Category: Estate Planning


Funding a Revocable Living Trust and Choosing a Qualified Trustee

Funding a Revocable Living Trust and Choosing a Qualified Trustee “Funding” a Revocable Living Trust is the process by which assets are transferred to the trust. It involves taking assets titled in the grantor’s name (or joint names if the grantor is married) and retitling them to the name of the trust. Funding can also

  • Clifford M. Cohen,
  •   Trusts, Wills
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Six Common Mistakes People Make When Probating an Estate

Six Common Mistakes People Make When Probating an Estate If you’ve been named as an executor or personal representative and are tasked with settling an estate through probate, you’ll want to avoid these common mistakes. Handling Assets Incorrectly One of the first things an executor or personal representative must do is secure all of the

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  •   Estate Planning
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Lessons in Estate Planning from Aretha Franklin

Lessons in Estate Planning from Aretha Franklin Aretha Franklin passed away in August 2018 with an estate estimated at $80 million. At the time, it was believed she died intestate, meaning she had no will. When a person passes away intestate, assets are distributed according to state law. Ms. Franklin was a resident of Michigan,

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  •   Estate Planning
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Estate Planning for High-Risk Professionals

Estate Planning for High-Risk Professionals Certain professionals, such as physicians, financial advisors, attorneys, and business owners, face formidable occupational exposure to lawsuits. Given how hard you have worked and how much you have sacrificed to get where you are today, you cannot afford to put yourself and your family at risk by failing to plan

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  •   Estate Planning
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Why Everyone Needs an Estate Plan

Why Everyone Needs an Estate Plan Some people believe that estate planning is only for the wealthiest of families, but nothing could be further from the truth. Everyone can benefit from an estate plan, one crafted and implemented by an attorney who focuses on this area of the law. Asset Distribution When a person passes

Lessons in Estate Planning: Four Types of Wills

Lessons in Estate Planning: Four Types of Wills Wills are among the most important tools in the estate planner’s toolbox. You have probably heard about them, but did you know that Wills can take several forms? Here are four commonly used Wills. Simple Wills When most people think about Wills, this is the one they

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  •   Estate Planning
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Estate Planning for Blended Families

Estate Planning for Blended Families Every family should have an estate plan of their own, one created by an attorney who focuses on this area of the law. For blended families—families with children from a previous marriage—estate planning is even more critical. Why? For one reason, the interests of a current spouse and any mutual

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Choosing Between a Living Trust and a Will

Choosing Between a Living Trust and a Will Planning for one’s death or incapacity is something many people put off.  After all, who wants to think about these unpleasant occurrences? This often proves to be a critical mistake.  Without a plan in place, your family and loved ones are subjected to chaos and distress at

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Does your Estate Plan Cover Incapacity During lifetime? 

Most of us think that we have created a comprehensive estate plan if our plan covers all occurrences that may arise after our death. Unfortunately, this is a dangerous mistake. Estate planning is not limited to death planning. There are several ways in which your estate plan can drastically impact you and your loved ones’

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Estate Planning Deficiences of “I Love You” Wills

No aspect of estate planning brings out as much emotional decision-making as the division of assets.  Many people think, “I love you”, so I will leave you everything.  In order to understand why “I love you”  wills are, contrary to their name and not the most caring of estate planning gestures, it is important to