Dear Kiwi and Mango, My husband and I are ready to embark on our Estate Planning. This is the second marriage for both of us, and we aren’t sure whether to get a joint trust or separate trusts? I read somewhere that there is a benefit to separate trusts if one or both parties has […]
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 […]
Are Transfer on Death Deeds a Good Alternative to Estate Planning?
Q. I was recently discussing with my husband what would happen to our house in Annandale, Virginia when we are no longer around, especially since we don’t have our estate planning in place yet. One my friends’ parents recently passed away and the family was going through the nightmare of probate. I would never want […]
The Nightmare of Probate: Prince’s Estate Took Six Years to Settle
In 2016, the legendary musician and actor Prince died of a fentanyl overdose. He left behind an incredible legacy, significant assets, many relatives, and, unfortunately, no will and no trust. It took six years and tens of millions of dollars in legal fees, but the heirs and the IRS agreed that his estate was worth […]
Problems with Beneficiary Designations Part 2
Q. Last week, you wrote about why inheritance sometimes goes unclaimed, and how it’s a lot less likely when you have a trust in place. I read something about the downsides of beneficiary designations naming individuals and how they do not always solve the problem of probate and can actually cause many more problems than […]
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? […]
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 […]
When A Trust is Ambiguous
Q. I have been married to my second husband, Tony, for 10 years. We have two children together and three from both of our previous marriages. I am very close with my mother-in-law, Isabella who recently moved in with us and helps with the children. She is very grateful that she and I have such […]
How Can You Reduce Your Capital Gains Taxes?
Diane, at age 80, resides in the home she has lived in for nearly 40 years. When she initially purchased the home after her husband’s death, it cost only $25,000 (and she since put in $45,000 in improvements); today it’s worth at least $675,000. Diane’s only child, Michael, moved in with Diane several years ago […]
The “Queen of Soul” and Other Celebrities Who Died Without a Will
Aretha Franklin, “the Queen of Soul” died on August 16, at the age of 76, from pancreatic cancer. Similar to many other celebrities as we will describe in more detail in this article, a recent court filing revealed that Franklin didn’t have a will (i.e., that she died intestate). Franklin reportedly had amassed a fortune […]
Estate Planning for the Modern Family
Q. My family is not what many would consider “ordinary.” I am divorced and have been remarried for five years. I have a 40-year-old stepdaughter, a 25-year-old daughter, and a 10-year-old grandson, all of whom reside with us. My mother lives with us, as well, in a large home that I purchased with her, my brother, and his husband. Any suggestions when it comes to estate planning for my “modern” family? […]
Why Every College Student Should Have an Incapacity Plan
Q. My 18-year old daughter, Madison, will be a freshman in college in the fall. At her high school graduation party, my friend Phil told me that he is already doing estate planning for his own daughter, and he told me that it is really important and I should do it for my daughter. Is this really something that a college student needs? My […]
The Most Important Awareness Day of the Year (and only 20- 30% realize it!)
Anne is 71 years old, and her health is rapidly declining. When her time comes, she is confident that she wants to donate her organs to help someone else live a longer and healthier life. She also wants to be buried next to her second husband, Joseph. Anne has three children — two from her […]
Top 15 Articles of 2015
From the 50th birthday of Medicaid and Medicare and the 80th birthday of Social Security to the once-a-decade White House Conference on Aging, we covered a lot of ground in 2015. It was a year that included a new act being passed in Virginia to help special needs families, overtime pay for caregivers, and amazing new technological innovations to help seniors age-in-place. At the Farr Law Firm, […]
Be Very Afraid: Our Top Ten Scariest Articles
With Halloween upon us, now is the time when we present you with this year’s scariest & creepiest stories. From posthumous messages from loved ones to Alzheimer’s being contagious, we uncovered some scary ground. To celebrate Halloween, we’ve ranked our scariest articles for you to revisit (if you dare). As always, thank you for reading […]
A Year Later: Robin Williams’ Family is Still at Odds
Robin Williams with his son, Zak, and his wife, Susan in 2012. Photo from New York Times Many wealthy people die having done inadequate estate planning, or none at all. This was not the case with late comedian Robin Williams, or so we thought. It seemed that Mr. Williams attempted to spell out his wishes […]
I Am Single With No Children. Why Should I Bother Planning?
Dear Commander Bun Bun, I am a free-spirited single person who has never been married or had any children. I don’t even have brothers or sisters. Yesterday, my neighbor told me about her estate planning during our morning walk. She suggested I call Evan’s office and make an appointment. I disagree. Dying is the last […]
Tom Brokaw Doesn’t Know Where His Living Will Is. Do You Know Where Yours Is?
Tom Brokaw and his daughter Jennifer appeared at the TEDx Stanford conference, speaking on the subject of end-of-life health care options. Brokaw began the dialogue, framed as a conversation between father and daughter, by asking the audience to ponder the reason to have such conversations. He shocked the audience by admitting that “unfortunately, I don’t […]
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 […]
Ask the Expert: I Am Young and in Good Health. Why Plan Now When I Can Probably Wait?
Q. I am in my 40’s and run marathons. I am in better health now than I have been in my entire life. My family eats only organic foods, and we are hardly ever sick. My grandparents are still alive, and they are in their 90’s, and my husband has a grandmother who is 102! […]