When a loved one dies, you will likely feel overwhelmed, sad, and stressed. You may feel angry and scared as well. All of these emotions are completely natural. Your mind will likely start spinning and you wonder what you should do next. The smallest task may seem insurmountable. Know that you will get through it and that there is no emergency, meaning that you don’t have to get everything done right away. Also, important to remember is that there are many people who will help you. Who to … [Read more...] about Who to Call When a Loved One Dies
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How Estate Planning Avoids Family Feuds
When a loved one becomes sick or dies, family feuds often erupt. Estate planning can prevent many family feuds. Up-to-date estate planning documents Up-to-date estate planning documents go a long way in making your intent clearer and reducing squabbles. Communicate your estate planning goals and decisions Let your loved ones know that you are doing estate planning. You may want to hold a family meeting at home or in your attorney’s office. This is especially important in a blended … [Read more...] about How Estate Planning Avoids Family Feuds
Ethical Wills and Love Letters
Ethical wills and love letters aren’t legal estate planning documents, but they can be just as important. They are really two words for the same thing: letting your loved ones know how you feel about them. One individual, a 44 year old physical therapist, still has scraps of paper that he found after his father’s death 23 years ago. On these small scraps of paper, in his father’s handwriting, were words of praise and a description of how important his son was to him. These scraps of paper … [Read more...] about Ethical Wills and Love Letters
Michigan Man Leaves Controversial Legacy, Part II
In Part I of this post, we discussed the estate planning of a Michigan man who left the vast majority of his fortune in trust to be distributed to his great-great-grandchildren and more distant descendants. This estate planning left him with a legacy of disaffected children and grandchildren, lawsuits, and no idea whether his heirs would use the wealth wisely. What questions should he have asked in doing his estate planning? As it turns out, they are the same questions everyone should ask. … [Read more...] about Michigan Man Leaves Controversial Legacy, Part II
Michigan Man Leaves Controversial Legacy
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
The Negative Inheritance
If your parents fail to prepare for old age and the possibility that they may need extended care at some point, or if you are not prepared to care for your parents, it is very possible that the only inheritance that you will receive is a negative one. A negative inheritance is basically when the cost of caring for an ailing parent exceeds any inheritance that you may receive from that parent when they pass away. The cost to children that care for their aging parents includes not just financial, … [Read more...] about The Negative Inheritance
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
