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Many believe that once they set up and fund a revocable living trust, property held in the trust will completely avoid federal estate taxes after they die. In reality, a living trust does not provide any unique estate tax avoidance strategies.

Your wedding day was absolutely perfect. You and your spouse went on your honeymoon and had the time of your lives. Now you are back and can breathe a sigh of relief as the years ahead unfold before your eyes. Well, not so fast. With your honeymoon over, there are several things you should be mindful of to ensure that the legal and financial parts of your life properly reflect your newly married status.

If you recently married or have been married for a while and have acquired additional money or property (or plan to), you have options regarding how your assets can be owned. Although joint ownership seems easy and convenient, it may not always work as well as you think it should, depending on the circumstances.

Why should you and your new spouse care about estate planning? Because everyone—young or old, married or single—deserves the peace of mind that comes from protecting themselves and their loved ones against life’s unexpected challenges. Unfortunately, many couples spend more time planning their honeymoon than they do planning the best way to protect and provide for each other through estate planning.

Incapacity can happen at any age and can have many causes. An estate plan that addresses only what happens to your assets (such as your money, property, life insurance policies, and retirement accounts) after death—and does not address who can make decisions about your personal affairs if you become temporarily or permanently incapacitated—is fundamentally flawed.

Without certain documents that allow you to control your future medical treatment in the event that you become incapacitated, you could be at the mercy of the courts or medical professionals who are bound by facility policies and procedures and end up receiving care that is different from what you would have wanted.

You may take for granted that you are able to manage your finances. However, what if you become incapacitated (meaning that you lack the ability to handle your own affairs due to illness, injury, cognitive decline, or some other cause)? Someone else will have to manage your finances for you if you cannot. If you have an updated estate plan that names a substitute decision-maker to act in your stead, you have control over who that someone is. Otherwise, the court will appoint a financial decision-maker, and it may not be who you would want—or who has your best interests in mind.

When you were a minor (under age 18), your parents were your legal guardians responsible for making all your decisions. Now that you are an adult, their legal authority over you is limited, if not completely nonexistent. While this newfound freedom may sound exciting, there are some important considerations.

You have likely been preparing for weeks to get your new college student off to school. It is exhilarating, and your heart may be bursting at the seams. You are probably prouder than words can express but also afraid. How can you ensure your child is safe at their new home away from home? A new matching sheet set for their dorm room does not seem like enough, does it? So, what else can you do? While this is probably not on your to-do list, bringing your child to a local estate planning attorney can make all the difference.

The Federal Health Insurance Portability and Accountability Act of 1996 (HIPAA) was enacted to provide guidelines to the healthcare industry for protecting patient information and preserving privacy. This is usually a nonissue for minors because parents, as legal guardians, generally have access to their children’s medical information, make most of their medical decisions, and pay the expenses. However, once an individual turns 18, they are no longer a minor but a legal adult. Hospitals and doctors’ offices must safeguard the young adult’s information from everyone, including their parents or legal guardians, to comply with HIPAA law.

Being an adult comes with freedom and responsibility. You can now make important decisions on your own without consulting your parents or guardians. While this may feel incredibly liberating, it is not without some scary moments. As an adult, you are in charge of yourself. If you cannot act on yo...

Most people understand that having an estate plan benefits them and their loved ones. However, many individuals do not initiate the estate planning process because they do not fully understand the nuances of foundational estate planning tools such as a will and a trust and the full implications of dying without either in place.

James Earl Jones, who passed away in September at age 93, had a decades-long career in film, television, and theater that earned him a place among the greatest performers of our time. His legacy also includes a collection of properties in upstate New York, a net worth in the tens of millions of dollars, and a deal ensuring that future generations of moviegoers will enjoy his iconic voice.

On December 3, 2024, a significant legal development occurred in the case of Texas Top Cop Shop v. Garland. Judge Amos L. Mazzant of the United States District Court for the Eastern District of Texas issued a preliminary injunction against the Corporate Transparency Act (CTA) (31 U.S.C. § 5336) and its reporting rules under 31 C.F.R. 1010.380. This ruling has substantial implications for businesses across the United States.

When people think about creating an estate plan, they may think it just involves getting a set of forms that convey their wishes regarding their finances, health, and what will happen to their stuff when they die. Although the documents that comprise an estate plan may seem like simple forms, these important estate planning tools are the legally binding way for clients to manage their affairs during their incapacity (when they cannot manage their own affairs) or their death. Relying on nonlawyers to help with estate planning forms or provide legal advice can pose significant risks.

Once you have been appointed the executor or personal representative of a deceased loved one’s probate estate, or when you step in as the successor trustee of the loved one’s trust, one of the first things you should do is to notify the post office of the death and ask them to forward the deceased person’s mail to your address. You will be required to provide documented proof that you have been authorized to manage your loved one’s mail—a death certificate is not enough. You will then need to complete a change-of-address request. According to the United States Postal Service website, you must do this in person.[1]

In an estate plan, life insurance can be used as a source of immediate liquidity for beneficiaries by offering a tax-free, lump-sum payment upon the insured’s death. About half of Americans have a life insurance policy. The primary reason people purchase life insurance is to fund burial and other final expenses. However, a policy can help pay for much more, such as replacing lost income, paying off debts, equalizing inheritances, and funding a trust.

Michael Jackson passed away in 2009, but the settling of his estate continues more than 15 years after his death due to a lingering tax dispute with the Internal Revenue Service (IRS) and other legal challenges, including a lawsuit brought by his mother over a deal to sell part of his music rights to Sony Music Group for $600 million. A Los Angeles appeals court issued a ruling in August 2024 allowing the deal to proceed over the objections of Katherine Jackson, who argued that the transaction with Sony violates the terms of Michael’s will and runs counter to his wishes.[1] The sale will now move forward, providing money for his heirs—and valuable estate planning lessons about trusts and controlling money and property from the grave.

Americans are known for their “work hard, play hard” mindset. On average, we work 1,789 hours per year.[1] However, even with our play-hard mentality, many of us do not stay up to see the ball drop on New Year’s Eve.[2] Less than one-third of Americans plan to either attend or host a New Year’s Eve party,[3] while more than half will spend the evening at home.[4] Whether your plans involve a night on the couch with family or celebrating into the wee hours with fellow partygoers, here are some fun New Year’s trivia questions and factoids to stimulate the mind and ring in 2025.

The estate planning process can sometimes be similar to Santa’s process. You decide who should receive your money and property (the nice people on your list) and who should not (the naughty ones). Gathering with friends and family this holiday season can serve as an important reminder for you to ensure that the right people are included in your estate plan.

There are times, like the holiday season, that we think about and prepare for, for much of the year. However, when they arrive, we may still feel unprepared. The holidays serve as a reminder of how quickly life happens. It can also feel this way when we get the news that family is counting on us—and not just to bring the rolls to this year’s holiday dinner.

When creating a last will and testament (commonly known as a will), one of your most important considerations is who to choose to serve as the executor (also called a personal representative) of your estate. As the name implies, the role of the executor is to execute the instructions that you provide in your will. You may give your chosen executor some discretionary powers in determining how your assets (money and property) are to be distributed, but they have limited latitude to make independent decisions. Any deviation from their specified powers could cause a conflict in your estate that leads to legal consequences.

As a parent, you are responsible for the care of your minor child. In most circumstances, this means getting them up for school, making sure they are fed, and providing for other basic needs. However, what would happen if you and your child’s other parent were unable to care for them? It is important to note that if something were to happen to you, your child’s other parent is most likely going to have full authority and custody of your child, unless there is some other reason why they would not have this authority. So in most cases, estate planning is going to help develop a plan for protecting your child in the event that neither parent is able to care for them.

While television and movies provide great entertainment, they are not always factual. Even shows based on real events are not entirely accurate. Creators of television programs and movies will often alter details of a story or situation to provide an enjoyable experience. Because of these widespread embellishments, people often develop misconceptions about many industries and professions, including attorneys and estate planning.

Comprehensive estate planning involves more than just planning for your legacy after your death, avoiding probate, and reducing taxes. Good estate planning also appoints people to make legal, financial, and medical decisions for you if you are alive but unable to make those decisions for yourself (in other words, if you are incapacitated).