Last week we discussed powers of attorney and although they are generally lifetime documents, some powers can be effective after death. A properly drafted financial power of attorney is an essential tool in the estate planner’s toolbelt. However, …
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Top six estate planning mistakes
I have been drafting and reviewing wills, trusts, powers of attorney and other estate planning documents for more than 32 years. This week, we will be discussing the top six estate planning mistakes that I have seen while drafting and/or …
How to Make a Graceful Exit
When you came in to this world, you came in kicking and screaming, hopefully. You also came in with nothing, not even with any clothes on your back. Now you have a lot more stuff. How do you want …
Estate Planning Legal Fees
You have done your estate plan. You have a will, financial and health care powers of attorney and maybe even a trust. You know how much it cost to set it up, but did you ever think about the overall …
Is Your Estate Plan Like the Rich & Famous?
Aretha Franklin died last month with an estate estimated at some $80 million, and did not leave a will or trust. Although Aretha’s four sons are her heirs-at-law entitled to her assets under state law, a niece who handled finances …
The Title of Assets Matter with Trusts
You finally have signed your trust. But hopefully, your estate plan includes more documents and instructions than your trust. In addition to your trust, you should have, at a minimum, your financial and health care powers of attorney and your …
How to Leave an Inheritance to a Child or Other Beneficiary
You have worked hard your entire life and have accumulated some savings. There will be some left after you are gone. You want to leave what’s left to your children or other loved ones. If you are like many others …
Are You Prepared?
You have probably heard of the Scout motto, “Be Prepared.” The motto was devised in 1907 by Robert Baden-Powell, an English soldier who founded Scouting. He was once asked the inevitable follow-up question, “Prepared for what?” His response was “Why, …
You Thought Your Trust-Owned Home Was Insured
When you signed your trust, you felt pretty good about having it done. You felt even better when you deeded your home into your trust. You breathed a sigh of relief because your trust now owns your home and you …
Creditor Protection Using Trusts
Trusts can be very effective creditor protection tools. We use them all the time for this purpose. However, there is one trust, that although it can provide fabulous creditor protection for other trust beneficiaries, it does not provide any creditor …