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May 2019 Archives

Do I have a right to inherit from my parents?

If one or both of your parents have passed away, it is likely that they will have assets for distribution. As their child, you may expect that you will automatically be owed a share of the estate. While this is understandable, unfortunately, your right to inheritance depends on the instructions left within each parent's estate plan.

Is a private family foundation right for you?

Many people who are creating their estate plans believe that they've given their children every advantage in life to become successful, financially independent adults. Instead of leaving them a substantial amount of money or other assets when they die, they prefer to leave the bulk of their wealth to various worthwhile charities. They may even want to set up a scholarship fund to help students at their alma mater pay their educational expenses.

Why revocable living trusts take precedence over wills

A comprehensive estate plan is often comprised of a number of documents. It's crucial that they don't contradict one another. This can cause confusion, delays and expense when it comes time for your executor(s) to settle your estate. Therefore, if you make changes to one document, your estate planning attorney can advise you if similar changes need to be made to other documents to ensure continued consistency.

Estate planning for the 'modern family'

If your family doesn't involve a spouse of the opposite sex and a couple of kids that you had together, you're not alone. Family dynamics have evolved considerably in recent decades. The term "modern family" has largely replaced "traditional family." A family can easily be comprised of an unmarried couple (of the opposite sex or the same sex), a single parent, grandparents raising their grandchildren, stepparents and stepchildren and other variations.

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