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The Future Estate
Volume 6, Issue 8, September 2015
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| About My Firm
Law Office of Christopher Guest, PLLC
888 16th St., NW, Suite 800
Washington, DC 20006
703.237.3161 (VA)
703.574.5654 (Fax)
Admitted in DC, VA, MD and NY
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Law Office of Christopher Guest
A Law Office Planning for the Future
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The leaves are starting to fall and the weather is starting to turn. With the change of weather, it also means the American Diabetes Walk is not far away. Like every year since 2003, I am captaining a team to raise funds for the American Diabetes Association and would love any support you can give by clicking here.
This month's topics include how an irrevocable trust can be amended, how a person can access a safe deposit box to retrieve a will and the estate issues of Frank Gifford
Sincerely,
Chris
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Like many things in life, estate planning has many little quarks and nuances that can almost be contradictory in nature. One of the more interesting contrasts is the fact an irrevocable trust is not as "irrevocable" as you would think. Depending on the situation, an irrevocable trust can be amended or changed to reflect circumstances that the grantor might not have foreseen generating the need to change or terminate the trust.
But, let's take a step back. An irrevocable trust is one that generally cannot be modified or revoked by the person who creates it, otherwise known as the settlor or grantor. A grantor establishes an irrevocable trust to gain the dual benefits of reducing the grantor's estate tax liability while simultaneously transferring wealth to loved ones. In return for these benefits, the grantor gives up the right to amend or revoke the terms of the trust. This drawback, however, is not as restrictive as it may seem.
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Basics of Estate Planning:
How Do I Get a Will Out of Safe Deposit Box?
W
hen clients complete their estate plans with me, I provided a long instruction letter about where to keep their estate plan. One of those options, among the many, is placing the documents in a safe deposit box. One of the biggest positives for a safe deposit box is the restricted access. One of the biggest negatives for a safe deposit box is the restricted access. It is quite the double-edged sword, and this article will focus on how to access a safe deposit box if decedent's will is stored in one and can't be opened.
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Estate of the Month:
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| Frank Gifford in his younger days |
A
s many of you know, I have a strong passion for football and like to use the pitfalls of deceased NFL players' estates as examples of what not to do in estate plan. NFL Players have failed to account for estate taxes (Steve McNair), dying intestate and with improper joint tenancy ownership (Sean Taylor), and questions on witnesses to the execution of a will (Gene Upshaw). Not even NFL owners are spared from making mistakes in their estate planning. (Tom Benson). On August 9th, another football great, Frank Gifford died and his will was recently filed with a Connecticut probate court and providing more evidence on the wisdom to create a trust.
Frank Gifford spent most of his life in and around the NFL. He had a 12-year playing career as a running back and flanker for the New York Giants and was inducted into the NFL Hall of Fame in 1977. He also had a successful post-NFL career becoming a play-by-play announcer and commentator for 27 years on ABC's Monday Night Football. He also exhibited sport casting ability beyond football by announcing for Wide World of Sports and the Olympics.
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Questions or comments? E-mail us at [email protected] or call 202.349.3969
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Disclaimer:
An e-mail, fax, letter, or phone call to or from my office does not create an attorney-client relationship. An engagement agreement must be signed by both the attorney and the client to establish an attorney-client relationship with the Law Office of Christopher Guest, PLLC
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| Copyright © 2015 Law Office of Christopher M. Guest, PLLC |
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This newsletter was prepared by the Law Office of Christopher Guest, PLLC as a service to clients and friends of the firm. It is not intended as a source of specific legal advice. This Newsletter may be considered attorney advertising under the rules in some states. Prior results described in this newsletter cannot and do not guarantee or predict a similar outcome with respect to any future matter that the firm or any lawyer may be retained to handle. Case results depend on a variety of factors unique to each case and circumstance.
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