
Wednesday, February 10, 2010
Former Chief Justice - Relying on do-it-yourself documents

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Tuesday, February 9, 2010
Jimi Hendrix - Never Wrote Will

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Monday, February 8, 2010
Madam C.J.Walker - Entrepreneur Legacy

How many of us know Madam C.J. Walker? She was born in 1867 and became an American businesswoman, hair care entrepreneur, tycoon and philanthropist who made a way out of no way to accomplish what many only dreamed about during her time. She made a fortune by developing and selling beauty and hair products. She founded the Madam C.J. Walker Manufacturing Company to sell hair care products and cosmetics. She used her company to build wealth and to promote economic opportunities for others. She provided jobs to many during her lifetime and gave to charitable institutions. Upon her death in 1919, she left two-thirds of her estate to many educational institutions and charities all of which still exist today because of this type of philanthropy.
Because Madam C.J. Walker did plan for the transfer of her wealth upon her death, her legacy lives on today in her great-great-granddaugher's ability to share her ancestor's story through her books, writings and speakes. Leave your comments here or contact us at
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Wednesday, February 3, 2010
Wills of the Rich and Famous

Last night as I was looking at Jeopardy this post came to mind. The question was "At his death in 1790, he left 200 year trust funds to the cities of Boston, MA and Philadelphia, PA?" Do you know the answer? It was Benjamin Franklin.
Franklin decided to leave funds to his native Boston and his adopted Philadelphia, on the condition that it be placed in a fund that would gather interest over a period of 200 years. Franklin's Philadelphia trust was used for a variety of loan programs to local residents. The money was used mostly for mortgage loans. When the trust came due, Philadelphia decided to spend it on scholarships for local high school students. Franklin's Boston trust fund was used to establish a trade school that, over time, became the Franklin Institute of Boston.
In this case, Franklin invested a small amount that accumulated a lot over a long period of time and made a difference in the lives of countless individuals. Rich or famous, a little or a lot, let us help you plan TODAY for tomorrow. Leave your comments here or contact us at www.ythlaw.com
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Monday, February 1, 2010
Black History Month
As we also usher in Black History Month, I encourage everyone to learn something new this month about the contributions made by African Americans to this country. Everyone benefits from the contributions of others. All ethic groups help to make this country great. Each month serves as a time of reflection, whether it is Black History Month, Women's History Month, Irish American Heritage Month or American Indian Heritage Month. How do you celebrate your heritage?
Plan now, your legacy depends upon it. Leave your comments here or contact us http://www.ythlaw.com/
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Friday, January 29, 2010
The Gifts That Give Back
First, you want to make sure your charity is qualified by the IRS as a charity. The charity should provide you with the documentation if the status as a charity is unclear to you.
Secondly, when you contribute to a qualified charity, you are entitled to an income tax deduction based upon your income and the amount of the contribution. You can also set up charitable trusts that allow you to give stock, real estate or other property to a charity while you continue to benefit from the asset during your lifetime. These trusts are referred to as split interest trusts because the charity and you benefit.
In addition, you must make sure to maintain adequate records. Regardless of the amount of any contribution, you must substantiate that it was made. This can be done by retaining the canceled check, bank record, or any written communication from the charitable organization that shows their name, the date, and the amount of contribution.
Also, your charitable giving could serve as your legacy. If you have a lifetime passion or interest in something, then you could give to a charity that might represent that passion or interest. For example, some people may have been photographers, artists or collectors. You could give your collection to a charitable organization in order to create or preserve your legacy.
Finally, you may choose to set up your own charitable organization. An individual or a family could set up a private foundation to give money to other charities. A private foundation can serve to transfer assets to the next generation. This is accomplished by involving the younger generation in the foundation’s administration, management, and grant making. Children can learn about and engage in philanthropy at an early age.
Leave your comments here or contact us at www.ythlaw.com
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Wednesday, January 27, 2010
Multiple Streams of Income Helps Create Wealth
Share your comments here or contact us at http://www.ythlaw.com/
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Monday, January 25, 2010
Incentive Trusts

We all may know situations where children have encountered problems including drug, alcohol or gambling addiction. How can that be handled when you are no longer available to help them? The Incentive Trust can be there for them to get the necessary help. It can also serve to teach children to be fiscally responsible. If they "earn" their own money, the trust could match their earnings. The options are as limitless as the situations that exist.
Leave your comments here or contact us at http://www.ythlaw.com/
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Friday, January 22, 2010
Selection of Trustee - Final Note

PROS:
(1) A financial institution has longivity. Unlike individuals, you do not have the issue of incapacity or death.
(2) A lot of time does go into training and education in the specific area of trust and financial management.
(3) Generally, you have more focus attention to one area. There are departments for each area of expertise with individuals trained in that area of focus.
(4) Financial institutions have the resources to deal with complex matters and serve to be the deep pocket if anything should go wrong with trust management.
CONS:
(1) Financial institutions are subject to merger and closure as we have seen over the last 18 months.
(2) The fees charged by financial institutions are of significant concern to many.
(3) You have to have resources at a certain level in the trust for a financial institution to become your trustee.
(4) Beneficiaries can find working with a financial institution to be a little impersonal with specific individuals handling the trust subject to change at any time.
So, for choosing a trustee make sure you do your homework thoroughly. Seek professional guidance in the selection process. Leave your comments here or contact us at http://www.ythlaw.com/
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Thursday, January 21, 2010
Selection of Trustee - Continued

As discussed, the selection of those to serve in a fiduciary capacity is a very important decision and serves to protect your assets and distribute them in the manner you would desire. A professional advisor could be an attorney, accountant, insurance agent or financial advisor.
The PROS for selecting a professional are:
(1) they understand the laws under applicable to fiduciaries and trust management
(2) they have served to provide you guidance in your estate affairs and therefore understand your specific wishes and would be in a better position to deal with conflict among beneficiaries
(3) in addition to the laws governing those acting as fiduciary, generally their profession, ie attorney, has an additional code of ethics and professional responsibility imposed upon them when acting on your behalf.
The CONS are:
(1) there is a cost for professional advisor's to serve
(2) they may not have the back up staff to serve if the professional advisor should become incapacitated.
Leave your comments here or contact us at http://www.ythlaw.com/
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Wednesday, January 20, 2010
Selection of Trustee

Today my discussion will center on the selection of family members or close friends as trustees. Any one who serves as a trustee does so in a fiduciary capacity which means the role is govern under the laws pertaining to fiduciaries. What are the pros and cons of selecting family members or close friends as trustees?
PROS:
(1) Generally the fee for the service is nominal or none. Family members are often times beneficiaries under the trust and so therefore would not also charge a fee for managing the trust. Family friends agree to serve to be of assistance and may only expect to get reimburse for expenses incurred on behalf of the trust.
(2) Family members and friends know the beneficiaries and understand the needs. They understand the dynamics of the family relationship and the intent/desire of the person creating the trust.
(3) Knowledge of the trustworthiness of family members or friends is known through experience. The person creating the trust will choose family members or friends who have already proven their loyalty and trustworthiness.
CONS:
(1) Family members or close friends probably will not be familiar with the laws applicable to Trust or Fiduciaries. They are govern by these laws and must become familiar with them so that they are not in violation and subject to fines and penalties.
(2) Sometimes the closeness to the beneficiaries can cause a conflict and make it difficult for the trustee to make the tough/unpopular decisions.
(3) What if the trustee were to become incapacitated or die? This is always a potential issue for longer term trusts with individuals as trustees.
Understanding the pros and cons will help you decide how you might want to proceed with appointing individual trustees. Tomorrow, I will discuss having professional advisors as trustees. Leave your questions or comments here or contact us at http://www.ythlaw.com/
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Tuesday, January 19, 2010
ESTATE - What Does it Mean?

Well, her son's concerns were expressed as follows:
"My mother does not have an "estate". There is nothing "complex" about what she has. Therefore, she does not need any "estate planning". Her children can take care of her affairs for her."
My answer to him was to help him understand just what an "estate" is. So, I said:
"Your mother's "estate" is not just about tangible things but the intangible as well. On the tangible side, she has (1) her home which is very valuable - great location, well maintained and no mortgage; (2) her original art work and (3) some antiques. On the intangible side, she has (1) one child in transition after a divorce and needs to have a place to stay with her children; (2) her other children whom she would like to leave an inheritance; (3) her passion as an artist that is also a part of her legacy. More importantly, your mother would like for her wishes to be known and not have her children in disagreement over the handling of her affairs."
I encourage families to sit down and discuss these matters because he represented what could happen if there are no plans, children second guessing the wishes of their parents. With an estate plan there is no second guessing.
Leave your comments here or contact us at http://www.ythlaw.com/
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Monday, January 18, 2010
Martin Luther King Holiday

When I think of legacy in its broadest sense, it is about those intangible things we leave behind. The legacy of Martin Luther King is one of Peace, Social Change, Justice, Non-Violence and Equality. Each of us has a legacy big or small that makes a difference for the next generation, whether it is your nation, your community or your family. Think about it!! Plan for it!! YOU MATTER!!
Celebrate this day in your own way to honor one man's legacy!!!
Thursday, January 14, 2010
An Earthquake's Unimaginable Devastation

The pictures, the stories, the men, the women, the children, the lost of human life moves me to do whatever I can to help. Even with this blog to express my thoughts to others who also might want to help. If you want to make the world a better place... This act of nature requires us to respond with our humanity. Those who still live (the injured, the hungry, the thirsty) are stretching out their arms to us, to the world for help.
Let us all be moved to action at this time of unimaginable need.
Tuesday, January 12, 2010
Your Taxes - What to do in 2010

I thought this CBS Moneywatch.com article was informative and thought I might share it here. Learn about ways to at least lower your taxes this year as we all wait for our economy to improve.
http://moneywatch.bnet.com/retirement-planning/article/lower-your-taxes-in-2010/374073/
Share your comments here or contact us at http://www.ythlaw.com/
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Monday, January 11, 2010
A Friend's Death

Carole I. Smiths' legacy will live on in her daughter who has her own unique way of addressing those issues her mother found important. I have watched the relationship among mother and daughter and realize that their relationship and what Carole leaves to her daughter is what I seek to accomplish in an estate planning law practice.
I pause and give my condolences to the family.
Friday, January 8, 2010
Durable Power of Attorney

In my practice, I counsel my clients to maintain their documents in one of 2 places, a safety deposit box or a safe at home that is waterproof and fireproof. My clients had followed that advise. With the Durable Power of Attorney, also referred to as the General Power of Attorney, it is important to have more than 1 original, 3 is preferable. Fortunately, for my clients' daughter, I maintain one of the 3 originals. Without the power of attorney, the daughter would have had to institute costly guardianship procedures in order to handle her father's affairs. Her parents' advanced planning alleviated that expense.
It is important to seek legal advise and guidance because it is not just the preparation of documents that is important but the details of the process. Our experience dictates the importance. Leave your comments here or contact us at http://www.ythlaw.com/
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Thursday, January 7, 2010
Federal Estate Tax 2010 Repeal

Well, it is 2010 and Congress did not enact an extension of the estate tax before December 31, 2009. Accordingly, there is now a one-year repeal of the estate tax for 2010, subject to future Congressional action that might reinstate the tax at any time which makes advice and planning a guessing game.
It's very important to be aware that this repeal is temporary; the entire law "sunsets" (expires) after December 31, 2010. This means that the tax structure as it existed in 2001 will take effect again. Therefore, in 2011, Federal estate tax will be assessed on property valued in excess of $1 million with a maximum tax rate of 55%.
Very few people have estates large enough to be affected by the rules recently repealed but many more will be affected if it reverts back to the 2001 standard. Leave your comments here or contact us at http://www.ythlaw.com/
Wednesday, January 6, 2010
"Baby-Oil Heiress" Dies
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Tuesday, January 5, 2010
Wills Help Avoid Crimes

There was pilfering of a number of estates while assets were held under the protection of the state. The system failed because of the criminal intent of a state employee with access. With no direction provided by the deceased persons via a Will, their assets languished within the system providing ample time and opportunity for thievery. Clearly, this was not what the decedent intended for their assets. However, failing to take that important step in creating a Will a criminal benefitted from the persons' estate.
Leave your comments here or contact us at http://www.ythlaw.com/
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Monday, January 4, 2010
Self-Discovery through Estate Planning
Estate planning provides you with a way of addressing your needs while you are living and developing a plan that expands beyond your lifetime. It challenges you to reflect on your life. You can engage the estate planning process as a process of self-discovery to help you understand the life that you are living. During this process, it may be the first time that you plant an idea of your purpose that can begin to germinate into your legacy. That is what is so exciting about estate planning. It is what you make it and we help make it a special and important journey for you and your family.
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Friday, January 1, 2010
Happy New Year!!!! Top New Year's Resolution!!!

My suggestion is that you first write it down as a "to do", "goal", "objective" or whatever name suits your fancy. Second, get at least 3 recommendations for an estate planning attorney from your friends, an estate planning council or local bar association referral program. Third, call each recommendation to interview over the phone. Fourth, make a choice, set an appointment and make the visit. Your estate planning attorney will take it from there.
If you live in Pennsylvania, I can be listed as one of your recommendations. I look forward to your call and helping to make your decision easy. Leave your comments here or make that call today!!!!
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Thursday, December 31, 2009
2009 In Review

In the news:
We learned from the deaths of many notables the importance of estate planning to all. How important it is to have a will and one that is up to date. The death of Michael Jackson, Farrah Fawsett and Senator Edward Kennedy all reflected different aspects of estate planning. See prior blogs on these issues starting back in July.
Top Blogs:
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Wednesday, December 30, 2009
The Lost Symbol
As we look towards another day off, think about how you might spend that day. Whether you are with family, friends, alone in deep contemplation or meditation, 2010 is a time to refresh and renew.
I just finished reading "The Lost Symbol" by Dan Brown who wrote "The Da Vinci Code" which sold millions and had all of us thinking about the ramification of this fictional account. Well, in my opinion he has done it again. Throughout time secrets, codes and unseen truths have been held by mankind and passed down for generations. What is most revealing in the book is how those secrets, codes and unseen truths are actually available to all and revealed in the most prominent places. Read the book and share your comments here. Dan Brown's estate plan should address the manuscript of his books and the continued royalities that will surely generate from these best sellers.
Leave your comments here or contact me at http://www.ythlaw.com/
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Tuesday, December 29, 2009
Hopes and Aspirations Captured Through Estate Planning

In any event, a couple weeks after my presentation, one of the participants called me to let me know that I had made him think for the first time about his business and personal estate affairs. Though he thought he never had much of an estate, he realized through my presentation that he did. It was not about wealth and money but about his loved ones and his dreams for their future. From my presentation, he was made aware of ways to capture his hopes and aspirations.
Do you want to know more about estate planning and how it is not all about wealth and money? Leave your comments here or contact us at http://www.ythlaw.com/
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Monday, December 28, 2009
An International Legacy

It reminds me how important it is that our personal legacy extends beyond our immediate family needs and interests into what is happening in our nation and in the world. In fact when we do extend our focus outside our personal circle, we are helping our selves and our families. What happens in Nigeria, London, Yemen affects our nation, our community. What happens anywhere in the world is of importance to all of us given the globalization of economy, technology, communication, and the list goes on.
So I continue to encourage us all to look at how we can address not only during our lifetime the issues impacting our nation and world but how can we create a legacy of an international dimension through estate planning. Leave your comments here or contact us at http://www.ythlaw.com/
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Friday, December 25, 2009
Merry Christmas and Happy Holidays

Creating memorable moments during the holidays and throughout the year is what life and living is all about. Passing on those traditions from generation to generation is what your legacy is all about. So, as we move into 2010 think about what the moments and traditions you are creating for your family and loved ones. Are they full of meaning; making a difference by helping others you do not know who are in need, sharing your wealth and good cheer with those who might not have anyone during the holidays, remembering to take the time to say I love you today and always to those close to you, and being the human being you were placed here to be now and forever.
Happy Holidays to all and to all a wonderous New Year!!!!
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Saturday, December 19, 2009
Tax Tips for your 2009 Taxes

Here are my 5 things to consider:
1. Start early gathering tax information, including receipts. You can loose lots of money with last minute tax preparations.
2. Do not forget those deductions - property taxes; mortgage interest; points; home improvements for medical care; tuition and fees; and, moving expenses for that first JOB.
3. Do not forget those credits - first time homebuyer; and child and dependent care care.
4. Make contributions to your IRA.
5. If you have not already done so, invest in a financial management system so that throughout the year you are organizing and tracking your expenses to see where you can save and thus increase your net worth. At the end of the year, with the touch of a button, your tax information is available to you.
Leave your comments here or contact us at http://www.ythlaw.com/
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Friday, December 18, 2009
Benefitting Others Through Estate Planning

When we first moved to Washington Crossing, Pennsylvania, we purchased a home next to land under preservation for open space. We have been able to enjoy the trees and wildlife. We soon found out that this land had been donated to the community along with land where the elementary school is built that my daughter attends. It was part of the legacy of man who started his life in America as a poor immigrant. His legacy has touched the life of numerous children and many, like myself, in the community that he grew to love.
Just like this one man we, you and I, can benefit those we will never know through our giving. And how best to do that then through our estate planning. I have looked at my charitable giving during my lifetime and selected those organizations that will continue to benefit when I die.
Think about your life and how you might continue to help others or even start to help others by leaving a bequests in your Will. Leave your comments here or contact us at http://www.ythlaw.com/
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Wednesday, December 16, 2009
Insurance - Review Annually

AND WHAT THAT MEANS your estate (not your family) is responsible for paying off ALL debts before ANY distribution is made to a loved one. You do not want your estate to be bankrupt by your debts, business or personal.
SO MAKE SURE in your buisness affairs and personal affairs, you plan for incapacity and death because your debts do not go away just because you do!!!
Leave your comments here or contact us at http://www.ythlaw.com/
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Tuesday, December 15, 2009
Your Pet And Estate Planning

BUT what if you do not have that option. If there are no family or friends available to take your pet then you could either (1) fund a Trust for the care of your cat; (2) look up places that would take your cat; (3) find cat adoption services or (4) leave money to a family or friend to take care of your cat. Any of these options should be addressed in your Will to make sure your plan is followed.
Leave your comments here or contact us at http://www.ythlaw.com/
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Monday, December 14, 2009
"Today, It's Your Legacy"

Well, yesterday I did the taping for an internet TV start-up. My program "Today, It's Your Legacy" is all about people because estate planning is all about people and the life they are living. Everyday, ordinary people are doing ordinary things with extrordinary results. They, however, fail to realize how uniquely awesome the legacy they are creating is. My show will explore the legacy people, just like you, are creating everyday. It will help all of us realize how estate planning can work for us, our families and our communities.
I am excited about this new beginning and will keep you posted regarding the launch. First it was writing the script, then it was taping the pilot, what is next? Stay tuned. Leave your comments here or contact us at http://www.ythlaw.com/
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Tuesday, December 8, 2009
American Doll - Collectibles for your Estate
My mother called me today and asked whether I had started my holiday shopping. She knows that shopping is not high on my list of things I like to do so that was her way to tell me to get busy. It did make me go online and order a doll for my daughter. She asked for an Addy American Doll. We really try not to get into the commercialism of the holiday. It is about being with family and sharing the reason for the season. Helping others and giving, not receiving, are what we "try" to stress.
BUT, in this case, my daughter has made an interesting connection for me. First, she has already read all of the Addy books. She was telling me Addy's story. Addy is the American Doll that represents that part of American history that we all would like to think never happened, slavery, and would hope has ended, racial discrimination. My daughter is 8 and I thought it was very interesting her discussion of Addy's plight. The Addy books have become a learning opportunity and a way for me to address this part of our history in a more concrete way with her.
Your estate planning may entail reflecting on the plight of your ancestors. Because of or in spite of those historical circumstances, you may have amassed a fortune that you might use through effective planning to eradicate the effects of. Maybe the Addy doll will serve as a collectible that my daughter might look back on as what allowed her to emerge as a beacon of hope that justice and equality for all people will be realized for her generation. Or maybe not.......
Happy Holidays. Leave your comment here or contact us http://www.ythlaw.com/
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Monday, December 7, 2009
The Legacy of Internet TV

I spent most of my day reviewing 2 documents and writing a script for a new program that I hope to bring to TV, internet TV. I will keep you posted on that venture and invite you to the celebratory launch. In any event, I had my sister critique the script. She holds back nothing and that is why I rely on her. She is just not going to sugar coat something or say what she thinks you want to hear. Basically, after spending the good part of 2 days immersed in writing this script, I had to go back to the drawing board as a result of her comments. I just sent her a revised script before writing this post. Let see how I do.
If this program should ever go anywhere and it will, then it will be these moments - developing the script; receiving feedback; revising the script - that will form a part of the legacy of the program, the back story, you might say. I want to take the time to document that and not just breeze through it. It is not always the end result that is important. The getting there has just as much value.
Leave your comments here or contact us at http://www.ythlaw.com/
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Sunday, December 6, 2009
Your Purpose May Find You

Well, this woman lost her son-in-law to cancer. Her step-daughter was left to raise triplets, one with cerebral palsy. At 55 the woman was able to retire from the government but choose to find another job because she needed something to keep her busy. She began to wonder what her purpose was in life. She felt her life did not have meaning. Within a couple of years, she lost her husband to cancer. One night while her step-daughter was visiting, her step-daughter had to be rushed to the hospital. Her step-daughter never left the hospital. A brain aneurysm ruptured and she died.
"Be careful what you ask for." This 58 year old woman was the only one left for these 5 year old triplets which she has since adopted. When you look at her with total awe and admiration, she says "she is doing what she has to do". Her purpose found her.
Estate planning will be very important for her, especially now. Provide us with your comments or contact us at http://www.ythlaw.com/
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Saturday, December 5, 2009
Your Sport - Your Legacy

So, today I attended my daughter's basketball game. Parents and siblings scream as their little darlings dribble, past and shoot. I am among the screamers. As my daughter concentrates on her game, I notice every once and awhile she glances over to make sure I have not missed her daring feat. She does have skills and I'm not just being the pride parent, though I am that.
In this case, I am assessing how I am passing on my legacy to my daughter. Remember estate planning is about life and living. Though I never played basketball as a child, my mother played through college. I have shared pictures of "Mom-Mom" leading her team to victory and through my prodding my mother has shared those experiences with her granddaughter. It has not been my mother's manner to talk about her past. While my dad, on the other hand, has written 4 books about his life and I talk about everything, all the time because it is our legacy to share and to enhance the lives of those we love.
Leave your comments here or contact us at http://www.ythlaw.com/
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Friday, December 4, 2009
Create Your Legacy - Live the Life You Were Meant to Live
This morning I decided I would do Yoga and Meditation. The best time of the morning to do Yoga and Meditation is just before sunrise. If you are like me, once my day begins there is no time for any type of exercise or even relaxation. So if you are so inclined to forego a bit of sleep and get up early, you will find it to be invaluable.
So what does Yoga and Meditation have to do with estate planning or even your legacy. In a nutshell, everything. Life is all about change. Yoga teaches flexibility and if one is flexible in mind and body, your ability to deal with change is enhanced. Meditation, like Yoga, focuses on the breath, your life source. Thoughts will come and go and not take control of you as long as your focus remains on the breath. You clear your mind of the chatter (thoughts) in your head and you can begin to feel a real sense of peace. All of this is important to living a life that creates a legacy that one might wish to pass on in estate planning. But the most important part is that you are living a life that is worthwhile to you.
Yoga and Meditation are not the only way to obtain this state of clarity about our life, our purpose and our legacy. Share ways that have helped you or contact us at www.ythlaw.com
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Thursday, December 3, 2009
Delaware Canal - Charitable Giving
This morning I was walking along the Delaware canal in Washington Crossing. It is a smooth even trail with historical significance but this morning, for me, it is all about the wildlife. The Blue Herring gliding along the waterway just as I approach his private perch. The mallards, the colorful males and their mates, floating along the water's edge. Squirrels rustling dry leaves as they scamper from the shore up the nearest tree. A black snake slitters across the canal path disappearing into the murky waters. Nature's bounty available for me to enjoy on a morning walk.
But, I can not take this natural beauty for granted. Will it continue to be here for me to enjoy and for my children? Then a thought came to me. I can make a difference in the preservation and improvement of this canal. If it means something to me, I can make that difference now and beyond my lifetime.
So, here is what I did. Today, I joined the friends of the Delaware Canal. And you can too, at http://www.fodc.org/
Let us know how you are living your life now and how that living impacts your estate planning here or contact us at http://www.ythlaw.com/
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Wednesday, December 2, 2009
December is about Estate Planning

So, I invite you on a December journey with me. I am going to share with you each day an experience in life and living that impacts estate planning for me and could do the same for you.
Stay tuned and feel free to share your life and living experience here or contact us at http://www.ythlaw.com/
Sunday, November 29, 2009
Your Legacy is Your Story

What I have found is that most of us fail to realize that we can and do create our own reality in many ways. We can be proactive, reactive or just plain inactive in the unfolding of our life's story. You can engage the estate planning process as a process of self-discovery to help you understand the life that you are living. It may be the first time that you plant an idea of your purpose that can begin to germinate into your legacy.
Leave your comments here or contact us at http://www.ythlaw.com/ to begin your self-discovery through our estate planning process.
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Saturday, November 28, 2009
The Three Important Steps to Any Plan

Along the way, have a great time because each and every moment is creating the life story that you want to leave as your legacy.
Leave your comments here or contact us at http://www.ythlaw.com/
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Friday, November 27, 2009
Thanksgiving - An Estate Planning Moment

Yes, Thanksgiving is an estate planning moment. All of the important people are generally present to ask whether they can serve important roles in your estate plan. Your executor, your trustee, the guardian of your children when you die are sitting right next to you at the dinner table. Your agent to assist during any incapacity is carving the turkey.
Why not check this to do off of your list at Thanksgiving? You and your family will be glad you did. Leave your comments here or contact us at http://www.ythlaw.com/
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Tuesday, November 24, 2009
Bankrupt, but why?



I just think we have to start teaching people basic life skills early in the education process. Too many people just do not understand money and how to handle it at a very basic level. You do NOT have to be rich to take advantage of how the estate planning process can help you protect your money. In making sure that those you love are taken care of upon your death, the estate planning process makes sure you have money to leave. So while you are living and in your retirement years, you can look at putting money and real estate in a Trust for your benefit and others or consider other estate planning options.
If you know of a NBA player or NFL player that could benefit from our services, leave a comment here or contact us at http://www.ythlaw.com/
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Great Review of My Book

Estate planning is a legal step many know they must take as they get older, but few consumers understand it. Thankfully, estate-planning attorney Taylor-Hachoose has written a clear, concise overview of the various elements of estate planning, providing a solid foundation for taking action. The author grabs the reader from the outset. Taylor-Hachoose covers wills, health care power of attorney, durable power of attorney, living and testamentary trusts and other estate-planning vehicles. She also talks about the probate process, inheritance taxes and elder-law issues. The author admirably explains each aspect of estate planning in simple, uncomplicated language and provides helpful illustrations of the importance of advance planning. She teaches readers about case subjects “Eve and Bob” and their only daughter, Julia, “who at thirty-six still cannot quite make it on her own.” The estate plan of Eve and Bob “includes a trust for the money left for Julia, who is not fiscally responsible enough to manage the money herself.” This and other scenarios in the book are especially helpful in demonstrating estate planning in action. Near the conclusion, Taylor-Hachoose provides a worksheet to help facilitate information gathering in preparation for estate planning.
Thursday, November 19, 2009
Publicity Rights Are a Valuable Asset

Let's just say at your death, your assets were slim to none. Let's further say that your death resulted from you saving the lives of millions by diverting the actions of a would be terroist. You are proclaimed a hero and, in an instance, your picture is all over the news, internet, billboards, in essence everywhere. You are NOW famous, a celebrity. If someone wanted to use your image to promote anything, then they would have to obtain permission from the heirs of your estate. Your heirs could even hire an agent to manage those publicity rights and make even more money from what was a "slim to none" estate.
I read an article about this recently that pointed out that celebrities can make serious money after they die. It was reported that John Lennon earned $44 million in 2007; Tupac Shakur $9 million. Anytime a company uses the image of a dead celebrity—say, in an ad—whoever owns the publicity rights can get paid. Dead celebrities’ images are used to sell board games, fragrances, T-shirts. Serving as the agent of dead celebrities, whether for movie, music, or just publicity rights is big business.
So, understand your worth and make sure those you love benefit from that worth. Leave your comments here or contact us at http://www.ythlaw.com/
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Monday, November 16, 2009
What happens to email when you die?

Hotmail - has a policy of deleting email accounts if they are not touched for 270 days. If you die, your next of kin would be able to access your account within that period by proving their identity and supplying a death certificate.
Gmail - will also allow the next of kin or executor of estate to apply for access to a deceased user's email account. However, they need more identification than Hotmail. The person would have to prove their own identity and supply a death certificate as well as proof of an email conversation between them and the deceased. Gmail does not delete the deceased user's account, but the next of kin could choose to do so after gaining access to it.
Yahoo! - will let the user's next of kin ask for the account to be closed, but will not give them access to it.
All internet users who want to be sure their email and other online accounts are accessible to their legal heirs should plan an offline process for such access as part of their estate planning process. Leave your comments here or contact us at http://www.ythlaw.com/
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Friday, November 13, 2009
Who controls your MySpace when you die?

MySpace has no set policy when it comes to the profiles of deceased users. It seems MySpace would handle each incident on a case-by-case basis which would require some sort of notification from the deceased user's family regarding the wishes of the family if the user had no specific indication. MySpace will not allow anyone to "assume control" of the user's profile, however it won't rule out giving families access to the user's private data. MySpace does not delete profiles after periods of inactivity, but will remove a deceased user's profile at the family's request.
If that does not provide you with the comfort you need, start your estate planning today. Leave your comment or contact us at http://www.ythlaw.com%20t/
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Wednesday, November 11, 2009
Who controls your Facebook page when you die?

Well, I did research our question posed yesterday regarding Facebook. What happens when you die? Per Facebook's policy for deceased users, they memorialize the deceased person's account. This removes certain more sensitive information and sets privacy so that only confirmed friends can see the profile or find the person in search. The Wall remains so that friends and family can leave posts in remembrance.
Now that sounds all well and good but what if your family or friends want to remove your information. Should they not have the right? Who is in a better position to decide, Facebook or the family? In my legal opinion it would be the executor or administrator of the estate who should make that call. They are the ones in charge once you die. You can even make that call more directly by providing for your social media activity in your Will. What do you want to happen, now that I have you thinking about it? It's your call!
Leave your comments here or contact us at http://www.ythlaw.com/
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Tuesday, November 10, 2009
Facebook - What happens when you die?

There was a specific case involving the death of a Facebook user. Obviously, there are many Facebook users who have died but this particular one resulted in litigation and therefore provides some guidance to us all on what happens on Facebook.
This case will be discussed tomorrow in detail. Follow the saga of social media and the death of the users.
Monday, November 9, 2009
Facebook, My Space, Linked In, Blog, Oh My

Managing Your Social Media Websites After You’re Dead: There are many questions to explore over the next few days. Do social media networking sites have policies for post mortem users? What happens to our virtual identities when we die? Are company policies to delete inactive user accounts? Can a family member have access to the account password after the death? How private are your email accounts, myspace pages, linked in messages, etc. after you pass away?
Few free to add your questions to this list and let's explore the answers. Leave your comment or questions here or contact us at http://www.ythlaw.com/
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Thursday, November 5, 2009
Next Major Book Signing - 25% Discount
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Wednesday, November 4, 2009
7. Discern Elder Needs

In 2006, the oldest of the baby boomers, the generation born between 1946 and 1964, turned 60 years old. As a result, new concerns have given rise to the specialized area of “elder law.” This term was not even mentioned when I attended law school in the early 1980’s. However, with the anticipated increase in the elderly population, the advances in technology, and the increase in life expectancy, the dynamics of our society are changing and the elder law area of practice is growing rapidly.
Elder law looks at the needs of seniors during their longer lifetime. Estate planning, as well as retirement and long-term care planning, forms a natural part of the elder law practice. Seniors are finding themselves working longer to address the cost of healthcare for elders under their care. The fact that we are living longer requires all of us to take a real careful look at long term care questions and put plans in place, like purchasing long term care insurance and getting your will, general power of attorney, healthcare power of attorney and living will done.
Want to know more about the 7 essential benefits of estate planning? Check out my new book Stop! What Are You Waiting For? Your Step-by-Step Guide to Estate Planning.
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Tuesday, November 3, 2009
6. Ensures Peace of Mind

With the recent loss of his wife, Jack is now rearing three young children on his own. As an only child, he can not rely on any help from his mother Mary or his father Charles. Mary is still working beyond her retirement years just to be able to take care of herself and her husband. Charles has been diagnosed with a mentally debilitating form of Alzheimer’s, which the doctors do advise could be hereditary.
As the sole person responsible for his children, Jack wants to have peace of mind when it comes to their future. Therefore, he has made several inquiries into estate planning to get that peace of mind. He wants to make sure his children are taken care of when he dies. If he does not take the necessary steps to address guardianship of his children upon his death, then he leaves them in unnecessary turmoil and additional pain.
Choosing a guardian for minor children is a major decision. It is a decision that takes careful consideration. Without planning, Jack burdens Mary with making decisions he failed to address in advance. Even more tragic, imagine leaving questions of guardianship to the state or court with no firsthand knowledge of Jack’s children's gifts, talents, needs, and desires. Only Jack can choose the best guardian for his children.
Families unfortunately can fall apart over unaddressed estate planning. Estate planning gives you peace of mind now and will be appreciated by those you leave behind. Leave your comments here or contact us at http://www.ythlaw.com/
Monday, November 2, 2009
5. Addresses special circumstances - continues with Special Needs Trust
A special needs trust, sometimes referred to as a supplemental needs trust, is critical to protecting Julian’s health and well-being. The purpose of the special needs trust is to assure continuity of care and non-disruption of government supported programs and benefits, both of which are of primary concern for Linwood and Jordan, Julian's parents.
As pertains to preservation of government benefits, if Julian directly owned the assets, he would not qualify for Supplemental Security Income Benefits referred to as SSI. In addition to providing him with a monthly stipend, SSI eligibility qualifies Julian for other governmental programs. Because Julian has no control over (does not own) the money or assets in a special needs trust, the contents of the trust are not considered when calculating Julian's total assets. The special needs trust thus ensures that Julian will remain eligible for governmental benefits and programs regardless of the actual value of his total assets.
Do you have any questions on Special Needs Trusts? Leave your comments here or contact us at www.ythlaw.com
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Saturday, October 31, 2009
5. Addresses Special Circumstances - continues
Yesterday, we discussed Linwood's and Jordan's special circumstances. Today, we focus on Linwood's and Jordan's son, Julian.
As a result of complications during his birth, Julian sustained permanent mental and physical limitations. Though Julian has been blind (one particular result) since birth, there is much that he can see. Through his imagination and the support of Mainstream For Life, a state funded program, Julian has created a world that works perfectly for him. At 26, he still maintains a childlike wonderment and trust for everyone he encounters in his life. Fortunately, his home and work environment support the person that Julian has become.
Linwood and Jordan (Julian’s adoptive parents) realize that they both have contributed to the stable and productive life that Julian enjoys. They also realize the importance of the routine, familiarity, and normalcy provided by the state funded programs. They often worry about not being around to keep Julian safe. However, they also realize that they will not always be there to watch over him. Their focus has turned to how to sustain what has been developed for Julian when they both die.
A part of that answer is the special needs trust which will be discussed tomorrow. Leave your comments here or contact us at http://www.ythlaw.com/
Friday, October 30, 2009
5. Addresses Special Circumstances - continues
Today we continue to discuss how estate planning addresses special circumstances. In the case of Linwood and Jordan who are same sex partners, they have to address their property interests through advance planning. If either Linwood or Jordan died without a will, no property would go to the other unless there was joint ownership, a trust or beneficiary designation with the partner's name. There would have to be planning to minimize the inheritance tax since the 0 rate would not apply to unmarried individuals.
What about their son, Julian? We will discuss his special circumstances tomorrow. Leave your comments here or contact us at http://www.ythlaw.com/
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Thursday, October 29, 2009
Crystal Ball - What's the best investment of them All
On Monday evening, I attended an annual investment briefing from one of our national banks. I always find it interesting to listen to the economic forecast from economist and investment strategist; those whose job it is to study the market. Given the bleak conditions we have experienced over the last year or so, the bank's forecast (unlike others I have reported on) predicted brighter news on the horizon as demonstrated by the rise in the S&P 500. Though the increases have not been monumental, at least it is an upward movement. | Reactions: |
Tuesday, October 27, 2009
Mistakes to Avoid in Estate Planning

Here are some common mistakes that we all can avoid with a little awareness:
•Lack of signatures. A will must be properly signed and witnessed, with witnesses in the same room. If not, the will can be contested.
•The will can't be found. A will needs to be stored in an accessible place. Some put them into a safe-deposit box. Another suggestion is to keep it at home in a fireproof box with other important papers. You must make sure that the executor can obtain access to the document when needed.
•Multiple copies. You may want to provide your executor with a copy of your will. But if you change it, you should be sure to destroy any original copies.
•Lack of specifics. Some people simply state they wish to leave their entire estate to their children. If there are adopted or stepchildren, it becomes more important to name or define children.
•Choosing the wrong executor. Relatives and friends are not necessarily the best trustees or executors. The right executor is someone who can be trusted, who can work well with others, who is intelligent and who is not afraid to ask for — or hire — help.
Leave your comments here or contact us at http://www.ythlaw.com/
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Monday, October 26, 2009
Myths About Estate Planning
Last week, I discussed 5 or the 7 essential benefits of estate planning. I will talk about the additional 2 benefits this week. All of this information is so important and timely because last week was National Estate Planning Awareness Week, an educational program sponsored by the National Association of Estate Planners & Councils.
I have taken polls and generally have found that nearly 65% to 70% of people do not have a will. There reasons range from procrastination to unawareness of its application to them. Still others fear that as soon as they write a will, they'll die. In reality, there's no evidence to suggest that creating an estate plan will hasten your death. However, if you do nothing, you could create a lot of unnecessary chaos upon your death.
My book Stop! What are you waiting for? Your Step-by-Step Guide to Estate Planning adddresses how and why estate planning applies to everyone. There is an article in today's Managing Your Money that dissects five myths about estate planning and offers tips on how to make things easier for your loved ones after you're gone. Enjoy!!
Saturday, October 24, 2009
5. Addresses Special Circumstances

Linwood and Jordan are the same sex and have lived together for twenty-five years. They do not live in a state that recognizes gay marriages. They adopted their special needs son Julian, who was 10 years old at the time of the adoption. Julian has thrived and progressed significantly over the last sixteen years with the love, attention, and hard work of his parents. Linwood's skills as a nurse have been most helpful to Julian. Julian’s Seeing Eye dogs have helped, and his current dog is an integral part of his life. All of this has enabled Julian to live on his own with the support of state programs.
What issues will Linwood, Jordan and Julian face and how can those issues be addressed through estate planning? We will begin to look at the answer to these questions and any that you may leave here or when you contact us at http://www.ythlaw.com/
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Thursday, October 22, 2009
4. Distributes Wealth - a final comment
Ria and her estate saga continues today. As a singel woman without children, it is even more essentail for Ria to plan. We discussed yesterday that if Ria died without a will, her ailing parents would inherit her entire estate and all of Ria's assets might then end up being paid to a nursing home.
Today, let's assume Ria's parents are no longer in the picture. They predecease her. Then without a will, Ria's estate would go to her siblings including her estranged brothers. Is that what Ria wants? I don't think so.
Though Ria’s brothers are her heirs, she can decide, with estate planning, who inherits and who does not inherit her wealth. It is her choice, her decision, her plan. But she must take some action and plan!!
There is something to be said about creating a plan that gives you control of the distribution of assets accumulated through your ingenuity and labor. It is within Ria and everyone’s power to take control and plan now.
Leave your comments here or contact us at http://www.ythlaw.com/
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Wednesday, October 21, 2009
4. Distributes Wealth - Continues

Remember, Ria is not married and has no children. Her parents are not in good health and she has 2 estranged brothers. If Ria dies without a will in Pennsylvania, her parents would inherit her entire estate. However, with her parent’s failing health, this would not be a wise option for Ria.
She would probably want to leave some assets for their care but upon their death, control where those specific assets would go. Ria would not want a nursing home to be her beneficiary but that would happen if she does not plan.
Tomorrow, we will look further at Ria's estate and the potential perils. Leave your comment here or contact us at http://www.ythlaw.com/
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Tuesday, October 20, 2009
4. Distributes Wealth
Over the last few days, we have discussed 3 benefits of estate planning; (1) protects assets; (2) saves money; and, (3) creates a legacy. The fourth benefit of estate planning is distributes wealth. The following is from my book Stop! What Are You Waiting For? Your Step-by-Step Guide to Estate Planning."Ria enjoys the international travel required of her successful technology consulting business. During her extensive traveling and demanding business, her closest and dearest sibling Michelle has taken on the full responsibility of the care of their parents, whose health has been rapidly failing. Her two older brothers have remained distant from the family and provide no support or interest in the care of their parents. Though Ria never married, she is considering adopting children.
In recent times, Ria has thought about her estate and how it;might be distributed when she dies. She is especially concerned about the ramification of any adoption."
Should the state control the distribution of Ria’s assets? What would happen to all her wealth if she has no husband and no children.
Let's learn more about Ria tomorrow. Leave your comments here or contact us at http://www.ythlaw.com/
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Sunday, October 18, 2009
3. Creates A Legacy - Continued
Yesterday, I stated that creating a legacy is the most important benefit of estate planning. The reason I made that statement is because all of us have a legacy. Let the estate planning process help you find yours if for some reason you do not know your legacy.
In an earlier blog, I introduced Max from my book Stop! What Are You Waiting For? Your Step-by-Step Guide to Estate Planning. Max collected historical memorabilia on the American Revolution. How can he preserve this passion for the historical significance of a major event in American history? Through estate planning, he can build upon this legacy. Future generations could benefit from the knowledge these documents provide. Max can even make sure the next generation is guided by his wisdom by giving specific instructions on the use of assets. He does not want to lose the momentum of his collection through ineffective management by his spouse or children if their interests should differ from his. Professional advice and guidance now can make the difference between creating a legacy and losing an accumulated treasure of the past.
Max’s legacy can be addressed in many ways. If he wants to leave assets to his spouse or children but their interests or passions differ from his, then he can leave the collection in a trust. He can fund the trust and choose a trustee who will be responsible for preserving the assets he accumulated in a way that he may designate. If his interest is charitable, he can give in a number of ways to those who will cherish his generosity, including institutions of higher education, museums, or organizations of scholarly pursuit. Estate planning can even enable Max to create a legacy of philanthropy that can include the involvement of his spouse, children and grandchildren.
Leave your comments here or contact us at http://www.buckscountyattorney.blogspot.com/
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Saturday, October 17, 2009
3. Creates A Legacy
Today, we continue our discussion regarding the benefits of estate planning. The first two,
1. Protects Assets and 2. Saves Money, have already been discussed over the last few days. This third benefit, Creates A Legacy, is, in my opinion, the most important because we all have a legacy to leave. The problem is that most of us fail to document that legacy or even more problematic fail to see the legacy worth of our life.
There has not been a single client that I have counseled who did not have a legacy worth documenting in some way. Remember, estate planning is a process as well as the tangible development and execution of legal documents. And it is that process that gives my practice its competitive edge. I may guide someone into starting a business, a foundation or a charitable organization because of what I learn about them during the estate planning process. I may suggest writing a book, journaling, speaking or putting on a photo/art/sculpture exhibit. Whether it is a financial gain to me or an Aha moment for my client, in my practice the estate planning process is always mutually beneficial.
Tomorrow, let's revisit Max and Margaret to look at their legacy and how estate planning will help. Leave your comments here or contact us http://www.ythlaw.com/
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Thursday, October 15, 2009
2. Saves Money - final comment
A final comment regarding Max and Margaret. Not only can they save on Federal Estate Tax but they can save on the state inheritance tax in states with an inheritance tax like Pennsylvania.
Who will get Margaret’s extensive art collection? If she leaves it to a charitable organization or qualified non-profit, there would be no inheritance taxes. However, her sons may also have an interest in art. In order to avoid the taxes on personal property, Margaret could begin gifting during her lifetime some of her art collection to her sons. There would be no taxes if she is under her one million dollar lifetime exclusion amount for gifting.
All of this requires planning on the part of Max and Margaret. In the long term as well as the short term, the value of a little planning today goes a long way to your family's future savings and security.
Contact us at www.ythlaw.com or leave your comments here.
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Wednesday, October 14, 2009
2. Saves Money - continued
Yesterday, we were discussing how Max and Margaret could save on their Federal Estate Tax through effective estate planning.
Since we do not know who might die first, both Max and Margaret would need to have a specific trust set up to shelter or preserve the applicable tax credit of the lifetime exclusion. The lifetime exclusion is the amount of Max's or Margaret's estate that is not subject to federal estate tax. In 2009, that amount is 3.5 million dollars.
The tax savings of this amount passes to the three sons of Max and Margaret upon the death of the second spouse, ie assume Margaret in this scenario. The tax credit of Margaret will also pass tax free to the sons. As a result, 7 million dollars would effectively be saved from taxes through the single, simple act of estate planning.
Contact us with your questions at www.ythlaw.com or leave your comments here.
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Tuesday, October 13, 2009
2. Saves Money - Continued
We continue today to discuss saving money through effective estate planning. We met Max and Margaret yesterday whose estate is worth well in excess of 5 million dollars. How can estate planning help them?
Well, Max and Margaret can reduce or eliminate their federal estate tax. Throughout your lifetime you, like Max and Margaret, have accumulated wealth in one form or another. Under the current federal estate tax law, individuals have an available tax credit against the ultimate estate tax due.
This tax credit is a direct dollar-for-dollar reduction of Max's or Margaret's tax liability, compared with tax deduction, which reduces Max's or Margaret's tax liability only in proportion to his or her tax bracket. Therefore, for Max and Margaret, each has a tax credit against the ultimate estate tax.
However, the estate tax is not due, for Max or Margaret, until the last one dies. This is because property left to a spouse is tax free. If Max is the first to die, he would transfer his estate to the Margaret free of an estate tax. It is not until the death of Margaret that the entire estate is subject to estate tax.
At that time, the tax credit of Margaret would be available to offset the amount of estate tax due. With advance planning, the tax credit available to the Max can be preserved and would then be available at the death of Margaret to further reduce the estate tax due.
We will continue to explain this significant benefit tomorrow. Stay tuned. Contact us at http://www.ythlaw.com/ with your questions or leave your comments here.
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Monday, October 12, 2009
2. Saves Money
The Second essential benefit of estate planning is saving money. Today we meet Max and Margaret whose estate is in excess of 5 million dollars. They both have high-level corporate careers at companies where they now hold highly appreciated stock options. Both of them have personal passions. For over 30 years, Max has collected historical manuscripts and other memorabilia on the American Revolution. Margaret formed a local foundation that supports women and girls in her local community. She also has a fine art collection that rivals the collection of her local museum. Max's and Margaret's three sons (two of which are sons from Max’s first marriage) are married with children and have their own successful businesses.
The federal estate tax consequences would be significant (almost ½ of their estate would be at risk) if Max and Margaret did not engage in any estate planning. Further, if they reside in a state with inheritance tax, like Pennsylvania, planning could avoid costly mistakes. Clearly, they do not want money they have accumulated over their lifetime to be depleted by taxes and other circumstances that, with advance planning, they can control.
Let's continue to follow Max and Margaret on the road to saving money. Contact us at http://www.ythlaw.com/
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Friday, October 9, 2009
President Obama Wins Nobel Peace Prize

On a personal note, President Obama's legacy will be something that not only his children and family can benefit but those that lived during his lifetime can also benefit.
Click on the article below for more information.
http://www.comcast.net/slideshow/news-general/news-general-20091009-EU.Nobel.Peace/
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1. Protect Your Assets
Eve and Bob want to make sure Julia will not become destitute when they die. Therefore, instead of leaving money outright to her upon their death, their estate plan includes a trust for the money left for Julia, who is not fiscally responsible enough to manage the money herself. A trust is effective because Eve and Bob appointed a trustee to both manage and distribute the money for Julia’s benefit.
The cash left for Julia by her parents will not be subject to the claims of Julia’s creditors. Nor will the cash be subject to any further bankruptcy, lawsuits, or divorce settlement Julia may experience in the future. It is Eve’s and Bob’s legacy that is being protected. They have the right to determine who will be the recipient of their bounty.
For Eve and Bob, money represents their primary asset. How do you define your assets? Do you consider your children, your home, or the money you have accumulated over your lifetime, as Eve and Bob did, your assets? Do you consider yourself an asset? However you define assets, it is important to know that we all have assets, and they are worth protecting.
Tomorrow, we will continue to follow the legacy of Eve and Bob and the journey of their daughter Julia. Leave your comments here or contact us at http://www.ythlaw.com/
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Thursday, October 8, 2009
Benefits of Estate Planning
Through these examples, I want to encourage, motivate, and inspire you to prepare for your future and the security of your family for generations to come. The seven essential benefits of estate planning are protecting assets, saving money, creating a legacy, distributing wealth, addressing special circumstances, insuring peace of mind and discerning needs as you age.
Using the knowledge you acquire over the next few days or by purchasing my new book will advance you on your journey to generational prosperity.
Tomorrow meet Eve and Bob as we discuss protecting assets. Contact us at http://www.ythlaw.com/
Wednesday, October 7, 2009
Stop! What Are You Waiting For? Local Book Tour

Friday, October 2, 2009
Social Security and Your Future
Saving is even more important and in this economy even harder. But, it is essential that we save which for most of us means to stop spending. The money to save has to come from somewhere and if our economic situation does not change, then not spending is our savings program.
Give your comments and thoughts here or contact us at www.ythlaw.com
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Thursday, October 1, 2009
Estate planning book offers tips to wealth preservation

Estate planning book offers tips to wealth preservation
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Wednesday, September 30, 2009
Money, Money, Money

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Tuesday, September 29, 2009
Costly Estate Planning Mistakes
I often attend continuing legal education seminar. Actually, I enjoy them because it keeps me current. I like to learn what others are doing for their clients in the area of estate planning. This evening's event addressed the top estate planning mistakes. Here is the run down of the list so you can see whether you need to see an estate planning attorney, like me, soon:A. Is your estate in excess of 3.5 million dollars....then you should have federal estate tax planning done, immediately and correctly.
B. Is your estate under 3.5 million dollars and you still have federal estate tax planning done, revisit your plan immediately. You do not want terms and conditions that are no longer relevant to your situation. It will only complicate matters for your estate.
C. How many trusts do you have? Make sure you fund the correct trust. Terminate any trusts that you no longer require.
D. Make sure you review joint ownerships and beneficiary designations to make sure they are consistent with your intent for distribution of your estate.
E. Who will be responsible for the inheritance tax that must be paid? Make sure you cover your preference in your documents.
F. Oh, by the way, do not write on your will after you have executed it. Put it away and keep it clean. AND, do not lose the original....that will be a big problem. So, do you know where your original will is??
These are things to think about that I thought would be helpful to my bloggers. Let me know what you think. Contact us at www.ythlaw.com
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Monday, September 28, 2009
Pet Trusts - What Next?
asIn states without Pet Trusts, the most predictable and reliable method to provide for a pet is for you to create a trust in favor of a human beneficiary and then name a trustee to make distributions to the beneficiary to cover the pet’s expenses provided the beneficiary is taking proper care of the pet. This technique avoids the two traditional problems with gifts to benefit pets. There is an actual human beneficiary with standing to enforce the trust and there is a human measuring life for the rule against perpetuities (don’t worry, even many lawyers don’t understand that ancient rule). This conditional gift in trust approach provides for more flexibility and a greater likelihood of your intent being carried out.
If your state has a Pet Trust statute and Pennsylvania does, then your dogs can be the beneficiary with the Trustee making distribution for the benefit of the dogs. Your estate planning attorney can help make sure your Pet Trust meets the requirements of the statute.
Have your questions answered with your comments or submit an inquiry through http://www.ythlaw.com/
Friday, September 18, 2009
JUST RELEASED Stop! What are you waiting for?
The following list are upcoming
Marcus Garvey Book Store, Philadelphia, PA
Newtown Bookshop, Newtown, PA
David Library, Washington Crossing, PA
Farley’s Bookshop, New Hope, PA
Robin’s Book Store, Philadelphia, PA
Yardley United Methodist Church, Yardley, PA
Doylestown Bookshop, Doylestown, PA
Hope to see you at an event. Leave your comments here or contact us at
Wednesday, September 16, 2009
What's Your Investment Strategy?

I wish I could say he was optimistic about the direction of our current economic state. However, I suppose the truth of the matter is that these are turbulent times and a magic wand is not going to get us out of it. Our situation was years in the making and obviously it will take years to turn it around. In the meantime, we must continue to be vigilent in our savings and elimination of debt. We can not start over spending with the continued rise of unemployment.
As far of our investment strategy, I would suggest that it be a conservative one. The speaker did suggest that during these times buying gold has some advantages as part of your portfolio. However, the cost of gold is now in excess of $1,000 an ounce. This could be a prohibitive undertaken and though it may rise higher, it also may not.
Share your comments here or contact us at http://www.ythlaw.com/
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Tuesday, September 15, 2009
Your Investment Strategy

In my practice, I have met those whose entire savings and investments have been depleted. I have met those affected by the vast Ponzi scheme constructed by Bernard Madoff. This was undisputedly the first worldwide Ponzi scheme — a fraud that lasted longer, reached wider and cut deeper than any similar scheme in history.
What a financial or investment advisor might share at this time is intriguing to me and I look forward to sharing with you my "take aways" from the discussion. Stay tune tomorrow for my report.
Share your comments here or contact me at http://www.ythlaw.com/
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Monday, September 14, 2009
Long Term Care Planning and You

Long term care planning is the creation of awareness and understanding and aceptance that it is possible for one to have special daily care needs at some point in our lives. Without long term care planning, you are exposed to the largest potential unfunded liability. Of course most of our questions pertained to long term care insurance. Generally, people are advised to get at least 3-5 years of coverage. Such coverage should be obtained early on to get the best rate. That generally means that you should obtain coverage while you are healthy and between the ages of 45 to 55 are the best time to secure the coverage.
Our speaker, John B. Linvill, Jr., CSA of J. Linvill LTC, specializes in long term care and is knowledgeable, professional and can be very helpful in your long term care planning.
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Friday, September 11, 2009
September 11th
We pause today to remember those who died in the terroist attack of September 11, 2001. It has been 8 years and I can remember the moment like it was yesterday. I sat in my office at Prudential Insurance in Holmdel, New Jersey, at the time. There was commotion outside my door with folks heading to the cafeteria and lounge area where our television sets were located. There was news about a plane crash in New York City.
I arrived in the lounge at the time that the second plane hit the World Trade Center and thought it was just a replay of the first plane. It took a moment to realize that this was live. At that moment, there was clear panic. No one knew what to think. Maybe the air traffic control system had gone haywire. No one knew but the phones were ringing and people were calling friends and family living and working in New York. It is amazing how far technology has advanced in 8 years. At that time, it was a bit more primitive getting adequate and timely information.
The office was closed within an hour or so because everyone was just so upset especially when there was news of a plane crashing into the Pentagon. WHAT WAS GOING ON!!!
Now, 8 years later. We remember those who lost their lives and the heroes of that day, many whose lives were also lost.
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Thursday, September 10, 2009
Charitable Trusts

The Charitable Leads Trust is also a split interest trust. However, it is the reverse of the CRAT and CRUT. The Charitable Leads Trust pays income first to the charity for a term of years and then the remainder amount is paid back to you or, if the trust is established after your death, to your beneficiaries. This means that the charity gets paid first and then the non-charitable recipient. Therefore, the charity leads the non-charitable recipient. That is why this particular trust is referred to as a Charitable Leads Trust.
The use of CRAT, CRUT and Charitable Leads Trust offer financial advantages to you during their lifetime. With the CRAT and CRUT, you, as the non-charitable beneficiary, have the right to receive, at least annually, an annuity or unitrust amount for life or for a term of years (not more than 20 years). At the end of the established term, the remaining assets of the trust are paid to or held for the benefit of charity. If the interest is an annuity interest, then the trust is considered a CRAT. When it is established, you choose the payout rate. The higher the payment to you, the lower the charitable deduction will be for tax purposes. If the interest is a unitrust interest, the trust is considered a CRUT. In the CRUT, the assets are revalued every year to determine the payout rate each year.
Whether you use a CRAT, CRUT, or a Charitable Leads Trust, you should choose appreciating assets to give and place in the trust. Since charities are not taxed, this will avoid a capital gain tax when the asset is sold by the charity. Therefore, for appreciating assets like real estate and stock, you get a charitable deduction during your lifetime and the charity avoids a capital gain tax.
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Wednesday, September 9, 2009
Ways to Make Charitable Gifts
Many people during their lifetime engage in charitable giving activities. They make gifts to cancer research, heart associations, educational institutions, or well water projects. Many give to hospitals, churches, or other religious and cultural institutions. Others have long term relationships with charities and want to continue charitable giving upon their death but they just do not know how. That is where estate planning comes into play.
There are many ways to engage in charitable estate planning. Today, I will address one of the most basic ways to make a charitable gift. That is through a bequest made in your will or trust. A bequest is appealing to many people because they can maintain control of their assets until they die, it is the easiest way to give, and it can also be changed at any time. The bequest is a statement in the will or trust identifying assets you want to leave and to which charitable institution you want to leave the assets.
Tomorrow, we will address other charitable estate planning methods. Stay tuned.
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Tuesday, September 8, 2009
Gift Tax Law
Bottom line; the inheritance is his and he has to pay all of the inheritance taxes. If he chooses to share any of his inheritance, it would be a gift to the other relatives. Whenever assets are given to another for less than its full value, the amount by which the asset’s value exceeds the money paid for them is a gift. In this case, the $95,000 for each of 5 relatives would be a gift of $475,000. Everyone has a lifetime gift exclusion amount of $1,000,000. As long as he does not gift over $1,000,000 during his lifetime, there will be no gift tax due. However, there is a gift tax filing required if his gift over a certain amount annually. This annual exclusion amount for 2009 is $13,000. Therefore, in his case, the gift tax filing will be required.
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Monday, September 7, 2009
Labor Day
Well, it is Labor Day and I was wondering what might be of interest to people today. First, I thought I would reflect on its purpose. Labor Day is a holiday started by the Central Labor Union to honor the working man/woman and reward him/her for all his/her hard work by giving him/her a day off, a day of rest.
But, why are we working any way? What is the purpose of all this labor? You know I always think in terms of estate planning. And, I have found that there are three broad views that most people have when asked about estate planning and its application to their circumstances. First, there is the traditional view that estate planning is just about money, real estate, and guardianship. Second, there is the expanded view of estate planning that addresses nontraditional assets, turning human potential (ones' legacy) into valuable assets to pass on to others.
The third view is more about our purpose, why we Labor. I read about a two-year study by William Marsten, a prominent psychologist, who asked 3,000 people the following question: “What have you to live for?” He discovered that amazingly 94% of those interviewed had no definite purpose. For me, that means that those individuals did not realize the importance of their own traditional assets nor the potential of their nontraditional assets or their legacy. The men and women interviewed and many more like them are not active participants in their own lives. They are in a holding pattern, like a plane on a runway awaiting clearance to take off. But, what clearance are they all waiting for? How will they ascertain their life’s purpose so they too can soar?
If this study is indicative of our society, most of us are not living life. We are merely enduring life or letting life just happen to us. I have come to realize that if we contemplate our life circumstances now, we will discover our purpose and what we may have to pass on. The estate planning process requires that you assess your life now, to identify your assets (traditional or nontraditional), to determine your beneficiaries (family or otherwise), and to control when and how your assets are distributed.
Let your Labor have a purpose that will transcend your mortal life. Leave your comments here or contact us at http://www.ythlaw.com/.
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Thursday, September 3, 2009
Protecting Your Wealth For Your Family - GRAT
I read a great article on Forbes.com, Keeping Family Wealth From the Taxman, by Elda Di Re and Scott Ferritti. I share a part of that article pertaining to a great taxing saving vehicle for this economy, the GRAT. If you get the chance you may want to read the entire article.
"In view of historically low interest rates, the current environment is an optimal time to give consideration to establishing a Grantor Retained Annuity Trust, "GRAT". A GRAT is a particularly attractive estate planning strategy due to the fact that the resulting gift tax cost can be eliminated.
The GRAT is an estate-freezing strategy that enables the business owner to transfer future appreciation in the business to children at a substantially reduced gift tax cost. Under the GRAT arrangement, the owner would transfer assets to an irrevocable trust and retain the right to receive a fixed annuity for a term of years. At the end of that term, the remaining assets in the GRAT would pass to the children.
The benefit of a GRAT is that, although all remaining assets would go to the owner’s children at the end of the term, the gift tax on the transfer to the GRAT is computed on the value of the remainder interest at the time of the transfer. The value of the remainder interest is computed by taking the original value of the transferred property and subtracting the present value of the annuity payments.
The owner receives annuity payments from the GRAT each year and may be established high enough so that the annuity's value approximates the value of the assets transferred into the trust, thereby reducing the gift tax cost to zero. The ability to "zero-out" the GRAT makes the GRAT an ideal estate planning tool."
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Wednesday, September 2, 2009
Get Your Deeds in Order - ISSUE THREE - Trust Provision

Today, we address those Deeds that provide that they are held in Trust for designated individuals. Many times this occurred because the person was underage and needed to have someone named as the Trustee over their assets. Does that need still exist when the person is no longer underage?
I would suggest that some of the reasons for establishing the Deed in Trust for others after time, no longer applies. However, no one takes the time to make the change to updated circumstances. It is best to revise Deeds when all parties are well and can make sound decisions. Do not wait for an emergency which will make it more costly and time-consuming.
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Tuesday, September 1, 2009
Get Your Deeds In Order - ISSUE TWO - Other Deceased Relative or Person Still on Deed

Joint Tenants with Rights of Survivorship
If the property was held with rights of survivorship then the interest of the deceased person will go to the other owners named on the Deed. A new Deed can be issued with just the names of those currently listed with the deletion of the deceased person.
Tenants in Common
If the property was held as Tenants in Common than the interest of the deceased person will be distributed in accordance with the person's will or if the person died without a will the interest will be distributed in accordance with the state's intestate laws. This could get very complex and confusing. But, it must be addressed because it will continue to grow more complex otherwise. For example, what if the deceased person's heirs are also deceased? Who did those heirs leave the property to? And it goes on and on the longer one waits to clean up family Deeds.
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Monday, August 31, 2009
Get Your Deeds In Order - ISSUE ONE - Deceased Spouse Name still on Deed!!!

Is your deceased spouse's name still on your Deed?
When one spouse dies the property becomes the property of the surviving spouse (Tenancy by the Entireties). The surviving spouse takes 100% ownership as the right of the surviving spouse. Therefore, many choose to not incur the cost of having a new Deed prepared. However, when there is a sale of the property evidence of the death of the spouse whose name is still on the Deed is needed. Though this is easily accomplished with a death certificate, it is still another step that has to be taken. You may have a death certificate handy or you may have to order another one. Everytime something is done with the Deed, the explanation and proof has to be provided, even for the heirs at the death of the surviving spouse.
I recommend, for yourself as well as your heirs, that a new Deed be prepared when one spouse dies. The minimum cost that you will incur will save you and your heir lots of unnecessary anguish in the future.
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Sunday, August 30, 2009
The Power of a Story - Kennedy in His Own Words
As Senator Edward M. Kennedy was laid to rest at Arlington National Cemetary, his legacy could be seen in his family, friends and the nation touched by his 47 years of service in Congress. I watched the services held for him but also, like many, I saw the HBO special Kennedy: In His Own Words. The Kennedy Dynasty began in the years after World War II and Senator Kennedy carried on that dynasty for his entire life, flaws and all.
It is important that all of us tell our story in some way. I work with my clients to do just that, create their legacy. All of us have a unique life from which others, especially our family and other loved ones, can learn and benefit. The Kennedy's have not taken their story to their graves but have documented it in ways that we all can reflect. I venture to say that estate planning was a top priority for this family. At the time of death of each respective family members questions of having a will or taking care of those left behind were NEVER raised. It was done, no question!!!
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Saturday, August 29, 2009
Board Members of Non-Profits - Succession Planning

Business succession planning is at every level of the work of a non-profit; from its committee membership, its operations personnel, to its board membership. Now is the time to take a look at each of these area and address any deficiencies. Without succession planning the future of your non-profit IS at risk.
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Friday, August 28, 2009
Wow!!! You Hit the Lottery, Now What?
In these economic times we still have people hitting the lottery for millions of dollars, inheriting millions, and making fortunes on certain investments. Are you prepared for a financial windfall? I would venture to say that many are not. I would further venture to say that EVERYONE should be because what it takes to be prepared for a windfall is what it takes to be prepared for LIFE!!
Here are my lessons for life as it relates to Winning The Lottery!!!
1. Too much of a good thing is not a good thing. Do not take a lump sum payment. Take the money over time. It gives you time to think rationally and even to learn more about what you have and what you really need.
2. What you don't know CAN hurt you. Learn about money. Educate yourself by taking a course on money management and investments. You have the time and money and it is well worth it.
3. You Can't Take It With You. You need to make a will. A will represents your wishes regarding the distribution of your assets. Without a will, you leave it to the state and can create disharmony among your family. A little planning goes a long way.
4. Help Those Who Help Themselves. Many people will ask for help along the way and some immediately upon knowing of your good fortune. But ask them, what are you doing to help your situation? Do not just go on what they say, go on what you know. People do not change with a hand out.
5. Know Your Friends. Your true friends expect nothing from you that they were not already getting before your windfall.
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Wednesday, August 26, 2009
Senator Edward M. Kennedy - An American Political Icon Dies

http://www.comcast.net/video/ted-kennedy-dies-after-battle-with-brain-cancer/1226994418
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Tuesday, August 25, 2009
Prenuptial and Postnuptial Agreements

There are now postnuptial agreements that may be entered into between spouses to address similar issues. There has to be full disclosure of assets in the postnuptial agreement. There has to be a lack of duress in the creation of the postnuptial agreement. It has to be fair to both parties.
Admittedly, the postnuptial agreement is not as strong as a prenuptial agreement but it is better than no agreement at all if inheritance is at issue. Given this precaution, each party should be represented by counsel.
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Monday, August 24, 2009
Irrevocable Trust - When to Use

Further, you must be cautious when placing anything in an Irrevocable Trust. If others can not reach the assets in the trust, neither can you. You can not change the terms of the trust or terminate the trust in order to retrieve the assets placed into the trust. You have to treat the trust assets as though you no longer own them because you no longer own them.
Consult with an estate planning attorney if you think that the Irrevocable Trust serves your interest. Leave your comments here or contact us at http://www.ythlaw.com/
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Sunday, August 23, 2009
Living Wills - Surrogates

Do not name someone who CAN NOT agree with having life support withdrawn if you ever experience an end-stage condition or a permanent state of unconsciousness. Unfortunately, this has happened because either the person did not ask or confirm with their surrogate ahead of time. Listen and know that you are making the right decision with naming your surrogate.
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Saturday, August 22, 2009
James Brown - His Legacy

In any event, what I am reminded of in that controversy is the importance (financial and otherwise) of ones legacy. It is the future income from movies, royalties and the sale of James Brown's likeness that may really prove to be the most lucrative for his estate. The settlement leaves his estate to his wife, his children, the Brown Family Educational Trust and charity.
Even though you may not be able to stop someone from contesting your will, you can make sure it withstands the scrutiny of the probate court with proper estate planning. Leave your comments here or contact us at www.ythlaw.com
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Friday, August 21, 2009
Stop!!! What Are You Waiting For? To Be Released Soon

STOP!! What are you waiting for?, a comprehensive guide to preserving your wealth, will provide information on the benefits of estate planning. It will address how estate planning (1) protects your assets, (2) saves you money, (3) creates your legacy, (4) distributes your wealth, (5) addresses your special circumstances, (6) insures you peace of mind, and (7) discerns needs as you age.
More importantly, this book will challenge you to reflect on your life. You can engage the estate planning process as a process of self-discovery to help you understand the life that you are living. It may be the first time that you plant an idea of your purpose that can begin to germinate into your legacy.
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