Downs Law Firm, P.C.
Estate planning is a systematic process, which involves getting your personal and financial goals for the time you pass away or become mentally incapacitated. It is also known as a last will, and almost everyone does this planning for their family.
The most common question faced by special needs parents and caregivers is, ‘What will happen if I am not here?’
Beneficiaries of a trust typically pay taxes on the distributions they receive from the trust’s income rather than the trust itself paying the tax. However, such beneficiaries are not subject to taxes on distributions from the trust’s principal.
The fact is people’s names often change. People get married and divorced, or sometimes they just legally change their names.
Safe and shareable password storage is vital in today’s computerized world. The old solution–writing down passwords on paper set next to your keyboard–is not safe, not adequate, and not shareable.
For most people, pets aren’t just animals–they’re the excited ‘hello’ when we get home from a long day of work, our jogging partners, our best friends, and part of the family.
We are programmed to contribute the “max” to our retirement accounts, but we disregard, or do not understand, the pitfalls of improperly filled-out beneficiary forms.
It was reported on the news recently that some of Aretha Franklin’s family members have found what they believe to be her will. It was handwritten, stained, and crumpled up in a couch. The courts may or may not choose to honor it, depending on whether or not they are able to verify its authenticity.
In my parents’ trust, they leave each other their share upon death, and then I become trustee when my last parent dies. I’m really concerned about this whole deal.
Do not put off finalizing and signing your estate planning documents just because you have reached an impasse on who to name as trustee.
Copyright © IMS. All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement. Some artwork provided under license agreement.
