Q. When talking about taxes, I’ve heard phrases including, “just write it off,” “go ahead and deduct it,” and sometimes “I think there’s a tax credit for that.” My understanding is that both tax deductions and tax credits can save me money on taxes, but I’m unclear on the difference between the two. I saw […]
Farr Law Firm Now Filing Tax Returns for Our Clients
Q. My sister and her husband set up an irrevocable asset protection trust with your firm as part of their estate planning. She was trying to explain this type of trust to me, but I still don’t understand, so I signed up for one of your upcoming seminars. She is a very prepared person and […]
Happy New Year from the Farr Law Firm!
Happy Holidays From The Farr Law Firm!
Apple’s New Right of Survivorship Update Eases Access to Your iCloud Digital Assets
Q. I’ve read a few of your articles on planning for digital assets and have found them to be very helpful. As a grandmother, I take tons of photos and have found that I am using the cloud more often to store them, important documents, and lots of other things. I heard that it’s really […]
Maximize Your Impact with Your 2021 Charitable Giving
Q. My dad and I enjoy running races. In the coming weeks, there aren’t any races coming up for the causes we care most about, so we were hoping to go on our own and donate to them ourselves. Are there any rules we should know about when it comes to charitable giving in the […]
Happy Thanksgiving from The Farr Law Firm!
Nichelle Nichols, Star Trek Actress and NASA Volunteer, Is Embroiled in Complicated Conservatorship Situation
Earlier this year, Nichelle Nichols, 88, who played Lt. Uhura on the original “Star Trek,” starred in a highly acclaimed documentary, “Woman in Motion.” “Woman in Motion” told the story of Nichols’ role in diversifying the American space program, a role many don’t know about that the film’s director, Todd Thompson, felt needed to be […]
A Not So Happy Mistake Leaves Bob Ross’s Son with Nothing
Star Trek fans will surely remember Lieutenant Uhura, the communications specialist aboard the Starship Enterprise. Her role was played by Nichelle Nichols, who is currently embroiled in a highly-publicized guardianship drama. In the incredible publicity over her situation, some of you may have missed another pop icon, artist Bob Ross, whose business partners got […]
Are There Universal Rules for Trusts in U.S. States?
Q. Last week, in your article about Power of Attorney documents, you discussed the Uniform Power of Attorney Act, a law that was created to give universal rules for POAs across the states that have adopted it. Is there a similar law for trusts? If so, does it mention anything about creditors’ claims against settlors? […]
What You Can and Can’t Do With a Power of Attorney
Q. My brother, Larry, who never married or had any children, asked me to be an agent under his Medical and Financial Powers of Attorney. Before I accept, I’ve been reading about what my role would entail. I am also considering getting my own estate planning in order. I was wondering if you could clarify […]
This Harry Potter Publisher Blindsided His Family When He Left Them Nothing
Maurice Richard Robinson, Jr., died suddenly on June 5, 2021, while on a walk in Martha’s Vineyard. From 1975 until his recent death, Robinson was the chief executive officer of Scholastic Corporation, a publishing company founded by his father. During his tenure as the CEO of Scholastic, his company published many a hit series including […]
Will U.S. Estate Planning Documents Work in Other Countries?
Q. My parents and my husband and I are all considering relocating to Lake Chapala in Mexico, which is a very popular retirement location for Americans because of the low cost of living, sunshine, accessibility, established expat communities, and diversity of living options. Even though my parents will be going there as retirees, my husband […]
How Conservatorship Can Lead to Abuse — UVA Law Professor Weighs In
Q. There has been so much coverage in the news about Britney Spears and her court-enforced conservatorship, and now I’m confused about conservatorships in general. I thought conservatorships are for people with severe cognitive impairments, and from what I’ve read about her, she may have had bad judgment in the past, but she doesn’t seem […]
Giving Gifts to Grandchildren Without Wrecking Your Own Financial Future or Creating a Sense of Entitlement
Q. I have six grandchildren — three from each of our two daughters. They live close by so I see them often and adore every one of them. I am not getting any younger and have some money I’d like to gift to them now, while I am still alive, so I can see them […]
When Should I Update My Power of Attorney?
Q. I’ve had a Power of Attorney in place for two decades now. I have moved since then and have had several life-changing events occur. I’m wondering in what instances should someone update their Power of Attorney? What happens if I don’t update it? Thanks for your help! A. As you likely realize, it is […]
Why You Don’t Want a Springing Power of Attorney
Q. My sister recently discussed the topic of power of attorney with her family at a family meeting. She is planning to use an online service (which I know is a bad idea from one of your recent articles on this subject) and is considering doing a springing power of attorney, where the power would […]
Does Morphine Hasten Death?
Q. My mother is 82 and has dementia. Her condition has gotten worse and hospice has been suggested. I have heard that hospice often involves administering morphine to the patient to make them more comfortable. Does morphine hasten death? I want my mother to be comfortable, but I have heard stories about it from friends […]
How Do You Handle Homeowners Insurance When Your House is in a Trust?
Q. We decided to get our estate planning documents done and our home is now in a revocable living trust. We feel good about taking this action because our loved ones will not be overburdened with the nightmare of probate when we die, among other things. A thought came to my mind recently. Are […]
How Do FDIC Insurance Coverage Limits Apply When It Comes to Trusts?
Q. I saw a sign about FDIC insurance at the bank yesterday and it got me to thinking about our family’s trust, and I was hoping you could provide some clarification. My understanding is that the FDIC insures up to $250,000 per depositor in eligible accounts at FDIC insured banks. That’s straightforward enough for regular […]
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