An executor is responsible for managing a deceased person’s estate. When an executor mismanages estate assets, breaches fiduciary duties, or causes financial harm, heirs may pursue a surcharge action to seek damages. Surcharge actions provide a legal remedy to hold executors accountable and help recover losses caused by their actions. […]
Trustees have a legal responsibility to manage trust assets responsibly, and they have to back that up with documentation. Without proper documentation, even well-intentioned trustees may face questions or allegations from beneficiaries who believe the trust has been mismanaged. By establishing strong recordkeeping practices from the beginning, trustees can reduce […]
Family Limited Partnerships (FLPs) are a popular estate planning tool that can help families transfer wealth while potentially reducing estate and gift taxes through valuation discounts. Because these discounts can significantly lower asset values for tax purposes, the IRS closely scrutinizes FLPs to ensure they serve legitimate estate planning objectives. […]
Many people, without knowing so, have non-probate assets. For instance, many of us have bank accounts. That bank account may have a transfer-on-death (TOD) designation naming one child as the beneficiary. But what if the account holds $50,000 and the will states that the estate assets are split evenly among […]