Category Archives: Estate Planning

Addiction & Estate Planning  

Young man with hands clasped together addiction

Estate planning often involves dealing with difficult situations. Putting off thinking about these decisions is not the solution. By delaying making plans for how best to care for an addicted loved one when you are no longer around, you risk losing an opportunity and control that can further complicate matters. 

Snow White Estate

Snow White princess with the famous red apple.

Given Snow White’s young age when her father passed, it is likely that she was too young to manage a large sum of money or rule a kingdom without some guidance and oversight. Therefore, whatever he wanted to leave behind for Snow White could have been held in trust for her, either under his will as a testamentary trust or as a sub-trust of his revocable living trust. A trust would have allowed him to craft specific instructions on when and how Snow White would receive her inheritance. If the king created a separate sub-trust for Snow White, he could provide instructions so Snow White would receive her inheritance when the king died instead of waiting until her stepmother passed away to receive whatever was left over.

Gloria Vanderbilt: Estate Planning Lessons

Smiling senior 50s man sit relax on sofa in living room browsing internet on modern computer gadget, happy mature freelance worker rest on couch at home watch video surf wireless web on. Searching web

Before she died, Gloria Vanderbilt, heiress to the Vanderbilt fortune created by her great-great-grandfather, railroad and shipping tycoon Cornelius Vanderbilt, told her kids she would not leave them an inheritance. Gloria was herself the beneficiary of a trust fund worth an estimated $2.5–$5 million in 1925, or around $35–$70 million today, and had a reported net worth of around $200 million when she passed away. 

Wrongful Death and Probate

Wrongful Death: Death caused by another person's negligence or intentional harm.

A wrongful death, as the term implies, is a death that results from the “wrongful” action of another, such as negligence, carelessness, recklessness, or intentional conduct. Both individuals and entities, such as businesses and governments, can commit a wrongful action that leads to death. For example:

Conservatorship: Lessons from Celebrity Jay Leno

Business concept. Businessman standing on the street and star sign on the floor.

In January 2024, Jay Leno petitioned the court as the conservator of the estate of his wife, Mavis Leno. His reason for this is so he prepare an estate plan on her behalf and for her benefit. Unfortunately, doctors diagnosed Mrs. Leno with dementia and has impaired memory. Her impairment has made it impossible for her to create her own estate plan or participate in the couple’s joint planning. According to court documents, Mr. Leno wanted to set up a living trust and other estate planning documents to ensure that his wife would have “managed assets sufficient to provide for her care” if he were to die before her. Right now, Mr. Leno is managing the couple’s finances, but he wanted to prepare for a time when he is no longer able to do so.

When Boomerang Kids’ Parents Die

Man throwing a boomerang and surprised when it flew back to hit him from the back. Vector illustration depicts execution problem, karma, bad luck, after effect, repercussion, and consequences.

Update your estate plan every 3 to 5 years. What’s more, if you have an adult child who still lives at home or recently had an adult child move back in with you, review the plan and make any necessary changes. Doing so is the only way to ensure that the court adequately addresses your wishes. 

Estate Plan Chaos Caused by Disability

Business decisions mess and information data chaos as strategy confusion tiny person concept. Company leader lost focus about solutions and future plans for success and development vector illustration

The Centers for Disease Control and Prevention (CDC), reports one in four US adults have some type of disability. Frustratingly, disability may render you unable to manage your own affairs. This is also known as being incapacitated. In this case, you will not be able to turn back the clock. So, make plans that will make your transition into a possible incapacity as smooth as possible. You can take meaningful actions prior to an incapacity. This protects your money, property, and legacy in the wake of any newfound limitations: