Mary wanted her children to benefit from the comfortable net worth she had built. Fortunately for them, she consulted with an estate planning attorney. She considered setting up trust funds for her children but was unsure how to handle the payouts: outright or through staged withdrawal rights? First, What Does ‘Staged Withdrawal Rights’ Mean? Trust assets...
Roslyn and Martin’s marriage was troubled. They never divorced or even separated, but Martin’s anger got the best of him at one point. He decided to remove Roslyn as a beneficiary on all his retirement accounts, checking accounts, and savings accounts. He quietly retitled some business property to prevent her from receiving any benefit from it...
Ella C. lived a long life, blessed by her family and her beloved pets. At the time of her death, two pets lived with her: Lucy, her 10-year-old Labrador Retriever, and Thor, a 2-year old Russian Blue cat. Her children knew their mother loved and pampered the animals, but they had no idea what to do...
Jackie earns a good living from the popular novels she has written. She sometimes worries what will happen to her books when she passes away. After all, her copyrights were worth something, right? Jackie talked to her attorney, who suggested she include her intellectual property rights in her estate planning. The Ownership of Ideas Intellectual property...
Who inherited Sonny Bono's money is a question on the lips of many Sonny Bono was probably most famous for the song he sang with Cher, his second wife – I Got You Babe. However, he also found success as a songwriter, television star, restaurateur, and politician. When discussing his financial legacy, The Beat Goes On...
Edward N. faced a dilemma while preparing his estate plan. He needed to name someone to serve as trustee of his family trust. Fortunately, he had several close friends and family members who might be suitable. However, he had trouble choosing one over another. Edward wondered what qualities his trustee should possess. The first thing Edward...
Grandpa Joe’s family knew he needed to make a Will. He had even asked his granddaughter, Abigail, to take him to an estate planning lawyer. But he had also wandered out of the house in his pajamas and called Abigail by his late wife’s name several times. They were concerned about his competency. How could they...
Janet and Bobby G. were living in Texas when they started their life together as man and wife. After 20 years, they moved to Florida. As a married couple living in Texas, most of their assets were considered community property, but Florida is not a community property state. As new Florida residents, they needed to explore...
If you’ve seen one Will, you’ve seen them all, right? Actually, your Will is a very personal expression of your wishes. It’s your voice giving one final message to the world. Some people take it to the next level by writing some slightly weird Will provisions. Whether your last testament is a living will or another...
If you own a business, ask yourself this question: What will happen to my business when I can no longer work? Fortunately, a business succession plan due to an owner’s incapacity will assure a smooth transition. The best way is to develop plans before incapacity strikes. Start Your Business Succession Plan at the Beginning Legal documents...
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