Downs Law Firm, P.C.
Sometimes, despite best intentions and best efforts, an estate plan leaves unintended problems for heirs, trustees, and others to solve. For example, a trust may have become outdated because of changes in tax laws, the birth or death of family members, or special circumstances, like an heir’s disability.
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.
Contesting a will simply means that you formally object to the terms and validity of the will.
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.
Acting as an executor can be a tremendous amount of responsibility and a time-consuming duty.
A trust can be a vital component in an estate plan.
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