While it is an honor to be named as a trusted decision maker, also known as an executor or personal representative, in a person’s will, it can often be a sobering and daunting responsibility. Being an executor requires a high level of organization, foresight, and attention to detail to meet responsibilities and ensure that all beneficiaries […]
Ideally, when someone passes away, the paperwork and material concerns associated with the deceased’s passing are so seamlessly handled (thanks to excellent preparation) that they fade into the background, allowing the family and other loved ones to grieve and remember the deceased in peace. In fact, the whole business of estate planning—or at least a significant […]
Probate — people often consider it a dirty word. Especially those who have gone through the probate process. But for the rest of us, what even is probate? The Black’s Law legal dictionary defines ‘probate’ as the “legal process to determine the validity of a will.” In layman’s terms, it’s the process of the court appointing […]
One would assume that celebrities with extreme wealth would take steps to protect their estates. But think again: some of the world’s richest and most famous people shuffle off this mortal coil with no estate plan, While others have made estate planning mistakes that has tied up their fortunes and heirs in court for years. Let […]
The Slayer Rule – a frightening term for a frightening crime. In short, the Slayer Statute, addresses a murder motivated by inheritance. Like many mystery films of its kind, Rian Johnson’s 2019 Knives Out opens with a murder. Harlan Thrombey, a wealthy author, is found dead in his Massachusetts mansion. Although his death is first ruled […]
One of the many challenges of owning a small business is determining the appropriate tax classification of the business. When an individual owns a business entity that is classified either entirely or partially as an S Corporation, it is important to seek the guidance of an experienced estate planning attorney and tax advisor for planning how […]
This blog has touched on some of our favorite estate planning and probate movies, including the 2019 who-dun-it, Knives Out. Revisiting this film in particular, and now we are looking at one of the most dramatic moments of the movie – the reading of the Will. In Knives Out, as well as many other movies, we […]
When it comes to federal taxes, most people are very aware of the federal income tax.. This is because, if they earn a paycheck, they cannot help but notice the deductions each pay period. But there are lesser-known taxes such as the capital gains tax (a form of income tax), the estate tax, the gift tax, […]
