I’m often asked what is the most important, a Will or Trust? My answer is that a durable power of attorney is more important than either of those. Why? If you don’t have a durable power of attorney (and healthcare power of attorney), your rights to manage your private affairs can be ripped away from […]
If you haven’t written your own estate plan, the state has written one for you! First, they have written a plan for your care during your lifetime. It is called guardianship. If you are no longer able to manage your own affairs, hopefully a family member and not Adult Protective Services will ask a Judge […]
Probate can last for years and spend $1,000’s if not $10,000’s. That is money that should go to your family. The attorney can ask for about 3% of your GROSS estate. The executor can ask for another 3% of your GROSS estate. Your gross estate is the value of all property without subtracting out what […]
Without your plan, you run the risk of Guardianship and Probate. Perhaps even a complete stranger from the State managing your affairs and money in a cold and impersonal way. When you become incapacitated – unable to make your own legal, financial, and healthcare decisions – due to accident, health incident, drugs, or alcohol your […]
Planning shouldn’t just be about moving wealth from one generation to the next. Planning should also involve preserving and continuing your family story, passing values, giving life lessons, and your experiences so your personal and family legacy carries on long after you are gone. What family values do you want to pass on to the […]
With the State’s impersonal plan, if you don’t have a Will or Trust, who does your stuff go to? Most, if not all states have already decided that for you and how much they get. Their plan is called “intestate succession” or sometimes “estate administration.” Most people just call it Probate. It is like Probate, […]
This is just a quick overview of the major reasons everybody over the age of 18 needs a plan. Plan for your own needs. You need a plan to protect you and your property if you become mentally disabled by accident, medical incident, or dementia or can’t make decisions for yourself for any reason. Prevent […]
You worked hard for your house, cars, retirement accounts, furniture, cash on hand, and a few extras. Those things are your estate. Your estate is everything you own whether it is owned in just your name or with somebody else. It is all your stuff. Everything you own, wherever it is, and whoever you own […]
As I was sitting and thinking about what to write this month, a client told me the story of their husband. A year ago, he pulled through cancer and was in remission. Then, without warning, something that could happen to anybody happened to him. He developed an abscess inside his brain. Within a week, he […]
Medicaid law imposes a penalty period if you transferred assets within five years of applying, but what if the transfers had nothing to do with Medicaid? It is difficult to do, but if you can prove you made the transfers for a purpose other than to qualify for Medicaid, you can avoid a penalty. You […]
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