The Risk of No Contest Clauses Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys When renowned fashion designer Oscar de la Renta died in late 2014, the assumption of many was his son, widow and her three children would receive similar – if not equal – inheritances. Instead, the designer’s son, Moises de la Renta received a very small inheritance (especially considering the size of his estate). Oscar de la Renta complicated things further for Moises when … [Read more...] about The Risk of No Contest Clauses

Your Independence, Rising Medical Costs and Retirement Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Many of us believe we have the “planning for the future” space covered. We’ve worked hard and saved. Our homes are paid off by the time we go into retirement and as far as we’re concerned, life now consists of living well in the way we define. In a perfect world, that’s true. In reality, there are a few things which can quickly annihilate our sense of … [Read more...] about Your Independence, Rising Medical Costs and Retirement

The Changing Needs of Aging Parents Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Odds are, before your parents retired, they’d already put many plans for the future into place. From contributing to a retirement plan for decades to ensuring proper life insurance policies were in place, there’s a good chance your parents wanted to eliminate some of the obstacles that can plague the aging process. But is it enough? How can we ensure the changing needs … [Read more...] about The Changing Needs of Aging Parents

Life Insurance: Understanding its Many Benefits Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Few things in life are more devastating than watching a loved one struggle with a long-term or terminal illness. It can be one of the most helpless feelings ever experienced. While that’s overwhelming enough, there are medical bills and other costs which must be paid. Fortunately, life insurance policies are one option that can ease the financial burdens and … [Read more...] about Life Insurance: Understanding its Many Benefits

A New Approach to Wealth Planning  Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Estate Planning is important for passing assets to the next generation. However, is that enough? For many, Legacy Wealth Planning is an important element of their overall Estate Planning efforts. If Estate Planning is the beginning, then Legacy Wealth Planning takes it to the next level: your holistic efforts of protecting and planning for future generations. Legacy … [Read more...] about A New Approach to Wealth Planning

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys A vacation home is a special place for a family. You buy a beach house or a cabin at the lake with visions of the long, lazy summer days and holidays you’ll spend with your children…and eventually your grandchildren. You dream of the memories you’ll make, and you look forward to passing the home on to your children and grandchildren so that they can do the same. Sadly, without a … [Read more...] about Proper Planning Protects Your Vacation Home

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys June 26, 2013 was a landmark day for LGBTQ couples across the United States. With two much-anticipated rulings, U.S. v Windsor and Hollingsworth v. Perry, the U.S. Supreme Court made federal benefits available to spouses in same-sex marriages and cleared the way for same-sex marriage in California. DOMA In U.S. v. Windsor, the Supreme Court struck down a section of the Defense of Marriage Act … [Read more...] about DOMA’s Impact on Estate Planning for LGBTQ Couples

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys If you’re like many small business owners, you’ve poured your heart and soul into launching your business and making sure it thrives. The idea of allowing your enterprise to fade away after you die may be unthinkable. After all, in many ways, your business is your legacy. As is often the case, you may have focused a lot of your time and energy on day-to-day operations and put off creating a succession … [Read more...] about Next Generation Planning for Your Family Business

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys May people might think it is beyond their means to leave a testamentary charitable gift (a gift made after you die) and would be surprised to learn that you don’t have to be wealthy to leave behind a substantial charitable legacy. One way to accomplish this is with an Irrevocable Life Insurance Trust (ILIT). All you need is enough income to set aside a little extra money each month. The great news about … [Read more...] about How Life Insurance Can Fund Your Charitable Legacy

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys “It’s not fair!” Parents hear this protest all the time, and it often comes from children who confuse being treated fairly with being treated equally. One of the challenges of parenting is figuring out how to be fair to your children when, often, that doesn’t mean treating them exactly the same. Here’s an example: Andy is ten years old and Emma is sixteen. Emma has her driver’s license and a … [Read more...] about Fair Does Not Always Mean Equal