Estate Planning and Administration

          When a loved one passes away, you might feel the need to ‘rush in’ and take care of all of the loose ends and details. Don’t do it. Your family or loved one’s family needs you right now. Keep your focus there, where it needs to be.

          Of course, there are funeral arrangements and similar details which must be addressed in a timely manner. Beyond that – most of the issues surrounding estate administration can wait. Give yourself time to grieve your loss.

           The first deadline in most estates comes 90 days after the date of death. […]

          So you’ve finally decided you are going to ‘get around to’ having your last will and testament drafted by your attorney. Good for you! About 8 out of 10 Americans never do ‘get around to it.’  So now that you have scheduled your appointment with your attorney, here are two things I want you to consider:

          First, have all of your protective documents drafted at the same time – a power of attorney, living will, health care power of attorney and any other documents which you might need.

          Second, decide where you are going to store your last will […]

Estate Planning: “Living Trusts”

          There was a time in the not-too-distant past that trusts were being marketed as the best thing since sliced bread. Clients would come into our office saying they wanted a trust.  When I asked what type of trust, or what the purpose of the trust, the response was always some version of :

          “I don’t want to pay probate. And I can save money on taxes with a trust.”

          Sadly, most of these were revocable trusts which were often referred to as ‘living trusts,’ which sometimes saved a few dollars of probate and rarely if […]