What are the different methods, and what’s the difference between the different methods of taking title to real property?” “Should we take title as tenants in common, as joint tenants, or as community property with rights of survivorship?”Continue reading
Whitney’s Tax Files is a video segment in which Whitney L. Sorrell, JD, CPA, MBA of Sorrell Law Firm, PLC answers commonly asked questions relating to Estate Planning, Tax, and Business Law. In this edition, Whitney explains the purpose of a Living Will.
“What is a living will?” A lot of confusion between a living will and a living trust. A living trust is a testamentary document that says, “Here’s who gets my assets when I’m dead, and here are the terms of them getting these assets.” A living will is very different.Continue reading
Princess Diana was one of the world’s most loved celebrities – and one of the richest. Her tragic death in 1997 was world news. The majority of her estate, reportedly worth $40 million at the time of her death, was divided between Prince William and Prince Harry in her estate plan. However, she also prepared a handwritten will that directed her executors to give a number of personal effects to her godchildren. Those executors, her mother and her sister, went to court and had it ruled unenforceable.
However, she also prepared a handwritten will that directed her executors to give a number of personal effects to her godchildren. Those executors, her mother and her sister, went to court and had it ruled unenforceable.Continue reading
This edition of Whitney’s Tax Files answers a question from a client who asks, “How can I stop my kids from blowing the money after I die?” Well, the statistics show that most people go through their inheritance after about ten months, and most estate plans, the standard forms that you see, they say, “Give my kids all the income every year, and then they can have a third, a third, a third at this age, that age, and the other age.” Essentially, we are not providing any incentive for our children, and so long as our children survive to the next year, they get more money, whether they’re being responsible or not, so there’s a couple things that we can do to protect them from themselves.Continue reading