Taylor Kaspar Law

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  • By: Taylor Kaspar
  • Published: August 31, 2021

Legendary hip hop artist DMX—born Earl Simmons—passed away on April 9 at age 50 after suffering a massive heart attack a week earlier at his home in White Plains, New York. The heart attack was reportedly triggered by a cocaine overdose on April 2, which left the rapper hospitalized in a coma. After a week of lingering in a vegetative state, his family made the decision to remove him from life support. As we reported last week in part one, although DMX was wildly successful in both music and movies, the rap icon experienced serious legal and financial problems, along with frequent issues with drug addiction throughout his career. Having fathered 15 children with nine different women, DMX’s money issues largely stemmed from unpaid child support, but he also failed…Read More

  • By: Taylor Kaspar
  • Published: August 28, 2021

  Estate planning is an obvious concern for all parents, but if you have a child with special needs, it’s crucial that you are aware of the unique considerations that go into planning for a child who may be dependent on you at some level for their lifetime. If your child has special needs, you must understand exactly what’s necessary to provide for the emotional, physical, and financial needs of your child, in the event of your own eventual death or potential incapacity. When creating your estate plan, there are two major considerations for you to focus on: 1) Who would care for your child if and when you cannot (also known as guardianship), and 2) How will your child’s financial needs be met when you are not there to…Read More

  • By: Taylor Kaspar
  • Published: August 26, 2021

Legendary hip hop artist DMX—born Earl Simmons—passed away on April 9 at age 50 after suffering a massive heart attack a week earlier at his home in White Plains, New York. The heart attack was reportedly triggered by a cocaine overdose on April 2, which left the rapper hospitalized in a coma. After a week of lingering in a vegetative state, his family made the decision to remove him from life support. Despite selling more than 74 million albums and enjoying a wildly successful career in both music and movies, DMX, who died without a will, left behind an estate that some estimates report being millions of dollars in debt. Even though DMX likely died deeply in debt, just weeks after his passing, multiple members of his family, which includes…Read More

Including Cryptocurrency In Estate Plans
  • By: Taylor Kaspar
  • Published: August 4, 2021

Just like any other property you want to pass on, detail in your estate plan who you want to inherit your cryptocurrency, and then include specific instructions in your will or trust how you’d like the accounts managed in the future. But do NOT include passwords or security keys in your planning documents, where they can be read by others. This is especially true for your will, which becomes public record upon your death. Instead, keep this information in a separate, secure location, and provide your fiduciary with instructions about how to access it. Consider using digital account-management services to help streamline this process. Given the complex and highly encrypted nature of cryptocurrency, consider including provisions in your plan allowing your fiduciary to hire an IT consultant to deal with…Read More

Do I Need A New Will If I Move To Another State?
  • By: Taylor Kaspar
  • Published: August 2, 2021

Most states will accept a will that was executed properly under another state’s laws. However, there could be differences in the new state’s laws that make certain provisions in your will invalid. Here are a couple things you should review in your will when moving: Your personal representative: Consider whether or not the personal representative you’ve chosen will be able to serve in that role in your new location. Every state will allow an out-of-state personal representative to serve, but some states have special requirements for personal representatives, such as requiring them to post a bond. Other states require non-resident personal representatives to appoint an agent who lives within the state to accept legal documents on behalf of the estate. Marital property: If you are married, consider how your new…Read More

Sending Your Kids Off To College Right
  • By: Taylor Kaspar
  • Published: July 29, 2021

Does anyone having a kid taking that step? If so, you might be wondering, what estate planning documents should my son or daughter, who just turned 18 and is planning to attend college in the fall, have in place? Here’s what you should know. At age 18, your child is now an adult in the eyes of the law. This means you no longer have the authority to make decisions regarding their medical care, nor will you have access to their finances if something happens to them. Since you are no longer in charge, your child’s greatest liability from a planning perspective is what would happen if they were incapacitated by illness or injury and become unable to make decisions on their own behalf. To prepare for this scenario, you…Read More

Consider This Before You Create A Will Online
  • By: Taylor Kaspar
  • Published: July 27, 2021

A last will and testament is the most commonly thought-of document when it comes to an estate plan. But really it is only a very small part of an integrated plan that ensures your family stays out of court and out of conflict if and when something happens to you. Do not think you can just write your own will and that will help your family. You have probably seen ads from services that tout the idea that you can write your own will quickly – maybe even while you are in the security line at the airport (seriously, we have seen those ads in our own Facebook feeds). Instead, consider the reality that trying to do so could actually create far more trouble for your loved ones down the…Read More

The Key Differences Between Wills and Trusts
  • By: Taylor Kaspar
  • Published: August 20, 2020

When discussing estate planning, a will is what most people think of first. Indeed, wills have been the most popular method for passing on assets to heirs for hundreds of years. But wills aren’t your only option. And if you rely on a will alone to pass on what matters, you’re guaranteeing your family has to go to court when you die. In contrast, other estate planning vehicles, such as trusts, which used to be available only to the uber wealthy, are now being used by those of all income levels and asset values to keep their loved ones out of the court process. But determining whether a will or a trust is best for you depends entirely on your personal circumstances. And the fact that estate planning has changed…Read More

Before Agreeing to Serve as Trustee, Carefully Consider the Duties and Obligations Involved—Part 2
  • By: Taylor Kaspar
  • Published: August 17, 2020

Last week, we shared the first part of this series explaining the powers and duties that come with serving as trustee. Here in part two, we discuss the rest of a trustee’s core responsibilities. Being asked to serve as trustee can be a huge honor—but it's also a major responsibility. Indeed, the job entails a wide array of complex duties, and trustees are both ethically and legally required to effectively execute those functions or face significant liability. To this end, you should thoroughly understand exactly what your role as trustee requires before agreeing to accept the position. Last week, we highlighted three of a trustee's primary functions, and here we continue with that list, starting with one of the most labor-intensive of all duties—managing and accounting for a trust's assets.…Read More

Before Agreeing to Serve as Trustee, Carefully Consider the Duties and Obligations Involved—Part 1
  • By: Taylor Kaspar
  • Published: August 12, 2020

If a friend or family member has asked you to serve as trustee for their trust upon their death, you should feel honored—this means they consider you among the most honest, reliable, and responsible people they know. However, being a trustee is not only a great honor, it’s also a major responsibility. The job can entail a wide array of complex duties, and you’re both ethically and legally required to effectively execute those functions or face significant liability. Given this, agreeing to serve as trustee is a decision that shouldn’t be made lightly, and you should thoroughly understand exactly what the role requires before giving your answer. Of course, a trustee’s responsibility can vary enormously depending on the size of the estate, the type of trust involved, and the trust’s…Read More

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