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R Steven Chambers Blog

Single Parents’ Estate Plans

A single parent with minor children faces challenges in creating an estate plan. If one parent of a couple dies, usually the child doesn’t have to leave her home and remains with the surviving parent. That parent is presumably familiar with the child’s abilities and interests, has access to whatever life insurance or other financial […]

10 Things Your Kids Don’t Want

Whenever I meet with clients about their wills, they always bring up how to divide the family treasures, the stuff that is in people’s houses. According to Elizabeth Stewart, author of “No Thanks, Mom,” Gen Xers and Millennials don’t prize those treasures the way their parents or their grandparents did. Here’s a list of 10 […]

One Twin a U.S. Citizen, the Other Not

Twin boys were born abroad. One was ruled a U.S. citizen; the other wasn’t. That was the ruling under a U.S. Department of State policy that, according to a federal judge, was wrongly applied. Andrew Dvash-Banks was a student in Israel when he met his future husband, Elad, who was an Israeli citizen. Because they […]

What’s the Difference Between Joint Tenancy and Tenancy in Common?

In an earlier post, I talked about the differences between joint tenancy and transfer on death deeds. Today I want to discuss the two most common forms of joint ownership, tenancy in common and joint tenancy. While transfer on death deeds apply only to real property (land), joint tenancy and tenancy in common apply to […]

Are Joint Tenancy and Transfer on Death the Same?

The answer depends on what is meant by “the same.” Both will transfer title to property at death without the need for the property to go through probate, but beyond that they are different. Joint Tenancy is a form of ownership where two or more people own “undivided interests” in property. In joint tenancy the […]

Hell Hath No Fury

like a football fan scorned. At least that seems to be the attitude of New Orleans’ Saints fan and lawyer Frank D’Amco, Jr.,  who filed a lawsuit on Tuesday on behalf of New Orleans Saints’ season ticket holders over the blatant no call with 1:45 left to play in the Saints – Los Angeles Rams’ […]

When Estate Planning and Bankruptcy Collide

No one really plans to file bankruptcy. It’s one of those things that just happens to some people. On the other hand, lots of people, though still too few, do plan their estates and for retirement. Sometimes bankruptcy and estate planning collide. Usually the collision isn’t harmful to the retirement account. But it can be. […]

Lifetime Tax Exemptions Are Safe for Life

The unified federal estate and gift tax exemption is currently at a stratospheric $11,180,000, and will increase to $11,800,000 in 2019. That means that an individual can give away or transfer on death up to $11,180,000 in wealth without incurring the federal estate or gift tax. This is a lifetime exemption, meaning a person has […]

Know Your Customer — Especially if it’s an LLC

If you’re a small business owner and do business on credit, it’s crucial that you know your customer. It’s even more important if the customer is a limited liability company (LLC) or corporation. LLCs and corporations are separate legal entities under the laws of all states. That means they can buy and sell goods and […]

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