When someone serves as an executor, trustee, guardian or agent under a Power of Attorney, they are known as a fiduciary. By law, all fiduciaries must account for their actions. Over the years, this duty has often been ignored. However, there is an increasing trend in litigation to sue fiduciaries for alleged financial abuse. Many […]
A Buy/Sell Agreement is the legal cornerstone for the successful transition of a closely held business. A formal Buy/Sell Agreement creates a market for each owner’s interest in a business in the event of his death, disability or retirement. In the absence of such an agreement the deceased business owner’s heirs may become unwelcome or […]
A commonly asked question in both estate planning and estate administration is “How much does the executor get paid?” In order to evaluate that question, three issues need to be addressed: (1) the statutory allowance for compensation, (2) the options in drafting compensation clauses in a Will, and (3) the effect of case law of […]
The effects of divorce upon the right to life insurance are often greatly misunderstood, and many individuals don’t realize the impact that divorce has upon this asset. As such, upon death, many policies are paid in a manner which is unintended. Divorce Supersedes Beneficiary Designations When individuals obtain life insurance, the insurer requires that they […]
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