“Pay Attention to Your Beneficiary Designations” by Attorney Colleen Sinclair Prosser

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

1)      Marriage.   Marriage can automatically give each spouse some rights in each other’s property.  However, marriage does not automatically change your will or trust to provide for the new spouse.  It is important to examine your estate plan in light of the new situation and your mutual and separate goals.

2)      Divorce.  Divorce is particularly disruptive to an estate plan.  Goals which you had before, such as providing for the now ex-spouse probably have to be changed.

3)      Birth or Adoption of a Child.  The addition of a new family member can radically alter your estate plan.

4)      Illness.  If you or one of your family members becomes seriously ill, you may want to consider changing your estate plan to reflect their increased needs.  For example, if a loved one now has special needs, you can leave assets in a trust that will not disqualify him or her from receiving government benefits.

5)      Change in Feelings about Family and Friends.  With the passage of time, you learn more about yourself and others.  For example, you may decide your brother John, who lost everything in Enron and WorldCom, may not be the best selection to manage your assets.

6)      Change in Tax Laws.  As we all know, Congress rarely leaves tax law alone for long.  Changes in tax law can mean your estate plan no longer accomplishes its goals.

7)      Change in Non-Tax Laws.  Periodically, state legislatures change substantive non-tax laws.  These laws may affect who gets your property or how your trust may be managed.

8)      Inheritance. If you or your spouse have received or expect to receive a significant inheritance, there may be new opportunities to reduce taxes or provide creditor protection.

9)      Change in Assets.  A significant change in the nature or extent of your assets may give rise to different estate planning options.  For example, the acquisition of a farm or business may raise issues of succession planning and discounted gifting.

10)  Change in Residence.  While estate planning documents typically are valid from one jurisdiction to another, each state has its own peculiarities.

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

“Top Ten Reasons You Need to Review Your Estate Plan” by Attorney Nicole Livingston

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

The coordination of your estate plan is a concentrated undertaking that requires a network of professionals. All the necessary components must be in synch so that your plan will work for you at different stages of your life and beyond.

An estate planning attorney plays an important part in the creation of your estate plan.  Their main role is the preparation of the estate planning documents: a last will and testament, trusts, powers of attorney, and health care directives.  They will also advise you on estate tax implications, titling assets and designating beneficiaries on life insurance and retirement plans.  Preserving assets for long term care is another important aspect to consider.  Often times the attorney will consult with other professional advisors to develop a comprehensive estate plan for you.

An accountant or a CPA is one of the professionals whose input may be needed in developing your estate plan.  The accountant will have your income tax records, will know the basis of your assets, as well as your tax rates, and potentially the tax rates of your beneficiaries.  Additionally, they will have knowledge of the income tax laws in other states to determine if you will save taxes by relocating to another state.  All of this information is important in planning to reduce or eliminate taxes.

A financial advisor is another professional that is part of the estate planning team.  The financial advisor will have a good handle on your investments and your cash flow.  Most clients meet with their financial advisor one or two times a year to discuss their financial goals.  It is likely that people will meet with their financial advisor more frequently than they meet with their estate planning attorney, and the financial advisor will have a better handle on the financial affairs of the client.  Often, a financial advisor will refer one of their clients to our law firm for the preparation of estate planning documents. One of the responsibilities that a good financial advisor will take seriously is to make sure their clients have implemented a will, trust, power of attorney, and health care directives.  Once your estate planning is in place, you will work with your financial advisor to make sure the beneficiaries of your retirement plans are in good order.  The attorney will make recommendations as to how the beneficiaries should be set up, and then it is the financial advisor’s role to implement those recommendations by properly designating the beneficiaries on the accounts.

Because insurance also plays a key role in estate planning, it is important to have an insurance agent that you trust who will implement insurance as needed for the estate plan.  Life insurance will be needed throughout your life, but at different stages the needs for insurance will be different.  Therefore, you want to meet with your insurance agent to keep your life insurance up to date.  The insurance agent is also able to advise you on your need and amount for long term care insurance, which pays for expenses if you need care at home, in assisted living or in a nursing home.

Just having a will or trust in place is not enough to ensure a complete and comprehensive estate plan.   To guarantee your estate will be intact for your loved ones, you need a team of professionals to assist you now and throughout your entire life.

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

“Your Estate Planning Team” by Attorney Colleen Sinclair Prosser

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

Don’t forget to tune in today to WNAV Radio on 1430 AM or 99.9 FM @ 3:50 pm to listen to “Your Estate Matters” with Attorney Colleen Sinclair Prosser.  The topic is “Your Estate Planning Team”

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

The presentation establishes the necessary components of an effective estate plan. The seminar is presented in a case study format profiling the life of Bill and Mary Jones. Several scenarios are used to relay the impact of estate planning issues relating to probate, disability due to incompetence, protection of government benefits for special needs loved ones, second marriages, unmarried couples, minimization of federal estate tax and preserving the family legacy. Wills, living trusts, powers of attorney and health care directives are all represented in the presentation, as well as long term care and Medicaid planning. At its conclusion, the audience will have a clear understanding of their estate planning options and be equipped to make the choices needed for themselves and their loved ones. You won’t want to miss this seminar – it’s informative and easy-to-understand!

TO RESERVE YOUR SEATS AND FOR DATES, TIME AND LOCATION VISIT http://www.sinclairprosserlaw.com/local/estate-planning-seminars.aspx

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

Over the 22 years of practicing law I have met with many people and have reviewed their financial affairs. Although I am not a financial advisor and I do not sell insurance, I believe insurance and financial planning play an important role in protecting you and your family.

There are many types of insurance and I do not have enough time to provide a comprehensive overview of the ins and outs of insurance, but let me talk briefly about several types of insurance in estate planning.

I see life insurance in just about every estate I work with. Life insurance has many applications including funeral planning, or debt planning for paying off a mortgage or car loan.  Life insurance can also provide liquid funds for the surviving family.

Long term care insurance is another insurance product I frequently address in estate planning.  I highly recommend everyone consider how they anticipate paying for long term care costs.  Long term care insurance is one option.  Whether you will be cared for at home, in an assisted living or in a nursing home, planning for how the care will be paid for is important.    Long term care insurance can go a long way in preserving your estate.

Liability insurance is another insurance product I regularly recommend to my clients.  Many people tell me they want to protect themselves from law suits.  However it really is not appropriate for most people to do sophisticated asset protection planning with vehicles such as “off shore trusts”.  If this is a concern for you, then a meeting with your insurance agent would be beneficial.  At that meeting you will want to review the insurance you have in place for your home and your automobiles.   You will also want to consider an umbrella policy, or a personal liability policy, to insure you in areas where your homeowners and auto insurance does not.

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

If you haven’t yet taken the time to create an estate plan, you may assume that you don’t really need a plan.  Many people incorrectly assume that a plan is not needed; but, the truth is, it is!  Take a look at 3 more reasons why most people need an estate plan.  If you have any questions, or if you’d like to commit to your estate plan affairs, contact an estate planning attorney.

• A plan makes it possible to avoid probate. Many people have intentions of avoiding the entire probate process. This is because it can take a long time, cost a lot of money, and makes your affairs public.  If you want to keep all of your affairs private and make sure that your loved ones will receive your assets quickly after your death, you may want to include probate avoidance techniques with the use of an estate plan

• With a plan, it’s possible to protect loved ones with special needs.  This makes it possible to leave a protected inheritance behind, so that you can ensure that a loved one is always cared for.  If you have a loved one with special needs, you can utilize special needs planning techniques to ensure that your loved one has the support that is needed, without sacrificing his or her Government benefits.

• You can use planning to prepare for future costs. An estate plan is not just about protecting yourself today or making sure that you affairs are handled after death.  With a plan, you can prepare for future expenses, before they occur. Have you taken the time to consider retirement planning or long term care planning?  This is an important aspect of estate planning, that many people need to consider.

These are six reasons why you may need estate planning. Don’t put off your planning.  Make sure that you’re always protected throughout life’s many misadventures.

If you have any questions about your estate plan needs, consult with a qualified estate planning attorney.

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

A Power of Attorney is a legal document that only works for you while you are alive. You name a person, usually a family member or friend,  to step into your shoes to handle your financial or medical affairs when you are unable to do so yourself.

Did you realize that you can not automatically access your spouse’s IRA or TSP if they are incapacitated? You do not want to go to court to access these accounts. If you have to file a guardianship, it is five times more expensive and time consuming than creating a Power of Attorney. You have to report to the court how you are spending the money by filing an accounting with the court every year.

It is well worth your time to contact us and have an Attorney prepare a Power of Attorney for you. Everyone over 18 years old should have one.

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