Surely you’ve heard the term “probate”– but for most people it may sound like an alien term. What is it? And why does it seem like people want to avoid it? PROBATE is, according to Merriam-Webster, the action or process of proving before a competent judicial authority that a document offered for official recognition and registration as the last will...
Continue ReadingAccording to a 2016 study by Oregon State University and Portland State University, the average age of farmers and ranchers is now 60. An estimated 10 million acres of farmland will change ownership over the next 20 years, making farm succession and estate planning that much more critical. The Salem, Oregon Capital Press asks in its article, “Mental competence a key factor...
Continue ReadingWhen a person dies, and after his or her family members have dealt with their initial emotions, the real work begins, according to Kiplinger in the article “5 Things to Do the Moment a Loved One Passes Away.” If you know you are named as executor of the will, take these steps to be sure that the named beneficiaries receive as much...
Continue ReadingA recent Wealth Advisor article asks a very practical question you may face someday: “Your Parent Didn’t Have A Will: What Should You Do Now?” For starters, the article advises you to make a diligent search for a will, when a parent passes away. That includes a look through your parent’s paper records and file cabinets. You should also speak with their good...
Continue ReadingWorking with an elder law or estate planning attorney may be one of the best investments a person can make, reports nj.com in its article, “Why an estate planning attorney is worth the money.” You need to make sure that all of your documents are in order. This is not an easy thing to do on your own. With properly prepared estate planning...
Continue ReadingAfter Alan Thicke passed away from a ruptured aorta in 2016, his sons Robin and Brennan were named co-trustees of his estate, according to TMZ. Fox News reports in its story, “Alan Thicke’s widow claims late actor’s sons are spending trust, keeping her from inheritance” that Alan Thicke’s wife Tanya Callau feels the brothers are leaving her out of the loop and...
Continue ReadingA petition was recently filed in San Diego probate court, through an attorney, by the family of James Donald Hess. They accused his new wife and former caregiver of “physically and verbally abusing him and asserting undue influence over him.” ABC 10 News San Diego reports in its story, “Family questions elderly father’s marriage to caregiver,” that Don Hess isn’t in the...
Continue ReadingThe new tax law will greatly decreases the number of people who will be subject to the federal estate tax. This does not mean you don’t need an estate plan. In fact, you need to review your plan now. Forbes’ recent article, “7 Reasons To Revisit Your Estate Plan, Trump Tax Law Aside,” says that even if one’s estate is unlikely to...
Continue ReadingJudge John M. Bailey of the Court of Appeals of Texas recently wrote the opinion in the Court’s decision in the case of “In the Estate of Mathis,” which involved a dispute arising from mediated family settlement agreement. Michael Mathis appealed a decision from a contested probate proceeding that was resolved by a mediated family settlement agreement and mutual release. The...
Continue ReadingCreating a trust can help assure that assets are distributed more quickly, bills are paid promptly and continuously and personal information about property and other assets remains private. The New York Times recently published an article, “Life After Your Death? Here’s Why You Should Have a Trust.” The article explained that trusts have often been thought of a way for wealthy people...
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