Category Archives: General

ASK TOM: Are Prenuptial Agreements Really Necessary?

You are getting married — for the second time.  While everyone is congratulating you on finding love again, your children are encouraging you to complete a prenuptial agreement.  Why are your children so concerned about your new life?  Are they overreacting? Most children who have experienced a parent in a second marriage attest it is a time of happiness and excitement.  They want their parent to be happy, but there are many underlying concerns that can be a white elephant in the room during conversation.  For instance, children from a previous marriage may feel threatened their perceived “inheritance” will go...Read More

Ask Tom: What Should I Know About Wills and Probate?

Most of us have a basic understanding of Wills and Probate but sometimes that knowledge is as basic as Wills are good, Probate is bad.  While there is some validity to that thought process, here are a few misconceptions: If I die without a will, the probate process will take years.  The probate process, while time consuming, does not have to take years.  The biggest delay is the time given to creditors to file claims.  Once that time has passed, and the Personal Representative has paid legally enforceable bills and taxes, a final distribution can be made and the estate can...Read More

ASK TOM: What Do I Need To Know About Estate Planning In A Second Marriage?

  We all know someone who is in a second marriage and many of us are in a second marriage. Second marriages can be exciting and fulfilling while at the same time present special planning challenges. A second marriage may include his children, her children, and sometimes our children. How will the new spouse be provided for in the estate plan? Can the assets of each spouse be protected for their respective children while still providing for the new spouse? The competing interests are between the children of the first spouse to pass away and the surviving spouse. Estate planning...Read More

ASK TOM: Why Would I Choose A Corporate Trustee For A Revocable Trust?

  When creating a trust, there are two basic choices for a trustee: (1) an individual; or (2) a corporate entity. In our last article, we addressed the individual trustee and factors to consider when choosing an individual trustee. In this article, we review factors to consider when choosing a corporate trustee. There are three basic types of corporate trustees: (1) Bank Trust Departments. The bank trust department is the traditional full service corporate trustee with fee schedules for their services as trustee. (2) Brokerage Firm Trust Departments. Most major national brokerage firms have in-house trust departments that combine the...Read More
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