Downs Law Firm, P.C.
Has a loved one named you their financial power of attorney? Are you ready to take on all the responsibilities that entails? Hopefully, you won’t be called into action anytime soon, but with the coronavirus pandemic continuing, it’s something to think about.
Receiving an inheritance can be a double-edged sword. On the one hand, it’s overwhelming, thanks to the intense emotions associated with losing a loved one combined with the confusion about what to do with the newly acquired assets. On the other, an inheritance can re-invigorate your finances and create new opportunities for you and your family.
This time of the year is a great time to revisit your estate plan so you can ensure your legacy is protected for years to come.
An issue that frequently arises is the treatment of an inheritance received by a spouse during the marriage. The basic rule is that any property received via gift or inheritance during the marriage is exempt from equitable distribution.
There’s a lot of prep work to complete when you’re expecting a new baby. Expectant parents have a nursery to paint, strollers to buy, doctor’s appointments to attend, and nannies to hire.
Generally, when settling an estate, debts and expenses are paid first, charitable and spousal transfers follow, and applicable estate taxes are levied afterward.
The ex-husband of Amy Winehouse is making a $1.4 million legal claim on her estate —eight years after her death.
Liz Hurley’s son Damian has won a legal fight against his grandfather who tried to cut him out of his inheritance.
Do not put off finalizing and signing your estate planning documents just because you have reached an impasse on who to name as trustee.
A trust can be a vital component in an estate plan.
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