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Estate Planning Fears that Should NOT Stop You from Planning

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Many people put off their estate planning because of the fears that they have.  These fears should not stop you from doing your important planning tasks.  Not having a plan in place will mean that you and your family are unprepared for the future. Take a look at the information below to better understand some common fears.  If you have any questions about the planning process, or if you’d like to begin your estate planning, contact an estate planning attorney.

  • I’m afraid that estate planning is too expensive. While creating your estate plan is an investment, it should not keep you from planning.   It’s beneficial to work with an experienced attorney so that you have a plan that meets your individual needs.  Know that you will be investing in your future and that any tax related advice is tax deductible on your 1040!
  • I don’t want to think about death. No one likes to think about illness, disability, or death. Unfortunately, these are topics that must be discussed during your planning.  Know that by including these difficult issues in your planning, you will be making steps so that you and your family are prepared for the unexpected.
  • The planning process is too difficult and confusing. With the help of an attorney, you will be able to accomplish all or most of your estate planning goals. Estate planning can be difficult to do on your own, but if you work with an experienced attorney, you will feel more comfortable. Your attorney will walk you throughout all aspects of your plan so that you understand your options and decisions.

Don’t let estate planning scare you.  Take the time to handle your affairs so that you’re able to be prepared for all of life’s difficulties and blessings.  If you have any questions about your estate planning needs, or if you’d like to begin your estate planning, consult with a qualified estate planning attorney.

Davidov Law Group is a member of the American Academy of Estate Planning Attorneys.

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When creating your estate plan, it’s a good idea to discuss your wishes and goals with your loved ones. Doing so will explain your actions and can limit conflicts in the future. Take a look at the information below to better understand the importance of communicating with your loved ones about your estate planning choices.

Many people don’t take the time to explain their actions after creating an estate plan. This can lead to family disagreements that may last a lifetime. Take a look at the following example:

When creating their estate plan, Eric and Janet decided to leave their assets to their adult children, unequally. This did so because they felt that each child had different needs. They wanted each child to benefit in a unique way. Several years later, Eric and Janet died within a few months of each other. After they both died, the children continuously fought with one another because each child felt that their inheritances had been unfair. This led to great conflict and created a lifelong problem between siblings.

If Eric and Janet had taken the time to discuss their decisions with their children, there may have been less anger and confusion when they died. If you’re making a choice that you feel may be questioned, it’s probably a good idea to thoroughly explain your intentions. Remember that money equals love in the eyes of all human beings, whether we can admit it or not.

Many family disagreements occur after the death of a loved one. This is often because of how affairs were handled after the death or how inheritances were received. Take the time to carefully consider your planning choices and decide if it would be beneficial to discuss your choices with your family. It usually is.

If you have any questions about communication your estate plan to your loved ones, consult with a qualified estate planning attorney.

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When you take the time to design your will with your estate planning attorney, you must make the difficult decision of appointing a guardian for the care of your minor children. Many parents struggle with this decision. It’s a good idea to take extra care when making this choice, so that you avoid future conflict. Take a look at some of the tips below for advice on how to avoid conflict when choosing a guardian.

  • What if you’re not sure how your children will feel about your decision?

If your children are old enough, it’s a good idea to include them in discussions related to your guardian selection. You not only want to assure your children that they will always be loved and protected, but you also want to make sure that they will get along with their guardians. Take the time to listen to their opinions on the matter.

  • What if your guardian lives far away?

If you decide to appoint a guardian who lives out of town, it’s a good idea to also name a temporary guardian. This will allow your children to be protected before your guardian arrives. Your children will be cared for by the temporary guardian, until your permanent guardian is able to get to your children. This avoids your children being placed into foster care in the event of an emergency.

  • What if the guardian that you choose is bad with money?

If you’re afraid that your guardian will be unable to manage the money that you leave, you should consider naming another individual to manage these assets. This will allow your guardian to only provide care and physical support, while the other individual will handle financial decisions for your children.

Choosing a guardian is the most important decisions that you will have to make when creating your will. By taking a little extra care, you can avoid future conflicts before they arise. Take a look at our next blog post tomorrow (part 2 of 2), to learn more ways to avoid these conflicts.

If you have any questions, or if you’d like to create your will, consult with a qualified estate planning attorney.

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When creating your will, you must appoint an executor to handle your estate’s affairs during the probate process. This person will be helping you and your loved ones in a number of ways. Are you unsure of the duties that your executor will face during the probate process?

Take a look at some of the information below to learn more. If you have any questions about probate or your executor’s duties, meet with an estate planning – probate attorney.

  • Your executor will be responsible for starting the probate process. He or she will need to submit documentation to the probate court in order to start the proceedings.
  • Your executor must keep in contact with beneficiaries and alert them of their inheritances. He or she will also have to notify creditors of your death.
  • Your executor will need to locate all of your assets. It’s a good idea to provide some instruction to your executor ahead of time. He or she will also have to carefully manage these assets during the process.
  • Your executor must attend all court appearances and follow the instructions that are outlined by the probate judge. Your executor will be responsible for continuously reporting to the court.
  • Your executor must pay all expenses. This includes past debts as well as estate expenses such as attorney fees and court costs.
  • Your executor must file and pay appropriate taxes. He or she may need to get the help of a professional to ensure that the taxes are done correctly.
  • Your executor must distribute the assets to beneficiaries. He or she will follow the instructions in the will and will be supervised by the probate court.

When choosing an executor for your estate, it’s important to understand the duties as well as the probate process. You want to make sure that your executor is able to handle all of the duties so that your estate is handled with care.

If you have any questions about choosing an executor or understanding the probate process, consult with a qualified estate planning attorney.

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An “I love you” will is a very simple will wherein all assets go to the surviving spouse and at the spouse’s death, to the children. Although the “I love you” will is commonly used by general practitioners and may make sense on the surface, but to clients it holds many perils.

Benefits of the “I love you” will

  • It’s inexpensive to create.
  • You can appoint guardians for minor children and an executor.

Perils of the “I love you” will

  • It doesn’t control most property owned by married couples. It doesn’t control jointly owned property, beneficiary designation property, in trust for property, or payment on death or transfer on death property.
  • It doesn’t include federal estate tax planning.
  • It doesn’t include incapacity planning.
  • There are no provisions for asset protection for beneficiaries.
  • The will guarantees probate which is expensive, time consuming, and public.
  • There is no pet planning.
  • Children will likely be unintentionally disinherited upon remarriage.
  • If doesn’t address blended family issues.
  • It provides no guidance.

A better estate planning solution

For a few folks, the “I love you” will is appropriate. For most folks a revocable living trust would be a better fit. A revocable living trust works in conjunction with a pour-over will. The pour-over-will is a special will that names guardians, appoints an executor, and names the trust as its only beneficiary.

Revocable living trust benefits

  • Controls all property funded into the trust.
  • Includes federal estate tax planning.
  • Includes incapacity planning.
  • Provides asset protection for lifetime beneficiary trusts.
  • Avoids probate when fully funded.
  • May include pet planning.
  • Avoids unintentional disinheritance.
  • Can provide for second spouses and children from a first marriage.
  • Provides explicit instruction as to what your trustee should do and when she should do it.

If you have questions regarding the use of an “I love you” will, consult with a qualified estate planning attorney.

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Instead of choosing an assisted living or long term care facility, many families decide to share caregiver responsibilities in order to help out a loved one with his or her needs at home. It can be extremely frustrating and stressful serving as a caregiver.

Take a look at some of the tips below for advice on how to be a good caregiver. If you’d like to discuss assisted living and long term care or caregiver options, meet with an elder law attorney.

  • Ask for help. It’s important to share the responsibilities of being a caregiver. With the support of family and friends, you can help to care for your loved one more easily. Don’t be afraid to ask for assistance!
  • Give yourself breaks. It’s important to remember to take care of yourself. You won’t be able to handle your caregiver responsibilities well if you’re stressed out all of the time. Schedule breaks in your day to focus on yourself.
  • Allow your loved one to handle some tasks on his or her own. Your loved one may still be able to handle some things independently. This will allow your loved one to feel as if he or she is able to do some things independently. This also includes allowing your loved one to make some decisions.
  • Join a support group. There are many caregiver support groups. You can seek the advice and support of other caregivers. You can also learn new ways to handle your many responsibilities.
  • Be involved in your loved one’s health. It’s a good idea to ask your loved one’s doctor about care advice. Learning about a specific illness or disease can help you assist your loved one more easily.

If you have additional questions about serving as a caregiver or if you need long term care advice, consult with a qualified estate planning attorney.

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Probate terms can be confusing because you don’t use them in every day conversation.  Probate terms are likely additionally confusing because you are exposed to them in a time of great loss and mourning.  When a loved one dies, it is a difficult time to be learning anything, let alone legal lingo.

Here are some probate terms.  We find it helpful for clients to have information in writing and to be able to refer back to it as needed.

  • Probate is the court process of validating a will.  It also refers to the administration or winding down of a decedent’s estate.
  • Executor is the person who is in charge of winding down the decedent’s financial life and settling the estate.
  • Administrator is the person who carries out the executor’s duties if the decedent died without a will.  The court appoints the administrator.
  • Per stirpes is a form of distribution to beneficiaries.  If a beneficiary is deceased, his children step into his shoes, so to speak, and inherit his share.
  • Bequest is a gift of personal property in a will.
  • Devise is a gift of real estate in a will.
  • Beneficiaries are those people named in a will who are entitled to receive assets.
  • Administration expenses are probate expenses which include legal fees, accounting fees, appraisal fees, asset maintenance fees, disposition fees, and distribution fees.
  • Codicil is an amendment or revision to a will
  • Federal estate tax is a tax on the transfer of wealth.  It is based on the value of the decedent’s estate at death.
  • Federal estate tax return is also known as the 706.  The federal estate tax return must be filed if the decedent had a federally taxable estate and/or to preserve the right of the surviving spouse to use the decedent’s unused unified credit amount.

If you have questions about these probate terms, consult with a qualified estate planning attorney.

Davidov Law Group is a member of the American Academy of Estate Planning Attorneys.

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There are various things that you’ll likely want to consider when entering the estate planning process. It’s important to make sure that you have proper plan in place so that all of your needs, as well as those of your family, are met. If you are new to estate planning, look at the following list of do’s and don’ts. If you have questions about your individual needs, meet with a qualified estate planning attorney to discuss your options.

Do create a plan early in life. Many people put off their planning and then never get the chance to do so. If you’re age 18 or older, you need your own estate plan.

Do include medical planning in your estate plan. This will protect you during illness and disability.

Do create a will. This will allow your assets to be distributed as you wish and will allow you to appoint a guardian to care for your minor children.

Don’t attempt to do your own estate planning. You can make serious errors that will have negative effects on your estate and your life.

Don’t forget to review and update your plan. Your plan should be reviewed every 3 to 5 years, or sooner if life changes occur. This also includes updating beneficiary designations for assets such as your retirement account and life insurance policy.

Do choose responsible and trustworthy trusted helpers. This includes possible guardians, executors, trustees, and power of attorney agents. You want to make sure that your affairs are handled appropriately and with care.

Don’t forget to tell your loved ones that you’ve taken the time to plan. An estate plan is only effective if your loved ones know that it exists.

Do include funeral planning in your estate planning. This can ensure that your funeral wishes are followed as well as help to minimize family disagreements.

Do ask your attorney questions about your plan. It’s important to make sure that you understand all aspects of your estate planning!

Don’t attempt to change your estate plan before seeking professional advice. This will help to minimize mistakes. Don’t ever write on your original documents.

If you are ready to make your estate planning goals happen, consult with a qualified estate planning attorney.

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Are you aware that a will can be challenged? If something was done wrong when the will was created, you may find the need to contest it. There are various reasons why a will may not be valid.. If you have additional questions about how to contest a will, consult with an estate planning attorney.

  • A will must be signed pursuant to state law. If a will was not signed by the testator (i.e. the person making the will) and witnesses according to the state laws, it can be considered invalid. Many wills are contested for execution errors.
  • The testator must have had legal capacity to sign the will. A testator must understand what he or she is doing when signing a will, be able to identify the natural beneficiaries of his bounty, and the extent of his assets. Laws are very strict regarding this aspect of a will contest. It’s important to note that just because a person shows signs of dementia, does not mean that he or she did not have the legal capacity to sign a will.
  • A testator should not be influenced into creating a will or into including specific terms. If someone put extreme pressure on the testator so that he or she created a will in a specific way, this may be grounds for a will contest. It’s important to note that an individual nagging about getting a will is not enough for a successful will contest.
  • A will is invalid if fraud occurred. If a will has been subject to fraudulent activity, it may be contested. This may include changing terms of a will or adding new pages.

If you feel that a will is invalid, it’s important to seek legal guidance. If you have questions about how to contest a will, consult with a qualified estate planning attorney.