In other cases, an estate’s liquid assets are not valuable enough to cover the outstanding debt claim. People lose valuable inheritable property and must sell it to cover creditor claims in probate court. A creditor forcing this type of sale extends probate proceedings. This leads to additional costs. Secured creditors receive priority over unsecured creditors. The primary secured creditor is often a bank.
Category Archives: Estate Planning
12
Jan
Jan
It is essential to recognize that the probate system, originally designed to protect property when someone passes away, serves a valuable purpose. So, is there any redeeming value in probate? The answer is a resounding “Yes.” Let’s delve into the pros and cons of probate.
04
Jan
Jan
Although a large amount of her wealth came from her marriage to the late billionaire financier Richard C. Blum, Senator Feinstein was also successful in her own right. During their marriage, Feinstein and Blum established a marital trust that is now the subject of a fierce legal battle between Feinstein’s daughter and Blum’s three daughters.
15
Dec
Dec
As trust beneficiaries die and younger generations become the new heirs, vague provisions or outright mistakes in the original trust agreement may become apparent. Decanting can be used to correct these problems.
Assets, Estate Administration, Estate Planning, Guardianship, Heirs
Conservatorship: Michael Oher Controversy Explained
24
Nov
Nov
A conservatorship is a court-ordered arrangement that gives one person (or multiple people), called a conservator, legal authority to manage the affairs of another person, known as a conservatee or ward. Conservatees are often children. Incapacitated adults and those with developmental or age-related disabilities often enter conservatorship.
11
Nov
Nov
Some state laws are complex and hard to understand, and you may not know enough specifics to offer the correct information about your situation or verify that AI has properly generated or created your will or trust. Additionally, your final documents may contain wording, formatting, and grammatical errors that make them unenforceable.
03
Nov
Nov
In September 2022, Yvon Chouinard, the founder of Patagonia, a $3 billion clothing company, transferred the voting stock of the company to a purpose trust designed to further his lifelong goal of fighting the environmental crisis. In a message from Chouinard on Patagonia’s website, he explained that his desire was for the company to continue to pursue its stated purpose: “We’re in business to save our home planet.”
27
Oct
Oct
To mix things up to distribute assets, once everyone has had an opportunity to make their first selection, the person who drew the largest number can start the second round, continuing in reverse sequential order. For the third round, the person who drew number 1 can start, and the selections continue in sequential order.
13
Oct
Oct
When to start planning for your estate depends on your goals and the size and complexity of your estate. If your estate involves business interests, multiple properties, significant investments, or complex family dynamics, creating a comprehensive plan may require more time.
06
Oct
Oct
When crafting your estate plan, it is important to understand what you have and who you want to leave it to. But you may also want to speak with your beneficiaries before creating your plan to find out if the person you plan to give an item to wants the item, particularly if the item has storage or maintenance requirements that the person will be responsible for.