You probably understand the importance of estate planning and the role it plays in your life; however, you may be unfamiliar with the concept of legacy planning. Legacy planning lets you leave behind much more of who you are and what made you the person you are today. The Charlotte legacy planning attorney at the Potter Law Firm explains how to pass down your legacy in your estate plan. Traditional Estate Planning A traditional estate plan focuses on protecting, growing, and eventually … [Read more...] about How to Pass Down Your Legacy in Your Estate Plan
Practical Steps to Take after Receiving a Terminal Diagnosis
Learning you have a terminal illness or condition may cause a variety of emotional reactions, making it difficult to think about practical steps you should take. There are, however, some things you should do to protect yourself and your loved ones. With that in mind, the Charlotte estate planning attorney at the Potter Law Firm suggests some practical steps to take after receiving a terminal diagnosis. Call a family meeting. Everyone handles an impending death differently; however, the entire … [Read more...] about Practical Steps to Take after Receiving a Terminal Diagnosis
Why Your Safety Deposit Box Is Not Safe for Your Will
Executing a Last Will and Testament is one of the best things you can do for yourself and for your loved ones. Once your Will has been executed, you need to keep it somewhere safe. While your initial instinct may be to put it in your safety deposit box, doing so is not the best choice. A Huntersville estate planning attorney at Potter Law Firm explains why your safety deposit box may not be the best place for your Last Will and Testament. Your Will and Other Estate Planning Documents In … [Read more...] about Why Your Safety Deposit Box Is Not Safe for Your Will
How to Make Charitable Gifts
If charitable gifting is an important part of your life, you may want to make it part of your estate plan as well. Charitable gifting can be handled in several different ways in your estate plan. The type of beneficiary, size and complexity of the gift, and the amount of control you want to have over how the gift is used will all impact how you make charitable gifts in your estate plan. To get you started, a Huntersville estate planning attorney at Potter Law Firm discusses how to make … [Read more...] about How to Make Charitable Gifts
Do Not Forget to Review and Revise Your Estate Plan
For your estate plan to continue to protect you and your loved ones as intended it needs to be updated from time to time. Knowing how often to review your estate plan, and when a life event should trigger an immediate revision, is the key to a successful estate plan. The Ashland estate planning attorneys at the Potter Law Firm remind you to review and revise your estate plan as needed. A Routine Review Is Essential You should conduct routine reviews of your estate plan and make any … [Read more...] about Do Not Forget to Review and Revise Your Estate Plan
You Don’t Have to Be Rich to Create a Pet Trust
You may have heard about the estate plans of some very wealthy, high-profile people that pampered their pets. Leona Helmsley was a billionaire that was known as the “Queen of Mean” because of her dismissive attitude and crude statements. She may not have been very nice to some humans, but she certainly had a soft spot for her Maltese, Trouble. Helmsley reportedly established a trust fund for the dog that was funded with $12 million. That made Trouble the wealthiest dog in the world, right? … [Read more...] about You Don’t Have to Be Rich to Create a Pet Trust
What Is a HIPAA Release?
The acronym HIPAA stands for the Health Insurance Portability and Accountability Act of 1996. In this post, we will explain why this piece of legislation is something to take into consideration when you are planning your estate. Advance Directives for Health Care Most people are aware that you arrange for post-death asset transfers when you put your estate plan in place. A lot of people think this is the long and short of it, but a proper estate plan will also address other issues you may face … [Read more...] about What Is a HIPAA Release?
The Importance of Advance Directives for Health Care
A lot of people think that estate planning is all about the creation of a will or trust to facilitate asset transfers when the time comes. This is definitely a large part of the equation, but a well-constructed estate plan will also address end-of-life issues. People often do not pass away after being perfectly capable of communicating sound decisions up until the end. You should certainly account for this when you are developing your estate plan. Advance directives for health care will be … [Read more...] about The Importance of Advance Directives for Health Care
Small Business Succession Planning
Succession planning for small business partners can often be facilitated with a buy sell agreement. The best way to explain the value of this type of an agreement is to provide a simple example. Let’s say that you have one business partner, and the business has been successful over the years. Your share in the business is your most valuable asset. What would happen in the event of the death of you or your partner? If you were to predecease the co-owner, your heir or heirs would own your share … [Read more...] about Small Business Succession Planning
