Posts Categorized: Wills

Why Not Just Go on NoloⓇ and Create Your Own Estate Planning Documents Cheaply?

by Tara Cheever ~ Attorney at Law May 2, 2018 Estate Planning, Guardians for Minor Children, Healthcare, Personal Representative, Power of Attorney, Tax, Trust Administration & Probate, Trustee, Trusts, Wills

In almost all scenarios, do-it-yourself estate planning is risky and can become a costly substitute for comprehensive in-person planning with a professional legal advisor. Typically, these online programs and services have significant limitations when it comes to gathering information needed to properly craft an estate plan. This can result in crucial defects that, sadly, won’t become apparent until the situation becomes a legal and financial nightmare for your loved ones.

Creating your own estate plan without professional advice can also have unintended consequences. Bad or thoughtless documents can be invalid and/or useless when they are needed. READ MORE

The Key Differences Between Wills and Trusts

by Tara Cheever ~ Attorney at Law April 20, 2018 Asset Protection, Estate Planning, Guardians for Minor Children, Healthcare, Personal Representative, Power of Attorney, Trust Administration & Probate, Trustee, Trusts, Wills

When discussing estate planning, a Will is what most people think of first. Indeed, Wills have been the most popular method for passing on assets to heirs for hundreds of years. But Wills aren’t your only option. And if you rely on a Will alone (without a Trust) to pass on what matters, you’re guaranteeing your family has to go to court when you die. In contrast, other estate planning vehicles, such as a Trust-based plan are now being used by those of all income levels and asset values to keep their loved ones out of the court process.

But determining whether a Will alone or a Trust-based plan (Trust and Pour-Over Will) is best for you depends entirely on your personal circumstances. And the fact that estate planning has changed so much makes choosing the right tool for the job even more complex.

The best way for you to determine the truly right solution for your family is to meet with me as your Personal Family Lawyer® for a Family Wealth Planning Session™. During that process, I’ll take you through an analysis of your personal assets, what’s most important to you, and what will happen for your loved ones when you become incapacitated or die. From there, you can make the right choice for the people you love. READ MORE

How and When to Talk to Your Children About Money

by Tara Cheever ~ Attorney at Law April 10, 2018 Asset Protection, Estate Planning, Retirement Planning, Trusts, Wills

Whether you consider yourself wealthy or not, you need to think about how (and when) you’ll talk with your children about money, whether they’re little kids, tweens, teens, or already adults.

The Wall Street Journal article “The Best Way for Wealthy Parents to Talk to Children About Family Money” offers guidelines for how and when “the money talk” should take place. Based on interviews with multiple financial experts, the article suggests these discussions should happen in three stages during the child’s lifetime.

Here, I’m showing you how each of these three stages apply to your family wealth as a whole, regardless of how much—or how little—money you have at the moment. 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

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

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

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

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). READ MORE

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. READ MORE

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. READ MORE