If you recently lost a loved one and learned that you were named by the decedent to be the Executor of the estate, you are probably feeling a bit overwhelmed. Even with the best of intentions, mistakes can occur – especially if this is the first time you have served as an Executor. The Beverly probate attorneys at DeBruyckere Law Offices want to help you by discussing the top five probate mistakes you want to avoid making.What Is Probate?Before focusing on common mistakes, it may be … [Read more...]
Can a Trustee Be Held Personally Liable for Mistakes?
Though once used almost exclusively by the very wealthy as a way to protect and pass down that wealth, trusts have evolved to the point where they are now found in the average estate plan. One thing that all trusts have in common is the need to appoint a Trustee to oversee the administration of the trust. If you were recently notified that you were chosen to be the Trustee of a trust for the first time, you may understandably be a bit nervous. You may also be worried about the ramifications of … [Read more...]
Domestic Asset Protection Trusts
Domestic Asset Protection Trusts are spreading to more jurisdictions. However, their protections may be waning. Read on to learn more about Domestic Asset Protection Trusts.Domestic Asset Protection Trusts … [Read more...]
SALT Deduction Limit…Can You Get Around It?
The Tax Cuts and Jobs Act increased the standard deduction amount. However, it also limited itemized deductions for state and local taxes (SALT) on the federal income tax return. Read on to learn what works (and what doesn’t work) to maneuver around the $10,000 SALT limitation.SALT Deduction Limit…Can You Get Around It? … [Read more...]
The Little Things May be the Most Important
Your estate may be worth a little or a lot at your death. The items which your beneficiaries might cherish could be the sentimental ones. Read on to learn how your will or trust could provide the ability for you to keep a list and update it without needing to see your lawyer every time you change your mind on an item.The Little Things May be the Most Important … [Read more...]
Tax Tips after New Year
The New Year is here. Can you do anything to reduce your tax liability for 2018? This article provides a few tax tips now that we’ve begun another year. Read on to learn more.Tax Tips after New Year … [Read more...]
Giving Back
Giving back provides many benefits, whether in life or at death. The article explores ways of giving back and some of the tax benefits available, both during life and at death. The article provides a couple strategies to maximize the tax benefits, such as grouping deductions and doing a charitable IRA rollover.Giving Back … [Read more...]
Proving Lack of Testamentary Capacity in a Will Contest
The loss of a loved one is difficult to accept under the best of circumstances. It is ever more difficult to accept, however, when you have reason to believe that the Last Will and Testament submitted for probate is not valid. One of the most frequently used grounds in a Will contest is to claim that the Testator lacked the requisite “testamentary capacity.” What exactly is testamentary capacity and how do you prove that the Testator lacked the necessary capacity to execute his/her Will … [Read more...]
What Happens If Your Spouse Remarries after You Are Gone?
If you are married, an important focus of your estate plan is likely dedicated to ensuring that your spouse is financially protected in the event of your death. If you have children together, you likely plan for your combined estate assets to be passed down to your children after you are both gone. What happens, however, if you die at a relatively young age and your spouse remarries? Specifically, what happens to the assets you left your spouse if he/she remarries? Will your children still get … [Read more...]
SSI and SSDI Explained
Although we often think of disability as something that occurs as we age, the reality is that anyone can become disabled at any time. A tragic accident or a debilitating illness could leave you incapacitated and unable to work tomorrow. If that were to occur, would your family suffer financially without your income? The odds are good that it would. Fortunately, we have several programs in the United States that are aimed at helping workers who cannot work because of a disability. Both the … [Read more...]
