Many of my clients have heard me tell the story of my grandfather clock. My grandmother, Pauline K. Smith (MeMe), gave me this clock. Like many families, we had Thanksgiving, Christmas and Easter with our family at MeMe’s house. These traditional family get togethers are etched in my mind. One Easter, MeMe asked all in …
When someone becomes the executor of an estate or the trustee of a trust, one of their duties is to obtain a tax identification number for the estate or trust. This is known as an EIN (Employer Identification Number) and is issued to the estate or trust by the IRS for tax administration and reporting …
Last week, I provided some basic information about what you should do when someone dies. This week I thought I would provide a list of what you should pull together after the funeral. Sometimes it is tough when you are dealing with grief and all the events related to funerals or celebrations of life. My …
When people think of estate planning, the first ideas that typically come to mind are of wills, trusts, powers of attorney, and guardianship arrangements. Traditionally, those instruments have been closely associated with estate planning simply because they are legal tools exclusively dedicated to helping people pass on their assets or otherwise ensure that loved ones …
It comes to me as second nature, but when you are entering a real estate deal, you should hire an attorney. I am amazed at how many verbal land sales and homemade contracts I see. Homemade deeds with incorrect or insufficient legal descriptions are common as well. If you are going to invest your hard …
When most business owners think about estate planning, they’re usually focused on one thing: what happens to the business after they’re gone. And while planning for succession is essential, there’s another scenario that often gets overlooked—what happens if you’re still alive but unable to run your business? Incapacity isn’t just about catastrophic accidents or permanent …
When assisting families with real estate that has belonged to a family member, commonly there are questions about siblings which were either adopted, stepchildren or children from outside the marriage. Therefore, in this week’s column I will explain how each of these scenarios may affect inheritance rights. The inheritance rights of adopted children are protected …
Continue reading “INHERITANCE RIGHTS OF ADOPTED, HALF-BLOOD AND STEP CHILDREN”
If you are considering selling or buying real estate, or getting a divorce, drafting a Will or even forming a corporation, you will find advice at just about every stop you make. Co-workers may have said “You don’t need to hire an attorney. You can do it yourself.” Let me caution you to think very …
A lot of what I do as an estate planner is help you protect your assets: I help you protect your assets for your children when you die, help you protect your assets when you are elderly and need long term or nursing care, help you protect your business or investment assets from frivolous law …
Many folks decide to go into or open a new business everyday. It is part of the American culture to be an entrepreneur. While it is wonderful to “be your own boss,” it does come at a cost and with risk. Following fast on the heels of a decision to go into a particular kind …
