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The estate tax is a hotly debated topic among politicians. Some people, generally Republican, say the estate tax should not exist because income tax, sales tax, property tax, and other taxes have already taken enough away from a person by the government. This same party argues that financially successful people should not be taxed again at death, but rather financially successful people should be able to pass their assets on to their family and friends. The other side, generally Democrat, argues the government provides the environment and tools that allowed someone to be successful, so the … [Read more...]
Why An Online Legal Service Might Not Be All That Helpful
I am often asked why people cannot go online to create their estate planning documents, and a lot of the time it feels like people want me to justify my existence as an estate planning attorney. Generally, people are looking for an inexpensive solution, and they think attorneys are expensive or unnecessary. Although I cannot claim the lowest price service compared to an online service, there are reasons why working with an attorney can be better. (And I do think my prices are reasonable.) Online Services Are Self-Help, or Perhaps Not So Helpful If you have a really simple situation, such as … [Read more...]
What’s the difference between a will and a trust?
I am often asked what the difference is between a will and a trust, and I usually feel the expected answer is supposed to be a satisfactory two or three sentence answer. Unfortunately, my explanation is not that simple. When you're waiting for disbursement of goods from a will or trust, nobody wants to be left wanting, or feel left out -- like my dog Gracie at the dinner table! The differences between a will and a trust are complex, but to start, here is a simple explanation of the similarities: Both a will and a trust distribute assets when you pass away, but the disbursement methods … [Read more...]
Do I Need A Trust?
People often ask if they need a trust, or whether or not a will is sufficient. Both wills and trusts are useful for distributing assets upon death. However, there are certain times where outright gifts to heirs or beneficiaries through a will or trust are not necessarily the best idea. So, the question becomes under what circumstances are trusts useful or helpful. This discussion may apply to both testamentary trusts (trusts created at the death of an individual), and inter vivos also known as living trusts (trusts created while an individual is alive). Trusts are very useful tools … [Read more...]
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