Richard Miller, Esq. authors article for Insurance Newsnet titled “How insurers can mitigate their exposure when it comes to beneficiary designations”
December 19, 2023
“One of the biggest myths and misconceptions of estate planning is that a will controls the disposition of all one’s assets at death. This is not the case. Failing to distinguish the difference between probate and non-probate assets could lead to unintended and costly consequences not only for the person who owns the asset, but […]
3 Common Probate Questions: Estate Planning Basics
July 28, 2023
When people pass away, they leave behind assets, property and possessions that can have sentimental and real value for surviving family members and loved ones. Some assets transfer directly to heirs after a person’s death. These non-probate assets include payable-on-death bank accounts, insurance policies with designated beneficiaries, trust funds and jointly held assets with survivorship […]
The Debate over Aretha Franklin’s Estate
July 11, 2023
A trial is set to begin this week in Pontiac, Michigan to determine which of two handwritten wills best reflects the testamentary wishes of the Queen of Soul, Aretha Franklin. The singer did not leave a formal will, though she was engaged in estate planning with an attorney that was not concluded prior to her […]
Why You Should Designate Beneficiaries
June 30, 2023
According to WealthCounsel, over a third of Americans have experienced or witnessed familial conflict when someone dies without an estate plan. While most people believe having an estate plan is important, only a third have a plan in place, per Caring.com’s 2023 Wills Survey. While most adults in the United States think all they need for an […]
What Does the Term “Decedent” Mean?
April 13, 2023
“Decedent” is a legal term that refers to a person who has died with unsatisfied legal obligations. At the end of their life, a decedent has some legal duties that must be fulfilled through a representative. For example, decedents remain obligated to satisfy certain debts incurred during their life and file their last income tax […]
How Trustees of Special Needs Trusts Are Compensated
April 4, 2023
Serving as a trustee of a Special Needs Trust (SNT) can be a time-consuming and complicated job, which is why trustees are almost always entitled to compensation for their services. Payment of trustees usually takes one of two forms: either a flat fee based on a percentage of the trust’s assets, or an hourly rate. […]
Step-Up in Basis and Why It Matters in Estate Planning
March 21, 2023
Recent news stories may have made you aware of the “step-up in basis” and the current administration’s desire to eliminate or adjust it. If you are considering engaging in estate planning or you may be inheriting assets, it is important to understand what the step-up in basis is and how it may affect you. What […]
Support a Charity – and Your Loved Ones – With a CLAT
February 6, 2023
A charitable lead annuity trust (CLAT) is an estate planning tool whereby a person (grantor) creates a trust that initially benefits a charitable organization, foundation, or other qualifying entity for a defined period. After this time ends, the CLAT’s remaining assets are distributed to non-charitable beneficiaries, usually a grantor’s loved ones or family members. Depending […]
Dynasty Trusts: A Tax-Efficient Way to Pass Wealth Down Through the Generations
July 25, 2022
If you want to pass money to future generations without having it subject to gift and estate taxes, then a dynasty trust may be right for you. A dynasty trust allows trust assets to be used for the benefit of multiple generations while keeping the assets out of the grantor’s and the beneficiaries’ taxable estates. […]