There are many types of Wills:Holographic Wills are entirely handwritten, dated, and signed by the testator.A Living Will, Medical Directive or Health Care Directive is one that authorizes the continuance or cessation of life-sustaining medical treatments from an individual who is incapable of making that decision due to debilitating circumstances.Who
Trusts are the process by which the grantor transfers legal ownership to a person or institution (called the trustee) to manage the property for the benefit of another person (called the beneficiary).Trusts create a fiduciary relationship between the trustee and the beneficiary. The trustee must act solely in the best
Forgetting Your Beneficiary Forms May Defeat Your Estate PlanThe failure to correctly complete the forms that designate the beneficiaries of your life insurance policies and retirement plan accounts may undermine your entire estate plan. Here are a few tips on doing it right.Never name your estate as the beneficiary or
As of this writing, we are in a period of uncertainty regarding the future of the federal estate tax. Although the House of Representatives has repeatedly voted to end the tax, the Senate has repeatedly voted to continue the tax. Many individuals have their own ideas about what will happen,
Planned Giving Techniques Supporting your house of worship or favorite charity (exempt entity) through gifts is a great way to reduce income and death taxes. Gifts may include cash and cash equivalents, securities, insurance policies, retirement plan assets, personal property and real property. Subject to rather liberal restrictions, you may
From time to time, the following, unfortunate situation occurs. Recently, a potential client contacted me as she was the Immediate Emergency Contact (ICE) for a good friend of hers who died. He was 84 years old and had expired approximately one week prior in his apartment  before being discovered. My
Although it does happen, it is a rare event when I suggest that a client not sign a Durable Power of Attorney (DPOA), a document that creates a legal, enforceable relationship between the person who signs it (known as the "principal") and the person who acts for the principal (known
What is Probate?Probate is the process by which your last Will is determined to be your final statement and confirms the appointment of the person or institution you have named to administer your estate. The term probate is also used in the larger sense of probating your estate. In this
Protecting one’s assets through estate planning is essential in today’s economic environment. Wills, living wills and powers of attorney, are only some of the professional documents that are utilized in protecting one’s assets.Also, assistance in probate of an estate, following the difficult transition period of bereavement, is provided by my
The primary purpose of Wills and Trusts created in your Will, but not funded until after your death, is protecting your beneficiaries from themselves and creditors. Trusts created in your Will are called Testamentary Trusts. A By-Pass Trust is a great way to reduce estate taxes but it can also
Insurance on your life will be included in your taxable estate if either (1) Your estate is the beneficiary of the insurance proceeds, or (2) You possessed certain "incidents of ownership" in the policy within three years of your death. Incidents of ownership that will cause the proceeds to be taxed