In the recent case, In the Estate of Hohmann, a person passed away without leaving an executed will. The deceased man’s caretaker, however, found a handwritten document where the deceased man stated his wishes for his assets. The deceased’s cousin later applied to probate the handwritten document like a written will.…
In the November 2020 case of Ochse v. Ochse, a Texas court heard a case that could potentially have a ripple effect on how trusts are interpreted. In this case, a mother established a trust that provided the trustee was authorized to make distributions to both the trustee’s son as…
Executors as well as the personal representatives of estates can be held personally liable for either applying or distributing estate assets when there are unpaid estate taxes owed in case the Internal Revenue Service is not paid. When estate tax returns are not filed, the final amount of estate taxes…
One of the most recurring themes about estate planning as well as retirement strategies is to minimize risk. As a result, if you plan on creating a comprehensive retirement plan, you should make sure to also include an adequate estate plan. While you will hopefully enjoy a long and comfortable…
After moving between states, many people are overwhelmed and overlook critical estate planning steps. This can lead to undesirable estate planning results because different states treat issues like marital property and taxes differently. In these situations, it helps to understand some helpful advice about how to revise and update your…
A power of appointment allows a person engaged in estate planning to direct where interest in an estate or trust is passed. Appointments are often classified as either general or limited/special. A general power of appointment gives the holder broad power to transfer a deceased person’s property. For example, if…
Trusts are a nuanced part of estate planning and can make sure that assets are passed on to your loved ones in a controlled manner. While there are many terms and concepts to grasp when it comes to understanding trusts, it also helps to appreciate that there are several types…
Difficult times bring out the extremes in people. While the news is full of stories about altruism during the COVID-19 pandemic, there are countless examples of individuals who have come out with scams designed to capitalize on people’s confusion and fear. Besides being at increased risk of experiencing the most…
Sometimes creating an estate plan means more than just simply designating who will receive your assets. Instead, it sometimes becomes critical to think about how a loved one will receive what you leave them. Fortunately, estate planning presents the opportunity to contemplate the particular needs of your beneficiaries as well…
The field of estate planning involves various types of documents. While some of these documents have long-recognized roles, people have less exposure to others and are more uncertain about the role they can play in estate plans. One commonly asked question is what the difference is between power of attorney…