Each one of us leaves a legacy, either through careful planning, including estate planning, or by failing to plan. What kind of legacy we leave is up to us. The controversial legacy of a lumber tycoon from Michigan has reemerged 92 years after his death. Twelve heirs of Wellington Burt who he never met will be splitting an inheritance of more than $100 million because his will required the bulk of his wealth to remain undistributed in trust until 21 years after the death of the last … [Read more...] about Michigan Man Leaves Controversial Legacy
Just Say “No” to Codicils
A “codicil” is an amendment to a will and they have been used for generations and generations. They are common place. Why are they still used? Because they’ve “always” been used, and what kind of reason is that? When wills were hand-drafted 25 page documents, codicils made sense. When wills were hand-typed, codicils made sense. In today’s word of word processing, codicils often don’t make sense. If you would like to make a change to your will, by all means, do so. Common changes would … [Read more...] about Just Say “No” to Codicils
Likely, a Power of Appointment isn’t what You Think It is
Many people think that a power of appointment is a power of attorney; but, they are different estate planning concepts. In a power of attorney, the principal (i.e. you) authorizes an agent (i.e. trusted loved one) to act on your behalf when you are unable to act or it is inconvenient for you to act. Common types of powers of attorney are for health care, child care, and finances. On the other hand, a power of appointment allows a beneficiary to direct who receives the assets next. A general … [Read more...] about Likely, a Power of Appointment isn’t what You Think It is
Why You Really Don’t Want to Jointly Own Property
The pitfalls of jointly owned property are horrendous. It is likely that the best way to own your property is in your revocable living trust; but, consult with a qualified estate planning attorney to be sure. There are times when tenancy by the entirties property may be worth the perils as long as you consider the costs and benefits when planning. If you own property jointly with your spouse, the property will go to your spouse outright immediately, and by operation of law, upon your … [Read more...] about Why You Really Don’t Want to Jointly Own Property
How to Choose an Estate Planning Lawyer
We know that it is a challenge to choose an estate planning lawyer. You likely want to choose someone who is both compassionate and highly skilled. How do you know if an estate planning lawyer you are considering will fit the bill? To assist you in making your decision, we are providing a list of considerations when choosing an estate planning lawyer. What is the attorney’s reputation in the community? What do the attorney's clients say about the estate planning attorney? Does the lawyer … [Read more...] about How to Choose an Estate Planning Lawyer
If Your Child Is Turning 18
When your children turn 18 it is an exciting time for both them and you. This is when their lives as adults start; maybe they will be going off to college, starting a new job, or moving across country. Although a lot of parents feel a certain amount of sadness when children leave the nest, it is exciting to see the children you raised spread their wings and fly. During this exciting time for your family, there are still some important issues to consider that you may not have thought of. Because … [Read more...] about If Your Child Is Turning 18
Gift Now!
Under current law, the present is a wonderful time for the wealthy to gift. Many wealthy people are taking advantage of current legal conditions to pass along significant wealth now as opposed to waiting until death. However, there is an important caveat: you should only gift assets that you’re completely sure you will never need. If in doubt, do not gift. For those with excess wealth, current law provides excellent incentives for gifting now. For example, in 2011 and 2012, you can gift … [Read more...] about Gift Now!
How Divorce Affects Your Estate Planning
If you are contemplating divorce or are separated or recently divorced, life has not gone as planned. You are likely stressed and feeling overwhelmed. In a way, divorce means starting over. You are now likely making decisions yourself, wondering about your own retirement, and concerned about what life will bring next. Because of all of these changes, you need to update your estate planning. At the very least you will need to consult a qualified estate planning attorney to reevaluate your … [Read more...] about How Divorce Affects Your Estate Planning
Don’t Make These Estate Planning Mistakes (Part 2 of 2)
This is part two of a two part article: “Don’t Make These Estate Planning Mistakes.” In part one, we emphasized the mistakes of procrastinating, not having a will, and being careless with how your assets are titled. Below are three more estate planning mistakes that can wreak havoc on you and your family. Take care to avoid the following estate planning mistakes: Never update beneficiary designations. MISTAKE. You should take care to review and update your beneficiary designations on a … [Read more...] about Don’t Make These Estate Planning Mistakes (Part 2 of 2)
Estate Planning Seminar in Northern Kentucky May 5, 2011
On Thursday, May 5 at 6:30pm, the Potter Law Firm will be hosting a free estate planning seminar for individuals interested in learning more about estate planning options and opportunities. The 90-minute seminar will be held at the Potter Law Firm office at 3940 Olympic Boulevard, Erlanger, Kentucky. (The office is less than a 20 minute drive from much of Northern Kentucky, including Covington, Florence, Union, Fort Mitchell, Fort Thomas, and Newport). Space is limited at the seminar. If you … [Read more...] about Estate Planning Seminar in Northern Kentucky May 5, 2011
