Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys The New Year brings with it a renewed outlook and fresh resolutions. We vow to get organized, eat healthier, and lose those last stubborn 10 pounds. But many of us overlook one simple and practical resolution that could have a profound effect on our lives, not to mention the lives of those we love. What’s that resolution? Create a basic estate plan. It’s not hard to get started. First, find an … [Read more...] about This New Year, Resolve to Plan Your Estate

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys May people might think it is beyond their means to leave a testamentary charitable gift (a gift made after you die) and would be surprised to learn that you don’t have to be wealthy to leave behind a substantial charitable legacy. One way to accomplish this is with an Irrevocable Life Insurance Trust (ILIT). All you need is enough income to set aside a little extra money each month. The great news about … [Read more...] about How Life Insurance Can Fund Your Charitable Legacy

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Every time you turn on the news, it seems like there is a new scam making headlines. By now, we’re all familiar with Bernie Madoff and his infamous Ponzi scheme. Many people have also heard about the “grandparent scam.” In this swindle, the scammer calls posing as the victim’s grandchild, claiming to be traveling in a foreign country and in distress. The scammer convinces the victim to wire them money. … [Read more...] about How to Avoid an Estate Planning Scam

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys There is no question that a Living Trust allows you to avoid probate – if, of course, the Trust is properly drafted and funded. But does this mean a Living Trust is more cost-effective than a Will? Some people say that a Living Trust offers no net savings over a Will. In their opinion, the cost of preparing a Living Trust plus the cost of Trust Administration at death, equals or exceeds the costs of … [Read more...] about Which Costs More: Probate or Trust Administration?

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Although considering the event of one’s own death can be uncomfortable, it’s imperative to start planning ahead and set up an estate plan that will guarantee security for your loved ones. Meeting with a qualified estate planning attorney will ensure you’re informed about the choices available to you, and help relieve some stress knowing your affairs will be in order after your death. For some, this … [Read more...] about Common Estate Planning Terms You’ll Want To Know

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys When hiring an estate planning attorney, you expect this person to help you get all your ducks in a row. It is essential to work with a local attorney who will be able to set up a plan for you that is tailored to your particular concerns and needs. One specific area that requires attention when creating your plan is your service providers. What is a “service provider?” This covers a wide range of … [Read more...] about How to Include Service Providers in your Estate Plan

Facing Reality: The Essence of Family Business Succession Planning Facing Reality: The Essence of Family Business Succession Planning Written By: The American Academy of Estate Planning Attorneys  A simple search online these days can turn up lots of advice regarding the importance and benefits of buy-sell agreements, deferred compensation agreements, and life insurance in family business succession planning. While knowing this information is valuable when thinking about the transition of a … [Read more...] about Facing Reality: The Essence of Family Business Succession Planning

My Will and Trust are Complete, Do I Still Need an Attorney?   Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys   Most people are under the impression that once they’ve created a Will or Trust they no longer require the expertise of an estate planning attorney. Even though you think the initial work is complete, there are many instances down the road when the services of a legal professional may be needed. Periodic Review of Your Estate … [Read more...] about My Will and Trust are Complete, Do I Still Need an Attorney?

Choosing a Trustee: The Relationship Matters   Written By: The American Academy of Estate Planning Attorneys   There are many factors to consider when selecting someone to serve as your trustee. This includes but is not limited to: age, maturity, responsibility, location, and of course, financial acumen. However, many people overlook that the relationship with that person matters as well. A trustee is staffed with the responsibility of managing and distributing assets in accordance with your … [Read more...] about Choosing a Trustee: The Relationship Matters

Written By: The American Academy of Estate Planning Attorneys Every year thousands go on vacation. And they’ve likely planned it to a tee – which hotel to stay at, which sights to see, and they’ve maybe even scouted the local restaurants that are a “must-try” on their trip. But, when it comes to planning, one of the most important, often-overlooked items is making sure your “what if’s” are in order. For example, what if something happens to the … [Read more...] about Planning for a Stress-Free Vacation