Kathleen and Robert Magowan were a pair of elderly twins working middle class jobs and living in a middle class home. Kathleen was a long-time first-grade teacher and Robert was an insurance agent who’d made a few good investments in the 60s and 70s. No one near the pair suspected the two had been … [Read more...] about Uncovered in Death: Elderly Twins Were Millionaires
Typically when I sit down with new clients to discuss the creation of their estate plan, the discussion revolves around the two most common options - Last Will & Testament or a Revocable Living Trust. The best option will usually be centered upon the estate size, individual goals and family … [Read more...] about WHAT HAPPENS TO OUR ‘STUFF’ WHEN WE DIE
2014 is here and it is time to start making your New Year resolutions. One should be to review your estate and financial plans. You have made the great first step by having your plan put in place. Now make sure it continues to meet your goals. We recommend having your estate plan reviewed every … [Read more...] about The New Year is Here
More than at any other time of year, the holidays bring our families together to share with one another the joys of the season. While estate planning may not be the most popular topic, and people tend to avoid conversations referring to “when I die,” having the family gathered together makes this a … [Read more...] about While You Are With Your Loved Ones This Season
You may have heard the term – Probate – but what do you really know about it? More importantly, what should you know?! In 1989, AARP decided to do a study on probate and uncovered some very interesting facts about the process. The vast majority of probate cases filed in our court systems revolve … [Read more...] about WHAT DO YOU KNOW ABOUT PROBATE?
During our marriage, my wife and I have moved six times. And with each move, we took the opportunity to get rid of a lot of our “stuff,” the things that we collected here or there, but then ended up pushing to the back of the closet. We did not use or appreciate it any more, so we got rid of … [Read more...] about Think About (and Write Down) who gets Your “Stuff”
I often get asked by folks whether having a financial account with the designation “POD” (payable on death) or “TOD” (transfer on death) is good planning for their family. My answer is that it may be adequate planning in certain circumstances, but to call it “good planning” is a bit of a … [Read more...] about Payable on Death/Transfer on Death – Good planning?
New York’s “Son of Sam” Law, was enacted in 1977 in response to the many monetary offers to David Berkowitz, known as the “Son of Sam” killer, for his story. The law was intended to divert any payments or profits to the victims of any criminal who received profits from a crime. The “Son of Sam” Law … [Read more...] about New York Ruling Closes the “Son of Sam Loophole”
Estate Planning is not as easy as it appears. When something appears easy (think about Miguel Cabrera’s or Ted William’s hitting prowess), it is because there are countless hours of preparation, review and practice to achieve the high result. Remember, brain surgery is “easy” for a brain … [Read more...] about Solving One Issue May Create Many Others
Today I had the unusual experience of dealing with instructions about as clear as mud on both ends of the life spectrum. Let me explain; the first misunderstanding involves baby equipment, the second, end of life planning. Two friends of mine have passed baby gear between the two of them for … [Read more...] about The Importance of Providing Clear Instruction