When speaking with a potential new client about coming in to complete planning, we always discuss any advance planning they may have already completed. Often times when they already have advance directives and a will, they think it is a…
People often say that you only need an estate plan if you have a lot of money and/or a lot of assets. That statement is not necessarily true.
Reason 1: An estate plan is also important for medical and simple financial decisions, especially for a spouse in the event of disability or incapacity. It makes the entire process a lot more stress-free and simple for the spouse.
If something happens to me, my spouse will inherit everything I have anyway, so why do I need to make an estate plan?
When a person dies, his or her estate may need to go through probate. If the decedent leaves a will directing how his or her property should be distributed after death, the will must be submitted to the probate court…
Oftentimes when creating an estate plan, it is requested that a family member or friend be disinherited. There are many reasons why one would chose to disinherit someone. Perhaps the person creating the estate plan has already provided the family member or friend with gifts during his or her lifetime. Perhaps he or she wants to avoid disqualifying the person from government benefits. There might have been a falling out between the individuals. Or there might be tax reasons for wanting to disinherit.
No matter what the reason is, it is important to understand the potential pitfalls of disinheriting someone.
Using a Will or a Trust that you found by searching on Google is like using WebMD to diagnose a serious illness.
A rational person would not consult WebMD to learn how to treat a serious illness. You might use it as a source of reference, but if you are in pain or want to prevent health issues, you consult to a doctor.
The same is true when planning your estate. You may save a couple dollars by creating your own estate plan, but you are going to cost your loved ones ten times that with the expense of going to court, and by hiring an attorney to interpret and administer the errors in the DIY estate plan you created.
Millions of people use computers to conduct business and interact socially, and for general communications. Many of those computer users are registered in some way on dozens of websites, including social media outlets such as Twitter, LinkedIn, Instagram, and Facebook…
Everyone has their niche.
Financial advisors have a certain field of expertise, and most are very good at what they do. However, when it comes to elder law, Medicaid and estate planning, there is no substitute for sound legal advice.
Case study:
A retiree originally made an appointment with a law firm specializing in estate planning and elder law – but, a family friend was a financial advisor. He decided to work with his friend and canceled his appointment with the law firm.
On February 5th, I discussed whether you have taken steps to protect your family and your assets in case you should pass away. A topic no one likes to think about. I outlined the first five steps. Now that you…
God forbid but is your family prepared? Here are five things you should do and set a deadline -- like February 14th! 1. Create an estate plan. Figure out why you have been procrastinating and conquer your fears. If you need an…