As the New Year looms, review your estate plan to help maintain it in good shape. Most people are familiar with the television personality, Ron Popeil. His tagline? "Set it and forget it!" While this might work for your slow cooked roast, it does not work for your estate plan! Reviewing your plan each year will help keep your Estate up-to-date and avoid time-consuming (and sometimes costly) issues for your successors. 1. Beneficiary Designations. Make sure the beneficiary designations … [Read more...]
New Year Resolution: Review Your Estate Plan (part 2 of 2)
When considering creating or updating your estate plan in 2020, you will want to make sure that you consider all of your planning needs. This will ensure that you have a proper plan that will protect you during all of life’s unexpected events. The information below will explain more about your needs. In this second installment about estate planning considerations, we address additional issues often overlooked in many estate plans. If you have any questions about the information below, or if … [Read more...]
New Year Resolution: Review Your Estate Plan (part 1 of 2)
As the New Year looms, many folks include among their resolutions creating or updating their estate plans. What is often not appreciated are the number of issues that should be considered and addressed in one's estate plan. It’s important to take time to handle these issues so that you’re protected throughout your lifetime as well as after you die. Many people don’t take the time to fully think about their individual estate planning needs. Take a look at the information below to better … [Read more...]
T’is The Season To Think About Your Elderly Parents’ Needs
Though they come with promises of relaxation and time with family, the holidays can also be the source of a significant amount of stress. This is especially true if you have elderly parents and visiting them during the holidays makes you realize just how old they’re getting. It can sometimes come as a shock to learn that your parents are no longer as able to care for themselves as they once were, and this holiday season it may be a good time to have a discussion with your parents about their … [Read more...]
Warning! A Will Alone May Not Control All Your Assets
Warning! A will may not control the fate of some of your property. If you’re like most people, this is surprising to you. Your will only controls those assets in your individual name. Here’s what we mean: 1. Joint Tenancy Property: Many married couples own their house as well as their bank and investment accounts as joint tenants. Some single parents put a child’s name on a joint account or the house (not recommended) and some siblings jointly own a vacation home or hunting cabin (not … [Read more...]
Being in Control At The End of Your Life
States have historically allowed people to execute “Do Not Resuscitate” orders that, as the name implies, order physicians not to perform any procedures to resuscitate the individual if he or she is not breathing or has gone into cardiac arrest. Oregon, along with a number of other states, goes one step further -- and seniors appear to like the move. California has authorized a two-page form called a “Physician Orders for Life-Sustaining Treatment”, or POLST for short, that allows an individual … [Read more...]
The Keys to a Successful Estate Plan
A successful estate plan is an estate plan that works. An estate plan works if it does what you want it to do. The 3 keys to a successful estate plan are communication with loved ones, updating on a regular basis, and consultation with a qualified and experienced estate planning attorney. If you have all 3 keys, the door opens to a successful plan and your investment of time, effort, and money will be worth it. Importantly, your wishes will be honored. In other words, your estate plan will … [Read more...]
Important Estate Planning Tools for the LGBTQ Community
Estate planning is important for everyone; however, it cam be even more important for members of the LGBTQ community. Because of the unique, and often varied, legal position that a partner has among the states, estate planning is of particular importance in order to ensure that your partner is provided for in the event of your death, and recognized in the event of your incapacity. While each situation is unique, consider incorporating the following tools into your estate plan: Last Will and … [Read more...]
Don’t Accidently Disinherit Your Children
Each and every day, children are unintentionally disinherited and receive nothing when their parent dies. If you’re like most people, this is not what you want. Here are two examples illustrating how children are disinherited. Example One Jim and Susan have a long happy marriage. They have been married for 32 years and have four children, all boys. Jim has a heart attack and dies. He and Susan owned everything jointly so at his death, Susan inherited all of the assets. Several … [Read more...]
Your Estate Plan: Get It Into a Writing or Else
Your estate plan must be in writing to be legally valid; conversations with your spouse or other family members are not enough. Without written directions and authorization, family discord and upset may result and your wishes may not be followed. Don’t Want to be Hooked to Life Support Machines, Put it in Writing in an Advance Health Care Directive For example, Terri Schiavo, the Florida woman kept on life support for 15 years, had reportedly told her husband that she didn’t want to be … [Read more...]
