Instead of the IRS, Probate Court or a Nursing Home. Attend a FREE SEMINAR to Find Out How a Proper Estate Plan Can Benefit Your Family…

…Seating is limited so follow the link to reserve yours today!

http://www.sinclairprosserlaw.com/local/estate-planning-seminars.aspx

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

Instead of the IRS, Probate Court or a Nursing Home. Attend a FREE SEMINAR to Find Out How a Proper Estate Plan Can Benefit Your Family…

…Seating is limited so follow the link to reserve yours today!

http://www.sinclairprosserlaw.com/local/estate-planning-seminars.aspx

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

One do-it-yourself estate planning strategy is to make beneficiary designations on your bank accounts.  The benefit of beneficiary designated accounts is that they go to whom you name at the time of your death with little more than a death certificate and proof of identification.  This is an option that is often implemented to avoid probate.

In our firm, we believe that the Revocable Living Trust is the most complete estate planning strategy there is.  That may involve making beneficiary designations on certain accounts, however, our reasoning for utilizing this option varies.

Here are some tips to effective estate planning where beneficiary designations are used:

1)      Be careful making a minor a beneficiary- a minor cannot be given money outright and the parent is not automatically entitled to receive the money.  A guardianship proceeding may need to be initiated, which can be both time consuming and expensive

2)      Also keep in mind that a beneficiary of an account or life insurance policy receives the money outright with no limitation.  That means that even an 18 year old can receive $500,000 no questions asked, and is that really what was intended?

3)      IRA’s, 401K’s, annuities, TSP’s, all have special designation considerations, especially for a married person.  Consult with a professional before making these beneficiary designations

4)      Make sure that your beneficiary designations are current- they should be reviewed after any significant change; such as death, divorce or marriage and disability.  We see it all the time; a couple divorces and forgets to change their beneficiary designations on their policy or account and guess who gets the money when that person dies?  You got it, the ex.  The important thing to remember is that beneficiary designation usually trumps everything.

5)      Naming a beneficiary with a disability or special needs can have unintended consequences.  Your “gift” can disqualify them from receiving government benefits.

6)      What happens if you do not have a beneficiary named or you name your estate?  Some people think by naming your estate that that means it will go to your heirs that way and you won’t have to worry about naming someone or making changes as mentioned, but you’ve caused the money to be subject to creditor claims.  So the money that your beneficiaries would’ve received if designated, may now be diminished by your debt.

The bottom line is, be careful of the pitfalls of beneficiary designations or planning without professional advice or supervision.

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

Once you set up your estate plan you can put it aside, pat yourself on the back and congratulate yourself for accomplishing an important step in securing your financial future and the future of your loved ones.  However, every once in a while you will want to pull out your estate planning documents and review them.  My rule of thumb is to review your plan with your attorney every five years.  Some documents, like a power of attorney, should be re-executed to show your intent has not changed.

There are also life changing events that will require a review of your estate plan – such as divorce, the birth of a child, the death of a loved one, moving to another state, marriage, a change in assets and/or a change in your health.  Changes in the law may also affect your estate plan.

Regularly reviewing and updating your estate planning documents will provide your loved ones with a clear, up-to-date plan to carry out when you are unable to act for yourself.  And isn’t that why you prepared the plan in the first place?

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

Incapacity planning is an estate planning technique that every adults needs if he or she wants to stay in control of medical decisions and finances; however, it’s often overlooked.  Take a look at answers to the following frequently asked questions, to learn more.  If you have any questions, or if you’d like to implement incapacity planning, contact an estate planning attorney.

What types of incapacity planning documents exist?

Most people choose to include a living will and power of attorney documents in their estate plan.  Both of these tools allow for an individual to prepare for incapacity so that he or she has control during an emergency situation.  Revocable living trusts also contain incapacity planning.  Without these documents in place, he or she has no protection and the court will intervene.  Court intervention is a total loss of control.

What is a living will? 

A living will is akin to instruction manual during incapacity.  When creating this document, an individual outlines his or her wishes regarding end of life treatments and procedures.  Often times, this includes making choices regarding the use of life support.  A living will prevents loved ones from having to make difficult decisions at the end of an individual’s life.  It also best ensures that the individual’s wishes are respected.

 Why should I have a living will?

You should have this document in place so that you have full control.  If you don’t want a medical professional or your family members to decide what treatments will be used, then you need to plan accordingly.

Can I make changes to my living will?

Yes! As long as you have the mental capacity to do so, you’re able to change your living will and other basic estate planning documents.

Please take a look at our next blog post (part 2 of 2), to learn more about incapacity planning.

If you’d like to begin your incapacity planning, consult with a qualified estate planning attorney.

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

By choosing an executor and successor trustee when planning your estate, you will be able to have control over who is handling your final affairs. Choose trusted helpers who are trustworthy and reliable as well as fully capable of handling all of the duties. Take a look at the following information to better prepare for this decision. If you have any questions about how to choose a great executor or trustee, contact an estate planning attorney.

Fully Communicate All of Your Expectations

Communication is key to a successful estate plan; be sure to communicate what you expect from a trusted helper such as your executor and successor trustee. Explain, or have your estate planning attorney explain, the common duties such as communicating with beneficiaries; keeping detailed records; following court orders; working with the estate planning attorney; protecting and managing financial, real property, and personal assets; paying bills; filing and paying taxes; and distributing assets.

Make Sure Your Trusted Helpers are Ready for the Job

If you want to avoid confusion and delay in the future and want your wishes to be respected, you need to make sure that your trusted helpers are willing and able to serve when needed. Allow each trusted helper to think about his or her decision to accept the job ahead of time, so he or she can decide if it’s the right choice. Always name back-up trusted helpers in case your primary executor or trustee is unable to serve.

Make Sure You’re Making the Right Choice

Before appointing an individual, take the time to fully consider all of your options. This isn’t something that you should rush into. Think about the qualities that each potential trusted helper has and if you don’t have a family member or friend that is a good fit, name a professional trusted helper.

If you need assistance communicating your needs to your executor or trustee, consult with a qualified estate planning attorney.

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

Another year

And we’re still here

As we always plan to be

As your resource

To direct your course

In preserving prosperity

Should you want to establish

A Will or a Trust

Without hesitation

The answer is us!

In Trust Administration

We minimize taxes

To those who are aging

Our guidance relaxes

We’re experts at pre-nups;

And post-nups, it’s true

Business succession planning

We can position for you.

As your estate planning expert

We give peace of mind

Our team stands to serve you

Through the passage of time

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

During the process of creating your estate plan, you will be forced to make difficult decisions.  It’s important to take the time to think about your decisions carefully.

Take a look a look at the following list so that you know what you’ll need to consider before starting your estate plan.  If you have any questions, please consult with an estate planning attorney.

• What do you want to accomplish with your planning?
• Who do you want to pass your assets to?
• Are there any people you wish to ensure will not receive your assets?
• Do you have any specific wishes regarding medical treatments and procedures?
• Who do you want to name as a guardian for your minor children?
• Do you want to appoint an agent to help you make important financial decisions if you’re ever unable to?
• Do you have an opinion about funeral planning arrangements?
• Do you want to make sure that your loved ones will always be cared for financially?
• Do you want to include your pets in your estate plan?
• Do you have ideas of who you would like to manage your estate affairs after you die?
• Do you want to appoint an agent who will be responsible for helping to make important medical decisions, if you’re unable to?
• Do you need to include planning for a special needs child?
• Do you want to leave assets to your children in the form of a protected trust?
• Do you know who you would trust to handle the assets designated for the care of your children?

A basic estate plan consists of a well thought out, integrated plan which should include the following documents:

• Revocable Living Trust. This holds title to your property and avoids probate and public scrutiny of your affairs. It can be extremely flexible and provide direction for your assets and heirs for years to come.
• Will.  At death, this can transfer any remaining assets to your Trust.
• Financial Power of Attorney.  This appoints a trusted person to make financial decisions if you are unable to make them for yourself.
• Health Care Power of Attorney.  This appoints a trusted person to make health care decisions for you when you are unable to make them for yourself.
• HIPAA Power This designates those individuals who are allowed access to your protected health information. Without this important power, a health care provider like a hospital may refuse to provide any information to your family, including whether you are even in their care.

Take the time to think about your estate plan goals.  By thinking about difficult topics, and making important decisions, you will be able to have a plan in place for the unexpected.  If you have any questions about your estate plan needs, or if you’re ready to start your estate plan, consult with a qualified estate planning attorney.

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

Many people consider implementing Revocable Living Trusts into their estate plan.  Are you considering including this estate planning tool?  Take a look at the information below to learn some of the benefits of creating a trust.  If you have any questions or if you wish to create a trust, consult with a qualified estate planning attorney.

• A trust can be used during your lifetime and after your death. This means that if needed, you can allow someone else to help mange your trust’s assets during a serious illness or disability.
• A trust allows you to transfer the ownership of your assets to another individual called a trustee.  This person is responsible for managing your trust’s assets and distributing the assets based on the instructions of your trust.  During your lifetime, you’ll likely serve as the trustee of your own trust.
• In your trust, you will outline who will receive your assets after your death.  You are able to include all the instructions you’d like.  Your assets will be distributed to the beneficiaries you designate in accordance with your instructions by the person you name (successor trustee) to act on your behalf after your death.
• A revocable living trust is a type of trust that you can make changes to or completely revoke at any point during your lifetime as long as you are alive and well.
• Many people choose to incorporate a revocable living trust in their estate plan because it avoids probate.  This can save money, time and can allow the trust and financial information to be kept private.
• You can create a marital trust that can be used to provide asset protection for the assets you leave to your surviving spouse.  You can also ensure that your children are the main beneficiaries of your estate after your spouse’s death.
• You can create a trust for your children.  These assets can be used for the care of your minor children.  You are able to provide specific instructions outlining uses for the funds such as medical expenses, daily care, education, and more.

If you have any additional questions about the need for a trust consult with a qualified estate planning attorney.

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

Estate planning is one place in life where you have the power to alter the outcome. Taking the time to decide who, when and how your money will be handled and who will manage your health care when you are unable to make those decisions for yourself are important choices that you have the power to make.

A well-rounded estate plan includes six documents: a Revocable Living Trust, General Durable Power of Attorney, Health Care Power of Attorney, Living Will, Will and Medical Authorization. A Will is only effective at death; the other five documents have an impact during your lifetime.

Attendance of a Free Estate Planning seminar will help you to realize how vital these estate planning provisions are to the preservation of your estate.

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.