Tower of Giraffes

As I walked the path of our hotel complex, I came face to face with a giraffe.  It was surreal..  We both stared at each other with initial surprise then wonderment, for me.

When we encounter something strange or out of context, we pause to take it in, at least after the danger dissipates.  But what if that encounter results in danger.  We really never know when incapacity or death might happen.  In a nanosecond, we could be faced with that possibility. 

Are you prepared for the unexpected??

Contact us at http://www.ythlaw.com/ for your Powers of Attorney, Trusts, Wills, Living Wills and other advise and guidance on your estate planning needs.

How does property pass upon death?

There are always questions about the best way to distribute property to your heirs or charitable interest. I remind my clients that property passes four (4) ways upon a person's death. It is passed on by Will (or intestate if there is no Will), Joint Ownership, Beneficiary Designation and Trust (assets have to have been placed into - or retitled into - the name of the Trust).

It is important to determine which way might best serve your needs. An estate planning professional can help with that decision. Contact us at www.ythlaw.com to help with all your estate planning, probate and elder law decisions.

A Little Help

I just watched this clip and thought it would be an interesting movie to see. You never know when something may happen to you or the one you love (or not). Planning now can save a lot of anguish later. Let me have your thoughts once you see the movie. I will comment further as well when I see it.

Estate Planning Mistakes - Number Thirteen

Do not appoint the wrong Trustee. A Trustee is a person or institution that manages assets placed in a Trust for the benefit of named beneficiaries. Unlike an Executor whose role ends after probate has been finalized, the Trustee's role continues for the term of the Trust which could be for a period years or until the assets have all been expended.

In order to remove a Trustee, the Court must believe that removal would be in the best interest of the beneficiaries and would not be inconsistent with the material purpose of the trust. Further, a Trustee can be removed if a serious breach of trust has been committed by the Trustee; there has been a substantial change of circumstances; incompetence of the Trustee; and any other violation which can be presented and substantiated before the Court.

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The Important Documents In Your Estate Plan

Take advantage of the powerful estate planning tools designed to express your desires clearly. Further, these powerful tools provide guidance to your family and/or representatives during a difficult time when you would be unable to do so yourself.

The tools are your Will, your General Power of Atttorney, your Healthcare Power of Attorney, your Trust and your Living Will. Each one of these powerful tools will be discussed over the next few days. Stay tuned.

Contact our offices for all your probate, estate planning and elder law needs at www.ythlaw.com

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

Family Trust

When I talk about a Family Trusts many people feel that they can not have one. They think that there is not enough money to leave to their children to even fund a Trust.

Well, I was reviewing a Family Trust recently. This one was set up as part of an Irrevocable Life Insurance Trust. This is a Trust that is funded by life insurance proceeds when a person dies. The person did not have a lot of money. Actually, the only money they had was the money that would come from the insurance proceeds. The money would go into the Trust to be use for the support, education and health of their children. This was a better way to make sure insurance proceeds lasted for a long time. If the money was given to the children without a Trust, then the money might not last long enough to porovide for the support, education and health needs.

So, there are ways to engage in estate planning with lots of assets or with no assets. There are strategies that everyone can use to help the next generation in some real way. Feel free to leave a comment or contact us at http://www.ythlaw.com/

TENTH Hot Estate Planning Topics

TENTH, given the state of the economy, it is important that banks maintain the confidence of their depositors. The FDIC continues its role in helping to strengthen public confidence in the nation's banking system by simpling rules applicable to revocable trust accounts. Two types of revocable trust accounts are insured under by the FDIC: informal trust accounts and formal trust accounts. Informal trust accounts consist of a signature card on which the owner designates the names of beneficiaries to whom the funds in the account will pass upon the owner's death. These are the most common type of revocable trust accounts and generally are referred to as "payable-on-death" (POD) accounts. The other type of revocable trust accounts are accounts established in connection with formal revocable trust agreements. Formal revocable trust agreements are created for estate planning purposes and are referred to as living or family trusts.

All revocable trust accounts (both POD accounts and living trust accounts) are insured up to $250,000 for the interest of each qualifying beneficiary. Generally, this would be the owner's spouse, children, grandchildren, parents, and siblings; but may also, include other individuals and charities.

What is your level of confidence in our banking system? What estate planning initiatives have your considered? Are you interested in exploring your options? Share your questions and concerns with us here.