The Uniform Transfers to Minors Act (“UTMA”) is an important estate planning tool to consider when a client has children or grandchildren who are minors. Under this statute, property of any kind can be transferred by way of gift, under the terms of a will or trust or by nominating a custodian to receive the property on behalf of the minor.
The answer is yes! No matter your current situation, it is always a good idea to have your last wishes memorialized in writing. Your Last Will & Testament will be your final words and directives and it is important that your wishes are known to your family and heirs. Equally important, having a valid Will in place works to minimize confusion and prevents the court system from getting involved in dividing your estate.
Gamblers and taxing authorities rejoice. Although not directly related to our firm’s practice areas – well not really related at all – the Supreme Court of the United States recently decided in a landmark case which will have an incredible impact across the country. In Murray v. National Collegiate Athletic Assn., the Supreme Court invalidated a 1992 Federal law which effectively prohibited sports betting in almost every State.
Planning your estate is usually not a simple task and often requires you to make tough decisions regarding who gets what. Step one is to determine what constitutes the estate and obvious items are a house, bank account or 401k plan.