Jamaicans Interested in Estate Planning Book

At my presentations at the American Embassy and the Jamaica Fulbright Association, my most recet book Stop!  What Are You Waiting For?  Your Step By Step Guide To Estate Planning was available to the attendees.  In Jamaica as in the states, estate planning is important for asset protection, asset distribution and legacy creation. 

Making the book available nationally and internationally to encourage estate planning everywhere is one of the primary goals of my legal practice.  Plan now for a prosperous future by getting your Will done today.

Asset Protection and the Zebra's Stripes, what is that about?

I am always learning somethin new.  Did you know that the Zebra's stripes serve to warm as well as to cool the Zebra?  When the season is cooler or the Zebra seeks warmth, the black stripes become wider.  While the white stripes are wider in warm weather or when the Zebra seeks cooler body temperature.  I never even knew that the stripe's width changes. 

Life is about always learning something new.  It is also about self-preservation, whether in the animal kingdom or with mankind. 

Check out our next informational seminar, book signing or event at http://www.ythlaw.com/.  Learn more about estate planning and protecting your assets and the ones you love. 

Legacy of Immortality - The Story of Henrietta Lacks

While vacationing with my family in Jamaica, the Island of sunny skies and warm people, I was able to leave behind our hectic work and home life. So between eating the speciality dishes, climbing the falls of Dunn River; swimming with Dolphins, Sharks and Stingrays at Dolphin Cove and Bobsledding in Mystic Mountain, I read. The Immortal Life of Henrietta Lacks.

The story of Henrietta Lacks is both disturbing and comforting. Disturbing in the unsettled nature of the acquisition of her cells and comforting in the contribution her cells have made and continue to make to advances in science. "HeLa" the name of Henreitta Lacks' cells which continue to live and multiply well after her death in 1951 were vital in the development of the polio vaccine, gene mapping and helped in developing drugs for influenza, Parkinson's disease and continues to aid cancer research and all other medical research.

Henreitta Lack's stories raises for me yet another question regarding our assets and the extent to which we can control the distribution of them during and after our lifetime. Contact us at http://www.ythlaw.com/ with your estate planning, elder law and probate questions.

Asset Protection Planning

We all want to protect and preserve the assets that we have accumulated through all our hard work. There are simple and complex ways to accomplish that task.

Some ideas to consider include gifting to those whom you want to have your assets. Joint ownership will allow assets to pass to those whom you have made co-owners. There is so much that can be done with proper planning with insurance. Family Limited Partnerships are more complex but very effective planning tools as are different types of trusts.

You need to address all of these asset protection planning vehicle with a respected professional. Contact us at www.ythlaw.com for all your estate planning, probate and elder law needs.

1. Protect Your Assets

Inside:

Stop! What Are You Waiting For?

Your Step-by-Step Guide to Estate Planning,

we visit Eve and Bob. Both Eve and Bob inherited wealth and made a lot more money beyond their inheritance. They now breed show dogs and actively participate in charities benefiting animals. They only have one daughter, Julia, who at thirty-six still can not quite make it on her own. She has already experienced personal bankruptcy and, given her unemployment history, would be on welfare if not for her parents’ continued support.

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/

Irrevocable Trust - When to Use

The Irrevocable Trust is an asset protection vehicle because it can protect your assets from creditors, bankrupty, divorce and nursing home costs. However, there is a 5 year look back period when applying for medicaid to cover nursing home costs.

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/