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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 … [Read more...]
Don’t Forget Someone! What Happens if All Children are Not Named in an Estate Plan?
In January, I heard the news that NBA legend Kobe Bryant was killed in a helicopter crash. I was shocked at the news, as was most everyone else that I knew. My cousin’s husband, who played in the NBA for a while, spoke about playing against Kobe Bryant with reverence, as Kobe Bryant was certainly an excellent basketball player. Something like … [Read more...]
Get Your Estate Plan Done Before Your Taxes This Year
We just came out of the holiday season, which was quite busy. Whether you got invited to a lot of Christmas parties, were busy with holiday shopping, just had a million different events to go to with your children, or had big plans to celebrate the new year, the last two weeks of December are extremely busy for everyone. Now that we are in a new … [Read more...]
Are Trusts Taxed? [Answered]
I get asked the question above on an almost weekly basis. The short answer is that if you put your assets into a trust, you still get taxed. A trust is not a magical way to avoid all taxes on assets, despite persistent myths to the contrary. A trust can help to minimize taxes, but not eliminate taxes completely. The IRS publishes a list of … [Read more...]
[ANSWERED] How Often Should You Update Your Will?
Almost every person I meet asks me how often they should review, update, or revisit their will. I am happy to answer this question, explaining as follows: “You should update your will every few years, or whenever you have a major life change.” Please read the following sentences in as sarcastic of a voice as you can: I know this is quite … [Read more...]
Four Fundamental Estate Planning Documents: Part 1 – The Will
When I talk with clients about estate planning, I often need to start with the basics, giving them a good solid foundation. I am not sure I have done that yet on my blogs, so I am excited to do a four part series where I talk about the basic, foundational documents of every estate plan. Hopefully this will set a good foundation for you. In my … [Read more...]
The 3 Roles in a Trust, and Why They’re Important to Understand Before Sitting Down With Your Estate Planning Attorney
A couple of weeks ago I was discussing a trust with a client, and thought I had explained what a trustmaker, trustee, and trust beneficiary were. While I was talking about how only one of their kids would act as the Trustee, the client reacted with haste, exclaiming, “WHAT DO YOU MEAN ALL OF MY CHILDREN WILL NOT BE ON THE TRUST? THAT’S NOT WHAT I … [Read more...]
Estate Planning and Collaboration, A Great Combination
I have a confession. A dark secret that I hide behind a facade of confidence and competence. I know this may come as a surprise to some people who know me well, but I am here to admit, “I don’t know everything.” (I can hear a collective gasp of disbelief from my friends, and a faint scoff from my family…) Because I don’t know everything, I also … [Read more...]
Estate Planning: No Laughing Matter, Or is It?
One of my guiding business philosophies comes from the great philosopher Bugs Bunny “You can’t take life too seriously. You will never get out of it alive.” I attribute this quote to Bugs Bunny because I recall having seen him say it once, but it is possible that the sentiment comes from somewhere else. I suppose many quotes are like that, you … [Read more...]
How to Involve Family In Your Estate Plan – Get on the Bus
When I was a little kid, I used to sing the song, “The Wheels on the Bus.” I would sing about the wheels on the bus going round and round, the wipers on the bus going swish, swish, swish, the driver on the bus, and the people on the bus. When I became a parent, I sang the same song to my children, and we made up many more verses of the song. … [Read more...]
