In my last blog post, I wrote about why kids, usually adult children, need to talk to their parents about the parents’ estate plan. In this post, I want to talk about how parents need to talk to their children about their estate plan. Mostly, both sides need to have the discussion about an estate plan and it needs to start somewhere. I advised the children to talk to their parents, or the discussion may never happen because parents will not bring up an estate plan. So, I challenge you parents: Bring the estate plan up with your children before they ask you! I know most of your kids … [Read more...]
“But I Don’t Want To!” Why You Need to Talk to Your Parents About Their Estate Plan
We have all heard that you should never discuss politics or religion in polite company. Those topics are divisive enough that people avoid them at all costs. This is, unfortunately, also true in most families concerning money or an estate plan. Discussing money is simply taboo and not discussed. As people age, at least having a discussion about an estate plan and money is important. As the children of aging parents, you will likely be tasked with caring for an aging parent, so you may need to be the one to start the conversation. You don’t want to rely on your parents to bring the … [Read more...]
Don’t Be Afraid of Your Estate Plan – Overcome Your Fears
Halloween has a fun component - children dressed in costumes, going door to door asking for candy. Halloween can also be considered a scary holiday, one which provides frightening experiences. Halloween decorations sometimes reflect these fears. Halloween decorations can be happy, like pumpkin lights, and happy ghost lights, but can also be frightening, like a Grim Reaper, a large spider, or a 12 foot tall phantom. All of those decorations are at my house, and while none of my Halloween decorations are too spooky, but they are based on some things that can be scary. My family and I went … [Read more...]
Estate Planning for the Blended Family: Planning to Keep a New Spouse and All the Kids Happy
The 1970’s TV show “The Brady Bunch” depicts a blended family - a family where the spouses have remarried and kids are not all from just the married couple. The theme song goes like this: “Here's the story of a lovely lady, who was bringing up three very lovely girls. All of them had hair of gold, like their mother, the youngest one in curls It's the story of a man named Brady, who was busy with three boys of his own. They were four men living all together, yet they were all alone. 'Til the one day when the lady met this fellow, and they knew that it was much more than a hunch, that this … [Read more...]
Moving My Office – A New Kind of Mobile Estate Planning Adventure
I moved my office three weeks ago. I didn’t move far, just 20 - 25 feet down the hall to a different, bigger, office, but the move still was significant. One of the huge perks of the new office? I have windows! I can now see out into the world and know what is happening out there. There have been times in the past where I was working for several hours, and went outside to wet pavement, and wondered, “Did it rain?” I wasn’t cut off from the world that much, but I can now see the outside world directly, so I am able to feel more involved with the outside world when I am in my … [Read more...]
Why Emergency Estate Planning is a Bad Idea
Among the reasons that I chose estate planning as a practice area is that there are fewer emergencies, so I can have more predictable work hours, and have less intrusions on the time that I spend with my family away from work. I like to see my family from time to time, like on the weekends, or in the evenings, so I don’t schedule many appointments during those times…only when necessary and no other time will work. I sometimes joke that if there is such a thing as an estate planning emergency, then it is too late, and there is not much I can do to help. However, I do understand that … [Read more...]
The Danger of Unmet Expectations in Estate Planning
A couple of years ago, I heard someone talking about relationships. The speaker asked what the number one cause of divorce was. Answers like, “money,” or “lack of communication,” or “infidelity” all came up, but none was correct. Instead, the speaker replied that the number one cause of divorce was “unmet expectations.” The speaker went on to clarify why this was the case, and how unmet expectations are the root cause of most of the other problems brought up. I remember thinking how true the concept of unmet expectations was not only in marriages, but in life overall. Unmet … [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 the “Dirty Dozen” tax scams each year. These are easily identified ways that try to scam the tax system. This year’s list includes the following: “Abusive tax structures including trusts...are sometimes used to avoid paying taxes. The IRS is … [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 the definitive statement, and leaves nothing open for interpretation. Certainly the phrase “every few years” is absolutely definitive, and cannot be misinterpreted. Back to normal now, sarcasm is done: What do You Mean by, “Every Few … [Read more...]
What Will You Be? Picking the Right Halloween Costume For Your Estate
It is October, and Halloween is coming up. A couple of years ago my four year old asked what a friend of ours would be for Halloween by asking, “What will Erazz be for Halloween? A witch!” He mispronounced our friend Mirazz’s name, and made us laugh, but picking a costume is always a fun part of Halloween. Picking an estate plan may not be as fun as a Halloween costume, but comparing the two is why this blog exists, so let’s get to it: As a little kid, candy was pretty important to me, so I had to pick the right costume. I wanted to get as much candy as possible, as quickly as possible … [Read more...]
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