Families with a high net worth may use a Family Limited Partnership (FLP) as part of their estate plan. This legal structure can be designed to provide three distinct advantages: Tax savings. The owner can have an FLP structured to reduce tax obligations. For example,...
Aretha Franklin’s estate: What went wrong?
The “Queen of Soul” died last August. At the time of her passing, her heirs were not aware of an estate plan. Now, months after her passing, handwritten wills were recently discovered in her home.Aretha Franklin’s estate is likely worth millions. The...
Tips to help find the right elder law attorney for your needs
The current legal market is shifting from one where a single individual can handle almost any legal issue to a market that requires specialization. Much like the medical field, these days it is common for each attorney to have a specialty. As a result, just like you...
How to avoid common estate planning myths
Estate planning plays a vital role in protecting your loved ones and your legacy. Unfortunately, common estate planning myths can push people down the wrong path when it comes to protecting their wishes and their family.Myth: Not everyone needs an estate planOne of...
Two reasons to see an elder law attorney
An elder law attorney is a legal professional that specializes in the issues that arise as we age. These issues can include the transfer of the power to make financial or health care related decisions and planning for long-term care needs. Two specific benefits an...
5 estate planning documents to update when you remarry
A second marriage brings unique estate planning needs. Although some may view the need to discuss an estate plan as a relatively morbid topic, the discussion can prompt a conversation about future goals. Five specific documents to discuss when outlining these goals...