farming operations.

What Happens to My Spouse's Debts at Their Death?

Posted by Mona O'Connor | Jul 21, 2022 | 0 Comments

A spouse's death creates a difficult and demanding time for the surviving partner since the obligation to pay debts does not necessarily go away when a person dies. If the legal duty to pay off a spouse's debt does fall to you, it has implications for your own finances, so you will want to be clear on what the laws are where you live. This blog will provide background information but you really need to contact an estate administration or probate attorney to discuss your individual circumstances.

Can a Trust Own My Business After I Die?

Posted by Mona O'Connor | Jul 11, 2022 | 0 Comments

There are a number of considerations that may impact whether your trust can own your business after you die. Read this blog to develop a better understanding and to ensure that you business is distributed the way you want after your death.

Updating Your Estate Plan: How Many Tweaks Are Too Many?

Posted by Mona O'Connor | Jun 21, 2022 | 0 Comments

If your life or the law has changed since you signed your last will and testament (will) or trust agreement, you need to update your document! Do you know how change are made to wills or trusts? What's the difference between a codicil, amendment and a restatement? Read this blog for answers to those questions and some guidance on when and how to update your estate planning documents.

An Estate Plan Should Not Be a Set-It-and-Forget-It Endeavor

Posted by Mona O'Connor | Jun 16, 2022 | 0 Comments

Estate planning is not just a once in a lifetime event. Your plan is a set of living, breathing documents that can be impacted by many common life events. However, some of those life events can have a dramatic effect on your estate plan. In this blog, we take a look at some common life changes and the impact they may have on your already established estate plan.

LGBTQ+ Estate Planning to Protect Yourself and Your Loved Ones

Posted by Mona O'Connor | Jun 14, 2022 | 0 Comments

For LGBTQ+ Americans, estate planning can be even more important. Despite same-sex marriages being legally recognized since 2015, couples composed of sexual and gender minorities still face estate planning challenges not encountered by other “traditional” same-sex couples. Without a plan, you and your family could be subject to your state’s default or intestate succession law, which may not take into account LGBTQ+ couples’ realities, families, and dynamics. And if your plan was created before 2015, you may need to revise it to ensure that it reflects the latest legal rights granted to married same-sex couples. Read this blog to learn more about the need for an estate plan!

When Rock Legends Pass Away: The Possible Fates of Meat Loaf’s $40 Million Estate

Posted by Mona O'Connor | Jun 03, 2022 | 0 Comments

There is no questioning the legacy of one of rock and roll’s biggest icons - Meat Loaf - given his rise to fame, financial "fall" and successful "rebirth". But there are still unanswered legal questions about the fate of Meat Loaf’s estate. Although there is no evidence to suggest that Meat Loaf died intestate (i.e., without a will), we can speculate about his estate plan based on his life, legacy, and available legal instruments. Read this blog for more background on his life, death and legacy.

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