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Naming a child on your bank accounts can lead to numerous consequences, including potential costly estate litigation.

If you are considering challenging the probate of a last will and testament, there are several factors to consider.

Revocable Trusts have become increasingly popular estate planning tools to avoid probate. A trust allows for the orderly and private administration of your assets at death without court involvement.

Q: My grandparents on my mom鈥檚 side are leaving me their house in their will after they both pass away, will I be able to sell it right away?

When you鈥檝e taken the crucial step of drafting a Will, it鈥檚 equally vital to prepare your chosen executor for what lies ahead. Informing them ahead of time ensures a smoother process during what can be a challenging period.

An Irrevocable Life Insurance Trust (鈥淚LIT鈥�) is a valuable estate planning tool used to reduce estate taxes 鈥� known as death taxes during an election year. Whether you need an ILIT depends on how much your assets are worth now or what your potential net worth is in the future.

Whether an executor needs to hire an attorney depends on the type of assets, size of the estate, family dynamics, estate tax considerations, and outstanding bills.

Most people do not realize that a Will likely does not control who collects on a life insurance policy. The beneficiary named on the policy supersedes the Will. So long as the policy owner correctly designated a beneficiary on the policy, that designation controls.

In New York State, a parent has no obligation to leave an inheritance to a child. Many other countries have 鈥渇orced heirship鈥� which prohibits parents from disinheriting children, but Louisiana is the only US state with such a law.

The word is defined as 鈥渢he ability to be easily moved,鈥� but in the context of Trusts & Estates, it means much more. In this regard, portability is one of the strongest tools in the planner鈥檚 toolbox to reduce or eliminate federal estate taxes after the deaths of a married couple.