Posts Tagged "Estate Planning"

When to appoint a patient advocate or draft a living will.

Posted by on Jan 30, 2017 in Estate Planning | 0 comments

The Basics of a Patient Advocate or Living Will We are frequently asked when or if a client needs to appoint a patient advocate or draft a living will.  The simple answer to that question is that everyone should have a patient advocate and that it should be done sooner than later.  Some common reasons that bring people to a lawyer to draft a living will include the following: Declining health Diagnosis with a terminal or serious heath condition Desire to direct another regarding your wishes so that they will be more likely carried out An impending hospitalization or surgical procedure What...

Read More

Estate Plan Basics — What is an Estate Plan?

Posted by on Jul 5, 2016 in Estate Planning | 0 comments

Estate plan Basics One of the first questions that many clients ask of an estate planning attorney is: What is an estate plan?  Some clients believe it is a will.  Others understand that a complete estate plan is more than a will but they are not sure what that might be. To put it simply an estate plan is more than just one document, it is a process.  During that process the clients work with the estate planning attorney to gather information and examine all of the issues that need to be addressed as part of the final documents.  During that process the client and the attorney often uncover...

Read More

Trust Funding Issues

Posted by on Jun 30, 2016 in Estate Planning | 0 comments

Clients who prepare a comprehensive estate plan with a trust, will, power of attorney and medical directive have won the battle but not the war.  In many cases after the plan is complete we continue to see trust funding issues.  Clients or professionals cause trust funding issues when a portion of the plan is not followed to completion. Funding issues are caused in a number of ways.  Some issues come about when the trust is initially prepared.  A small number of attorneys prepare trusts for clients without any instructions for how it should be funded.  This mistake is inexcusable.  Often...

Read More

Do you need an estate plan?

Posted by on May 22, 2016 in Estate Planning | 0 comments

The estate plan is again in focus as the result of the recent death of Prince.  A number of articles have identified the number of people that are interested in Prince’s estate as either full or half siblings and more distant relatives.  In addition to the known relatives, there are others that are making a claim against his estate suggesting that they were children born out of affairs that were had by the pop star many years ago. The fact that Prince’s estate plan is in such disarray is really surprising given the sophisticated way he protected the rights to his music and his...

Read More

Estate Planning Myths v. Fact

Posted by on Nov 9, 2011 in Estate Planning, Probate | 0 comments

We hear a lot of misinformation while assisting families with estate planning and probate proceedings.  Unfortunately, it is often the case that important decisions are made based on this misinformation.   Below are just a few of the many estate planning myths we hear on a regular basis: Myth #1:  A Large portion of my estate will go to the government in the form of Estate Taxes This statement is true for a very small percentage of Americans.  The reality, under current tax law, is that only those who die with a net worth in excess of $5 million ($10 million for a married couple) will owe...

Read More