Estate Planning is for Children Too

Wednesday, September 30th, 2009

Do you know that when your children reach 18 years old, you will no longer be allowed to make medical decisions for them?  Actually, your right to see their medical records or speak to their doctor is no longer compulsory enforced.

Any parent has a fear of hearing that their child was involved in a medical emergency - whether it’s a physical catastrophe or a car accident, they would usually be notified or rushed into action.  However, under the law, your own 18-year old and above children need to name you as a health-care proxy first before you can have anything to say about their medical treatment.

Health-care proxies are documents allowing you to assign another person to make medical decisions for you if you’re unable to do it yourself.  Another document, called the living will, is a statement of medical wishes if you become ill.

Therefore, estate planning is not only for seniors.  Adult children should also have durable power of attorney as well as a health-care proxy too.  Since these are complicated documents, it’s best to speak to your family attorney.  If you don’t have one, just seek advice from any qualified estate planning attorney in your state.

Tags: adult, attorney, children, documents, Estate Planning, health-care proxy, law, living will, medical, parent, seniors, will
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Your Will May be Fake

Thursday, August 20th, 2009

Many people are getting scammed when they seek assistance in writing their wills. A lot of solicitors can draft wills; however, these solicitors are not properly trained nor qualified to do so. In fact, there are many will-writers who don’t need to be regulated by Law Society before they offer their services.
According to a Liberal Democrat spokesperson for regulatory reform, enterprise, and business, Lorely Burt, “It’s no exaggeration that will-writing has now become a hunting ground for dishonest, incompetent, and fly-by-night operators.” Some offer a low fee but would keep adding extra charges for extra services and some involve outright scamming.

Since will-writers are not regulated, some problems also arise out of incompetence. For instance, an old lady wants to exclude her son from inheritance since he stole from her in the past. She made a will for her estate to be given to her care givers instead. But since she just used a will-writer who advertised in the local paper, her will was challenged by her son. And since it has been witnessed and drafted incorrectly, the will was declared invalid – effectively, she has no will and her son actually inherited everything after all.

Therefore, be very careful in looking for assistance to draft your will. To be safe, seek help from qualified estate planning attorneys. You can find many of them in online directories all over the web.

Tags: attorneys, directories, draft, Estate Planning, Law Society, Liberal Democrat, Lorely Burt, online, scamming, solicitors, web, will, will-writers, Wills
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A Father’s Secret Will

Thursday, August 20th, 2009

There was a case where the father died five years ago and a daughter discovered that there was a will kept secret from her by the solicitors.  It emerged that the solicitors were holding on the father’s will and the daughter was named as a joint executor together with the stepmother.  The child was never informed about this and it came as a shock to her when she discovered it.  The father clearly left everything equally to her and her stepbrothers but she did not receive any inheritance.

There might be a case for this or there might be none.  The first point is that if the father held joint property with the stepmother, everything could have passed automatically to her anyway, regardless of the contents of the will.  However, this is unlikely in second marriages, and if the will is valid, there’s certainly a slip-up when the father died and the will’s solicitors failed to inform the daughter of her rights.

In a case like this, the daughter can consult a lawyer and file proceedings to recover assets from the estate of the stepmother - the costs of these proceedings should be covered by the solicitors.  They may also bear costs of consequential losses such as capital growth and interest accruing to the assets of the stepmother.

Tags: daughter, estate, father, inheritance, joint executor, lawyer, losses, proceedings, rights, solicitors, stepmother, will
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Living Wills: Hard to do?

Saturday, August 15th, 2009

There was an idea gathering steam lately.  The G20 group of central bankers and finance ministers met in London over the week to require firm-specific contingency plans from systemic firms.  Due to the widespread chaos caused by Lehman Brothers’ bankruptcy last September, a lot of regulators are finding a way to unwind the global financial giants.  One way to do this is prepare for a “living will” to guide their orderly demise.

The concept had wide appeal.  This crisis convinced regulators and politicians of all colors to allow large financial institutions to fail without imposing huge burden on taxpayers.  This may be a possible alternative to an intrusive regulation as seen by bankers.  However, drawing up a “living will” in detail may be easier said than done.  According to Clifford Chance’s Simon Gleeson, it’s more important for legislators and regulators to establish resolution regime and cross-border crisis-management than for these individual firms to be prepared for their own demise.

Some issues posed by financial crisis may be politically challenging, and some may be intellectually difficult.  And, devising a “living wills” legal framework manages to be both.  If there’s any solution to deal with a future Lehman, it may still remain a long way.

Tags: bankers, Clifford Chance, crisis, financial giants, Lehman Brothers, living wills, London, ministers, regulators, Simon Gleeson, will, Wills
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Procrastinating is a Bad Habit

Tuesday, August 11th, 2009

When faced with a difficult decision, people naturally procrastinate.  For instance, only 40% of people have an up-to-date will according to Visa Inc.’s recent poll.  A will is certainly not mandatory - although you don’t have to have a will when you die, you wouldn’t want to leave important decisions about your health and finances to strangers would you? Therefore, address these issues now and spare your family from dealing with them.

Consider hiring an estate planning attorney to draft and review your documents.  They can help you decide whether to create a simple will or come up with complex documents such as trusts involving large assets or complex estates.  Here are some things you need to do:

• *Before naming a power of attorney or executor, make sure they’re up to the task.
• *Name alternate executors and beneficiaries in case someone would die before you.
• *Compare trust or will beneficiaries to those named in your retirement or insurance plans to eliminate conflicts.
• *Review documents periodically, most especially when your family situation changes (death of a beneficiary, new child, divorce, or marriage).
• *Date, sign, and notarize documents as well as file them for safekeeping.

Tags: attorney, beneficiaries, documents, estate, Estate Planning, executor, family, procrastinate, strangers, trust, will
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Transfer through Register of Wills

Tuesday, August 11th, 2009

Take this scenario: In 1993, a mother passed away.  She is a widow with only one son.  The son and his wife have been living inside the family home since 1990.  The mother did not leave a will and the son didn’t try to change the title.  Fortunately, the insurance and taxes are up to date and the mortgage is paid off completely since 2001.

Now, the son wants to change the title to his name.  But the problem is, he waited too long to do it.  Nevertheless, he can still work around it.  His first step would be to appoint himself as his mother’s estate administrator.  Then, he can transfer the property to his name.  He has to go to the office of Register of Wills and seek help.  There, he will get the necessary administrator appointment.  He has to bring his birth certificate and the death certificate of his mother to expedite the process.

Most likely, there will be an inheritance tax due commensurate for the property’s value at date of death.  Some say, however, that you can appeal to abate the mentioned penalty.  Seek the help of a lawyer to guide you through the transfer and give you advice on the best course to take.

Tags: administrator, certificate, estate, inheritance tax, insurance, lawyer, mortgage, mother, Register of Wills, taxes, title, widow, will
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Planned Giving Gifts in spite of Economy

Sunday, August 9th, 2009

Donors to charitable organizations such as Wayland Baptist University are reluctant to dismiss any liquid assets.  If invested funds and retirement plans tanked with the market somewhat, it will only add to the uncertainty.

However, it doesn’t mean that you’ll strike off the university from your generosity.  In fact, while thinking of your own, you may want to consider contributing to Wayland’s future.  An ideal way for you to do this is through planned giving.  You can support Christian higher education and leave a gift down the road to the university.  So no matter how large your estate is, it’s a good move to plan ahead.

When you put the university inside your will - whether you give certain assets, a percentage or your estate, or your entire estate - these are planned gifts.  People who want to leave a legacy in the future actually have several options to do so: provision by will, charitable remainder annuity trust, charitable remainder unitrust, gift annuity agreement, retirement plans, charitable lead trust, revocable living trust, and planned gifts.

According to Martha Cross, the director of major gifts for Wayland, “If you don’t make future plans, somebody else will decide what will happen to your things and your money.  Better do it yourself rather than allow someone who doesn’t know your heart do it.”

Tags: estate, funds, legacy, Martha Cross, planned gifts, Planned Giving, retirement, trust, Wayland Baptist University, will
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Things to Do Now

Friday, August 7th, 2009

All of us must face the reality that we are going to die.  Therefore, make sure that your final wishes have already been taken cared of.  Here’s a list of things you should do now (in no particular order) just because you need to do it before you pass away:

• *Pre-pay and pre-plan your funeral arrangements.  Just contact a local funeral home and discuss to them what you want to happen in your funeral including the costs and the ways you can pay for it.
• *Get a trust or will to take care of your estate after death.  Do not try to do this over the internet.  You’ve got to see an attorney to ensure that the trust or will is in place and to guarantee that your estate will be surely handled the right way.
• *Also get a durable and health care power of attorney in place.  These could help you avoid messy health and financial problems.
• *Write your own obituary.  It’s hard for your survivors to think of all your life details during the time of grief.  Since you know these better than they do, you’ve got to do it now.
• *If you’re receiving life insurance or retirement money, make sure that you check your beneficiary designations or notify the company if you have any changes in beneficiaries.
• *List the people that you’d like to notify of your death - these may be family, friends, pastor or priest, employer, business associates, etc.
•  

Tags: attorney, beneficiary, death, estate, funeral arrangements, funeral home, health, obituary, trust, will
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Allan Scott’s Estate in a Family Battle

Tuesday, August 4th, 2009

As a trucking magnate, Allan Scott accumulated an estimated $600 million estate.  His two favored children will receive a big bulk of this empire.  However, there is a current rift developing within his family due to the fortune he left behind.

A source close to the Scott family said that some relatives have been angry that Mr. Scott short-changed his grandchildren, as only three were explicitly mentioned in the last will.  The source said that “Zena’s got all the power and money so she can do whatever she likes.”  Due to this some relatives are filing a legal challenge.  On the other hand, his widow, Grace Scott, have not yet seen a copy of the will.  She said the family kept her in the dark about the inheritance.  “I’m very illiterate when it comes to this legal stuff,” she commented further.

Mr. Scott died of heart failure and left all his wealth and business in the hands of his two children, Raymond and Zena as well as lawyer and business associate Tony Johnson.  His will acknowledged that Raymond and Zena should receive a greater portion of his estate because they spent their effort, time, and goodwill to contribute a lot to the business.

Tags: Allan Scott, business, empire, Grace Scott, lawyer, legal, Raymond, Tony Johnson, trucking, will, Zena
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Never Procrastinate

Monday, August 3rd, 2009

When faced with a difficult decision, people naturally procrastinate.  For example, planning on your own demise is the most common thing that you delay until it’s too late.  Remember that wills are important even if they’re not mandatory.  Your affairs will be decided by the state if you don’t have a will when you die.  And worse, someone else will make your healthcare and financial decisions when you’re no longer able to make it on your own.

Here are some of the negative consequences when you don’t make a will:

• *Your preferences for burial instructions and life-support procedures may not be exactly followed.
• *The state may decide over your minor children’s guardianship.
• *A court-supervised probate may hold your estate which can result in costly fees.

To prevent these scenarios, you need to prepare any or all of the following: Will, Revocable Living Trust, Durable Power of Attorney (both financial and healthcare), and a Living Will.  Remember to date, sign, and notarize them for safekeeping as well as review them periodically most specially if there are changes in your family situation (death of a beneficiary, new child, divorce, or marriage).  To further eliminate conflicts, compare the trust or will beneficiaries to the ones named in your retirement plans or insurance.

Tags: decision, durable power of attorney, fees, financial, guardianship, healthcare, living will, planning, probate, revocable living trust, state, trust, will
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Estate Planning Prevents Family Feuds

Monday, August 3rd, 2009

Augusta’s Randolph Wade Jr. takes his obligation to his family very seriously.  Several years ago, he prepared a will and now that he’s 70 years old, he is sure to protect the ones he left behind.  “You’ll never know when you’ll reach the road’s end,” Wade said.  “All of a sudden, it could happen.  Time and time again, I’ve seen how much chaos there will be if the will is not placed in a proper way.  Since some folks waited too long, it’s been a disaster if their loved ones will be left behind.  For me, I want all my children to be very happy.  That’s why I want to leave them in good shape.” he added.

According to a lawyer, Judith Becker, “Many fail to plan for their estate because they don’t want the subject of dying as a thought.  However, the worst thing that a person can do is to procrastinate.  It would be a huge problem for them if they do this.”  

Mr. Wade has a son and two daughters.  In addition, his wife also has one daughter.  They’ve combined all the children in the will.  All of them are named executors in a specific order.  “For blended families, planning ahead is particularly important,” he concluded.

Tags: Augusta, blended families, lawyer, planning, Randolph Wade Jr., will
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Understand Estate Planning

Sunday, August 2nd, 2009

In spite of recent financial setbacks, a lot of people are claiming to be better off financially compared to five years ago.  That’s why when a group of financial expert asked novices in the investment arena what estate planning they have done in the past, they were surprised that there was no affirmative answer.  Most people looked perplexed and raised their eyebrows.  It seems that they’re confused whether the expert mean setting up a trust or drawing up a will.

The expert asked not to be named but he said “It’s very interesting to find out that most people have never heard of the estate planning concept.  And even those aware of it have not taken it seriously.  However, it’s going to be a very serious issue when people get richer.” 

Moreover, the director of Transcend Consulting, Kartik Jhaveri pointed out that “We’ve been trying to spread the concept so that a lot of people are aware of it, but we don’t get a lot of queries.”  Therefore, a wealth manager concluded that “People usually find estate planning difficult to grasp.  So it’s much better for us to talk about different concepts of financial planning (such as retirement planning) to explain things to people.”

Tags: estate plan, Estate Planning, financial, Kartik Jhaveri, Transcend Consulting, trust, wealth manager, will
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Are there Expiration Dates for Estate Plans?

Monday, July 27th, 2009

There is no expiration for estate plans.  However, major life events should prompt you to review your plan and make sure that your wishes are still enforced.  Examples of these common life events include purchase of a home, death of a loved one, birth of a child, divorce, or marriage.

If you’re married, there are certain considerations that you should think about in creating an estate plan.  First, you would need revision of your trust to include your existing spouse.  Also, you may acquire a power of attorney for managing your finances if ever you’re incapacitated or unable to manage any of your financial affairs.  Therefore, a well-rounded estate plan must include a power of attorney for health care which appoints a trusted individual (typically your spouse) to make medical decisions if you’re unable to do so yourself.

While for remarriage, you need to revise your will or trust immediately.  Any gift to your ex-spouse may not be valid.  So how will the court decide who to give it to?  Therefore, you should make this change yourself so that you’re sure to carry out your wishes when you pass away.  Same goes to your children.  Appointing a guardian for the minor ones would protect them even when you’re gone.

Tags: attorney, estate plans, expiration, married, power of attorney, remarriage, trust, will
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Five Key Estate Planning Documents

Saturday, July 25th, 2009

Avoiding the creation of an estate plan may be due to dismissal of subjects such as taxes, incapacity, and death.  However, the fact still remains that you need to protect your wealth and your loved ones when you’re gone.  So here are five documents that you need to have while you’re still active:

*Will - these are simple instructions to distribute your assets to the beneficiaries after death.  You need to appoint an executor who will designate your assets, while you need to designate a guardian for minor children.

*Durable Power of Attorney (POA) - power of attorney is simply a legal document that will name another person who will act legally on your behalf.  A regular POA terminates upon a person’s disability or death.  However a durable POA will continue beyond disability and will only terminate upon death.

*Health Care POA - same as durable POA but it will authorize someone to decide for you in medical situations in case you’re unable to do so.

*Living Will - expresses your intentions for use of life-sustaining measures in a terminal illness.

*Revocable Living Trust - a type of trust that is often used in estate plans.  When you transfer assets to a revocable trust, your beneficiaries will receive the income or principal according to the terms of the trust.

Creating an estate plan will not be an overwhelming task if you work with experienced professionals such as a CPA, financial advisor, and an attorney,

Tags: attorney, death, estate plan, legal, power of attorney, revocable living trust, wealth, will
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Create your Estate Plan Today

Saturday, July 25th, 2009

Better Business Bureau reminds people that estate planning is not just for the wealthy.  They advise consumers to create an estate plan if they have something of value to pass on to their loved ones after death.  According to surveys, 55% of adults don’t want to set up an estate plan because either they don’t want to think of dying or they believe that they don’t have any assets to pass on.

However, if you don’t give your final instructions, nobody would know where your money should go or how will your children be taken cared of.  Do you want to leave these important decisions to the state?  If not, it’s important to create an estate plan and ensure that your wishes will be followed.

Creating an estate plan may be simple if you just draft a will.  But it can also be complex when you’re trying to set up a trust or a living will.  A will is something that you create to allocate your assets and establish guardianship of your children.  On the other hand, a living trust could set up conditions to distribute your assets while reducing inheritance taxes and avoiding probate.  Finally, a living will communicates a person’s desire for lifesaving measures in case there’s mental incapacity to decide on an emergency medical situation.  To help you draft these important documents, make sure that you consult an estate planning attorney.

Tags: attorney, Better Business Bureau, estate plan, estate planning attorney, living trust, living will, wealthy, will
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Animal Charities ask for Helmsley’s Billions

Thursday, July 23rd, 2009

A petition that concerns Leona Helmsley’s will is claiming that the office of Attorney General Andrew Cuomo issues incorrect analysis and a surrogate judge has used faulty reasoning before millions in grants were paid out by the estate’s trustees.

First of all, the major beneficiary in her will (worth $12 million) is her beloved Maltese named Trouble.  However, the dog was mentioned only once in the petition and then another in the supporting documents.

Three animal protection groups filed the petition saying that the money of Mrs. Helmsley is not being spent on dogs as mentioned in her will.  These three groups are Maddie’s Fund, American Society for Prevention of Animal Cruelty, and Humane Society.  They accused the estate trustees of Mrs. Helmsley of a “scheme to deprive welfare charities to dogs.”  Her fortune is estimated to be around $5 billion but only $1 million were earmarked for organizations taking care of animals.

A professor of law and philanthropy at New York University, Harvey Dale, said that this lawsuit may face significant hurdles since donors, beneficiaries, and potential beneficiaries don’t have any standing to intervene.  Maddie’s Fund president, Rick Avanzino, acknowledged that there’s difficulty in challenging trustees because their organization was not even named in the will of Mrs. Helmsley.  But still, they will push through with this lawsuit to penalize the trustees who chose to ignore the wishes and direction of their benefactor.

Tags: American Society for Prevention of Animal Cruelty, Andrew Cuomo, Attorney General, estate, Harvey Dale, Humane Society, law, lawsuit, Leona Helmsley, Maddie's Fund, petition, Rick Avanzino, Trouble, trustees, will
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Avoid getting burned by Statute of Limitations

Wednesday, July 22nd, 2009

This is the scenario: about 10 years ago, someone was named as executor of the will of her father and stepmother.  Then, the father passed away at age 86 three years ago.  However, the child did not know who was the attorney nor was given a copy of either wills.  Several months passed and they sold their home.  The stepmother sold all the family’s belongings in a yard sale and eventually moved out of town without notifying the children.

Since the father owned a business before retiring, he had accumulated a great deal of wealth.  However, the stepmother moved to another town and ceased all communication with the family after the cremation.

First of all, you shouldn’t wait for three years after death before beginning the estate process.  The fact that you were named as executor means that you have the right to be appointed as personal representative.  So if the second wife should open the estate, you would be given notice.  Also, if the father placed all funds in the joint accounts and transferred the home to the wife, nothing would be left to pass under the will.

In this case, there is huge delay in tending to business causes.  It causes several problems because of the statutes of limitation created to end the litigation.

Tags: attorney, estate, executor, litigation, personal representative, stepmother, will, Wills
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Jackson’s Movie Deal may strengthen his Estate

Monday, July 20th, 2009

Business executive John McClain and attorney John Branca are talking with AEG Live, the exclusive promoter of Michael Jackson’s supposed London concerts.  The late Jackson was preparing for these concerts before his sudden death on June 25; nevertheless, the videotape of his rehearsals could still be used to create a DVD or movie that would be sold to millions of fans.

Reportedly, Sony will pay $50-$60 million for the footage and this agreement would be announced any day from now.  Legal experts are saying that this deal could strengthen McClain and Branca’s control of Jackson’s estate, since they’re proving to the judge that they have the acumen in handling Jackson’s business.

At stake here is the control of King of Pop’s estate that is believed to be $200 million net of his $500 million debt.  Initially, Katherine Jackson, his 79-year-old mother was given temporary control; however, a 2002 will that Jackson signed have surfaced naming McClain and Branca as executors.  Therefore, a judge temporarily transferred control to them while the attorneys of Katherine Jackson are discussing to challenge their appointment.

The hearing is set for August 3.  Moreover, an attorney expert in legal matters including wills said that McClain and Branca clearly have an advantage since Jackson nominated them as executors in his will.    

Tags: AEG Live, attorney, attorneys, estate, John Branca, John McClain, Katherine Jackson, King of Pop, legal, Michael Jackson, Sony, will, Wills
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Estate of McNair in Limbo

Monday, July 20th, 2009

Former quarterback of Tennessee Titans, Steve McNair, left no will.  As a result, one of his son’s family (the one born before his marriage), was laying claim to their inheritance.  This could set up one lengthy legal battle.

David Callahan, Nashville attorney of Mechelle McNair (Steve’s wife), said that she’s determining the net worth of her husband.  A probate court judge in Davidson County granted her 60 days to complete this process as a response to her emergency petition.

The probate court filing states that the heirs are Mechelle McNair and her sons Trenton, 6, and Tyler, 11.  However, she can’t confirm whether the other two older sons of her husband are actually his.  Her husband died suddenly as he was shot on July 4 by a woman he was dating.

Steve McNair’s oldest son is Steven McNair Jr., Oak Grove High’s senior star wide receiver while his second son is Steven O’Brian McNair, 15-year old.  Cotina Feazell, the mother of Steven McNair Jr. did not find any records that the quarterback completed any estate planning or set up trust funds.

Attorneys say that even if the other women were not married to McNair, his sons are still eligible to the inheritance under state law.  There might be certain blood tests or other issues but all they need to do is hire an attorney to make a claim.

Tags: attorney, court, David Callahan, Estate Planning, inheritance, law, legal, probate, son, Steve McNair, Tennessee Titans, trust funds, will
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Asset Descent and Distribution in Illinois

Saturday, July 18th, 2009

Every state has its own descent and distribution law which applies if somebody passes away without a will (intestate).  Generally in Illinois, half of the estate would pass to the surviving spouse and then the other half would be equally divided to the descendants (like children, etc).

For assets with named beneficiaries already or those titled jointly will not be part of the estate of a decedent spouse; therefore, these would pass directly to the beneficiary or joint tenant.

However, if there are assets titled only to one spouse, it could create a problem.  For instance, your home (or any asset) was titled to your name only due to credit issues, or maybe you already owned the asset even before marriage, then the surviving spouse would only get half of your home and the other half would be inherited by the children.

If this is the case, the surviving spouse needs to get permission from the children before selling the house and would give half of the proceeds to the children after the sale.  Typically, this is not what spouses would intend to do; however, if one of them dies without a will, then their intention will not be admissible in court.    

Tags: beneficiaries, beneficiary, descendants, Illinois, intestate, law, will
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Online Wills are Essential

Thursday, July 16th, 2009

In your life online, you would normally create passwords and never share them with anyone nor write them down.  That should be alright when you’re alive, but this protection of sensitive information regarding your personal savings, insurance, or asset details can wreak a lot of havoc for your heirs when you die.

With increasing parts of our lives being stored online - password-restricted bank accounts, confidential messages, automatic bill-pay arrangements, and even photos - piecing together all personal information may cause your heirs major headaches.  For instance, if your online savings account is separate from your other regular bank accounts, this account may be overlooked in disbursing your finances to the beneficiaries since all statement notifications arrive exclusively through e-mail.

The chairman of estate-planning department in Springfield Massachussets and an attorney, Hyman Darling, said, “Many times we spend several days trying to locate the information.  Very often, these accounts would not be known for some time.”

But of course, creating a will where the decedent included all details about existing assets would help a lot.  However, it would still not solve the problem of knowing the passwords of certain accounts.  As Michael Palermo (another estate planning attorney) said, “Without these log-in information, the survivors need to ask assistance from the court to gain account access from the company running the online account.  And sometimes, this is not always easy.”  Therefore, it’s important to include these passwords in your will or entrust them to a trusted relative while you’re still alive.  

Tags: account, attorney, Estate Planning, Hyman Darling, Michael Palermo, online, passwords, will
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Living Wills: Important in All Life Stages

Tuesday, July 14th, 2009

Mitch Albom, the author of the book Tuesdays with Morrie, brought the character of Morrie Schwartz into life.  In the book, Schwartz said “People are acting as if death is so contagious.  But in reality, it’s not contagious.  Death is so natural, as natural as life itself.”  Nevertheless, people still avoid the topics of dying and death, even if this popular biography has successfully made death seem accessible.

It’s a unique human experience to be aware of one’s own mortality.  Although for some people it’s not easy to discuss, most would not want to burden their loved ones of any significant health change or a catastrophic event.  Despite this, however, more than two-thirds of adults don’t have any living will or advance directives.

Young people are mostly the ones who have not expressed future preferences while older adults are more aware on giving instructions about health care and appointing someone to make the medical treatment decisions when they’re stricken with a serious accident or disease.

Remember that whether you’re young, middle-aged, or older, any responsible adult benefits from creating a living will.  When you’ve put your preferences and wishes on paper with the help of an attorney, it’s essential to have a meaningful conversation and discuss it with your family.

Tags: accident, attorney, death, disease, health care, living will, Mitch Albom, Morrie Schwartz, mortality, Tuesdays with Morrie, will
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Trust Meaningless Unless with Assets

Monday, July 13th, 2009

Two siblings consulted an attorney about the estate of their father who passed away in 2006.  Both their parents have revocable trusts and a $3 million combined net worth.

Both their trusts were adequate and well-written.  It has the necessary language and complete documents to ensure that the first deceased spouse’s estate would be divided into family trust and shelter the whole $1.5 million (husband’s share) from future estate tax lasting for 12 generations because it will not be added to the other $1.5 million taxable estate (wife’s share).

Instead of writing a will, which could have resulted in tax worth $460,000, the family trust saved them from this expense.  However, even if their trust was adequate, it would be meaningless unless it has assets.  What’s worse is that the children can’t sue the attorney who drafted the trust - he has included a firm warning that there are negative consequences if the couple failed to fund the trust and even included a separate sheet on how they can do so.

As a result, they need to file probate, which would cost them an additional $210,000 for court costs, attorney’s fees, and representative fees in addition to the $460,000 tax payable to the IRS upon their mother’s death.  All of these problems could have been avoided if only their parents funded the trusts.

Tags: assets, attorney, estate, estate tax, Family Trust, probate, revocable trusts, trusts, will
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Create Financial Plan for Happy Future

Saturday, July 11th, 2009

There are only a few people who actively plan for their financial success. Some may expect it or hope for it, but only one out of five people actually have a written plan on how they want their financial lives to work out. This is according to the recent financial literacy survey of Retirement Commission.

Author Arun Abey says that “drawing a financial plan may be a minority occupation. However, aside from being purely financial, it would also bring you a sense of wellbeing.” She further said that there’s a feeling of control and high satisfactory rating for people with a financial plan – it doesn’t matter if they’re simple wage earners or a rich accountant.

So, financial planning may also give us a notion of happiness and satisfies us as individuals. If you want to experience the same sense of purpose, you may go to financial planners or estate planning attorneys. When you go to them, you will be asked to fill out a statement of your insurances, debts, assets, and income. Generally, your adviser will also ask you about the household budget and the regular things that you’re spending on. Other estate planning details, such as family trust or will should also be included.

Tags: Arun Abey, attorneys, Estate planning attorneys, Family Trust, financial literacy, financial plan, financial planning, Retirement Commission, will
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Your Will Needs to Change

Friday, July 10th, 2009

Since there is a recent decline in properties and personal portfolio, these can affect your asset proportions.  Now would be a good time for you to check if the financial logic behind estate plans and wills still holds.

Rita Brown, estate planner and CPA, said “You cannot really change your will every time there’s a fluctuation in the stock market.  However, if you want your children to have a specific amount of money, and your stock portfolio today no longer allow that, then it’s time to make a change.”

A will can spell out the nomination of an executor, guardian for minor children, any specific gifts, and beneficiaries of your assets.  Software or books are available for any basic will although it’s still necessary to hire an attorney as your accounts and properties become more complex.

When you deduct all your debts from your property’s fair market value, you’ll get the value of your estate.  Also, the value determines whether the beneficiaries will be charged with capital gains taxes and whether there will be estate taxes when you pass away.

For 2009, an estate’s first $3.5 million ($7 million for couples) will be exempt from estate taxes.  Also, there’s a gift tax with $1 million lifetime exemption.

Tags: attorney, debts, estate planner, estate taxes, fair market value, Rita Brown, stock market, stock portfolio, will
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Lessons from Michael Jackson

Thursday, July 9th, 2009

Before he died, it’s a good thing that Michael Jackson made a smart estate plan.  He provided and cared for his loved ones because a separate document gathered his assets (estimated to be over $500 million, which exceeds his debt by $200 million).  It’s called a family trust - this ensures that his affairs would stay out of court and out of the eyes of the public.

He established this trust along with his will, and it’s also called a “living or revocable trust.”  The goal of this estate-planning tool would be to transfer all the property - including real estate, bank accounts, and cars - into a separate owned entity while maintaining the control as a trustee.  In Jackson’s case, he established a “Michael Jackson Family Trust.”

At his death, the control will be transferred to his successor trustee or co-trustee.  Most people (Jackson included) will set it up to “pour over” - this means that whatever assets remain outside of the trust would be eventually be added to the estate at their death.

The beauty of this trust is: people can avoid a public process called probate.  Aside from celebrities, this process would also make sense for people with significant assets because it would spare their heirs from a prolonged legal process.

Tags: assets, co-trustee, estate plan, Family Trust, legal, living trust, Michael Jackson, probate, revocable trust, successor trustee, trust, trustee, will
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Employee Left Half of Estate to Employer

Wednesday, July 8th, 2009

For 25 years, Jack Boyle had a job as claims adjuster for State Auto Insurance.  They gave him a good job and a good pension, so now he’s eternally grateful.

Boyle seems like a mystery man who retired in 1978 and died last year at the age of 91.  What’s astonishing is that he left $152,000 - half of his estate - to State Auto.  In his will, he wrote that he is giving the inheritance with no strings attached because of his gratitude to his employer that gave him a livelihood.  The rest of the estate went to his other family members.

Because he didn’t have children, the other half of his estate went to his brother and sister as well as five nephews and nieces.  “He was married twice but was also divorced twice,” said Clifford, 80, his brother who lives near Cleveland.

He was also surprised that his brother would donate that kind of money to his former employer.  People generally leave money to their friends and family, alma mater, or even their favorite charity organization and not to a for-profit insurance company.  “But it’s his money anyway, so it is up to him on what he would do with it,” he concluded.

Tags: Clifford, estate, Jack Boyle, job, pension, State Auto Insurance, will
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Your Final Arrangements

Wednesday, July 8th, 2009

Recently, Indiana took another stab to address uncertainty in the final arrangements of a person.  It was mandated that starting July 1, any person may execute an FPD (Funeral Planning Declaration).  When you execute an FPD, you can nominate anyone to be a “designee” - this person will carry out your final instructions.

The form is so easy and simple to understand.  In your FPD, you can leave instructions regarding grave memorial, ceremonial services, funeral, entombment, cremation, and burial.

The traditional way that you can plan final arrangements is through a will.  Unfortunately, some beneficiaries don’t know where the will is; and in some case, the deceased was already buried when they’ve found it. 

Another common way is to preplan by going to a funeral home.  This means that you make decisions based on a field expert’s guidance.  But who wants to go to a funeral home to begin planning?  The reality is that people think it’s creepy to discuss an estate plan in a funeral home.

Truly, one of the most difficult parts of estate planning would involve final arrangements.  These issues could also become complicated if there are mixed families, second spouses, or the members of the family just won’t get along.

Tags: estate plan, Estate Planning, final arrangements, FPD, funeral home, Indiana, instructions, preplan, will
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Checklist for Parents’ Will

Monday, July 6th, 2009

As parents, you should be prepared to plan for the unthinkable.  If one or both parents die, anyone could be assigned as guardians to your children.  This means that the courts - not you - would decide their future.  So to guide you through the drafting of your will, consider the following steps:

-Pick a guardian for your children as well as their future assets.  Think about this thoroughly.  Who could be there for them who’ll share your values in the long-term?  What’s surprising is that the person may not be your close blood relative or current romantic interest.

-You can choose one person to raise your child and another one to take care of your money.

-Before making the designation, make sure that your guardian will accept this responsibility.  Divorced parents should make this guardianship decision together.  They could also consider each other to be named as guardian, as the courts would most likely award it to either of them when the other party petitions for it.

-Give a certified “will” copy to your guardian and let them know where you stored the original.

-Pick an attorney who’s board-certified in estates and wills.  It would also be best if they had an advanced training or certification to claim their specialized area.

Tags: assets, attorney, courts, estate, estates, guardian, parents, plan, will, Wills
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John Wooden Builds Retirement Nest Egg

Sunday, July 5th, 2009

UCLA basketball coach, John Wooden, admitted that he made a wrong decision when he accepted a post in Westwood.  He revealed that he didn’t ask questions and he didn’t know that the coaches were not considered as members of the faculty - they were only paid by Associated Students, the activities arm of the student body.

This means that he was not on the retirement plan of the University, and his situation persisted for 12 years.  Therefore, when he retired even after 10 national titles on record and 27 straight winning seasons, he was not given 12 years of credit for his pension.

The lesson here is to check things out before you continue a long-term career.  When he decided to retire in 1975, he was not certain of his future.  “I know my income after retirement will not be good,” Coach Wooden said.  All he wants is to ensure enough care for his ailing wife, maintain his standard of living, and still have something left for the children

Fortunately, his retirement had opened a new world of possibilities.  He has a steady book output that bears basketball coaching tips as well as life lessons and a steady income from several speaking engagements.  In fact, his last engagement has just been finished recently.

Now, he has a handwritten will and an old family trust.  These documents need to be updated because his estate had grown sharply due to book royalties and speaking fees.

Tags: basketball coach, estate, Family Trust, John Wooden, retirement, UCLA, University, Westwood, will
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Possible Legal Struggle in Jackson’s Will

Saturday, July 4th, 2009

The value of Michael Jackson’s estate, mostly in holdings aside from cash, has been estimated over $500 million. However, Jackson also carried a huge debt when his career foundered recently, mostly due to accusations of child molestation.  Even if he was acquitted in 2005, his career struggled although he had just planned a comeback through a series of concerts supposed to begin this summer.

Mrs. Katherine Jackson, mother of Michael, requested to have control of her son’s real estate holdings, financial accounts, and stake in Sony/ATV Music Publishing catalog (including works of Beatles).  The will named John McClain (longtime friend) and John Branca (lawyer) as executors.  Another person, Barry Siegel, was named as co-executor; however, according to the court papers recently filed, Mr. Siegel already resigned from his position in 2003.

Michael Jackson gave full power over financial matters to the executors - this include mortgaging, leasing, or selling his property, continuation of any business enterprise, and selling or buying of assets.  It was reported that before he died, Jackson wanted to raise money coming from his belongings.  He moved costumes, jewelry, artwork, luxury cars, and other property from Neverland last year to host an auction.  However, it never took place.

Tags: auction, Barry Siegel, estate, John Branca, John McClain, Katherine Jackson, Michael Jackson, Neverland, will
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Common Answers about Trusts and Wills

Thursday, July 2nd, 2009

There are no additional filings or fees in setting up a trust.  However, it’s likely more complicated and more expensive compared to drawing up a will.  The costs vary widely - it would depend on the complexity and size of the estate - attorneys could charge several thousands of dollars on these documents.  But for most basic estates, wills could cost about $500 each, according to Steve Akers, a managing director of a New York wealth-management firm named Bessemer Trust Co.

Anybody having possession of your will (usually your attorney) is obligated to file it in the courts upon your death.  Therefore, Akers stressed that you should leave copies of your trusts with your designated trustees or attorneys.

A common reason for choosing to set up a trust instead of a will is to avoid the court proceedings.  These wills need to be filed in probate court in order to be executed, which means that they become public documents.  Costs could be between 1-3% and administrative court fees would come out of the estate.  Use of wills are more common in states that have simpler court procedures and hearings are quick (sometimes even for 15 minutes).  While with trust, your assets will be simply transferred to designated trustees (or trustee) upon your death.

Tags: attorney, attorneys, Bessemer Trust Co., court, Steve Akers, trust, trustee, trusteees, will, Wills
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Estate Planning Aided by Key Documents

Thursday, July 2nd, 2009

Tenise Owens, Troy Bank’s trust officer was a keynote speaker at Healthy Woman seminar.  She said, “Everyone over 19 years old should have a will.  Advanced medical directives, a will with instruction letter, and a strong power of attorney are the key documents needed by each person before the need arises.”

She further revealed that, “The state will be very happy to distribute the money for you if you don’t have a will.”  She calls estate planning as the people’s “financial health” and outlined the pros and cons of having a durable power of attorney.  “We highly recommend that people go to their own attorneys and draw up their will.  You would definitely want someone standing behind you if people will challenge your will.  Therefore, downloading a will from the internet just won’t do,” she revealed.

Powers of attorney may be changed.  She urged the group in keeping the financial institution informed of the revisions.  She shared “We keep the copies of powers of attorney on file - we consider it a binding document unless we’re otherwise notified.”

When someone dies, many people typically go to financial institutions and expect to transact their business with a power of attorney.  However, she said, “A power of attorney would become null and void after a person’s death.  That’s when a ‘will’ would come into play.”

Tags: attorneys, Estate Planning, Healthy Woman seminar, power of attorney, Tenise Owens, Troy Bank, trust officer, will
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Family Trust of Michael Jackson Controls His Estate Decisions

Tuesday, June 30th, 2009

Michael Jackson Family Trust was set up as the entity to be used in helping out the recipients of Jackson’s will.  Most importantly, this trust will control Michael Jackson’s estate.  As dictated in his will, he’s giving all his estate to the family trust where all assets will be managed as one rather than separate entities.  This will make it easier for the executors.  Having the trust in place will also help his children in the long-term as well.

In his will, Michael outlined exactly what needs to take place.  Section III of the will drafted in 2002 states that “I’m giving my entire state to the Trustee/s under that certain Restated and Amended Declaration of Trust…All such assets shall be distributed, managed, and held as part of said Trust…”

In other words, Trustees of Michael Jackson Family Trust will have great power when it comes to his assets.  However, if you read between the lines, it would mean that they’ll also need to over-see how many monetary assets as well as the intervals when Michael’s kids will see these funds.

Trusts like these need to be set up to help people awarded with physical and monetary assets in a will.  It will also allow the Trustees to disperse assets at the right time and advise the kids along with it.  Jackson’s mother, Katherine, will retain some rights as guardian of his children; therefore, she has a vested interest in this estate.

Tags: estate, executors, Family Trust, Katherine, Michael Jackson, trustee, trustees, trusts, will
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Addressing Control of Family Trust

Monday, June 29th, 2009

When you own your own business, there are many things to think of.  Often, ensuring that your personal, business, and financial affairs are in order in case of your death takes low priority.  But if you don’t address this issue, your business ownership may pass on to the wrong people.  “And if you have young or handicapped children, you may want to ensure that their future is financially secure,” writes Max Newnham.

Nowadays, there’s a lot of confusion on how discretionary trust affects one estate.  Also, a person who controls the family trust just because they’re the trustee can’t deal with the trust assets through their will.  Moreover, if the business is owned by trust, the business control is not affected by a person’s will.

There’s common misconception that all power belongs to the trustee.  However, the true power lies in the person called the appointer.  Sure, the day-to-day control of trust is given to a trustee; however, the appointer can remove and appoint a new trustee.

In other words, business owners who bequeath shares in their trustee companies may mistakenly believe that they’ve chosen the person they want to have control of the business.  Normally, the business owner will also be the appointer; but when they pass away, it’s their personal legal representative - which is often the executor - who assumes this power.  So even if the executor is not one of the shareholders in the trustee company, they can still assume business control by appointing themselves and removing your assigned trustee.

Tags: appointer, business, discretionary trust, estate, executor, Family Trust, financial, Max Newnham, ownership, trustee, will
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Will of Michael Jackson Found

Sunday, June 28th, 2009

The family of Michael Jackson believed that he died without a will.  However, their lawyer said that he has one and suggested that there may be other wills that exist related to the late singer’s estate division.

The family attorney, L. Londell McMillan, said “I just saw his will this morning for the first time.  We’re in the process of review.  My various advisers are still looking for other additional documents.  We wish that we have known it earlier.”

This will was drawn by John Branca in 2002.  He’s the attorney of Michael Jackson from 1980 - 2006.  It’s expected that he’ll submit the will to Los Angeles Superior Court by next week.  Mr. Branca and John McClain, music executive and the singer’s long time friend, are the will’s executors.

According to the will, it’s clear that Jackson’s desire was for his mother to take guardianship of his children.  His estate is also believed to be divided between his children, mother, and charities.  They’re not expecting to see the name of his father, Joe Jackson, because they had some troubled relationship.

Although no further details were disclosed about the will’s content, it’s believed that its mere existence greatly affects the petition made by Katherine Jackson, his mother, to become the estate’s administrator.  

Tags: attorney, estate, famiy attorney, Joe Jackson, John Branca, John McClain, Katherine Jackson, L. Londell McMillan, Los Angeles Superior Court, Michael Jackson, singer, will
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60% of Canadians Don’t Have Wills

Saturday, June 27th, 2009

The chance of catching a fire in your house is only one-in-230; but people are lining up to get property insurance, just to be sure.  Meanwhile, the odds of death are one-in-one; despite this, over 60% of Canadians do not have a will or even a comprehensive estate plan.  This is according to Society of Trust & Estate Practitioners.

Maybe it’s an issue of facing mortality or not wanting to place a burden to the family.  Most of the time, people don’t see any immediate benefit of planning for the estate, or sometimes, they just don’t know where to start.

Everyone should make a will, regardless of your wealth.  An estate is everything you own - this includes property, investments, and real estate.  At the same time, it also includes all the debts you owe.

The objective of most people is to make sure that their family is financially secure when they die (though in some cases, beneficiaries may also include charities or non-family members).  So an effective “will” does not only make sure that it states clearly who should get what, but rather, distributes the assets tax-effectively and efficiently.  It’s also critical that your assets are managed before you are incapacitated or ill.

The first step would be to pull together a team of experts to guide you.  It’s recommended that you include a financial adviser, tax professional, and a lawyer, who can be your overall coordinator.

Tags: debts, estate, estate plan, experts, financial adviser, investment, lawyer, property, real estate, tax professional, wealth, will
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Roles of the Testator

Wednesday, June 24th, 2009

A testator is a person who will decide on the beneficiaries of their estate. If there’s no will, the estate will just be divided according to laws of intestacy, and this may result in another outcome which is not the wish of the deceased.

For instance, significant sums of money may pass to the children instead of the surviving spouse.  Though it may be desirable to have some funds for the children, the testator can provide a limit or the final decision on the beneficiaries that he or she decides to give benefit to.

Also, the testator can select an individual to be their executor.  This individual will be responsible for administering the estate of the testator.  Testators should not only choose individuals that they trust, but most important, those whom they think can cope up with the stress of the role.  Also, the executors may need to apply for insurance in order to protect the estate.

Every testator should make sure that he or she has an accurate and up-to-date will since a well-drafted will may also be a very vital tax-planning tool.  More people can be caught up with inheritance tax or death duties, but these can be avoided easily if the testator seriously considered the creation of a will.

Tags: beneficiaries, estate, executor, inheritance tax, intestacy, testator, will
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Preventing Family Feuds from Wills

Monday, June 22nd, 2009

It’s easy to divide your assets in preparing a will.  However, the real challenge is to prepare a document that will ensure peace after you die.  “So many wills are like ticking time bombs,” said Les Kotzer, a wills and estate lawyer.  From experience, he knows that a loosely worded will (or no will at all) typically create long-lasting family feuds.

“Too many wills are simply outdated, not worded properly, or doesn’t take into consideration specific family issues.  Quite often, this is a recipe for family battle when I review wills for clients,” he added.

He warned that people are making a big mistake in planning a will when they don’t talk about its contents to the benefactors.  “Often, the topic is considered taboo, especially when kids don’t want to seem greedy and the parents don’t want to talk about death to their kids.  But parents should be talking with their children now,” he emphasized.

This talk should include the decision on who would likely be the best executor.  For example, are you going to pick your eldest son just because he’s good at math and he’s the first born?  It may not be a good idea.  The executor has great power so it should not go to someone who will likely abuse it.

Tags: assets, estate lawyer, executor, lawyer, Les Kotzer, will, Wills
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Legal Terms in a Will

Saturday, June 20th, 2009

You’ve probably watched this scene in a movie - a family sits in an office while an attorney reads a last will and testament from their wealthy grandfather.  And then it reads “Being of sound body and mind, I, Reginald V. Gotrocks, hereby bequeath all my fortune and possessions to one person who’s been there for me rain or shine, day in or day out…..my mailman Jim.”

The next thing that would happen is that the family may vow to contest the crazy will of the old man.  Unfortunately, if the will has been properly drafted, it’s one of the iron-clad documents in law.

The truth is that everyone of legal age should have a will.  If not, the court will never know how you intend to dispose your possessions - be it land, money, computer, or your pet cat.

It’s also important to know the legal terms in a will:

• Testator - person who owns the will
• Executor - person who’ll carry it out
• Beneficiary - recipient of the  assets
• Probate - court that will prove the will’s validity
• Bequest - gift of personal property coming from testator to beneficiary
• Codicil - written amendment to the will
• Intestate - a person have died without a will (opposite of “testate”)
• Trust - entity holding assets until later, which also allows the beneficiary to bypass probate.
• .

Tags: attorney, beneficiary, bequest, codicil, court, executor, intestate, probate, testator, trust, will, will and testament
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You Need a Basic Will

Thursday, June 18th, 2009

It’s a pretty good advice to say that “if you are not doing anything to care for your legal affairs, then you should write a will.”  It’s a known fact that if you don’t create a will before you pass away, the state law will determine who will get your property.  Also, a judge may be the one to decide who will take care of your children.  It’s scary to think that their choice may not be whom you will choose.

You might think that it’s a daunting task to write such an important document.  However, you can confidently purchase software or use a self-help book to create a legal binding will that will:

• -Name a guardian to take care of your children (minors)
• -Name someone to manage the property that you will leave to your children
• -Leave your property to organizations or people you choose
• -Name your executor, or the person authorized to carry out the terms of your will

The safest way for you to make a will is to consult an attorney experienced in helping people create it.  The rule of thumb is that if you’re below 50 years old and don’t expect to pass on valuable assets subject to estate tax, then you can probably have a basic will.  However as you acquire more property in your old age, you’ll most likely engage in a more sophisticated planning.                                                                                                                                               

Tags: advice, attorney, basic will, estate tax, executor, property, state law, valuable assets, will
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What is Estate Planning?

Thursday, June 18th, 2009

It’s important to have an “estate plan” in place no matter how much your net worth is.  Such plan will ensure that your financial goals are met and your family gets your assets after you pass away.

Several elements of an estate plan include: a will, living will or a health-care proxy (sometimes called medical power of attorney), and power of attorney assignment.  For some people, it would also make sense to have a “trust.”  However, you have to be mindful of both state and federal laws governing estates.  That is why it’s important to consult an attorney for your estate planning.

A good place to start is to take inventory of your assets.  These consist of your business interests, real estate properties, insurance policies, retirement savings, and other investments.  Answer these three questions?

1. 1. Who will inherit your assets?
2. 2. If ever you’re incapacitated, who do you want to handle your financial affairs?
3. 3. If you’re unable to make decisions yourself, who do you want to make medical decisions for you?

Remember that everybody needs an estate plan and it’s not just for the wealthy.  Inheritance can sometimes be a loaded issue.  So by being clear on your intentions, you can help dispel potential conflicts when you’re gone.

Tags: assets, attorney, estate plan, health-care proxy, inheritance, laws, living will, power of attorney, trust, will
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Protect and Claim what is Rightfully Yours

Sunday, April 19th, 2009

A person with vested interest in a will is someone who should have been considered as one of the beneficiaries or someone who’s already named as a beneficiary on it. In Colorado, any question on will validity should be filed in a probate court within a few days after receiving the notice of death.

There are various reasons why people might want to contest a will’s validity. Some of the common questions are:

· If my name is not in the will and I should have been included, can I sue?

· What are the odds of winning?

· How will the attorney handle my case? Will it be on a percentage basis?

Once a will is contested, the contester’s claims of invalidity must be investigated and the probate process needs to stop for a moment. This will definitely take a lot of time and money, sometimes, even throwing the proceedings completely off schedule.

However, any claim must be thoroughly investigated. Take note that you cannot contest a will just because you think Aunt Jane left so much less money for you than what you deserve. Acceptable objections to contest a will include fraud, will is not updated, testator was unsound during its writing, it was not properly witnessed, or it was written under influence or pressure from another party.

Colorado estate planning attorneys can help address questions pertaining to your specific situation. Contact one today and find out if you have a right to your claim.

Tags: Colorado, Colorado attorneys, Estate planning attorneys, will
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