Finding love later in life may be unexpected and exciting, but should it lead to marriage? The considerations are much different for an older couple with adult children and retirement plans than for a young couple just…
Although it is often said that nothing is certain except death and taxes, the one tax you may be able to avoid or minimize most through planning is the tax on capital gains. Here’s what you need to know to…
A durable power of attorney is an extremely important estate planning tool, even more important than a will in many cases. This crucial document allows a person you appoint — your “attorney-in-fact” or “agent” — to act…
Life insurance can be beneficial in replacing lost income for young families, but as people get older, it can also serve a purpose as part of an estate plan. Historically, one main reason to buy life insurance…
The phrase “life estate” often comes up in discussions of estate and Medicaid planning, but what exactly does it mean? A life estate is a form of joint ownership that allows one person to remain in…
New legislation has been introduced that would restore the estate tax and gift tax rates to 2009 levels. Michael Cohen, editor-in-chief of AccountingToday.com, explains the proposed changes in this article.
Just as making a will without the help of a qualified attorney can be dangerous, trying to change an existing will on your own can fail as well. A recent court decision in Minnesota serves as a cautionary reminder to anyone thinking of altering their estate plan on their own. Strohschein Law Group is here to protect what matters and just a phone call away to save you money and potential heart ache.
Many parents or grandparents with sizable amounts of money to pass on to their heirs are apprehensive about the effect it may have on their children or grandchildren. In some instances, they fear that the recipients will misspend the funds on drugs, fancy cars or failing businesses. In other cases, the fear is simply that their children will lose their drive to achieve and overcome barriers that may present themselves if there’s no financial necessity to do so. But some parents set up what are known as “incentive trusts,” which get very specific in their instructions to trustees to ensure that the trust funds support what the trust’s creators view as positive behavior and discourage unproductive activities. Read more…
As it turned out, Houston may have given Bobbi Kristina more money than she could cope with at such a young age. The trustees of the trust – Bobbi’s aunt and grandmother – certainly thought so because they filed court papers to change the will to delay the windfall to Bobbi Kristina, but the trustees later withdrew the request, no doubt realizing that courts invariably follow the terms of a will. But we’ve seen worse. At least Houston did have a plan that didn’t give everything to Bobbi, even though $2 million at age 21 was probably too much. The morals of the story are to update your estate plan when life changes happen and to think long and hard about what effect inherited money will have on a child and on those close to her.
Linda Strohschein, your local Certified Elder Law Attorney, will meet with you to create strategy and offer resources to avoid problems that drag out your estate administration and cost money and create headaches for your heirs. Call us today at 630-377-3241