Estate Planning

Prenuptial agreements, also known as prenups, are not usually a popular topic of conversation.  Most people associate prenups with divorce.  These agreements, however, can be useful in estate planning as well. There are some common situations where a couple might sign a prenuptial agreement.  They might do so if one person is significantly wealthier than the other or–the opposite–if one person is entering the marriage with...

A recent article in the New York Times, available here, discusses an interesting pattern among wealthy Americans. Many people who would benefit from the higher estate tax exemption and lower tax rates that went into effect last winter have opted not to make the gifts necessary to take advantage of them. One of the reasons, according to the article, is that people are hesitant to leave large amounts of money to children and...

The death of Elizabeth Taylor made a lot of news in March. Apart from the stories that recapped her film career, her eight marriages, and her substantial charity work, there were numerous reports that her family honored an unusual request she made prior to her death. Taylor requested that her funeral start fifteen minutes late. She also asked that someone at the funeral announce that “she even wanted to be late to her own funeral.”...

Special needs trusts are important estate planning tools for families with relatives who have disabilities. Also called a “supplemental needs trust,” a special needs trust allows someone to leave money to a trustee who holds property for the benefit of a disabled individual. This kind of trust can also be included in the Will of a person wishing to leave money to a disabled relative. Special needs trusts are important because they...

Clients often ask me how they can leave specific items of jewelry, art, furniture, or other valuable personal belongings to family members and friends. Although these items can be given to specific individuals in your Will, you would probably need an attorney’s assistance to make changes to those bequests, since a Will and any changes to Wills (also known as codicils) should be witnessed and signed in front of a notary.  A...

Many people wonder if it is really necessary to make a Will. Married couples often assume that if they die intestate (without a Will), whatever assets they own will go to their spouse. This is true for most property that is jointly owned with a spouse and any property that passes by beneficiary designation (typically retirement accounts and life insurance) where the spouse is named as beneficiary. However, all other assets—usually...