The Solution Law Firm Blog is designed to answer your most frequently asked questions in the areas of Estate Planning, Personal Injury, and Insurance Claims and to provide you with the most up to date information so that you can make informed decisions about your life and your case. If you have a question or topic that you would like answered, feel free to email us at firstname.lastname@example.org or call us at 800-806-7658.
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parents have been through a lot. Until recently, they would have
probably said they’ve seen the worst, World War II, Vietnam,
nuclear threats, stock market crashes, depressions, or all of the
above. However, what we are going through now with the COVID-19
pandemic is truly unprecedented. Even more, our parents are at the
we first became aware of COVID-19, there were several TV pundits and
Last week, we shared the first part of this series discussing the hidden dangers of do-it-yourself estate planning. In part two, we cover one of the greatest risks posed by DIY documents.
You might think you can save time and money by using do-it-yourself estate planning documents you find online. You’re probably anxious to check estate planning off your life’s to-do list, and these forms offer a seemingly quick and inexpensive way to handle this important task.You may even realize such generic plans aren’t as high quali…
Go online, and you’ll find tons of websites offering do-it-yourself estate planning documents. Such forms are typically quite inexpensive. Simple wills, for example, are often
priced under $50, and you can complete and print them out in a matter of minutes.In our uber-busy lives and DIY culture, it’s no surprise that this kind of thing might seem like a good deal. You know estate
planning is important, and even though you may not be getting the highest quality plan, such documents can make you feel better for having checked this item off your life’s lengthy to-do list. …
Even if you put a totally solid estate plan in place, it can end up proving worthless if it’s not properly updated. Estate planning is not a one-and-done type of deal: It should
continuously evolve along with your life circumstances.No matter who you are, your life will inevitably change: families change, laws change, assets change, and goals change. In the absence of any major life events,
we recommend reviewing your plan annually to make sure its terms are up to date.Yet there are several common life events that require you to immediately update your plan—that is, i…
There are a number of essential things a last will and testament can do for you, such as distribute family heirlooms and name a guardian for minor children, but there are some equally
important things a will won’t do:
Provide long-term care – if you want to provide for someone with special needs or a person with long-term care
needs, you will need to establish a trust or invest in a life insurance policy.
Distribute some types of property – to distribute assets from a retir…
Balancing the needs of a multi-generational blended family with your own wishes can be a complicated task, especially when it comes to estate planning. With a majority of Americans
not only marrying once, but twice, three or even four times during their lives, it is a challenge that will come to many.
Even when blended family members get along, estate planning can be complicated. The potential for acrimony among family members can be so great that some people …
While most parents have the best intentions when it comes to teaching their children about handling finances wisely, sometimes the lessons don’t take.
In addition to concerns about spendthrift behavior, some children experience problems with substance abuse or have mental issues that make giving them access to wealth a problem. This is where a trust can be a parent’s
Got a ‘Blended Family’? Learn From Tom Petty’s Mistakes: His Daughters and Widow Are Now Locked In Bitter Battle Over His Estate
Recently, Tom Petty’s daughters escalated the battle over their late father’s estate by filing a lawsuit against Petty’s second wife that seeks $5 million in damages.
In the lawsuit, Adria Petty and Annakim Violette, claim their father’s widow, Dana York Petty, mismanaged their father’s estate, depriving them of their rights to determine how Petty’s music should be released.
Last week, we discussed the benefits of a unique estate planning vehicle known as a Lifetime t Protection Trust (LAPT). We referenced this planning tool in the context of how it could have protected Clare Bronfman, the heiress to the multi-billion-dollar Seagram’s fortune, who was manipulated into blowing much of her $200 million inheritance by financing the cult-like group known as Nxivm. Yet Clare’s case was quite extreme in terms of both the amount of her inheritance and the circumstances that wiped out her wealth. Though an LAPT would have almost undoubtedly prote…