Death of a Salesman

A young man was standing at the Pearly Gates wondering whether he would be allowed in. Just as he was about to turn away, the gate slowly opened and he cautiously stepped in. Before he could go further, a voice spoke clearly and loudly to him. "Are your affairs in order?" The voice asked. "I have no affairs to get in order" was the young man's reply. "Think again" said the voice. So the young man sat and pondered. "Ah ha", he exclaimed. "I hope my wife knows where the insurance policies are. I want to make sure the kids use the money I left for their college education. Who will take care of those payments I have been making for my mother's home care? What did I do with that special collection of baseball cards? They have really increased in value." "Young man you have some unfinished business. Now go back and get it done!" Right at that moment, the young man woke up. What a dream he thought. That day, he got his affairs in order. Unlike a dream, there is no second chance in death. Do not let it be too late for you to get your affairs in order. Contact us today at http://www.ythlaw.com/

Why You Need A Will

There is a pervasive belief that estate planning is only for those with wealth. This, however, could not be further from the truth. Most people own some type of property, whether it is a family home or bank account and most people have loved ones, children and spouse, that they want to take care of. Without a will, the state gets to decide how to distribute this property at death according to the state's intestacy laws. These laws generally leave the property to the surviving spouse and/or children. The problem with state intestacy laws, however, is that they are based on blood relation. They do not take into account the fact that many Americans have non-traditional families. For example, if a person has been married more than once with children and step-children from each marriage, has a civil union, domestic partnership or wishes to leave property to an unrelated person, then the intestacy laws will not carry out their final wishes. By preparing a basic will, an individual gets to control how their property is distributed. If they want to leave money to charity or create a trust to take care of a pet, they can do that. If they own a family business they want to see carried on rather than broken up, they can do that too with the right estate planning tools. There are many other things that can be done through estate planning. Contact us at www.ythlaw.com

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 Fifteen

What about Fido? Do not forget about your dogs, cats, horses or other family pets. You want to make provisions for your pets in your Will or you can even have a Pet Trust established for the benefit of your furry friends.

A Trust might cover (1) designation of the caretaker (2) the fee to be paid a caretaker (3) name the trustee (4) standard of care for the pet and (5) the amount to be left in Trust for the pet.

You want your estate plan/Will to be comprehensive. Therefore, make sure you contact us at http://www.ythlaw.com/

You can be Sued As an Executor

It is important that everyone has a will so that you can name the executor over your estate. You need to ask the person you want to name whether they wish to serve. The role of executor is very important. They must make sure the distribution of your estate is done in accordance with your wishes and the requirements under the law. There are time frames that have to be met; forms that have to be filed; taxes that have to be paid; and, decision that you may leave up to the executor in your will, ie. who gets what household items, etc.

If anyone feels the executor is not performing, they can bring a legal action, ie. sue the executor. So, your executor may have to defend their actions before the court. Everyone should understand the potential risks associated with being an executor. The person making the will should pick wisely and the person agreeing to serve should understand their fiduciary role.

Contact us if you are serving as an executor. We can help you avoid litigation.

Yet Another Will in the Gary Coleman Saga

This was the recent headline in one newspaper. It just reminds me of the importance of taking proper care of your important papers. When a new Will is done, it revokes the prior Will. But if no one knows of the new Will, the old Will could end up being used. That is why is it also important/critical that ALL prior Wills are shredded/burned/torn-up...you get the picture. GET RID OF ANY OLD WILL.

If Gary Coleman had another Will, as long as all of the legal requirements for making a Will were satisfied, it would prevail over any Will already submitted to the courts. The ramifications of any conflicts will continue to fuel the backstory of yet another Hollywood drama.

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Probate - Do You Know What it is?

I thought I would take the time to explain probate. I have had a few situations recently where understanding probate was an issue.

First, probate means to prove the will. The will is presented to the register of wills and they determine whether it is valid under the law. If there is a challenge to the will then the probate court hears both sides of the challenge to determine validity.

Second, probate serves as the process to change ownership of property from the deceased to their heirs or beneficiaries. Many times individuals never go through the probate process. As a result, you can have real estate still held in the name of a deceased person. Of course, this causes a lot of problems and confusion later.

Third, one of the main things done during the probate process is to pay any inheritance taxes due. You also must pay all debts of the deceased prior to transferring any assets to the heirs or beneficiaries.

We can handle probate for you. Our speciality is Probate, Estate Planning, Elder Law and Estate Administration. Contact us at http://www.ythlaw.com/

Olympics - Loss and Lessons

Your original will is required for probate so it must be maintained in a safe place. The three options I share with my clients is (1) a safe at home that is fire proof (2) a safety deposit box (3) my firm's safe. Choose one location and advise your executor.

When Olympic sprinter Florence Griffith Joyner died at 38, in 1998, her husband couldn't find her original will, and failed to file it with the probate court within 30 days of her death, as required by California law. Joyner's husband and mother took disputes, including whether Joyner promised her mother could live in their house the rest of her life, to court. Joyner never filed the original will, and the judge eventually appointed a third party to administer the estate.

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7. Discern Elder Needs

We have discussed over the last 2 weeks the 7 essential benefits of estate planning and today we address the seventh essential benefit, 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.

Mistakes to Avoid in Estate Planning

We continue today to recognize National Estate Planning Awareness Week which was last week. When I wrote Stop! What are you waiting for? Your Step-by-Step Guide to Estate Planning, I wanted to make more people aware of what the estate planning process entailed so that more people would be encourage to plan, now.

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/

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

Where Are Your Estate Planning Documents and Have They Been Signed?

One of the biggest problems when someone you love dies is where are their "official" documents. Some people share that information with others close to them but too many do not. So today I want to share best practices for estate planning documents with you.

Estate planning documents have no legal effect whatsoever until they are signed and, where required, notarized. Once you have reviewed and finalized the documents, you should proceed to have them executed immediately. As important as this may be, I have found on more than one occasion that people have held documents for years without having them executed. I remember one couple wanted to know if they should execute documents drafted more than three years prior. There are some people who never get around to executing documents prepared for them. That is why it is important that the attorney, or whomever you choose as the coordinator of your estate planning, should always make it a part of their practice to arrange the execution of all estate planning documents.

Once your estate planning documents are executed, you have several options for places to maintain your original documents. You can keep them in a safe deposit box at your bank or financial institution or a safe that is fireproof and waterproof in your home. The attorney can maintain your original documents for you as well. In many states like Pennsylvania, you do not have to file or register your will upon execution. It is only filed or registered at death.

It is your preference regarding the maintenance of your original documents. You also want to make sure those who will be serving in a fiduciary capacity know where your documents are located and can get to them when needed for your benefit.

Do you have questions or comments? Leave them here or contact us at www.ythlaw.com