estate planning Tag

Which Trust is Best for Leaving a Portion of Your Estate to a Charity?

When planning your estate, you may want to leave some money to a charity you support. If you are charitably inclined, there are two types of trusts you should consider utilizing to protect yourself from excessive taxation and maintaining the value of your future charitable donation. The two trust options include (i) the charitable lead trust and (ii) the charitable remainder trust. What is a Charitable Lead Trust? Compared to a charitable remainder trust, the roles are basically reversed when you set up a charitable lead trust. The charitable beneficiary will receive annual payments from the trust at the beginning of the...

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You Were Named the Executor or Administrator of an Estate – What To Expect

When someone is designated as a personal representative for an estate, their mind is often inundated with questions and concerns about what they are legally obligated to do. In many instances, personal representatives are named an Executor/Executrix or an Administrator/Administratrix. Similarities and Differences between an Administrator and an Executor You may be wondering, "What is different from being named an Administrator versus an Executor?" Well, an Administrator is the individual appointed by a court to oversee an estate when someone passes away without a Last Will and Testament. In contrast, an Executor is the individual named by a decedent in their estate...

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Advice on How to Plan Your Estate in the Midst of the Coronavirus Pandemic

The Coronavirus Pandemic has placed the fragility of life front and center for many people. It is a harsh reminder that each day is a gift and an unexpected event can limit the days we have on this Earth. A byproduct of this realization is that many Americans are taking steps to plan their estates. However, jumping headfirst into estate planning can be rather intimidating. You have to make important decisions about whether to create a will, a trust (or trusts), power of attorney for handling financial matters, power of attorney for medical decisions, and so forth. If you are interested...

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Coronavirus Pandemic Highlights the Importance of Clear Health Care Directives

CNN published a heart wrenching article by Louis Foglia that detailed his father's last days and tragic passing as a result of COVID-19. Foglia's article provided an immersive experience into the intense stress, anxiety and uncertainty that accompanies having a loved one in the hospital struggling to stay alive due to the Coronavirus. Foglia's father battled the Coronavirus for 31 days but ultimately succumbed to the deadly virus. I strongly encourage you to take the time to read Foglia's article from start to finish. It both encapsulates the life and memory of his father while also highlighting the immense importance of certain...

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Do You Need to Amend Your Advance Medical Directive Due to the Coronavirus?

One of my clients recently asked an important question about advance medical directives and whether amending this important legal and medical document is warranted in response to the Coronavirus pandemic. For context, my client has an advance medical directive stating that they do not want to be put on a ventilator. However, my client expressed a desire to be placed on a ventilator if they are infected with COVID-19. This prompted my client to ask – is it necessary to amend my advance medical directive in light of different treatment wishes for the Coronavirus? Answer: it is not necessary to amend an...

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