Estate Planning

There may be many frequently discussed components of estate plans, including the division of assets from your home, to your bank accounts, to family heirlooms and of course, for the parents of minor children, designation of a guardian and assets for the children. Have you considered, however, how your four-legged or other beloved pets will be provided for? Let us discuss three reasons to consider a pet trust in your estate plan.

1. A pet trust can help  prevent your pet from being placed in a shelter. Unfortunately, when the disposition of a pet is not provided for in the owner’s estate plan, the pet may end up in a shelter with an unknown future. By creating a pet trust, as the owner, you can provide that your pet’s care be entrusted to a friend or family member, who has agreed to become your pet’s new owner, or you can designate a caretaker to be overseen by the trustee of your estate.

Have you remarried after being widowed? If so, you may have special considerations for updating your estate plan that would not apply if your former spouse was still living and you had been through a divorce. Let us take a look at seven questions to ask your attorney before updating your estate plan after remarriage if you are a widow or widower. Have you remarried after being widowed? If so, you may have special considerations for updating your estate plan that would not apply if your former spouse was still living and you had been through a divorce. Let us take a look at seven questions to ask your attorney before updating your

Do you have an estate plan and think that is enough to avoid probate? You might want to think again. Many people are under the impression that because they have a carefully written will, or because they do not have large investment accounts, their estates will not have to go through the probate process. This is not always true.

Parents typically use a 529 savings plan to fund their child’s college education. Did you know, however, that there may be more ways to use a 529 savings plan? In fact, there can be many other ways to make the most of a 529 savings plan that can actually increase the amount of money available to spend on education. One of these is funding a 529 savings plan with the intent of making it part of your estate plan rather than using it in the near-term future.

Did you know that only about forty percent of Americans have an estate plan? This may be the result of the misconception that estate planning is only for the old or the wealthy. It may also be due to not making estate planning a priority on a to-do list. Did you know, however, that without an estate plan, your estate may be headed to probate court, a costly and time-consuming process? Let us discuss three reasons why you may need at least a Last Will and Testament.

An estate plan may not be the most exciting plan to be made in the New Year, but it can be one of the most important. Estate plans usually involve putting legal documents in place regarding how your assets will be handled and distributed in the event of your death. Did you know that a trust is a very common estate planning vehicle used to serve a variety of purposes? Trusts can be both versatile and customizable, therefore, it is important to work with an experienced estate planning attorney to help you create a trust that will work best for you.

Depending on your assets and your goals, you may decide to create a trust in your will to go into effect upon your death, which is a testamentary trust.  On the other hand, you may create a trust to hold some or all of your assets now, which is a living trust or inter vivos trust.

Are you married with children? Are you a solo parent? Due to any number of reasons, estate planning is likely a topic that weighs heavily on your mind. Choosing an estate planning attorney in your area to guide you through the process can be a good way to ensure that the burden is somewhat lightened. Your estate plan needs to reflect what you want for your children. Whether you are widowed, were never in a relationship with your child’s other parent, or pursued parenthood on your own by choice, take special care to find an estate planning attorney experienced in working with solo parents for the smoothest path forward.

 In a situation where you are your child’s only legally recognized parent, the right estate planning attorney can help you make contingency plans in the event that you unexpectedly pass on.

Did you know that there are three types of property that can transfer through a will? These include: real property (also called real estate), intangible personal property (like cash, bank accounts, retirement accounts, insurance policies, etc), and tangible personal property. Tangible, meaning “perceptible by touch,” refers to all the stuff we own, for example, jewelry, vehicles, clothing, furniture, art, dishes, electronics, musical instruments, and more.

Many people have specific wishes regarding how their tangible personal property will be distributed among beneficiaries. In some states, an itemized list will be included as specific bequests in the will. In most states, the law allows an individual to itemize some or all of their tangible personal property in a separate written list or statement, specifying who receives which item.

Are you prepared for Medicare open enrollment? If you or a loved one are enrolled in Medicare, now is the time to review your healthcare plan and your medical needs to see if you need to make changes to your current Medicare coverage. 

Every year in September, Medicare plans send out an Annual Notice of Change letter or an Evidence of Coverage letter outlining your plan benefits and notifying you of any changes to coverage.  It can be important to review these notices closely because Medicare insurance policies make changes every year.  Those changes may include changes in premium pricing, co-pay amounts and requirements, or even changes in coverage. 

It is also important to spend some time thinking about your own healthcare needs for the year as you prepare for Medicare open enrollment.

Planning for death or incapacity may not be something that is typically on the forefront of our minds and can often be pushed to the backburner as we tackle our daily lives.  Have you considered, however, the fact that the COVID-19 crisis and the risk it has imposed on many members of the community may have forced more Americans to face the reality that they should make sure they have a plan in place for the possibility that they suffer a tragedy such as a severe case of this new virus? 

Every year in October is Estate Planning Awareness Week, and estate planning practitioners try to raise awareness of the importance of creating a comprehensive estate plan and executing key documents meant to protect you, your family, and your assets in the event of your death or incapacity.  This year, in light of the pandemic, the week seems to hold extra significance.

Due to social-distancing and other restrictions imposed as a result of COVID-19, it may be even more difficult for families to gather and make financial and healthcare decisions during a crisis.  This may be one reason why now, more than ever, it can be essential to have a comprehensive estate plan in place.

Recent events are causing many of us to consider our mortality and how we can ensure our loved ones are taken care of, especially if the unexpected happens. Life insurance can be an affordable way to provide for our children, a spouse, a sibling, aging parents, and other loved ones. Life insurance can provide heirs numerous benefits: extra income to help pay ongoing household bills; funds to pay off a mortgage, credit cards and other debt; money to pay for college, or money to pay funeral costs and other final expenses. For business owners, life insurance also plays a vital role in business succession planning.

A simple way to determine the amount of life insurance needed for income replacement purposes is to multiply the annual income to be replaced by the number of years it will be needed.
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