When someone dies, the Executor or Administrator of the person’s estate must close out the person’s financial affairs. One of the responsibilities of the Executor or Administrator is to file tax returns for the person who died and pay any taxes due. There are usually three or four different types of tax returns required. The Executor or Administrator is personally liable if these taxes are not paid. [Read more…]
Family is one of your most valuable assets. Transmission of wealth through your estate plan communicates many things to those you leave behind. It carries additional weight because it is your final statement. Through planning you communicate your interest in the ongoing lives of your loved ones.
Anticipating and avoiding conflict in estate planning is important. For some families the settling of an estate leads to estrangement or hard feelings between siblings and their descendants that can last for generations. Long submerged sibling rivalries can come to the surface after a parent’s death. Even in the best of families, children facing the death of their last surviving parent may become possessive, greedy and argumentative. [Read more…]
As an estate planning attorney, one of my primary concerns is to help my clients avoid the possibility of a Will contest. It can take a family generations to recover from the damage to family relationships that can occur in a Will contest or other type of litigated estate matter. The cost of having documents properly prepared and executed is a small matter compared to the cost of a will contest or other litigated probate matter. Below are a few additional tips for avoiding a fight over your estate. [Read more…]