Following the death of my all-time favorite singer Amy Winehouse (ok, after Sinatra) from alcohol poisoning in July 2011, it was reported that not only did the 27-year-old have a will but that she had recently updated it to ensure that her ex-husband, Blake Fielder-Civil, would not inherit any of her estate. That the troubled singer could be organized enough to plan her estate seemed somewhat incongruous, but news Read More
What Can Jim Morrison’s Simple Will Teach Us About Estate Planning?
It’s a bit of ancient history, but Jim Morrison’s will highlights a misunderstanding in estate planning that is still common today: What happens to the balance of a bequest when the beneficiary dies? When The Doors lead singer died in 1971 at age 27, his will provided that his entire estate would pass to his girlfriend, Pamela Courson, provided she survived him by three months. If Courson, his "primary Read More
Probate v Non-Probate: What Is the Difference?
When planning your estate it is important to understand the difference between probate v non-probate assets. Probate is the process through which the Surrogates Court determines how to distribute your property after you die. Some assets are distributed to heirs by the court (probate assets) and some assets bypass the court process and go directly to your beneficiaries (non-probate assets). The probate process Read More
The Hazards of Do-it-Yourself Estate Planning
Many websites offer customized, do-it-yourself estate planning documents such as wills or trusts. Although such products may seem convenient, using them could create serious and expensive legal problems for your heirs. These digital do it yourself estate planning services appear to offer a cost-effective and easy alternative to visiting an estate planning or elder law attorney. But, is online estate planning worth Read More
How To Handle Intellectual Property in your Estate Plan
It is important to consider how to handle intellectual property in your estate plan. If you are an inventor, author, artist, or owner of a closely held business, you should take steps to ensure the protection of your intellectual property rights and consider the best way to ensure your family can continue to benefit from your work in the future. Business ideas, visual art, published or unpublished literary and Read More
What to Do If You Want to Leave Your Children Unequal Inheritances
Parents usually want to leave their children equal shares of their estate, but equal isn’t always fair. If you plan to provide more (or less) for one child in your estate plan, preparation is important. It is natural for parents to want to treat their children equally in their estate plan, but there are some circumstances in which a parent might want to leave children unequal shares. If one child is providing all Read More
Using a Roth IRA as an Estate Planning Tool
A Roth IRA does not have to be used as just a retirement plan; it can also be a way to transfer assets tax-free to the next generation. Unlike a traditional IRA, contributions to a Roth IRA are taxed, which means that the distributions are tax-free. Also, unlike a traditional IRA, you are also not required to take any distributions on a Roth IRA, regardless of your age. If you don’t need the money for retirement, Read More
Estate Planning Options for Your Art Collection
Collecting art or other valuable items can be a passion for many people. Often such a pastime is more about enjoying the art or the medium itself than about ensuring financial gain. However, once you have accumulated a sizable collection, what do you want to happen to it after you pass away? It is important that your estate plan address your art separately from your other assets. The first step in estate planning Read More
How to Deal with an Estranged Child in Your Estate Plan
Unfortunately, not all families get along. If you are having problems with one of your children, you may not want them to benefit from your estate. There are several strategies for dealing with an estranged child in your estate plan. Depending on the level of estrangement and the reasons for the estrangement, the following are the main approaches for treating a child differently in your estate plan: Outright Read More
When Does a Will Become Outdated?
Estate planning is an important part of every family, no matter the size or structure. You should work with an attorney early on to make sure your wishes are carried out when you or another member of the family passes away. It’s imperative, however, to understand a will is not a “set it and forget it” situation. You will need to update your will as time passes. Your Family Structure Changes This should be the most Read More
