June 2012 Archives

Irrevocable life insurance trusts can be effective estate planning tools

The purchase of life insurance requires consideration of a number of factors, including costs and terms; type of insurance plan; and how much to purchase. In terms of estate planning, another consideration is whether a life insurance policy can be a good vehicle for passing on one's wealth. And, if so, how?

Estate of late copper heiress subject of two separate legal challenges

The public administrator in charge of winding down the estate of the late copper heiress Huguette Clark recently petitioned a New York probate court to order her caretakers to return millions of dollars in gifts. According to the administrator, the recipients took advantage of Clark's feebleness and manipulated her into making those gifts.

Inheritors do well to develop financial plan for windfall

On this blog, we try to focus on estate planning and probate issues, but there are also issues that can come for those on the receiving end of an estate plan. One of them concerns how inheritors should use a windfall. For those receiving an inheritance, it isn't always as simple taking the money and enjoying it. The key is to handle the inheritance wisely, and make it contribute to one's financial well-being. For this reason, those who receive and inheritance need to develop a strategy.

Acting as executor of an estate doesn't have to be a nightmare

Being named the executor of an estate, for many people, is an overwhelming thing to take on. But it doesn't have to be. While there are a good many steps to the process and potential difficulties along the way, preparing ahead of time and having professionals to consult can make things a lot easier.

Attorney appeals in breach of confidentiality dispute over Rosa Parks' estate

A Michigan attorney has accused a probate judge and two probate lawyers of conspiring together to drain the estate of civil rights icon Rosa Parks. According to the attorney, the judge held secret hearings and made improper rulings, allowing the attorneys to construct a phony breach of confidentiality dispute.

Four things to discuss with your children about your estate plan, P.2

In our previous post, we began discussing four estate planning issues to discuss with your children well in advance of your passing. We already mentioned that it is important to inform the individual selected as your executor that they have been selected for this task. This doesn't have to be a child, but often is. We also noted that all your children should know where your estate planning documents are located. This helps reduce confusion and feelings of betrayal, keeping everybody in the loop.

Four things to discuss with your children about your estate plan, P.1

It may or may not come as a surprise to our readers, but one of the biggest obstacles to doing estate planning is getting people to start thinking about their passing. What can be even more difficult is getting them to talk about it with their family members. What is clear, though, from looking at successful estate plans, is that communication with one's family about such matters is very important.

Mr. Teiger, Thank you very much for your time and results. I will definitely recommend you & your firm to anyone who wants to be treated professionally courteously and needs results.Hope all is well.Again...thank you. Regards, Paul L.

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