Posts Tagged 'Estate Planning'

Why You Are Never to Young To Plan For Death

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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, ...

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Wills and Trusts – a Legal Product or Legal Service?

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The questions about creating and drafting your own wills and trusts just keep coming. In the technical age, where clients are savvy and used to instant gratification and purchasing on the web, it seems logical that people would want to buy wills and trusts from a website or create them themselves. But, we hear or read stories all the time about the problems with this approach. Fox Business Report ran an article today about Ann Aldrich who purchased ...

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

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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 ...

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

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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 ...

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Planning for Life and Estate Changes in 2014

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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 ...

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Estate Planning for the Living – Health Care Directives

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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 ...

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

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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 ...

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Treating Heirs Differently Can Cause Legal Headache

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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 ...

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Planning for the Death of a Business Partner

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It’s not easy coming up with ideas for a blog.  So, I have decided to seek out guest bloggers who can contribute to the arena of estate planning.  My first guest blogger is Matthew Heifner, owner of the Matthew Heifner Insurance Agency in Las Vegas, Nevada.

The choices for Business Succession:  Buy-Sell Agreement funding for partners

Thinking ahead and preparing for the unexpected is what made your company successful.

So it’s just as important to think about the options you or your partners ...

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So You Have A Living Trust – Now What?

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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 ...

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