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It’s December, and many of us are thinking about giving gifts. I have started asking my children what they want as gifts for Christmas presents, and they are thinking about it. Even harder than that, I am trying to figure out what to ask for as a Christmas present for myself. I tend to purchase what I need or want as the need comes up, so when it comes to Christmas gifts, I am also at a loss. I could write out a list and send it to my wife and children as suggestions, but that seems kind of silly, and a little bit too much like work. I tend to make lists of tasks I need to accomplish, but … [Read more...]
What is the difference between doing your Estate Plan Online and using an Estate Planning Attorney?
In the time that I have been working as an estate planning attorney, I have seen a lot of online options to set up an estate plan appear. Some of these websites are free, some are services you pay for, but all of them seem to have the same thing in common: Online services are mostly self-help services that help you create your own will or other estate planning documents. While I suspect most of these online services are set up by people who are either attorneys, or have a working knowledge of the law, I am not completely sure that is the case. Oddly enough, the online services don’t run … [Read more...]
Do I Need An Estate Plan, Will, Or Trust?
I refer to myself as an estate planning attorney, and I prepare estate plans. Oftentimes I will be asked what that means, and I explain that I help people prepare their will, trust, financial power of attorney, medical power of attorney, living will, or other documents related to the end of life. People either understand my further explanation, or have at least heard of the documents I list, so they tend to respond to the explanation by saying something like, “Oh, I get it.” However, some people seem to have an almost angry reaction of, “Well, why didn’t you just say that in the first … [Read more...]
At Home or Virtual: The Benefits of Getting Your Estate Plan Done From Home
I have seen a lot of movies set in the future, where video calls were the preferred method of communication, and apparently that was amazingly cool. In “Back to the Future II” the character Marty McFly (Played by Michael J. Fox) was on a video call with his boss, and then was fired by fax. Apparently this was the futuristic way to communicate in “Back to the Future II.” In “Spaceballs” the president of the Planet Spaceballs, President Skroob, was in the middle of a “nature call” when he took a video call on the wall of the restroom. While it made for a funny scene, I don’t think the future … [Read more...]
How Do I Leave My Car, Boat, House, Money, Family Cabin, Family Business, Family Farm, Monkey, Cat, Dog, or Anything Else To My Family After I Die?
I get asked the question above a lot! OK, so not the whole question at once...mostly I am asked about one part, or the other, and not all of the items at the same time, but I do get asked about how to deal with specific assets quite a bit. I am not sure if people think that each different thing they own needs to be treated separately, or if people are just really concerned about one particular thing, but people ask about how to deal with specific assets all the time. Many times the person asking the question seems most concerned about a particular asset because that asset is so important … [Read more...]
No, They Are NOT Exactly The Same: Supplemental Needs Trusts and Special Needs Trusts Compared Side By Side
I often have people ask me about setting up a special needs trust, or a supplemental needs trust, and they tend to use the phrases interchangeably. Other times, people will call this type of trust a “gift trust” or some other name. I want to lay out how these two types of trusts are similar, and how they may differ in this blog post. How Are a Supplemental Needs Trust and A Special Needs Trust the Same? How Are a Supplemental Needs Trust and A Special Needs Trust Different? How Can I Know What Is the Correct Type of Trust That I Need? Supplemental Needs Trusts and Special … [Read more...]
For Grandparents: How Can You Pass On Your Legacy To Your Grandchildren?
When it comes to estate planning, leaving a legacy may be important. Of course, the concept of a legacy raises several different questions: What is a legacy? How you do build a legacy, and how do you leave one for your grandchildren? Is a legacy what you leave to them after you are gone - assets and things? Or, is a legacy more? Is a legacy something that needs to be done in an estate plan, or is it only part of an estate plan? Is an estate plan the most important part of leaving a legacy, or are there other things you can do to leave a legacy? All of these are great questions, and this … [Read more...]
“Grandma! Grandpa! Will You Help Me?” How You Can Help Your Grandchildren With Their Education
I think most grandparents have a special place in their heart for their grandchildren. Grandparents play with their grandchildren, feed the grandchildren, and generally make life fun for the grandchildren. Grandparents also give the grandchildren back when it is bedtime, or the grandchild is cranky, which makes sense. Grandparents did all of the parental duties for their own children, so now they have the chance to get all of the play and reward without needing to do the hard work. Parents get to do the hard work - not that we parents mind that part - and grandparents are the magical ones … [Read more...]
Wills vs. Trusts Compared Side by Side (My 100th Blog)
The most common question that I get in my law practice is what is the difference between a will and a trust? I really do wish the question is simple and easy, and perhaps someday I will be able to come up with a satisfying answer that only takes a minute or two. In my experience, the answer to this question can be quite complex, as you can see that I'm still writing about it after 100 blogs, so it's a question I'm still happy and proud to clarify into more simplistic terms. In this blog, I will compare a will and a trust side by side, hopefully to show what the similarities and … [Read more...]
Revocable vs. Irrevocable Trusts Compared Side by Side
To fully explore what type of trust is right for you, or to further understand the differences, you should consult with an experienced estate planning attorney. You can schedule a free initial consultation by clicking below. … [Read more...]
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