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How NOT to work with your estate planning attorney I think that I get along with most people. Exceptions seem to include people who treat my children poorly, or basketball coaches who forget how to talk to me when I referee basketball. Other than that, and a few people who seem to not like my sense of humor, I think I do pretty well at getting along with people, including those for whom I do legal work. I often tell people that they should work with an attorney they like, as all attorneys need to have a basic level of competence to practice, and we all like working with pleasant people. … [Read more...]
What is “Mobile” Estate Planning Anyway?
I am not sure if mobile estate planning makes you think I am driving around playing music like an ice-cream truck, hoping to attract you by playing a recognizable song and offering a frozen treat. Or, perhaps mobile estate planning conjures up visions of a library bookmobile visiting your neighborhood, but that is not quite how it works. “Mobile” Estate Planning means I come to you. I work with you to plan what happens to your assets upon death, and also to figure out how to get you from here to there - called end of life planning, and I meet with you where you are. I started mobile … [Read more...]
Hey Mr. DJ, Pump Up The Plan
Hey Mr. DJ, Pump up the Plan! My father has an interesting hobby; he buys and fixes broken sound equipment. This hobby, combined with his love of music, lends itself to a great side job – being a DJ. Ever since I was 14 years old, I have been working as a DJ or live sound technician. Never full time, but as a fun side job. I still DJ as part of a company my brother and I have, although on a more limited basis, as I have other time commitments, but you can still find me at www.jd-mba.co. Through the years, I have worked hundreds of weddings, dances, parties, and other events – I even … [Read more...]
How Do You Get From Here to There: End of Life Planning
“It ain’t Over till It’s Over” - Yogi Berra I had a client call me Dr. Death the other day. I pointed out that I am not a real doctor, as I don’t have the right degree, and also said that just because I help people plan for what happens to their assets after they die, that doesn’t mean I am trying to get rid of them. In fact, quite the opposite is true – I want my clients to live long and happy lives, not using the documents I created for decades after the documents are written. If my clients live a long and happy life, what use do they have for my services? … [Read more...]
What Happens To Your Assets When You Die?
How many times have you heard, “You can’t take it with you?” Usually, this is said in the context of encouraging someone to think less about their accumulated possessions, and more about spending time with friends and family. It is true you can’t take it with you, so the question becomes “What happens to all your stuff when you are no longer around?” The answer is, as is always the case with legal questions: “It Depends.” What a terrible answer. Makes you want to scream: “It Depends? Seriously??? It depends on what?” Glad you asked. It depends on what your plan is and how the plan … [Read more...]
Why it’s important to have a plan and not just documents
“A MAN, A PLAN, A CANAL, PANAMA!” This favorite palindrome of mine (a palindrome reads the same if you read forward or backwards) includes a plan. Why it’s important to have a plan and not just documents When have you ever done anything important without a plan? Rarely, or never? Even if your plan was just in your head, you had a plan to accomplish what you wanted. Planning gives you an idea of what will happen, eliminating uncertainty. An estate plan is no different. As estate plan is simply a plan for the end of your life, necessary whether your situation is simple, or … [Read more...]
Are Trusts Still Useful If The Estate Tax Is Repealed?
The estate tax is a hotly debated topic among politicians. Some people, generally Republican, say the estate tax should not exist because income tax, sales tax, property tax, and other taxes have already taken enough away from a person by the government. This same party argues that financially successful people should not be taxed again at death, but rather financially successful people should be able to pass their assets on to their family and friends. The other side, generally Democrat, argues the government provides the environment and tools that allowed someone to be successful, so the … [Read more...]
Why An Online Legal Service Might Not Be All That Helpful
I am often asked why people cannot go online to create their estate planning documents, and a lot of the time it feels like people want me to justify my existence as an estate planning attorney. Generally, people are looking for an inexpensive solution, and they think attorneys are expensive or unnecessary. Although I cannot claim the lowest price service compared to an online service, there are reasons why working with an attorney can be better. (And I do think my prices are reasonable.) Online Services Are Self-Help, or Perhaps Not So Helpful If you have a really simple situation, such as … [Read more...]
What’s the difference between a will and a trust?
I am often asked what the difference is between a will and a trust, and I usually feel the expected answer is supposed to be a satisfactory two or three sentence answer. Unfortunately, my explanation is not that simple. When you're waiting for disbursement of goods from a will or trust, nobody wants to be left wanting, or feel left out -- like my dog Gracie at the dinner table! The differences between a will and a trust are complex, but to start, here is a simple explanation of the similarities: Both a will and a trust distribute assets when you pass away, but the disbursement methods … [Read more...]
Do I Need A Trust?
People often ask if they need a trust, or whether or not a will is sufficient. Both wills and trusts are useful for distributing assets upon death. However, there are certain times where outright gifts to heirs or beneficiaries through a will or trust are not necessarily the best idea. So, the question becomes under what circumstances are trusts useful or helpful. This discussion may apply to both testamentary trusts (trusts created at the death of an individual), and inter vivos also known as living trusts (trusts created while an individual is alive). Trusts are very useful tools … [Read more...]
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