Warren Buffett, 94, is one of the richest men in the world. He has put lots of thought into his investments, as well as his Estate Planning. Buffett, who recently updated his Estate Planning documents, plans to give away all of his wealth and has been doing so throughout his lifetime. According to Forbes, “Buffett […]
What Happens When You Die with No Will in Virginia, Maryland, or DC?
Over two-thirds of U.S. adults have no Last Will and Testament or Estate Plan, according to a recent Caring.com study. Dying without a Will (and without an Estate Plan that uses a Living Trust as a Will substitute to avoid probate) means that your state’s probate court will force the distribution of your assets according […]
Yes, Probate Really Is That Bad!
When Sheila’s mother died with only a Last Will and Testament (Will) in place, she couldn’t fathom that she would still be knee-deep in probate a year later without an end in sight. Sheila often tells her friends and anyone who will listen that if she knew then what she knows now about probate, things […]
Simplifying Things for Your Heirs
Dear Kiwi and Mango, I am in the process of organizing my paperwork. I was thinking that I should put anything important that my children would need in one place, to make things easier if something should happen to me. Do you have any suggestions for how to simplify things for my children? Thanks for […]
More Families Can Now Take Advantage of Estate Tax Exemption Portability
The IRS recently amended its simplified process for requesting an extension of time to make a “portability” election. For wealthy families, the IRS improved a process that could result in millions of dollars in tax savings. The strategy, known as estate tax exemption portability, or just portability, is used by high-net-worth married couples to reduce […]
How to Avoid Unnecessary Pain and Expense When a Loved One Dies
Q. I recently read in a Virginia publication about a man who was grieving the loss of his mother, who died during the Coronavirus pandemic, while experiencing what he referred to as the “awful business of settling the estate.” He goes on to describe the headaches involved with closing her investment accounts and nightmare of […]
Can You Inherit Debt from your Parents?
Dear Oakley, My mother recently told me that she charges everything and has lots of credit card debt and other debt. I’m an only child and she is widowed. If something happens to her, would I inherit her debt? Also, she lives in a condo that has a pretty steep monthly condo fee. If she […]
10 Biggest Estate Planning Blunders of Celebrities – Don’t Make These Mistakes!
Q. I have been reading your newsletter for several years now. I remember, in the past, you did a series on celebrity estate planning mistakes and lessons that can be learned from them. I found it to be very helpful and interesting to read. Since then, have there been any new instances involving celebrity estate planning […]
Don’t Attempt this on Your Own
Image from Scientific American Q. My Aunt Linda is very stubborn. She has been divorced twice, has three kids, two step-children, and a grandchild on the way. She did her estate planning documents when she was married to her first husband, and insists on making updates to them with a red pen. I told her that […]
Help! My Bank Won’t Recognize Co-Trustees
Q. My mother named me and my brother as co-trustees of her Revocable Living Trust. She passed away earlier this year in her home town of Abingdon, VA (near the Tennessee border), where my brother still resides. Since then, when it comes to managing the trust, we have had nothing but trouble with the bank. […]
What are a Trustee’s Responsibilities?
Dear Angel, My mother, Alice, asked me to be the successor trustee for her Revocable Living Trust. Before I accept the responsibility, I want to know more about what it entails. Do you know about the duties of a trustee and can you briefly describe them? Thanks! Watson Volved —- Dear Watson, Having been asked […]
Do I need to file taxes for a deceased relative?
Dear Commander Bun Bun, My mother passed away in 2014, and I am the executor for her estate. I typically wait until the last minute to file my taxes. Even though she is no longer with us, do I need to file taxes for her, as well? Thanks for your help! Filene Taxus ——— Dear […]
Listen to Evan H. Farr, CELA being interviewed on 1500 AM (Federal News Radio) on Sunday, October 5!
On Sunday, October 5 at 10:30 p.m, I will be the guest on “Of Consuming Interest” hosted by Shirley Rooker, radio host and President of Call For Action, Inc. On her show, Ms. Rooker typically interviews top government officials, CEOs, and experts in their respective fields about topics that are of interest to consumers. […]
Ask the Expert: What Does It Really Mean to Be Named as an Executor?
Q. My Aunt Fran called me to ask if I would be the executor of her estate. I am honored that she chose me because she must see me as trustworthy and responsible. Before saying yes, can you tell me what is involved? A. The primary duty of an executor is called “fiduciary duty,” which […]
Understanding Probate: The Two Types of Probate
Problems often arise when people don’t have a coordinated method of passing on their estate. Take for example, Joe, who has become incapacitated as the result of a severe stroke. He has a wife, Mary, and two children, Carrie and Phil. He does not have any incapacity planning documents in place. James, on the other […]
The Nightmare of Probate and How to Avoid It
When many first consider Estate Planning, they immediately think of preparing a Last Will and Testament. While having a Will is slightly better than dying without a Will (i.e., dying intestate), Wills also have some major drawbacks – the biggest drawback being that a Will forces your estate to go through probate. The probate process […]
The Nightmare of Probate and How Steve Jobs Avoided It
When many first consider Estate Planning, they immediately think of preparing a Last Will and Testament. While having a Will is slightly better than dying without a Will (i.e., dying intestate), Wills also have some major drawbacks – the biggest drawback being that a Will forces your estate to go through probate. The probate process […]
Halloween May Be Scary, But Probate Could Be Your Worst Nightmare!
This is the story of Ella, a client in her mid-fifties whose father recently passed away and whose mother died when she was a child. Her father’s Will stated that his estate, including real estate in Virginia and Florida, and $250,000 in additional assets, would be divided equally among his four children. Ella’s sister, Christine, […]
Probate Tips for Getting Through the Process Faster and with Less Hassle
Probate Tips for Getting Through the Process Faster and with Less Hassle Probate lawyers are well aware of the hassles and headaches that families face when a loved one’s estate goes into probate. Not only might a family have struggled to make ends meet due to the inability to afford long-term care insurance, but the […]
Timeshare Traps and How to Avoid Them
Timeshare Traps and How to Avoid Them If you are fortunate enough to go on that well-deserved vacation this year, then there is a good chance you will find yourself listening to the all-too-familiar ‘timeshare marketing pitch.’ Most people are familiar with the concept of a timeshare, but there is more than meets the eye. […]