Since our last update on the debacle surrounding the administration of Prince's estate, many news agencies have highlighted the astronomical costs incurred as a result of his lack of estate planning (as well as other disputed aspects of the estate, including the...
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Estate Planning
Multiple People File Claims to Prince’s Estate
In the past week, several stories regarding claims to Prince's estate have been reported that have sparked the interest of estate planning professionals across the United States.First, an inmate in Colorado has come forward claiming to be the biological son and legal...
Proper Estate Planning Includes Funding Your Revocable Trust
Funding your revocable trust is vital to proper estate planning. Failure to do so may result in a rocky road in the years to come. For example, in one recent appellate case, Carne v. Worthington, the court considered whether the trustor had transferred real property...
Prince Died Without a Will – So What?
In the wake of the death of famed musician Prince, you may have seen media reports discussing his lack of estate planning. According to a recent probate court filing, Prince's sister, Tyka Nelson, requested that a special estate trustee be appointed to oversee the...
Who are the parties to a revocable living trust?
With many people's familiarity with terms such as "executor" or "personal representative," clients are often confused when we discuss a revocable trust as an estate planning instrument and they hear new terms such as "trustor", "trustee", and "beneficiary." Below we...
Can Proper Estate Planning Save Money in the Long-Run?
A revocable trust is an estate planning instrument (1) created by a Settlor (2) during his or her lifetime, and (3) funded during his or her lifetime with the bulk of the Settlor's assets (4) for the purposes of avoiding probate. Although there are certainly other...
When Should I Have an Estate Plan Prepared?
As a general rule, there is never a bad time to have an estate plan prepared; however, the old adage "the earlier the better" certainly rings true in the estate planning context. Many people believe that estate planning is only appropriate for the very old or the very...
I’ve Finalized My Estate Plan – Now What?
After the lengthy estate planning process has finally been completed, clients are often ready to move on to greener pastures; however, this can prove to be a costly mistake. One of the most important post-formalization steps is placing the original estate planning...
What is “Funding the Trust” and Why is it Important?
After an individual's death, assets titled in the decedent's (the deceased individual) name must go through probate (a process in which the court supervises the distribution of the deceased's assets). By properly forming and "funding" your revocable trust, formal...
Does your Health Care Directive provide HIPAA Authorization?
Does your Advance Health Care Directive provide HIPAA Authorization? An Advance Health Care Directive is an imperative part of your estate plan. It authorizes an individual of your choice to make health care decisions for you if you are incapacitated or too ill to...
