Amy's Angle

What You Should Know Before Agreeing to Serve as Trustee by Amy Clemmons Brown, Esq. Being asked by a loved one to serve as trustee for their trust upon their death can be quite an honor, but it’s also a major responsibility—and the role is definitely not for everyone. Indeed, serving as a trustee entails a broad array of duties, and you are both ethically and legally required to properly execute those duties or face potential liability. In the end, your responsibility as a trustee will vary greatly depending on the size of the estate, the type of assets covered by the trust, the type of trust, how many beneficiaries there are, and the document’s terms. In light of this, you should carefully review the specifics of the trust you would be managing before making your decision to serve. And remember, you don’t have to take the job.   Yet, depending on who nominated you, declining to serve may not be an easy or practical option. On the other hand, you might actually enjoy the op...

  Remarrying In Midlife? Avoid Accidently Disinheriting Your Loved Ones by Amy Clemmons Brown, Esq. Today, we’re seeing more and more people getting divorced in middle age and beyond. Indeed, the trend of couples getting divorced after age 50 has grown so common, it’s even garnered its own nickname: “gray divorce.”  Today, roughly one in four divorces involve those over 50, and divorce rates for this demographic have doubled in the past 30 years, according to the study Gray Divorce Revolution . For those over age 65, divorce rates have tripled. With divorce coming so late in life, the financial fallout can be quite devastating. Indeed, Bloomberg.com found that the standard of living for women who divorce after age 50 drops by some 45%, while it falls roughly 21% for men. Given the significant decrease in income and the fact people are living longer than ever, it’s no surprise that many of these folks also choose to get remarried. And those who do get remarried frequently...

Former Zappos CEO Tony Hsieh Dies Without A Will by Amy Clemmons Brown, Esq. Tony Hsieh became an Internet pioneer, starting two wildly successful companies, LinkExchange and Zappos, the latter of which he sold to Amazon for $1.2 billion. It was as CEO of the online shoe brand Zappos where Hsieh developed his vision for life and business: delivering happiness. A Double Life Hsieh outlined this mission in the 2010 book, Delivering Happiness: A Path To Profits, Passion and Purpose , which became a New York Times number-one bestseller. Yet while the young entrepreneur was busy bringing joy to his customers, employees, and friends, Hsieh was privately coping with mental health issues and substance abuse. These struggles reportedly intensified in 2020, as the pandemic-related quarantines put an end to the non-stop parties and socializing Hsieh came to crave. Hsieh’s downward spiral also coincided with his relocation from Las Vegas to Park City, Utah. In Park City, Hsieh became further iso...