Posts Tagged 'estate plan'

Why You Are Never to Young To Plan For Death

Posted by:

We read stories all the time about young people who die unexpectedly. Take the example of a 39 year old man who died in his sleep the day before his twins were born. Or the 22 year old competitive bike rider who died of a heart attack. Or a 31 year old man who drowned in a lake.

In the latter case, failure to plan meant the young man’s girlfriend and child, with whom he lived, ...

Continue Reading →
0

Paying for Your Estate Plan: Why Does It Cost So Much For A Trust and Will?

Posted by:

The first question from a potential client is “How much does it cost to do a will?, trust?” The answer is always “It depends on your needs and desires”. In fact, my question back should really be “How much are you willing to pay for peace of mind”? Because that is what a properly drafted estate plan gives you. It is not a mere collection of papers that you put away and never look at ...

Continue Reading →
0

Estate Planning in Your 50’s – Beef Up Your Savings

Posted by:

I often counsel my clients that medical care is the greatest depleter wealth for retirees. You spend most of your life working in the hopes that you have earned enough and saved enough for a comfortable retirement. Most people would like to have a little left over for their children. Unfortunately, no one can predict the future. A lengthy illness or mental deterioration may mean that you will need to dip into your savings to pay ...

Continue Reading →
0

Planning for Life and Estate Changes in 2014

Posted by:

It’s a new year. Many people reflect on the past year and their accomplishments (or the lack thereof). I try to look back and see how past events will influence my life and actions in the new year. You might have experienced meaningful life changing events; marriage, birth, death, retirement, etc. All of these events should encourage you to evaluate or re-evaluate your estate plan. Do you need to create or change a will, trust ...

Continue Reading →
0

Estate Planning for the Living – Health Care Directives

Posted by:

I am often asked what is the one thing that every person needs in an estate plan.  The answer is easy:  Health Care Directives.   Regardless of whether you have any money or property, you need to address decisions to be made during your life in the event of serious injury, illness or incapacity.  I tell all of my clients that as soon as their children turn 18 years old, they need to sign a durable power of attorney for ...

Continue Reading →
0

Estate Planning Actually Works! A Lawyer’s Perspective – Part 1

Posted by:

I’ve been practicing law for 20 years, the last 10 almost exclusively dealing with estate planning and probate.  All that time I’ve been advising how important good estate planning is and what a gift to your children to prepare and plan so that they will have an easier time handling things when you’re gone.  But, let’s face it, was I right all that time?  As a probate attorney, most of the time I deal with situations either where there was ...

Continue Reading →
0

Treating Heirs Differently Can Cause Legal Headache

Posted by:

Believe it or not, it is not unusual for parents to treat their children differently when drafting a will or trust.  One child may be more financially successful than another.  One may have more children than another.  There may be an estrangement between parents and a child.  Sometimes, parents want to repay a child who has supported them, either physically or financially.  There may be a difference in age requiring that money be set aside for a younger child.  For ...

Continue Reading →
0

So You Have A Living Trust – Now What?

Posted by:

So, you finally got around to doing an estate plan and your attorney recommended a revocable living trust.  Why?  Because you want to avoid estate taxes, avoid probate, provide for your minor children, provide a vehicle for asset management should you become disabled, or all of the above.  But, now that you went to all that trouble, not to mention expense, do you know what to do?  Most people don’t know how to fund their trust.  Sometimes their attorney will ...

Continue Reading →
0

Wills – Should You Do-It-Yourself?

Posted by:

Believe it or not, I get a lot of questions about creating a will from a prepackaged program, online, or even by yourself.  Is it good enough to do it by yourself, without legal counsel?  In most cases, I would say an undeniable and emphatic “NO”!  A will is a set of instructions that direct how a person’s property is to be distributed after death.  For a will be be valid and effective, it must comply with the legal formalities ...

Continue Reading →
0

What is Probate and Why Should You Avoid It?

Posted by:

Probate isn’t always bad, but most of the time, it is a waste of money and time.  Probate is a court supervised legal process whereby the court makes sure your debts are paid and any remaining money or assets distributed to those people entitled to them.  What this means is that if you don’t plan properly before you die, your family will be stuck paying a lot of attorneys fees, court costs and wasting a lot of time before receiving ...

Continue Reading →
0
Page 1 of 2 12