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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
Critter Corner: 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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
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 … [Read more...]