Estate Planning is often misunderstood. Some people think it only involves preparing a simple Will. Some think it only involves preparing a Will or a Trust. How hard could that be? But it entails so much more than that. It involves coordinating all the various aspects of a person’s assets so they achieve the goals of the person. Typically, this involves a Will and / or a Trust. But it also involves coordinating beneficiary designations on life insurance, IRAs, retirement plans, etc. It also … [Read more...] about The Questions of Estate Planning, Part 2
Estate Planning
The Questions of Estate Planning, Part 4: Where
Estate Planning is often misunderstood. Questions often arise regarding “where.”First, where should you go to do your Estate Planning? The answer is simple, an attorney who focuses his practice in Estate Planning (or the related areas of Elder Law and Taxation). Estate Planning is far too intricate to rely on a general practitioner. You certainly don’t want to rely on an attorney who does multiple practice areas like patent law, corporate law, and personal injury law.Next, Estate … [Read more...] about The Questions of Estate Planning, Part 4: Where
The Questions of Estate Planning, Part 3: When
Estate Planning is often misunderstood. People often think it’s only for the really rich, the really old, or both. But the truth is Estate Planning is appropriate for all of us. Any of us could have a tragedy strike, even early in life. And it’s not just our death that Estate Planning considers, it’s also for our incapacity. Estate Planning can provide sophisticated solutions for those with substantial means and complex needs. But, perhaps most importantly, Estate Planning also appoints those … [Read more...] about The Questions of Estate Planning, Part 3: When
The Questions of Estate Planning, Part I: Who
Estate Planning considers many factors. But when most people think of Estate Planning, they just think it answers the question of who gets what. Certainly, it should answer that question. But it is so much more. This is the first in a series of articles on the Questions of Estate Planning.While Estate Planning is about more than just who gets what, it does include that question. If your plan did not include directions as to who should get what, you would have died “intestate.” In other … [Read more...] about The Questions of Estate Planning, Part I: Who
Estate Planning: Simple Solutions Often Go Awry
It is said that a little bit of information is a dangerous thing, and this certainly enters the picture when it comes to the process of estate planning. You may hear bits and pieces from others who do not have an understanding of the total picture, and if you take their advice, you and/or your family may pay a price later on.In this blog post, we will take a look at some of these ill-conceived notions so you can be prepared to steer clear of “simple solutions” that may not be so simple at … [Read more...] about Estate Planning: Simple Solutions Often Go Awry
The Anatomy of a Basic Estate Plan
Estate planning attorneys emphasize the importance of personalized attention, because each family is different. There is no one set estate plan that is right for everyone, and this is why you should discuss your unique situation with a licensed lawyer from our firm.The above being stated, there is a basic framework that is applicable to everyone, and we will take a look at it here.Asset Transfer MethodClearly, the facilitation of postmortem asset transfers is at the core of the estate … [Read more...] about The Anatomy of a Basic Estate Plan
LGBTQ Planning: Edith Windsor Changed the Playing Field
Our firm is very receptive to the needs of members of the LGBTQ community, and estate planning has traditionally been especially important to committed gay couples. This was before same-sex marriages were recognized by the federal government. At that time, legal steps were necessary to protect rights that should have been inherent.For example, if you were to die without any estate planning documents at all, the probate court would step in to provide clarity. A personal representative would … [Read more...] about LGBTQ Planning: Edith Windsor Changed the Playing Field
Many Reasons to Plan
Whether or not we plan to do so, each of us will face death eventually. However, by planning, we can make our passing easier and better in many ways for those we leave behind. This is the first of a series on the ways we can ease the transition through planning. This first article focuses on privacy. The next article will focus on how you leave assets to your loved ones.Let’s look at two people who die in the same car accident. It’s a tragedy for both of them and their families. But, the … [Read more...] about Many Reasons to Plan
Clarity is Key to Planning
When problems arise in an estate plan, often the source is a lack of clarity.Tom Petty died in 2017 and left a fortune estimated by Newsweek to be around $38 million. Petty did some things right, but he could have done better.What did Tom Petty do right? First, he planned. Most people just let nature take its course and fail to plan. There’s an old adage: when you fail to plan, you are planning to fail. That’s usually as true in estate planning as with most things. Each state has a … [Read more...] about Clarity is Key to Planning
Incapacity Planning Can Prevent a Guardianship
As estate planning and elder law attorneys, we focus on the eventualities of aging. Unfortunately, they are not always the most pleasant things in the world to consider, but they are facts of life, nonetheless. If you take the right steps, you can make a difficult situation as manageable as possible.With this in mind, we will look at the importance of incapacity planning in this blog post.Incapacity Among EldersWe have all heard of Alzheimer’s disease, but many people are surprised when … [Read more...] about Incapacity Planning Can Prevent a Guardianship
