By admin | October 12th, 2016 | Tags: Estate Planning, Tax Planning | 0 Comments.
Essentials of Estate Planning for Couples
With all the recent news on the Brangelina divorce and custody battle, you begin to wonder if it were to happen to you do you have all of the necessary agreements and estate planning in place to protect your assets. In this case learning by example is so much better than learning by experience.
On the opposite end of the spectrum is Curt Cobain’s daughter, Frances Bean Cobain, where her estranged husband is claiming that Cobain gave him her father’s guitar worth millions of dollars which she refutes; both will spend hundreds of thousands of dollars claiming stake to her fortune, all of this could have simply been avoided by having the right agreements in place.
In the long run it will save you from any battles in court and hold everyone to the agreements made prior to the marriage. Learning by example from the countless celebrity divorces and untimely deaths like Prince, who had no will, help us understand the importance of being prepared for any unexpected changes that happen in life.
The Divorce is Final – What Do I Do Now?
Guardianship and Minor Children
If you currently do not have a trust and you have children, now may be a good to time create one. If anything should happen to you, either a death or mental disability, your ex-spouse will have full custody of the children and whatever you leave to them. Setting up a trust with a beneficiary will give you control on who manages those assets for your children.
Trusts and Other Estate Plan Pieces
If you currently have a trust, that trust stays in effect, if it is a joint trust with your ex-spouse, they remain as a trustee of the trust. Even if your trust discusses what happens in the event of a divorce the automatic revocation law can be applied, you should revoke the current trust and create a new trust that is now tailored to your new goals and situation.
For more information on how you can create an estate plan or revoke one. contact us
By admin | September 15th, 2016 | Tags: Estate Planning | 0 Comments.
There comes a time in everyone’s life when they begin to think about what will happen when they pass away, who they need to protect when it happens, and how they can alleviate as much pain and stress from loved ones as possible. In some cases, clients don’t typically think about it until later in life when they are established and have invested in a number of assets that will need to be disbursed to their children, family or charities of their choosing.
Others wait until they have children who ask the pointed questions about what they would want done. Many times, the planning is put off until it is too late and it can cause unnecessary stress and even destruction in family ties.
Being prepared can provide a sense of security in that you have handled all your affairs and no one will need to pick up the pieces in the event that your passing happens unexpectedly. This can be a tender subject for many people, but none the less needs to be addressed; once it’s complete, you can rest assured that everything will be taken care of exactly the way you wanted. Here are 5 reasons from an attorney’s perspective you should not avoid estate planning any further:
- Fears of Death
The principal impediment clients must work with in building an estate plan is the blended feelings in regards to property exchanges upon their passing. Without an estate plan your assets can go to unintended recipients with pointless tax and liabilities upon your passing. A few clients oppose the process, albeit notwithstanding going to my office is a major stride in estate planning which shows an ability to start a very important conversation. Numerous individuals do estate planning out of commitment, frequently powered by a companion or other relatives. Others don’t share this feeling of commitment and would prefer not to be bothered with it. It is as if talking about estate planning brings an impending doom. Some clients tackle estate planning head-on and report achievements in family communication as well as an incredible feeling of achievement when the records are finally signed.
- Nobody gets a free pass
Death comes to everyone —a few, sooner than others. Nobody is immune from it. The reality of the matter is that tomorrow isn’t guaranteed. In this way, if you aren’t emotionally prepared to acknowledge that one day you will pass away, it will happen, and being prepared for that actually gives you a sense of comfort once it is all done—so if you don’t do it for yourself, do it for your friends and family who will be confronted with settling all the decisions for you when the time comes.
- Planning is for the living.
In the event that you’ve ever lost a friend or family member, you know the agony that can come along with it. The misfortune alone is heartbreaking. Including the choices paving the way until the very end. Selecting a memorial service, entombment, or cremation location, setting up a viewing, paperwork, lawyer bills; it is all very stressful and emotional. Having an estate plan ahead of time, you are able to facilitate and decide much of this on your own behalf and it relieves a painful burden off the people left behind that already have to deal with such a great loss. Estate Planning gives you and those you love, peace of mind.
- No Surprises
Get your trusted friends, family and counsel included in the process. The least amount of surprises to your survivors after your passing, the less risk there will be for disputes or confusion with your loved ones. Estate planning is a good idea regardless of your total assets, because it’s not just about who gets what, but about how things will be handled regarding your burial or cremation plans as well.
- Your estate plan is an arrangement. It can change.
Estate planning is designed to change at any time if need be. Reviewing your estate plan every 3 to 5 years or after any significant life change (e.g. marriage/divorce, passing, birth, huge change in money related circumstance, move or change in property possession) is recommended. You can amend your estate plan at any point during your lifetime and you can draw into your estate if certain things were to happen what should then change. All of these things should be discussed with your estate planning attorney to ensure proper execution Teeple Hall, LLP is your resource for personal and trusted estate planning. Protect your assets, your business, family members, and your wishes. For more information on how to begin setting up your personal estate plan, contact us for a consultation.