Revocable Trusts

You may have heard about conservation easements in the news over the past few years and the tax benefits available through the use of them. But what are they and how can they benefit you? 

Defining Conservation Easements

A typical conservation easement is created when a landowner makes an agreement (known as a “servitude”) with a charitable organization or government “land trust.” This agreement gives the organization or land trust certain rights to preserve and protect the land for public benefit. However, the original landowner normally retains the right to possess the land and use it for certain other purposes, including some commercial uses like logging or fishing.

As an example, let us say that a landowner inherited a large tract of land from a family member that can be seen from a scenic highway and provides a beautiful view of a mountain ridge from the highway.
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Disaster Preparedness Month: How to Prepare for Whatever May Come Your Way

The unpredictable can occur at any time: fires, hurricanes, floods, earthquakes, pandemics—you name it. Because September is National Disaster Preparedness Month, we want you to be prepared for whatever life throws at you. Although none of us can predict the future, there are some things you can do to ensure that you and your family are ready. Here are a few questions to consider to help protect the people and possessions you value most.

1. Are your documents secure? When trouble occurs, your documents must be ready.
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After a loved one dies, their money and property must be distributed to the right people, either according to their will or the state’s default distribution scheme (found in its “intestacy” statute). While most people want the settlement process to be done ASAP, probate can take between 18 and 24 months. Yes, you heard that right. The time delays create unnecessary stress, especially for families who need access to those accounts or property.

5 Reasons Probate Takes So Long

There are many reasons why the probate process takes so long.
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We live in a litigious society. Unfortunately, even family members sometimes file lawsuits because they are dissatisfied with what their parents or loved ones leave them in a will or trust. Some are so disgruntled that they decide to contest or challenge the validity of a will or trust, which can delay its administration for years and result in thousands of dollars in legal fees. If you are concerned that any of your beneficiaries may seek to challenge your will or trust, a no-contest clause might be one method you can use to discourage them from pursuing this course of action.

What Is a No-Contest Clause?

A typical no-contest clause provides that a beneficiary who disputes the validity of a will or trust will forfeit any inheritance or benefit they otherwise would have received according to its terms.
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For many snowbirds, cooler weather means it is time to head south. If you are thinking about heading for warmer weather this winter, there are a few things you should consider before hitting the road.

What is happening in your destination state?

Because we are still in the midst of a pandemic, it would be prudent to do some research about your winter destination. How many COVID-19 cases has the state had? Are these numbers trending upward? Upon your arrival, will the local or state government require that you quarantine for a period of time? Lastly, are there any additional local orders that you should be aware of, such as a requirement that masks be worn indoors or restrictions on dining in restaurants?

Which state do you consider your home?

Your state of domicile impacts your estate planning, family law matters, and taxes. Due to differences in state tests for determining residency, you can be considered a resident of more than one state; however, you can only be domiciled in one state.
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