Unprecedented Times: Time to Get Prepared
In light of these unprecedented times and the spread of the Coronavirus (COVID-19), the Centers for Disease Control and Prevention (CDC) has issued guidelines for all of us to follow in order to protect yourself and to protect others. Large gatherings are cancelled and we are encouraged to limit physical contact and take extra precautions to take care of ourselves and our families, not out of fear, but out of concern and care for those around us and to stop the spread. In order to minimize exposure and the spread of the virus, take extra steps to protect yourself and your family by actively supporting your immune system, practice proper personal hygiene, which includes proper hand-washing, and limit physical contact with others. Additionally, ensure you are prepared and have food, supplies and resources for 30 days at home. Please visit the CDC for a complete list of the Guidelines if you haven’t done so already.
Your health and safety is important to me and the extra precautions include implementation of virtual meeting options by partnering with Zoom, a video conferencing technology solution. Utilizing technology, my office can continue to serve and support you while staying connected and minimizing physical contact. These are the times where it is more important than ever to ensure you are prepared, which includes having your estate planning in place.
4 Things Trusts Can Do That Wills Can’t
Both wills and trusts are estate planning documents that can be used to pass your wealth and property to your loved ones upon your death. However, trusts come with some distinct advantages over wills that you should consider when creating your plan.
That said, when comparing the two planning tools, you won’t necessarily be choosing between one or the other—most plans include both. Indeed, a will is a foundational part of every person’s estate plan, but you may want to combine your will with a living trust to avoid the blind spots inherent in plans that rely solely on a will.
The Real Cost To Your Family: Having No Estate Plan At All
This is a continuation of the discussion of the true costs and consequences of failed estate planning. Here I discuss a few of the most common—and costly—planning mistakes I encounter with clients. If this article exposes any potential gaps or weak spots in your plan, meet with me to learn how to properly address them.
Is Your Estate Plan Unfinished? Don’t Wait to Complete This Important Process
For most people, thinking about one’s own mortality is unpleasant and low on the list of priorities. While you may objectively recognize the need to plan for your future – and the future of your loved ones after you’re gone – it can be hard to summon the motivation to actually create a will or trust. If you’ve made an effort to begin the process but haven’t finalized the details, consider this article the sign you need to finish up.
When is Probate necessary?
Whether or not you have an estate plan in place, you have likely heard the term “probate.” Probate is the legal process by which a deceased individual’s assets are distributed under court supervision. Said in another way, Probate is a lawsuit against your estate for the benefit of your creditors and beneficiaries. This process is
Four Easy to Avoid Mistakes People Make at Tax Time
It’s that time of year again: tax season. No one enjoys doing their taxes, and that is likely why many of us leave this tedious task to the last…possible…moment. As Tax Day approaches, millions of Americans are likely scrambling to track down all of their important documents to meet the April 15 deadline. But as
4 Estate Planning Must-Haves for Unmarried Couples—Part 1
It is thought that Estate planning is only needed once you get married; however, the reality is every adult, regardless of age, income level, or marital status, needs to have some fundamental planning strategies in place if you want to keep the people you love out of court and out of conflict. In fact, estate
Wills vs. Trusts: A Quick & Simple Reference Guide
Confused about the differences between Wills and Trusts? If so, you’re not alone. While it’s always wise to contact professionals focused on this area, like Cheever Law, APC, it’s also important to understand the basics. Here’s a quick and simple reference guide: What Revocable Living Trusts Can Do – That Wills Can’t Avoid a conservatorship and guardianship. A Revocable Living Trust
4 Ways Estate Planning Can Improve Relationships with Loved Ones
Given life’s fleeting nature, using time with your family and friends to talk about estate planning is vital for ensuring you and your loved ones will be provided and cared for no matter what happens.
Three Tips for Talking About Your Estate Plan During the Holidays
Christmas is right around the corner, bringing the joyous season of gathering with family and loved ones into full-swing. It is the time to slow down, get caught up with loved ones, and enjoy the family and experience quality time around the dinner table. It is also a great idea to take this opportunity to review your estate plan and talk about the topic with your loved ones.
Don’t Forget to Include Your Digital Assets In Your Estate Plan—Part 1
With our lives increasingly being lived online, our digital assets can be quite extensive and extremely valuable. Given this, it’s more important than ever that your estate plan includes detailed provisions to protect and pass on such property in the event of your incapacity or death.
When Something is NOT Better Than Nothing—Part 2
Last week, I shared the first part of this series discussing the hidden dangers of do-it-yourself estate planning. In part two, I cover one of the greatest risks posed by DIY documents.
You might think you can save time and money by using do-it-yourself estate planning documents you find online. You’re probably anxious to check estate planning off your life’s to-do list, and these forms offer a seemingly quick and inexpensive way to handle this important task.
When Something is NOT Better Than Nothing—Part 1
Creating a DIY Will can lead you to believe that you no longer have to worry about estate planning. In the back of your mind, you might even promise that one day you’ll revisit and update your plan with something better, but chances are, having done “something” will lead you to put this off until it’s too late.
Big “Life Changes” Often Mean Big “Estate Plan Changes”
Estate planning must be reviewed and updated regularly to ensure that your plan still accomplishes your goals and objectives and will work the way you want it to at incapacity and at death.
Before Agreeing to Serve as Trustee, Carefully Consider the Duties and Obligations Involved—Part 2
Being asked to serve as trustee can be a huge honor—but it’s also a major responsibility. Indeed, the job entails a wide array of complex duties, and trustees are both ethically and legally required to effectively execute those functions or face significant liability.
To this end, you should thoroughly understand exactly what your role as trustee requires before agreeing to accept the position. Last week, I highlighted three of a trustee’s primary functions, and here I continue with that list, starting with one of the most labor-intensive of all duties—managing and accounting for a trust’s assets.