We get a lot of questions about revocable living trusts and some prospective clients wonder whether they really need a trust. They say, “After all, I’m not a Warren Buffet or a Kennedy. Do I really need a trust?”Whether you need a trust (or not) depends upon your assets and your goals; mainly your goals. You do not need to be wealthy to benefit from a trust.You Need to Consider a Revocable Living Trust if you…Want to avoid probate Want to avoid court interference, through the … [Read more...]
Who Needs A Power of Attorney?
While almost anyone can create and use a power of attorney, not everyone needs to grant an agent to handle their affairs. However, you can always create a power of attorney that will take effect in the event it is needed. If you are a person in any of the following categories, you should talk to your estate planning attorney to create a power of attorney.Seniors. Aging often requires us to give others the ability to help us manage your affairs. Your estate plan should includedifferent … [Read more...]
How Does a Living Trust Help with Incapacity Planning?
For most people, the primary focus of an estate plan is the distribution of estate assets through lifetime gifting and/or after death. While that should remain a primary focus of your estate plan, you should also have an incapacity plan in place to ensure that you and your assets are protected in the event you suffer a period of incapacity. To get you started, we will explain how a living trust can help with incapacity planning. I’m Still Young – I Don’t Need to Worry about Incapacity This is … [Read more...]
Caring For a Distant Elder Family Member
In today’s society, family members are often scattered throughout the country and even abroad. This phenomenon can cause much stress and worry when an elder family member who is not nearby now needs additional assistance in managing his or her affairs.The first step to long-distance caregiving is to understand your loved one's situation and needs. Schedule a visit with your relative or friend spanning several days to observe how they make decisions, solve problems and complete daily tasks, … [Read more...]
5 Questions to Ask Yourself about Your Estate Plan
As you go through life, you need to make sure that you have a valid and comprehensive estate plan in place. An estate plan will allow you to live your life with less stress, and can ensure that your affairs are in order, no matter what. Take a look at the 5 questions below to ask yourself about your estate plan. Do you have a will or trust in place? If you’re just beginning your planning, you may not have a will or trust. These are fundamental planning tools. You can appoint a … [Read more...]
All Parents Should Have an Estate Plan
Each day, many parents with young children put off the important task of planning for the future. It can be easy to become busy with life’s everyday events. If you are a parent, you need to take the time to create an estate plan. This will allow you to make sure that your children are protected in the future.Are you unsure about the need for an estate plan? If so, consider the following questions:What will happen if you become disabled or die tomorrow? Who will care for your … [Read more...]
Deciding if Some You Love Needs a Care Facility
It can be heart wrenching to decide if a family member or friend you love can no longer safely live in their own home. It can be scary for that loved one to think about his or her care needs and possible new living environments. If you have concerns about a loved one , consider the following questions when determining care needs. If you need help, consult with an experienced and qualified estate and elder care attorney.Does your loved one have medical needs that require special … [Read more...]
How to Choose Trustees, Guardians and Agents
Part of the task of estate planning or updating an estate plan is to select trusted persons or entities to fill the positions of trustees, guardians, power of attorney agents, health care agents and executors. In order to make good decisions, you need to know the ideal characteristics of each role.Trustee of trust for minors. The trustee of the trust for your minor children or grandchildren will likely be the same as your settlement trustee. If you have the children joining as a … [Read more...]
I’m Married; Why Would I Need a Power of Attorney?
Often, married couples sign each other’s names to checks, documents, and birthday cards. According to the old joke, “If he actually signed his name, the bank wouldn’t recognize it.” However, except for the birthday card forging, signing your spouse’s name is illegal. This means, even if you’re married, you need a power of attorney to authorize you and your spouse to sign each other’s names.A power of attorney is a legal document through which you authorize an agent (e.g., your spouse) to … [Read more...]
Plan for an Unexpected Disability
While most people hate to think about illness, disability and death, it is a part of life. When you are least expecting it, you or a loved on can become seriously ill. It is best to plan for these scenarios ahead of time. Consider the following:Who will take care of me when I become seriously ill? How will I be able to take care of my finances and pay my bills? Who will care for my children? Will I be able to afford an illness? Do I want to be on life support? Who will … [Read more...]
