21 September

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Avoiding the Pain of Probate

in Avoid Probate, Estate Planning, Wills & Trusts

Avoid Probate by using a Revocable Living Trust as your primary estate planning tool By Libby Banks, The Law Ofﬁce of Libby Banks Probate is a court proceeding used to settle the estate of someone who has no Will. However, a person that has a Will may also end up in probate court. That’s because a Will doesn’t transfer a person’s assets to his or her heirs automatically – it only states who should receive those assets. Probate is time-consuming and expensive for a personal representative or executor. It can be an agonizing and long, drawn-out procedure. But it is avoidable – with...

07 September

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Why Didn’t Aretha Franklin Have a Will?

Posted by Libby Banks

in Estate Planning, News & Events, Wills & Trusts

By Libby Banks, The Law Ofﬁce of Libby Banks Sadly, Aretha Franklin passed away recently. The Queen of Soul gave us so much joy with her music. What a surprise to learn that she passed away with no will. With an $80 Million estate, she needed far more than a will. She needed planning to avoid or minimize taxes, planning for the assets she left and to preserve her legacy the way she would want. By failing to plan, she lost the opportunities that were available to protect her estate. Why didn’t she have a plan in place? We may never know....

16 August

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A Gift to your Children may Raise their Tax Bill

Posted by Libby Banks

in Estate Planning, Wills & Trusts

By Libby Banks, The Law Ofﬁce of Libby Banks Lifetime gifts may cost your children dearly in capital gains taxes. It all revolves around something called income tax basis. While income tax basis may not be the most exciting topic, it is very important. Simply put, what you don’t know about income tax basis could end up costing you or your family dearly in capital gains taxes. When we do estate planning we consider tax basis. It’s one way we keep your hard-earned money in your and your heirs’ wallets. What is Basis and Why Should I Care? Basis, from an income tax...

11 July

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What the Changes in the Federal Estate Tax Laws mean for your Estate Plan?

Posted by Libby Banks

in Estate Planning, Wills & Trusts

By Libby Banks, The Law Ofﬁce of Libby Banks Early this year, Congress passed, and the President signed, the Tax Cuts and Jobs Act. Among the changes made to federal tax laws was an increase of the exemption for federal estate taxes to $11.2 Million per person through 2025, at which time it decreases to around $6 Million per person. Estate taxes won’t be levied on any of your assets under the exemption amount. What does this mean for you? It may mean that you need to change your estate plan. What you have now could be too complicated or cumbersome...

17 November

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Use a Professional for Your Wills and Trusts

Posted by Libby Banks

in Wills & Trusts

Use a Professional for Your Wills and Trusts The other day, a very savvy businesswoman I’ve gotten to know came in to take advantage of my no-charge review of existing estate plans. To my surprise, she brought in a do-it-yourself Last Will and Testament. It named an executor and said who would get her estate, just as a will should. But her Will was completely invalid because it wasn’t properly executed. Besides that, she did not have the other documents needed to assure that if she was incapacitated, someone could step in to care for her and for her finances. Have you ever heard the phrase “you don’t know what you don’t know”?...

10 November

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Asset Protection for Trust Beneficiaries

Posted by Libby Banks

in Wills & Trusts

Protect Your Children’s Inheritance The revocable living trust is a great estate planning tool. Putting your own assets in a revocable living trust doesn’t protect those assets from your creditors. The assets in your trust are still considered your assets because you continue to have complete control over them. However, you can use your trust to provide asset protection for your beneficiaries after your death. How can you do that? When you pass on your assets to your beneficiaries, you pass them on in a trust for each beneficiary. Instead of giving them of all the assets outright, where they put it in their own bank account or in their own name, at death we create an irrevocable trust for each...

01 June

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Avoiding the Pain of Probate

Posted by Libby Banks

in Avoid Probate, Estate Planning, Revocable Living Trust, Wills & Trusts

Avoiding the Pain of Probate Avoid Probate by using a Revocable Living Trust as your Primary Estate Planning Tool I often meet with clients whose most important goal is to avoid probate. A very good idea indeed! These clients realize that you will end up in probate if you don’t have a Will. What they don’t know is that you can end up in probate even with a Will. A Will is a document that designates who will be your personal representative (or in some states, your executor). It also states who will get your assets on your death. What it does NOT...

11 May

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Avoiding Family Disputes Over Inheritance

Posted by Libby Banks

in Avoid Probate, Estate Planning, Wills & Trusts

In my past as a trial attorney, I handled family estate fights. Clients hired me to sort out the gigantic mess left by their loved one, and the inevitable and escalating disagreements about the estate. Other clients retained me to fight for a share of the estate when a sibling, stepparent or other relative took advantage of his position as executor of the estate. Time after time, clients said they would never speak to their siblings again, or lamented that the messy estate issues were breaking the family apart. I value family highly, and these cases broke my heart. I...