Category Archives: Legal

The 4 steps you need to take if you inherit a brokerage account

Brokerage accounts allow an individual investor to deposit funds and place investment orders through a licensed brokerage firm. Through a brokerage account, you can buy or sell stocks, bonds, mutual funds, etc. Brokerage firms must abide by strict legal guidelines governing access to account information. The result is that sometimes heirs can’t even see account…

Unitrusts: Balancing the interests of the current beneficiary with those of the remainder beneficiary

When you pass away and leave your spouse with your estate, your assumption might be that your spouse will leave your estate to your children upon his or her passing. But, what if your spouse is from a second marriage? One way to deal with a situation in which you leave behind more than one…

More than a third of all millionaires trust that dying without an estate plan will not hurt their families

At what point do you think you’d finally reach the point where you thought having a Will or other end-of-life legal documents was an important part of your planning? Would you say that if you had a million dollars that you would for sure make sure to have documents outlining who your beneficiaries were? A…

IRS could take away key estate planning tactic

Partnerships and LLCs allow families to pass on assets such as minority shares in a family business to heirs in a tax-efficient way. It’s a popular estate planning tactic because the transfer of assets deemed illiquid receive a discount on the value of the asset. Here’s how this works. You have a family business and…

Does your college-bound child need an estate plan?

Most people wouldn’t necessarily think of their 18 year old child as an adult but in the eyes of the law, with few exceptions, he or she is. A handful of states require graduation from high school or reaching 19 years of age.  Mississippi doesn’t consider someone fully adult until they reach 21.  But everywhere else, including…

How do you revoke a Power of Attorney?

By the time most people get to the point that they consider going to see an elder law attorney, they’ve seen a lawyer for something else like a Will if they have kids or possibly even a Power of Attorney (POA) especially in this area with its high number of military personnel. Maybe they’ve purchased…

Understanding capacity from a legal perspective

Every day, people leave this firm with documents in hand that leave another person in charge of their health care or finances or transfers title to their property to someone else on their death. While that’s an oversimplification of what occurs in any law office, whether the document is relatively simple or it took hundreds…

Protecting your heir’s digital inheritance

When I was a kid, my aunt worked at the only bank in my hometown. The classy décor included wood paneling, large windows and a quiet usually associated with libraries. In fact, that bank resembled Gringotts Wizarding Bank from Harry Potter fame (though not as large and unfortunately missing the fabulous underground passage containing the…

A Will prevents you from leaving your stuff to the wrong people

A survey conducted in 2013 found that 70 percent of Americans with children under the age of 18 didn’t have a Will.  A 2014 Forbes article reported that 51 percent of Americans 55 to 64 didn’t have Wills.  Without a Will, who will inherit your fabric collection, care for your pets or take down your…

Who can serve?

Either you have drawn up a Will or you should have drawn up a Will.  One thing you’ll need to do is choose someone to execute your Will, after all you won’t be there to do it.  It might not seem so difficult to choose one.  Many people choose one of their children for instance. …