News & Knowledge
Keeping our clients updated, educated, and informed.
National Estate Planning Awareness Month: Protection, Security, and Peace of Mind™
October is National Estate Planning Awareness Month – a timely reminder to make sure your estate plan protects you, your family, and everything you have worked to build. From Wills and Revocable Living Trusts to incapacity planning, Medicaid planning, and asset protection, thoughtful planning today can provide Protection, Security, and Peace of Mind™ for the future.
Digital Assets in Estate Administration
Digital assets are many things: music, videos, medical records, tax documents, financial records, bank statements, photographs, whether stored on a computer hard drive, online, and/or in the Cloud. Digital assets can also include accounts on social media websites, such as Facebook, Twitter, LinkedIn, Pinterest, Tumblr, or Instagram. Digital assets are also email accounts, such as at Gmail, Yahoo, and Hotmail. Or accounts at online merchant websites, such as eBay, PayPal, and Amazon.
Top Mistakes Fiduciaries Make (Liability Landmines)
The common (but not small) mistakes:
Not marshaling all of the assets.
Not determining all of the debt.
Not disposing of all of the debt.
Not paying the expenses on time, including the estate taxes owed by the decedent’s estate.
Making distributions prior to the seven (7) months.
Paying the decedent’s creditors without confirming the claim(s).
Not heeding the concerns or needs of the beneficiary(ies) of the estate.
Issues Facing Clients with Real Estate in More Than One State
If you own real estate in more than one state (New York and Florida, for example) you may need to probate your Will or administer your estates in each state.
What is a Living Trust and Why You Need One
What is a Living Trust? A Living Trust (not to be confused with a Living Will) is an estate planning legal document that is similar to a Will, but accomplishes more than just passing out your assets upon your death.