We like to point out from time to time on this blog that estate planning is not primarily a task or an event, but rather an ongoing process. While an initial estate plan may take a matter of weeks or months to put together, estate planning itself is not something that should be considered done until death-the event that makes the planning necessary.
What should boomers keep in mind about estate planning
Keeping estate plan simple is often best
While estate planning it can be a very involved and complicated process, it does not have to be that way. In fact, it's often better to keep things simple. This is especially true in the area of children-grandchildren relationships. Many people are concerned about how their estate plan will affect these relationships. One way to do this is to practice simplicity in estate planning.
Actor's body put on ice due to will dispute
Probate disputes can get pretty personal, but they don't often involve disputes over what to do with the estate owner's body. That is the case presently with the estate of Sherman Hemsley, the actor who played the curmudgeonly George Jefferson on the television series "All in the Family" and its spinoff "The Jeffersons."
What to consider in selecting a trustee, P.2
In our previous post, we began looking at some things to take into consideration when selecting a person to manage trust assets. As we've already mentioned, the size and complexity of trust assets can be a large factor in determining who will be the best selection. Another consideration is whether any family members would be able to perform the task of managing trust assets.
What to consider in selecting a trustee, P.1
Trusts are a common instrument used in estate planning, and are very versatile. Trusts can be used for businesses, protecting children, and tax planning benefits, but regardless of the reason a trust is set up for, a trustee will have to be selected to be in charge of the trust.
Survivorship insurance allows heirs to avoid having to sell illiquid assets to pay estate taxes
Estate planning can be a complex process, with many things to take into account. One of the issues in estate planning that is sometimes overlooked is the importance of providing funds for an estate to pay its estate taxes. When that happens, heirs may be forced to sell assets they don't want to sell-like real estate, businesses, investments or valuable personal property-in order to cover the costs.
Season tickets for University of Georgia cause long-time estate dispute, P.2
In our last post, we began to look at an ongoing dispute between the children Frank Lumpkin Jr., who was by all accounts a die-hard Georgia athletics fan. We left off noting that disputes over season tickets are not all uncommon in probate. For die-hard fans like the Lumpkin's, season tickets can have a large sentimental value.
Season tickets for University of Georgia cause long-time estate dispute, P.1
The estate of prominent Columbus insurance man and banker Frank Lumpkin Jr. is reportedly going through a dispute at present. The issue? Who gets the family's much desired season football tickets. The feud is apparently between Lumpkin's son, Frank Lumpkin III and his daughter, Julia Lumpkin.
