Most people know that under certain circumstances a Last Will and Testament may be contested by those with standing to contest. . A person who has standing to challenge a will is typically someone who is named on the face of the will (such as the beneficiary) or someone who is not the beneficiary, but who would inherit (or lose) under the will if the will is deemed invalid.
At this time last year we could not have imagined a lot of what transpired in 2020. As a result, many Americans are experiencing high levels of anxiety surrounding issues of estate and financial planning.
Most people think of bank accounts, retirement accounts and real estate when they think about estate planning. Few realize that many other types of items can be passed down for future generations.
With baby boomers aging, a massive transfer of wealth will occur over the next 25 years. It is estimated that over 60 trillion dollars will transfer to future heirs of this generation.
Remarriage late in life without proper estate planning can quickly cause problems with families and estates, according to New Hampshire Magazine in "Navigating Late-Life Remarriage."
With the rise in popularity for investing in and holding on to various forms of cryptocurrency, it is important to understand how to incorporate these types of assets into your estate plan. Over 1000 different versions exist, the most popular of which being Bitcoin.
In a digital world of quick and easy templates, it may be tempting to cut corners and execute a do-it-yourself estate plan. Or it may seem like a good idea to use a friend of a friend who practices law or the law firm down the street to draft up your will and a power of attorney
Living trusts serve many functions such as providing greater control over asset distribution, privacy, probate avoidance and tax benefits. All assets used to fund the trust are managed by the trustee for the benefit of the beneficiaries.
With a new administration moving into the White House, many high net worth married couples are reaching out to seasoned advisors about the impact of potential tax changes. At Stouffer Legal, we discuss the creation of a spousal lifetime access trust commonly referred to as a SLAT with many of these couples.
