Posts Categorized: Estate Planning

Why Every Pet Parent Needs to Consider a Pet Trust Today

by Tara Cheever ~ Attorney at Law April 5, 2018 Estate Planning, Pets, Trustee, Trusts

Estate planning is about protecting what’s important to you. Although much of the traditional estate planning conversation focus on surviving spouses, children, grandchildren, many pet parents wonder about what could happen to their “furry children” after their death or if they become incapacitated and unable to care for the pets. Read on if you’ve ever thought, “What will happen to my cat, dog, or other pet if I pass away?” “What if I’m incapacitated and unable to care for them?”

Enter the pet trust. This tool is something that can be easily incorporated into a new or existing estate plan to provide a strategy for caring for your pets. Remember, estate planning is about protecting what’s important to you. So, even if you anticipate outliving your pets, it’s always better to be safe than sorry. READ MORE

Not Married? You’re not alone – but you still need a plan

by Tara Cheever ~ Attorney at Law April 2, 2018 Estate Planning, Healthcare, Personal Representative, Power of Attorney, Retirement Planning, Trustee, Trusts, Wills

While much of the discussion involving estate planning focuses on married couples, this topic is just as important for a single person. In fact, many times it is even more important that a single person have a well-coordinated estate plan. This is because the default laws governing estates often work poorly for people without a spouse and may not adequately provide for a significant other or unmarried partner. Having a cohesive and well-drafted estate plan will ensure that you have an incapacity plan in the event of the unexpected and protect and provide for those you truly care about upon your death. READ MORE

Five Surprisingly Common Planning Mistakes Many Baby Boomers are Making

by Tara Cheever ~ Attorney at Law March 23, 2018 Estate Planning, Healthcare, Personal Representative, Power of Attorney, Retirement Planning, Tax, Trustee, Trusts

Baby boomers – the first generation tasked with the responsibility of planning for and funding their golden years. This generation, which includes those born between 1946 and 1964, have entered and continue to enter into retirement. As they make this financial transition into retirement, many are learning that they have made some of the most typical retirement mistakes.

But, even if you’ve made a financial mistake or two, there’s still time to avoid these five surprisingly common planning mistakes baby boomers are making in droves: Mistake #1: Believing Estate Planning is Only for the Wealthy; Mistake #2: Checklist Mentality; Mistake #3: Not Completing Your Estate Planning Homework; Mistake #4: Leaving Out Little (And Not So Little) Things and Mistake #5: Not Preparing for Life Events & Emergencies. With my guidance, you will not make these common mistakes. READ MORE

Estate Planning Best Practices Gleaned From Famous Celebrity Deaths

by Tara Cheever ~ Attorney at Law March 16, 2018 Asset Protection, Business Law, Estate Planning, Guardians for Minor Children, Healthcare, Personal Representative, Power of Attorney, Tax, Trustee, Trusts, Wills

Discussing death can be awkward, and many people would prefer just to ignore estate planning all together. However, ignoring—or even putting off—such planning can be a huge mistake, as these celebrity stories will highlight.

The next time one of your relatives tells you they don’t want to talk about estate planning, share these famous celebrities’ stories to get the conversation started. Such cautionary tales offer first-hand evidence of just how critical it is to engage in estate planning, even if it’s uncomfortable. READ MORE

Choosing the Right Life Insurance Policy

by Tara Cheever ~ Attorney at Law March 9, 2018 Estate Planning

While purchasing life insurance may seem pretty straightforward, it’s actually quite complex, especially with so many different types available. In order to offer some clarity on the different types of policies out there, we’ve broken down the most popular kinds of life insurance here and discussed the pros and cons that come with each one. READ MORE

Small Business Owner? Know What Can Happen to Your Business If You Become Incapacitated or Pass Away

by Tara Cheever ~ Attorney at Law February 28, 2018 Estate Planning, Incapacity, Trust Administration & Probate

If you are a small business owner, your focus is likely on keeping the company running on a daily basis. While this is important, looking beyond today to what will happen if you can’t run your business should be on the top of your to-do list. If you die or become incapacitated without a customized and complete estate plan in place, you will leave your heirs without clear instructions on how to run your company. This can jeopardize the business you worked so hard to build. The right plan along with adequate insurance can help keep your business running regardless of what happens. READ MORE

What do successor trustees and executors do?

by Tara Cheever ~ Attorney at Law February 16, 2018 Estate Planning, Personal Representative, Trust Administration & Probate, Trustee, Trusts, Wills

An executor, sometimes called a personal representative, is the person who is named in a will, appointed by the court, and responsible for probating the will and settling the estate. A trustee, on the other hand, is an individual or trust company named in a trust document and is in charge of the assets that are held in a trust. Assets held in a living trust avoid probate, which means that court supervision is typically not required. READ MORE

After Tax Reform, Is Estate Planning Still Necessary?

by Tara Cheever ~ Attorney at Law February 9, 2018 Asset Protection, Estate Planning, Guardians for Minor Children, Healthcare, Power of Attorney, Tax, Trust Administration & Probate, Trustee, Trusts, Wills

The new tax legislation raises the federal estate tax exemption to $11.2 million for individuals and $22.4 million for couples. The increase means that an exceedingly small number of estates (only about 1,800, nationally) will have to worry about federal estate taxes in 2018. However, comprehensive estate planning does a lot more than guard against you owing federal estate taxes. Other than taxes, you and your family likely face a range of estate planning challenges. Even prior to the Tax Cuts and Jobs Act, relatively few Americans needed to worry about the estate tax. However, virtually everyone will face a number of other issues, such as incapacity, medical emergences and guardianship concerns and everyone will face death. Estate Planning is very important and I look forward to giving you the peace of mind you deserve. READ MORE

Are Payable-On-Death Accounts Right For You?

by Tara Cheever ~ Attorney at Law February 2, 2018 Estate Planning, Trust Administration & Probate, Trusts

A payable-on-death account, also called a POD account, is a common way to keep bank and investment accounts out of probate, the court-supervised process that oversees distributing a deceased person’s property. Most people want to avoid their estate going through probate because their heirs will receive the inheritance faster, privately, and at lower cost. Is a POD account an appropriate solution for your needs?

There are many downsides to a POD account and a there is a better solution that is more comprehensive. Here’s a comprehensive solution: establish a revocable living trust to hold your accounts. Trusts provide all the benefits and peace of mind of a POD account without any of the downsides. READ MORE

4 Warning Signs Your Elderly Relative May Be the Victim of Financial Abuse

by Tara Cheever ~ Attorney at Law January 26, 2018 Estate Planning, Power of Attorney, Trusts, Wills

Some of the most disturbing crimes against the elderly involve financial exploitation. While physical abuse is often easy to spot, financial abuse can be more difficult to detect, as victims often have no idea they’re being swindled until their money suddenly vanishes.

Most victims are more than 70 or 80 years old, and involve crimes like fraud, embezzlement, identity theft, along with welfare and insurance scams. If you’re caring for an elderly loved one, be on the lookout for the following red flags of financial abuse: 1) unusual financial transactions or spending, 2) appearance of a “new” person, 3) unneeded goods, services or subscriptions, and 4) changes to estate planning documents. READ MORE

IRAs, Annuities and Guardianship: Providing for Your Minor Children after You Die

by Tara Cheever ~ Attorney at Law January 16, 2018 Estate Planning, Guardians for Minor Children, Retirement Planning, Trustee, Trusts, Wills

Deciding guardianship for your minor children may very well be the most vexing decision you’ll make regarding your estate planning. Not only must you trust the appointed guardian to raise your children as you’d want them raised, but you also need that person to be financially responsible with your children’s inheritance. For example, if you have an IRA or an annuity that you wish to pass to your minor children, how can you ensure those funds will be used properly—especially if the person you trust most to raise your kids isn’t necessarily the best with finances? This article will unravel each aspect of this important question. READ MORE

Organizing for Tax (and Estate Planning) Season

by Tara Cheever ~ Attorney at Law January 5, 2018 Estate Planning, Guardians for Minor Children, Healthcare, Tax, Trust Administration & Probate, Trusts, Wills

It’s the start of a new year, which means tax season—and this year’s April 17th IRS filing deadline—is just around the corner. Soon you’ll be receiving tax forms such as your W-2 or 1099s, and you’ll start thinking about the life events that could affect your taxes in various ways. This flurry of tax prep activity is the perfect opportunity to get your estate plan in order, too, and kill two birds with the proverbial stone. Why? Because as you run down your list of “tax prep” questions, you will find that your answers could also impact your estate plan. It’s a new year, and new possibilities are in the air. As long as you’re getting started on your taxes, take a few extra moments to get the ball rolling on your estate planning as well. By getting organized in this way, you’ll be well on your way to making 2018 an amazing year. READ MORE

Why a Spendthrift Trust Can Be a Great Solution for Your Heirs

by Tara Cheever ~ Attorney at Law December 22, 2017 Asset Protection, Estate Planning, Tax, Trust Administration & Probate, Trustee, Trusts, Wills

Put simply, a spendthrift trust is for the benefit of someone who needs additional assistance managing or protecting his or her money. The spendthrift trust gives an independent trustee complete control and authority to make decisions on how the funds in the trust may be spent and what payments to or for the benefit of the beneficiary are necessary according to the trust document. Under a spendthrift trust, the beneficiary is prohibited from spending the money before he or she actually receives distributions. These restrictions prevent the beneficiary from squandering their entire interest or having it garnished by the beneficiary’s creditors. The trustee controls the assets in the trust, including managing and investing the funds, once the trust is made irrevocable. READ MORE

Four Reasons Why Estate Planning Isn’t Just for the Top 1 Percent

by Tara Cheever ~ Attorney at Law December 12, 2017 Asset Protection, Estate Planning, Guardians for Minor Children, Healthcare, Power of Attorney, Retirement Planning, Trust Administration & Probate, Trusts, Wills

There is a common misconception that estate plans are only for the ultra-rich – the top 1 percent, 10%, 20%, or some other arbitrary determination of “enough” money. In reality, nothing could be further from the truth. People at all income and wealth levels can benefit from a comprehensive estate plan. Sadly, many have not sat down to put their legal house in order. READ MORE