Posts Categorized: Wills
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.
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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.
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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.
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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.
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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.
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Planning for the Future (Without a Crystal Ball)
by Tara Cheever ~ Attorney at Law
October 2, 2017
Estate Planning, Tax, Trusts, Wills
If you don’t yet have a will or trust, now is the time to explore getting one. If you have an “old” will or trust, now is the time to talk with me about whether you need an update. Modern families need modern estate planning solutions, and I am ready to help you create a flexible estate plan that works now, and will work in the future, even if the current tax laws change (even though no one has the proverbial crystal ball).
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New Baby? Time to Create Your Estate Plan
by Tara Cheever ~ Attorney at Law
September 23, 2017
Estate Planning, Guardians for Minor Children, Trustee, Trusts, Wills
Estate planning is often one item that gets pushed back on nearly everyone’s to-do list. The reasons you might be delaying vary: lack of time, not thinking you have enough assets, not knowing how to start, or fear of contemplating death. Whatever the reason for not putting an estate plan together, it is important to understand that if you just had a baby or have minor children – now is the time to meet with me to implement an estate plan.
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How A Living Trust Helps Your Family
by Tara Cheever ~ Attorney at Law
September 16, 2017
Estate Planning, Trusts, Wills
There are several parts to an estate plan, one of them being a living trust. Common factors that prompt someone to create a trust include privacy, tax benefits, avoiding probate, and caring for family members with special needs. Estate planning also lets you dictate how your assets will pass on to future generations after your death.
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Do I really need an Estate Plan?
by Tara Cheever ~ Attorney at Law
August 26, 2017
Estate Planning, Guardians for Minor Children, Healthcare, Power of Attorney, Trusts, Wills
Virtually everyone who owns property could benefit from estate planning. Plus, estate planning covers more than just property. It’s also about ensuring someone you trust can make critical medical and financial decisions for you if you’re unable to do so due to incapacity.
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Which life events require an immediate estate plan update?
by Tara Cheever ~ Attorney at Law
August 12, 2017
Estate Planning, Guardians for Minor Children, Healthcare, Power of Attorney, Retirement Planning, Trustee, Trusts, Wills
Since your family’s needs and circumstances are constantly changing, so too must your estate plan. Your plan must be updated when certain life changes occur. These include, but are not limited to: marriage, the birth or adoption of a new family member, divorce, the death of a loved one, a significant change in assets, and a move to a new state or country.
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Do You Really Need a Trust?
by Tara Cheever ~ Attorney at Law
July 28, 2017
Estate Planning, Guardians for Minor Children, Retirement Planning, Trustee, Trusts, Wills
Trusts are not simply just about avoiding probate. Creating a trust can give you privacy, provide ongoing financial support for loved ones, and protect you and your property if you are unable to manage your own assets. Simply put, the creation of a trust puts you in the driver’s seat when it comes to your assets and your wishes as opposed to leaving this critical life decision to others, such as a Judge.
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Estate Planning: 3 Reasons We Run the Other Way
by Tara Cheever ~ Attorney at Law
June 26, 2017
Estate Planning, Guardians for Minor Children, Trusts, Wills
While it is easy to run the other way when it comes to your estate planning, the process to complete your estate plan is not that bad and you will find the peace of mind of the plan will outweigh any objections to get started.
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How to Build Freedom From Court Interference Into Your Life Planning
by Tara Cheever ~ Attorney at Law
June 1, 2017
Estate Planning, Healthcare, Power of Attorney, Trusts, Wills
Deciding on a Power of Attorney and having a fully funded Revocable Living Trust are just two of the many steps we can take together to keep your affairs free from court interference at incapacity and at death. With a solid estate plan prepared by a Trusted Advisor you can take comfort knowing that everything you’ve worked so hard to build and maintain will be passed along to only the people who matter most.
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“I Love You” Wills don’t really say “I Love You”
by Tara Cheever ~ Attorney at Law
May 25, 2017
Estate Planning, Wills
Say “I Love You” to your beneficiaries by doing a comprehensive estate plan.
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Not Just Death and Taxes: 4 Essential Legal Documents You Need for Incapacity Planning
by Tara Cheever ~ Attorney at Law
May 4, 2017
Estate Planning, Healthcare, Power of Attorney, Trusts, Wills
Comprehensive estate planning is more than your legacy after death, avoiding probate, and saving on taxes, it must contain incapacity planning. A proper estate plan includes a plan in place to manage your affairs if you become incapacitated during your life and can no longer make decisions for yourself. What happens without an incapacity plan?
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