Estate Planning Mistakes - Number Twenty-Four

Do Not Fail To Plan for Federal Estate Tax. For the next 2 years, 2011 and 2012, those whose estates are under 5 Million Dollars (10 Million for married couples) will not be subject to the Federal Estate Tax. This could be stay the same, be raised or reduced in 2013. It would be a mistake not to address the potential exposure your estate might have to the Federal Estate Tax. This tax currently would be 35% of the estate. It was even higher in the past so it is not a tax to be taken lightly.

So, make sure your estate planner explains your potential exposure. If your estate is close to the amount or over, you want to make sure you have a Credit Shelter/ By-Trust in place. This type of Trust will allow you to avoid and in some cases eliminate the Federal Estate Tax.

Contact us at http://www.ythlaw.com/ for expert estate planning advice that will save you money on taxes and preserve your estate for distribution in accordance with your wishes.

Estate Planning Mistakes - Number Nineteen

It is important the original Will is maintained in a secure place. If my clients keep the original, it must be either in a safety deposit box or a fireproof safe at their home. Otherwise, the attorney preparing the Will may maintain it. The original is needed at the time of death.

BUT, what happens if the original Will can not be found. You have to overcome the court's presumption that the Will was intentionally destroyed by the deceased. You would have to show that the original was not with the deceased. Further, you would have to present a photocopy is available and have person who wrote the Will, the attorney, available to testify as to the contents of the Will.

SO, you DO NOT want to misplace the original Will. It will cost you if you do. Contact us so that we can guide you through the estate planning process.

Estate Planning Mistakes - Number Nine

Do not make the mistake of not providing adequate powers to your Executor. In order to properly administer the estate, your Executor should be able to handle the affairs of your estate without court approval. It is not efficient to have the court approve every or even most aspects of the administration of your estate. There would be significant delay.

You want expert advise when it comes to preparing your Will and other estate planning documents. Contact us at

Marathon Update - Business of Caring

You have to care about yourself to truly care about others. When you fly, you are advised to place the oxygen mask over your face FIRST and then help others. You cannot help others if you are in need of air to breathe.

I enjoy helping others. My estate planning practice is about helping people. My running the Philadelphia Marathon is about helping others. BUT, it is FIRST about helping me. Because I believe giving has even more rewards then receiving. Some of you may recall me saying that I am not a runner but I am running a Marathon. At first, the training was just dreadful. Just thinking about running mile after mile made me cringe.

I am now looking out the window at the pouring down rain and longing, yes you heard right, longing to be out there running. BUT it is shaping up to be an inside treadmill day because I will run, one way or another. So I am "giving" to Jayla and Jonathan but I am receiving so much more from them and ALL those who support my run. I am still in it!!! Please donate!!

A Business of Caring

What would you do if you were diagnosed with a debilitating disease? Would you (1) Get your affairs in order; (2) Be paralyzed by the prognosis; (3) Be in denial and do absolutely NOTHING; or (4) Seek out the best possible professional help and advice.

In my practice I do encounter individuals who find themselves in this situation. Of course, their visit to me is getting their affairs in order but just as important they are expanding their circle of support through what is a very difficult time.

So for me, my practice is all about the human factor. It is about caring at many levels for those clients that I encounter. I am happy for them when they have a baby, purchase a new home, get a new job or start a business. I empathize with them over the loss of a loved one or their concerns for their children. I have compassion for them as they struggle to overcome or manage their life's challenges.

I know that when it comes to getting your affairs in order it is not just about the legal documents but it is about the care that goes into the preparation. Contact us at www.ythlaw.com

Estate Planning Moment in the Poconos

Over the Fourth of July Weekend, we spent sometime in the Poconos so our daughter could enjoy the indoor waterpark. Later during the weekend, while my husband played golf, I was lounging on the pristine shores of Lake Harmony and my daughter was taking in the water sports. I soon struck up a conversation with another vacationer and before long the conversation turned to estate planning. Ok, I just can't help myself...I love estate planning.

The question pertained to providing for your children, upon your death, when you are estranged from your husband. You need to understand that without a will, the intestate laws would distribute over 1/2 of your estate to your spouse. Even with a will, the spouse can not be disinherited. The spouse is entitled to an elective share unless there are circumstances to justify otherwise, but that would have to be proven and remember, this is after you have passed.

So, I was able to provide my fellow vacationer with some food for thought. She said that she looked forward to purchasing my book, Stop! What are you waiting for? Your Step-by-Step Guide to Estate Planning so she could be prepared for her meeting with an estate planning attorney in her state. Feel free to contact us at http://www.ythlaw.com/

Bucks County Estate Planning Council

There is so much information on estate planning. You want to make sure you are getting correct and up-to-date advice and guidance. In my opinion, seeking the advice of an estate planning attorney is of course one of the most important ways to accomplish this goal. There are also organizations, associations, groups, and councils that can provide some relevant guidance. The Bucks County Estate Planning Council is another important way to stay current in this area.

Even if you do not want to join the Council, you can attend the dinner meetings which always has a relevant estate planning topic presented by an expert in the field. You can get a list of the scheduled meetings, topics and costs from their website www.councils.naepc.org/bucks-pa/ and additional information about the Council.

The Council is interested in sharing information to those who need to know it. You can benefit from the professionals associated with the Council in ways to grow, protect and preserve your estate. Contact our offices at http://www.ythlaw.com/ for expert estate planning advice.

Estate Planning as a Family Conversation

I read a good article in the New York Times written by Deborah Jacobs. It was entitled Estate Planning as a Family Conversation. When I saw that article, I could immediately relate to her story.

When I wrote Stop! What are you waiting for? Your Step-by-Step Guide to Estate Planning, I viewed it as a way to open up the estate planning dialogue with family members, especially aging parents. It is not easy for children to discuss their parents' immortality. But, it is a fact of life. So, how do you go about doing it? What happens if you do not do it? Determine the answer to that question and that will be the basis of the conversation. Then you use a guide, like my book, to provide substantive information to the discussion.

In the New York Times article, the father was estanged (but not divorced) for over 30 years from his wife. He wanted his children to receive his assets. Without a will and in the state where he lived, upon his death, his wife would receive his entire estate. He had to plan to reach his desired result.

Contact us at http://www.ythlaw.com/ or leave your comments here.

Cold Case

I was channel surfing last night and landed on Cold Case. Basically, each week the show takes a look at an unsolved case, aka cold case. It made me think about the estate plans not yet done. You should have a plan for your loved ones when you are no longer around. When we die what do we leave behind for the ones we love? Why leave everyone guessing on what you want or what you would have done if you planned?

When you leave your estate plan undone, it becomes a Cold Case for someone else to solve. My experience has shown that no investigator, detective, officer nor forensic specialist can figure out your intent.

So, don't leave your family with a mystery to solve. It is not a pleasant affair for anyone. Contact us at http://www.ythlaw.com/ and let the estate planning process begin.

Financial Voices - Radio Interview

Good Thursday Morning:

We are getting another snow storm today through tomorrow. Fortunately, my office is attached to my home. I can get my work done without the commuting problems that exist with bad weather.

Also, this morning:

I will be live - call-in- on Financial Voices

(Thursdays, 7am to 9:30am) on

WURD Radio 900AM.

I will be talking about my book:

Stop! What are you waiting for? Your Step-by-Step Guide to Estate Planning.

This is another opportunity to reach a large audience about an important topic to everyone. Without planning, we leave our assets, estate, loved ones subject to the uncertainties, changing, arcane laws and regulations of the state and federal government. We have to take charge of our destiny, the destiny of what we have worked for all of our lives. If not now, when?

Leave your comments here or contact us at http://www.ythlaw.com/

Durable Power of Attorney

I received a call the other day from the daughter of one of my clients. Her parents have been my clients for about 5 years. The wife, an avid swimmer in her late 70s, was the caregiver of her husband who now has advanced dementia. Unexpectantly, the wife died and with her the location of the power of attorney for her husband which had been removed from the safety deposit box since she had been using it given his illness. The daughter was the alternate agent.

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/

Happy New Year!!!! Top New Year's Resolution!!!

It is 2010 and we can take the time to reflect on the past and plan for the future. So, what should be the NUMBER ONE New Year's Resolution? As we all now know having a will to reflect your specific wishes is important to you and your loved ones. 2010 is the opportunity to do what should have been done.

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!!!!

Hopes and Aspirations Captured Through Estate Planning

I was speaking before a group the early part of December about estate planning. I was telling the story of a man whom I had never met but through whose legacy I would never forget. His story was quite compelling. See my post of December 18, 2009.

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/

Next Major Book Signing - 25% Discount

Pay only $20 per book!

This is my gift to you!

The next major area booksigning will be:

Thursday, December 10, 2009

7pm to 8:30pm

The David Library

1201 River Road

Washington Crossing, Pennsylvania

RSVP at (215) 321-4033

or email christine@taylorhachoose.com

Space is limited.

Many families have asked me what is the best way to get their loved ones to address estate planning. My answer to that question was to write the book, Stop! What are you waiting for? Your Step-by-Step Guide to Estate Planning. I have found that the book is a good way to get the conversation regarding wills and other estate planning issues moving in the right direction.

Now is the time to buy the book.

At this book signing, you save 25% on the cost of the book.

Pay only $20 per book!

As part of the holiday gift giving season,

this book makes a great gift!!

Reserve your space today. Call (215) 321-4033

or

email christine@taylorhachoose.com

Estate Planning - How Do I Get Started?

An associate of mine was preparing to make my introduction to a group of his colleagues. He wanted me to listen to what he had put together for my concurrence. He was very complimentary of my estate planning expertise and my caring and professional services. He then proceeded to tell people what they needed to have for a first meeting with me. Let me share his list and provide my comment:

1. Make sure you have all your assets appraised so the value of your estate can be determined.
My comment: Not Necessary
2. Make sure you purchase adequate life insurance to cover your loved ones.
My comment: Not Necessary
3. Pull all your important papers together, including your deeds, insurance, car title, bank statements, income tax returns and investments including retirement accounts.
My comment: Not Necessary

There were some other things that he mentioned. I thanked him profusely for the thoroughness of his remarks but had to comment on the last part. No wonder folks procrastinate on getting their estate planning done. It would be overwhelming for people if they had to prepare that much for the first meeting with me.

I made his last part easy: "For your first meeting with Yvette, you do not have to bring anything. She will guide you easily through the process which may entail obtaining certain documents or not depending upon your specific situation. So, what are you waiting for?"

Leave your comments here or contact us at http://www.ythlaw.com/