As part of the Estate Planning process, an attorney explores numerous topics with the client to help create a unique plan tailored to the client’s circumstances. Many estate plans use a trust as the centerpiece of the plan. Inevitably, clients want to understand the degree, if any, of asset protection that will result from the creation of a trust. There are numerous ways to achieve asset protection planning for a client. Read on to learn more. … [Read more...] about The Intersection of Asset Protection Planning and Estate Planning – Part I
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Pet Planning: Don’t Assume Pet Ownership Window Is Closed
When you attain senior citizen status, you have to think a bit differently than you did when you were younger. This applies to a wide range of subjects, and pet ownership is one of them. Loneliness and Social Isolation Far too many elders experience loneliness and social isolation later in life. If you lose your spouse and other people that were close to you, this is going to make a huge impact. In addition, retired people no longer interact with their coworkers, and social activities may … [Read more...] about Pet Planning: Don’t Assume Pet Ownership Window Is Closed
Understanding Undue Influence – Part II
Whenever a client’s Estate Plan deviates from the expected disposition, it raises questions for the slighted beneficiaries. These questions usually revolve around methods to have the plan overturned. Most states give clients tools to protect their carefully crafted plans, even after their death. Read on to learn more. … [Read more...] about Understanding Undue Influence – Part II
Why Do You Need a Lawyer to Plan Your Estate?
There are people that cannot understand the role of an estate planning lawyer as it applies to most families. They get the fact that multimillionaires need attorneys to sort out the distribution of multigenerational wealth and estate tax responsibilities. However, they assume that a simple DIY will can suffice for everyone else. In reality, there are many reasons why qualified legal counsel can be invaluable when you are planning your estate. We will look at some of them here, and it starts … [Read more...] about Why Do You Need a Lawyer to Plan Your Estate?
Understanding Undue Influence – Part I
Whenever a client’s Estate Plan deviates from the expected disposition, it raises questions. Most of the time, clients have consulted with a competent attorney regarding their reasons for structuring the plan the way that they have. Sometimes, other factors are at play and the plan doesn’t represent the testator’s true wishes, but rather, another individual’s testamentary desire. That’s undue influence and there are ways to guard against it. Read on to learn more. … [Read more...] about Understanding Undue Influence – Part I
Lessons Learned From the Estate of Zappos Multimillionaire Tony Hsieh
Zappos online shoe store seems like a fixture that has been around forever, but it actually became a reality due to an interesting twist of fate. In 1999, a young entrepreneur named Nick Swinmurn was looking for capital to actualize his vision of an online shoe store that would dominate the marketplace. Though it is hard for younger people to understand, at that time, there was a lot of room in the online universe. During those early days, investors had decided that footwear was not a good … [Read more...] about Lessons Learned From the Estate of Zappos Multimillionaire Tony Hsieh
Are You Aware of the VA Aid and Attendance Pension?
U.S. military veterans who served for at least 20 years become eligible for a retirement pension. The exact details vary depending on the dates of service. The benefit amount increases if you serve beyond the 20-year threshold. If you are a veteran, you made sacrifices for your country. This pension can facilitate a comfortable retirement. You could remain in the service for your entire career. In this case, you would step away with a sizable pension to combine with your Social Security … [Read more...] about Are You Aware of the VA Aid and Attendance Pension?
Death and Your Digital Footprint
As more and more individuals get comfortable in the digital world, Estate Planning has evolved to address the collection and transfer of digital assets. The widespread use of a legacy contact and password managers gives owners of digital content control in determining what happens to the digital information after they die. Read on to learn more. … [Read more...] about Death and Your Digital Footprint
Estate Plan Revisions May Be Necessary
Unless you put your estate plan in place late in your life, revisions will probably be necessary. Circumstances in your life will evolve. There may also be changes in the law. Either one of these can directly impact aspects of your estate plan. Let’s look at the details. Family Growth An estate plan for a responsible single person will be simple and straightforward. The plan should include enough life insurance to ensure your final expenses will be covered. And it will include a will or a … [Read more...] about Estate Plan Revisions May Be Necessary
A Look at Three Targeted Estate Planning Solutions
One of the reasons why personalized attention is important when you are creating your estate plan is because every family is different. The right way to proceed for one person may not make sense for the next. As a layperson, you will not understand all the estate planning tools that are available and why you should use one instead of another. In this post, we will demonstrate this point by explaining three distinct scenarios that require different approaches. Providing for a Spendthrift … [Read more...] about A Look at Three Targeted Estate Planning Solutions
