Jenny and Bill recently met with their attorney for a review of their estate plan which had been prepared several years ago. They were in their mid-60s and had been very happily married for 39 years. They had three children and seven grandchildren who were all doing well and living productive lives. Bill and Jenny…
Groucho Marx is the poster child for what can go wrong with estate planning. At the end of his life Groucho was placed under legal guardianship, against his will, by a California Court. Last year, there was a disagreement over health care decisions for Casey Kasem, the beloved host of “American Top 40”. How does…
Contrary to the way many people discuss estate planning, it is not an event. It’s not accurate to say, “I’ve completed my estate plan.” Estate planning is not something you do once and forget. Your plan must change and grow throughout your lifetime, or it is unlikely to work when it is needed most! Most…
When people consider estate planning, they often list “avoiding probate” as one of the reasons they need to have a plan. But when you ask “what is probate?” they usually don’t know, but they know it’s “bad”. That message has been impressed on them for many years through books, seminars, and advisors. An estate plan,…
Today it is common practice to use a revocable living trust as the foundation of an estate plan. One of the reasons professionals recommend trusts is so that their clients can avoid the time delays, costs, and publicity of probate. Indeed, a trust that is fully funded (i.e. all assets are under trust control) does…
In the midst of the trauma of divorce, few couples are thinking first (or at all) about their estate planning. But it is very important that your planning be reviewed by your team of advisors, possibly including your attorney, your financial advisor, your insurance professional, and your CPA. All aspects of your financial situation will…
When it comes to estate planning, you will often hear the phrase “title = result.” The phrase means that the ultimate results of an estate plan will depend on how each asset in the estate is titled. If something is titled incorrectly, it will remain outside the control of the estate plan, and will likely…
As American culture changes, an increasing number of unwed couples have questions about how to do estate planning. Planning for an unwed or same sex couple is not the same as planning for two singles. And under most laws in the United States, a “civil union” is not the same as marriage. Married couples enjoy…
You may be surprised by the title’s assertion that nothing has changed in the last 30 years in estate planning. After all, during that period we have seen the rise in popularity of living trust-based planning, and the development of many sophisticated and elaborate planning tools for affluent families. But one thing that hasn’t changed…
One of the main reasons our clients get involved in estate planning is to provide loved ones with protection from claims of future creditors, and “predators” such as divorcing spouses or lawsuits. If you leave your property to your child as an outright distribution, the property will not be protected from these things, but by…