Taking Advantage of the Beach Weather

We are still fortunate that we can enjoy the beach. The weather has been perfect for just laying around on the beach all day and, in the north, our beaches have not been affected by the tragic oil spill. So, off to the shore I go with my 9 year old niece and 9 year old Angelina, the light of my eye.

I often think about Angelina if something should happen to me or my husband. We have appointed guardians in our will but there is so much we want for her that is personally us that can't be passed on. So, what I tell my clients and myself is to focus on what you can pass on to our young children if we die when they are still young. Pick a loving guardian who knows your child. Money is not the focus when choosing your guardian. Angelina likes your time and your attention. That costs you nothing. (Well, then again, for me time is money but that aside :)) Who has been there for those special moments in your child's life and in yours? Who can provide the memories of those special times? Who has smiled at or complimented your child for the small achievements? Pay attention to those people in your life and you will be looking at a potential guardian for your child.

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General Powers of Attorney

Today, I was updating a Power of Attorney for a client. This reminded me of the importance of having a professionally done Power of Attorney. I was working on a nursing home case where most of the elderly clients had appointed an agent under a Power of Attorney. It was necessary when the patient/client was unable to act on their on behalf that the agent had the requisite power to act for them. One more than one occassion, the Power of Attorney used was insufficient for bringing an action in court. The agent did not have the power to sue on behalf of the patient/client. The Power of Attorney (some pulled off of the internet or some form booklet) was limited in its use.

An attorney and especially an estate planning attorney would be in the best position to prepare an appropriate Power of Attorney. In my nursing home case, thousand of dollars were lost because no suit could be brought by the agent on behalf of the injured patient. Don't let this happen to you or your loved one.

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Philadelphia Marathon

Stay tuned!! I will be blogging about the Philadelphia Marathon. WHY, you might ask would an estate planning blogger want to spend time blogging about the Philadelphia Marathon or any marathon for that matter?? BECAUSE, I just signed up to run the Philadelphia Marathon.

Yes, this "non-runner" who has never even done a 5k, which is how it all started, will be training to run a marathon. WHY?? BECAUSE I always tell my readers the importance of their life and legacy. To have a legacy, you have to be living your life and challenging yourself each and every day. It does not have to be a marathon or anything close to it but it has to be something outside of your comfort zone, your self-created box. Something that will make you say, if I can do this, I can do anything.

Well, gotta run, literally. Leave your comments here or contact us at http://www.ythlaw.com/

Your Children's Legacy

What is the legacy that you leave your children? The answer to that question goes a long way in determining your children's legacy. Each generation builds or not on the other generation. What makes the difference between generational prosperity and generational deterioration? The answer is planning, estate planning.

Prosperity is not always about money or financial wealth. Prosperity is also inclusive of happiness, well-being and fulfillment. For some, this is all that really matters. BUT, for any prosperity, one has to have a plan. Money, happiness, well-being and fulfillment, none of these happen by chance. Estate planning is the process of evaluating your "assets" - the tangible things you have (like money, a home, car, jewelry, etc.) and the intangible things that matter to you (happiness, well-being, productivity, fulfillment). After this evaluation or reflection, the estate planning process continues by looking at those who matter most to you - loved ones, other people, places or things.

When this process is donw with a professional estate planner, you make a difference in your children's legacy. Leave your comments here or contact us at http://www.ythlaw.com/

A Trust serves as Will Substitute

The sweltering heat had us take a drive down to the Jersey Shore for the day. I thought about the Jersey Shore properties that are owned by so many folks who live in Pennsylvania. In many cases, it would be appropriate that their property would be passed on via a Trust. A Trust would avoid probate. Therefore, those with real estate in more that one state, avoidance of probate would make a lot of sense.

A Trust in those cases would serve as a perfect alternative to a will, a will substitute. Remember, if your property still has a mortgage on it, consent of your mortgage company would be required.

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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/

L'Oreal Heiress is Among the Top Richest Women in the World

Liliane Bettencourt, the 87 year old French heiress to the L'Oreal cosmetics empire, has attacked her daughter for questioning her right to donate 1.2 billion in gifts to a 61 year old society photographer. The daughter who stands to inherit the family fortune which includes 30% interest in L'Oreal has sued the photographer for fraud. Now the courtroom drama begins. With such a large sum of money involved, the lawsuit will involve not only the family fortune but politics, power and sex. Yes, it is an estate planning soap opera. As of this writing the trial has been postponed due to tapes made by the butler (yes, the butler did it) and leaked to the press that raises issues of foreign tax shelters and questionable financial transactions. One question asked during all of this is whether there will be any impact on the company, L'Oreal. Well, time will tell but probably the family and the company are separated enough to protect the company, financially, from this particular drama.

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Longest Serving Member of Congress dies at 92

Senator Robert Byrd dies at 92.

The Congress and the Nation will take time to recognize one of its longest serving members who will lie in State today in the Senate chamber. After over 50 years in Congress, Senator's Byrd's legacy will live on for generations. As the days go by, we will determine whether there are any estate planning issues that we can examine.

I might surmise, since it has not yet become headline news that the estate planning was done so that issues were addressed prior to Senator's Byrd's death. Time will tell.

To the family of Senator Byrd, we send our heartfelt condolences on the loss of your loved one whom you shared with the Nation. Thank you.

Kagan Confirmation Hearings

Congress makes the laws, the President enforces the laws, and the Supreme Court interprets the laws. It seems simplistic and straightforward but it is not because the devil is in the details. This week we watch the confirmation hearings of, Elena Kagan, a nominee to the Supreme Court of our nation. The hearings are just as important as an election to congress or the presidency.

I am always reading court opinions that interpret tax laws affecting estate planning as well as opinions pertaining to specific estate plans that have been challenged by those affected by the plan in one way or the other. Just like the laws of the land, your will has to be written to withstand the scrutiny of a judge, maybe not a Supreme Court Justice but the judiciary may be called in to determine whether your will complies with the laws or if your intentions are clear.

Professional guidance is key when making your will. Leave your comments here or contact us at http://www.ythlaw.com/

BP - Oil Disaster in the Gulf

I, alongwith the nation and the world, are watching the unfolding of the worst oil spill in US history. The deaths from the explosion, the impact on the fishing industry, tourism, wetlands and wildife are all unprecedented. And now there is a fund to begin to compensate those who have suffered as a result of this tragedy. But is it enough? What would be enough?


There are so many plans that have to be put on hold and dreams that can never be realized. How can you value such loss?

What we all can do is prepare ourselves for the expected and the unexpected. What happens to our loved ones when we die? How do we manage during a sickness or disability? Unlike the unprecedented oil spill, we have ways to address these emergencies. Get your will done today. Name a person under a power of attorney to act for you when you are unable to act for yourself. Take these steps now before it is too late. Leave your comments here or contact us at http://www.ythlaw.com/

Too Many Wills Creates Chaos

In my book Stop! What are you waiting for? Your Step-by-Step Guide to Estate Planning, I stressed the importance of shredding prior wills. Even though the new will revokes any prior will, finding the old one first could start a process in the wrong direction and create disharmony when the current will is found.

Apparently, there were 2 wills found for Gary Coleman and even some handwritten notes. The handwritten notes would not be a will if the will formalities were not followed.

You must handle your will as you handle your other business. Be organized and consistent. If your will is not maintained with your attorney, maintain it in a safe or safety deposit box. Why have unnecessary chaos, with a little planning while following best practices, you lessen the burden on your family and friends.

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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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A Uncommon Millionaire and her Wonderful Legacy

I enjoy the stories of folks leaving a legacy worth millions to deserving people who did not expect it. Here is another story from the headlines that reminds us that it takes all types of people to make a difference in our lives and "be kind to your neighbors" should be everyones motto.
Click on the picture to hear her story!

Elder Care - When a Nursing Home is Required

I recently spoke with a client whose 91 and 95 year old grandparents are in need of long term care. They can no longer stay in their home because the limited care they receive (4 hours a day) is not sufficient to meet their needs. However, the cost of a nursing home is prohibitive given their resources.

So, what is one to do? Their options are limited. Since both need to have 24 hour care, all of their resources would have to be paid to the nursing home until they qualify for medicaid. My client's grandparents could spend down on eligible items like prepaid funeral, medical bills and home repairs (which would be necessary to sell it). Other transfers, like to a trust or gifting to family members, would affect their eligibility for medicaid since there is a 5 year look back period on transfers.

The options are few given their advance age. Planning for long term care needs to be on everyones' radar since we are living longer and with that our medical needs increase. Leave your comments here or contact us at www.ythlaw.com

Coleman Dies at 42

Gary Coleman, the child star of "Different Strokes", suffered a brain hemorrhage and went into a coma. Life support was withdrawn and he soon passed on. It was reported that he had named his personal representative to speak for him regarding healthcare matters when he could not speak for himself. Through that power, his agent (his ex-wife) withdrew life support.

Now at issue is the remains of his body. Who has the rights thereto? His parents or his ex-wife. Unless he provided otherwise for his remains, the parents would have the priority right. Of course, as with all of Hollywood matters, the drama continues to unfold. Did he remarry the ex-wife and therefore, elevate her status to wife?

I will continue to follow but in the meantime I continue to stress the importance of your estate plan and how it covers all of your assets, even your physical body. Leave your comments here or 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.

For All Those Who Serve and Have Served

Memorial Day, May 31, 2010,
commemorates the men and women who died while serving in the American military.

Last week my daughter, Angelina, and I toured Washington DC. The Korean War and Vietnam War Memorials were among the sites visited. My father, her Pop-Pop, served in the Korean War.

In 2006, he released a book about his Korean War experience. For me, Memorial Day is a day to pause and give thanks to all the people who made a difference in the quality of life we live as American citizens.

For my Dad and all those who serve or have served, THANKS!!!

Charitable Remainder Trust

With anything there are pitfalls. The Charitable Remainder Trust is a great way to give appreciated property to your favorite charity while getting tax deductions for yourself. We often refer to this type of trust as the gift that gives back.

However, you must understand how this type of trust works and make sure it is right for you. It is an irrevocable trust which therefore can not be changed or terminated once it is set up. Of course there are ways available to make changes or terminate BUT at a cost of time and money. If the person setting it up and the charity receiving the benefit should agree to a proposed change or termination then court approval should be sought. Also, the Attorney General's office should be notified since the Attorney General's office handles charitable organizations.

Get the right advise upfront, contact our office at http://www.ythlaw.com/

Income vs. Wealth

I would encourage everyone to read The Millionaire Next Door. It has been out for awhile and the information it provides is invaluable for those who want to accumulate wealth. Most of us have the wrong profile of what it takes to be a millionaire. We even think some folks are wealthy when in fact they are NOT. Even more interesting, we think some folks are not wealthy when in fact they ARE. Having a great salary or income does not necessarily lead to wealth. It all depends upon your spending and saving habits.

So many more of us could accumulate the wealth we desire if we took note of our buying behavior and its impact upon our success in this area. For example, how much is the "pride" of having a current model car worth? If you could get the make and model of the car you want but not new, maybe 3 or 4 years old and the same car new for an additional, say $5,000, $10,000, $20,000, would you? Even if you could, why? This is one example of the many buying habits we could reevaluate on our way to being wealthy. The book has many more worth your perusal.

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When someone dies, who pays the Debts?

I just got off the phone with a friend of mine who recently loss her husband. She does not live in Pennsylvania but knows I handle estate administration and I have been available to answer the numerous questions that inevitable arise. She has made good use of my book Stop! What are you waiting for? Your step-by-step guide to estate planning which was a gift to her before any of us realized just how sick her husband was.

She asked about the bills, medical bills specifically, which are beginning to pile up. Is she responsible for paying these bills? The answer is the estate is responsible. Did her husband have any assets in his name alone? Such funds must be used to first pay the debts of the estate before any distribution is made to beneficiaries. However, assets jointly with his wife and accounts/investments/retirement accounts with beneficiary designation are NOT part of the estate. Therefore, if all of the assets fell into those categories, the estate is bankrupt and can not pay its debts.

Remember though if the estate should come into any money, ie. win a law suit for wrongful death, then the estate has money and those piled up bills have to be paid first. Leave your comments here or contact me at http://www.ythlaw.com/

Law and Order Discusses the Federal Estate Tax?

Yes, that is correct. Even Law and Order wants to get in on estate planning drama. The drama that unfolded in this recent episode pertained to coincidental deaths of several millionaires at a cancer clinic which engaged in "experimental" cancer treatment. When all else had failed, this was apparently the place to go, especially if you had money. The only problem was that it was a one way visit. You checked in but never checked out, at least not alive.

So, here is the estate planning twist. The federal estate tax which would be a 45% tax on estates in excess of 3.5 million, sunset in 2010. In 2010, there is NO federal estate tax on these high level estates. We do not know what will happen in 2011 but if Congress does nothing, the federal estate tax will return.

On Law and Order, the millionaires had cancer which could no longer be treated traditionally. They were given say another year or two to live. BUT, this "experimental" treatment "might" provide them with a longer life span option or even a "cure". Needless to say, it did not prolong the life of those expected to live "maybe" another year or two. They died in 2010. The millionaire that was given only a month to live in 2009 did live longer into 2010 before dying but the quality of life was highly questionable.

All of the families of these millionaires inherited these estates FREE of federal inheritance tax. Was this a crime? Sorry, I fell asleep before the end of the show, but what do you think? Leave your comments here or contact me at http://www.ythlaw.com/

A Legend's Death

The legendary Lena Horne will be remembered for her outstanding musical, acting and humanitarian work. There is so much to be passed on from her legacy and I am hopeful that her estate preserves what can be shared for generations. She was able to surmount many barriers to enter the workings of Hollywood and, while there, share her musical and acting talents to the world.

We will miss this Icon but her legacy will live on.

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Probate - The Issues and The Resolutions

I have been involved in a number of probate matters recently that raise complex questions for families having to deal with the loss of a loved one. Three concerns come to mind. Discussing them here may help others avoid the pitfalls.

One, if the will is not notarized then the witnesses have to appear before the Register of Wills. This can be a troubling task for many since witnesses can be scattered here and there. So, if the person failed to get the will notarized (remember to get your will notarized) then you can get 2 other people familiar with the signature of your loved one to attest to the signature before the Register of Wills. You can serve as one of the individuals.

Two, make sure you do not delay presenting the will before the Register of Wills. Other family members could try to open probate alleging there was not will. They have a heavier burden but if no one comes forth with the will, it makes it easier for others to create a fraud. Trust me, it happens in the best families.

Three, notification to beneficiaries and an inventory of the estate are required. Many Executors or Administrators are delinquent in this task. This is a violation of fuduciary responsibility and could lead to fines and penalties. So, if you serve in these roles make sure you know what you are required to do and do it.

Leave your comments here or contact me at www.ythlaw.com

What is an Endowment?

I did a presentation and book signing at Freedom Theatre sponsored by African Tropic Decor Gallery, Inc. It was a wonderful evening. The art on display was uniquely fantastic.

Well, we had lots of questions which I enjoy the most when I do these presentations. I share one with you here. What is an Endowment? First, an endowment is not a bequest which is a gift left in a will. Note, a bequest could go towards an endowment. An endowment is not a trust which serves a specific purpose and generally can hold a variety of assets.

An endowment is a fund established generally with money, but can include real estate and other assets, to benefit an institution or person. It has a specific purpose and the money in the fund is to be applied for that purpose. In an endowment fund, the principal is invested, and only a portion of the investment earnings, income, is spent. The rest of the earnings are directed back into the fund, so that the endowment grows over time. In this manner, the endowment becomes a perpetual source of funding for whatever the person making the donation wishes to achieve.

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Have you Updated Your Will

I often quote the statistics that 70% of the people do not have a Will. But, the 30% that do have a will, need to update their will. What category are you in?

How many times have I heard that a will did not express the wishes of a loved one. Circumstances had changed and the "intent" was to make a change. However, it was never done so we have a legally binding document that can't be changed because the only one that could change it has died. Sometimes these statements appear to be self-serving and other times not so.

I ask you now to take a close look at your will while you can and make sure it does express your wishes. Engage in such a review whenever your circumstances change. Leave your comments here or contact us at http://www.ythlaw.com/

Mother's Day - A time to talk

You know I often say that estate planning is a family conversation. Mother's Day is this weekend and generally all the family is together. As our parents age, who will be there for them? If a parent is alone due to divorce or death, then answering this question is even more important for the family.

A friend asked me to write a guide for families. A step-by-step approach to How to Care for Mom. When families are faced with this reality, it can be overwhelming. Families are no longer living in close proxmity. They have multiple commitments and obligations. They struggle themselves financially. BUT, in all this chaos, there is an approach to make the burden easier. The approach not only includes necessary documents like General Power of Attorney and Healthcare Power of Attorney; but, resources like continuing care communities and elder care wellness centers. Having this information available in a handy check-off format, makes an otherwise daunting task doable. So coming soon, your guide to caring for Mom.

Leave your comment here or contact me at http://www.ythlaw.com%20w/

Revocable Trust

I had yet another client who came to my office to update their current estate planning documents. The client needed to modify their Revocable Trust. The first question I always ask is "What have you placed in your trust?". When I get a blank steer, I know the client has not followed through on the most important part of having a Revocable Trust. You MUST retitle assets into the name of the Revocable Trust.

A Revocable Trust is a legal document. As a visual, I ask clients to think of it as a shopping cart. Once you have the shopping cart, you have to place items in it. Without these items, it is empty. The same applies to a Revocable Trust. If you do not retitle your assets into the name of the Revocable Trust, the Trust has not served its purpose. For example, if you want the Deed to your home or your brokerage account to be in the Revocable Trust, you would retitle those assets by changing from your name to "Your Name, Trustee for the Your Name Revocable Trust dated Execution Date."

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Car Bombing in Times Square

I was taking my daughter to her Tennis practice on Sunday when she asked, out of the blue it seemed, whether there was war. She is just turning 9 so her world perspective is limited to family news discussions and of course current events at school. But, whether there is war or even whether we are at war and with whom is quite a complex topic to have with a 9 year old as we are rushing in to make it on time for tennis. And, she is actually waiting for my response. So I quickly say what any loving mother would, "Ask your dad".

She dashes on to the court and I flee back to the car to see how many errands I can possibly accomplish in less than an hour. Then I hear about the car bombing in Times Square. Did my daughter hear this story before I did? Does she have a sixth sense? Whether those responsible for this bombing are part of a larger network that goes beyond our borders or not, this act of violence clearly gives reasons to pause and ask "Are we at war and with whom"?

What is our collective legacy to the next generation? Will it be of war or will it be of peace? Leave your comments here or contact us at www.ythlaw.com

You and Your Limited Liability Company

I have stressed the importance of having the correct legal form when you go into business. Today I will address Limited Liability Company (LLC). All LLC owners are protected from personal liability for business debts and claims -- a feature known as "limited liability." This means that if the business owes money or faces a lawsuit, only the assets of the business itself are at risk. Creditors normally can not reach the personal assets, such as a house or car, of the LLC owners. However, since the assets of the LLC are at risk, for some business owners, the use of multiple LLCs would serve to better protect assets.

For example, I had a client that owned multiple rental properties. Several properties were commercial rentals, and the others were single family dwelling rentals. Given the exposure to significant assets and the different business interests, it would not be prudent to place all of the properties under one LLC. Therefore, multiple LLCs were considered as well as other corporate structures. Are your assets adequately protected? Contact our law offices for expert legal advice.

Do I Really Need a Will?

This question is often raised to me and I always answer YES! I had 2 situations recently where there was no will and it would have been very helpful to the family.

In one case, the family sued the nursing home for the wrongful death of their loved one. They won!! Now, what? Who is entitled to the award? In order to sue for wrongful death, an estate has to be opened which is referred to as probate. If there is no will, the state's intestate laws determines who will receive the award. This may include individuals who did not even pursue the litigation. Was that the intent of the decedent?

In the other case, the person who died had an interest in real estate in Florida, prime property. There was no will and in this case the interest in the real estate goes to the 4 surviving children, 2 of which have been estranged from the family for years. Title to this land will remain unresolved until the daughters can be located, if even still living. Was that the intent of the decedent?

Let you intent be known. Contact us at http://www.ythlaw.com/ and have you will done today.

Please Attend My Next Book Signing Event

Please click on the above image to enlarge it

Civil Rights Icon Dies

I pause today to recognize the life and legacy of a civil rights movement icon Dorothy Height, winner of the Presidential Medal of Freedom in 1994. Our country has had many challenges to make it the great nation that it is for all of its people. And it is with heartfelt emotion that I take the time to note the passing of one whose life was dedicated to the ideals of equality that we continue to struggle with today.

For many years, she was the president fo the National Council of Negro Women founded by Mary McLeod Bethune.

Share your comments here.

A Lottery Winner

I have spoken on lottery winners and their propensity to spend all their winnings in a very short period of time and end up bankrupt. I have had clients who have encountered huge windfalls in a short period of time. One in particular stands out.

When I met this client, she still had just under 1/2 of her winnings which put her ahead of most lottery winners. Further, she had NO debt. Upon winning the lottery, she paid off her home, car and all other debts. She continued to live in her home and drive the same car therefore incurring no need debt. Since she was close to retirement, she quit her job and lived off her winnings for 2 years. She then begin drawing social security and her pension along with a small annuity payment from her investment.

So, you might say what is the issue and beyond getting her estate planning done (will, powers of attorney, etc) what else is needed? Well she executed an Irrevocable Trust which she would now like to change.

How does one change an Irrevocable Trust? The answer tomorrow as we continue with the story of our lottery winner. Leave your comment here or contact us at http://www.ythlaw.com/

A Little Giving Does Add Up

I have been in discussions recently regarding the viability of an organization when there is insufficient amount of giving to support it and its mission. In fact, this is the question currently posed in 2 organizations that I support. Both of the organizations are charitable organizations and rely on the giving of the community and its members.

With the economic situation as it is and the number of millionaires being few and far between, I have come out on the side of continuing to do what you can with the organizations while things do improve. If your mission is about helping and making a difference in the lives of those most vulnerable in the community, then you can't quit. You may have to downsize, readjust or think more creatively but you do not quit. And if you find you must then let others take your place until you get the energy to keep going. Others can be your strength and help you to carry on.

Enough said, I wonder whether you have found yourself in such a place with charitable organizations and I wonder how you coped or whether you coped. Share your comments here or contact us at http://www.ythlaw.com/

Seven Principle of Wealth - Number Seven

SEVENTH, be specific in your intentions/goals and prepare yourself to accomplish your financial goals. I know that intentions have infinite organizing power. You know the saying be careful what you ask for. I say KNOW what you want.

RECOMMENDED ACTIONS. Let me share what I do. I have very specific annual financial goals that I track on a monthly and daily basis. Therefore, I know before the end of the year whether I am on track to meet my financial goals. If I need to change my fees or prepare myself to add another area of practice, then I will do that to make the goals. If you have a job and you are not meeting your financials then now is the time to ask for a raise, take on more responsibilities, take a course/class to increase your marketability.

Even if you do not have all the answers, as long as your intentions are clear and you are prepared, opportunity will come knocking....open the door. Share your comments here or contact us at http://www.ythlaw.com/

Seven Principle of Wealth - Number Six

Six, estate planning is very important when you think about generational wealth. Estate planning is not only about providing for your family when you die but it also includes retirement planning. You want to have assets/money available to you when you are no longer working. When you begin the estate planning process, you cover all of your financial arrangements for the present, future and beyond.

Actions Recommended: Again as mentioned in other principles, you want to begin saving at your job and taking full advantage of any matched savings program. Retirement assets should not be placed in risky ventures as you age and even when you are younger your risks should be well calculated.

Seven Principles of Wealth - Number Five

FIVE, you must own not rent. There are so many financial benefits to homeownership.

RECOMMENDED ACTION: Take advantage of any first time home ownership incentives and programs. You may consider lease to purchase options that might be available. Take advantage of non-traditional outlets for home ownership, ie. foreclosures, sheriff sales, sale by owner. Though you may have to have more money up front, the savings are tremendous.

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Seven Principles of Wealth - Number Four

FOURTH, you must protect your assets. Any investment made must be prudent and wise. You do not want to expose the principle (the amount you have been saving, ie. 10% of your income) to loss. It is the money that your savings makes that would have any exposure but even with that money be prudent and wise.

RECOMMENDED ACTION: Start saving 10% of your income each pay period and place that amount in a guaranteed investment, (money market, certificate of deposit, bonds, savings account). Once the interest starts to grow, look for an investment opportunity for that interest income. The investment should be prudent and wise but does not have to be guaranteed. This may be your business venture or the business venture of someone you know who is prudent and wise. Your initial investment in another person's venture should be small and have a pay back within a short measureable timeframe. As the business and the person continues to prove themselves, your investment can be larger and for a longer term. Remember, the money invested here is just the investment income off of your guaranteed savings.

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Seven Principles of Wealth - Number Three

Now that we are saving money, what do we do with the savings? THIRD, you must put your money to work for you. You want to have your money create income for you whether you are working or at leisure.

RECOMMENDED ACTIONS: What can you do to increase your savings without depleting it? This will require some research and thought on your part. You have to educate yourself on what might be a good "investment". You have to read, research, talk with professional advisors and just as important if not more so, Talk To "Financially" Successful People. If you do not know any (increase your circle of associates), then read about them. I suggest you read and maintain in your library Think and Grow Rich by Napoleon Hill. You want the revised and updated for the 21st century version. You will educate yourself on growing your money. Depending upon your interest here are some areas to research for your "investment" purposes: stocks, bonds, mutual funds, money markets, real estate, rental properties, start an on-line business, start lending, start writing, and start speaking. Put your money into a venture that you have researched, start small and let it grow.

Here is one that I will do and keep you informed of the progress. I will start an on-line subscription business. I will provide information, knowledge and expertise, including access to me, on (1) taking care of your aging parents, the step by step process and (2) creating your legacy, the step by step process. There will be a minimum subscription fee for on-going access and information including free books, webinars, interactive dialogue with others similarly situated. You heard it first here.

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Seven Principle of Wealth - Number Two

SECOND, you must establish a budget. This is your very own budget but a budget nonetheless. The budget will include the cost of your essential needs and then include those things you desire within your budget, ie. 90% of your income. Obviously, you will not be able to satisfy ALL of your desires. However, an important desire is being realized each day, the accumulation of wealth.

ACTION RECOMMENDED, start with a budget worksheet. I found a basic "free" one at http://www.financialplan.about.com/. Print out 2 copies and fill in one copy. Then, take the second copy and fill it out with just your necessary expenses and then add those other expenses one at a time until you are at 90% of your income. The remaining items (which are desires) did not make the budget and must be eliminated for now. Focus your desire on and obtain satisfaction from growing your wealth.

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Seven Principles of Wealth - Number One

Over the next seven days I thought I would share ways to increase one's wealth and thus provide a legacy for your heirs. All of the ideas can be implemented by anyone. However, most are rarely followed or followed inconsistently. But when implemented, wealth follows.

FIRST, for every dollar you make, keep ten cents for yourself. You have heard the saying pay yourself first. Take ten percent of your earnings and save it. If you are a business owner, also save 10% of your profits. This is money not to be squandered but as you will learn from the other principles, it is to be put to work for you.

ACTIONS RECOMMENDED, if your company has a savings plan, contribute at least 10% or the maximum you can. If your company matches your savings, you definitely want to contribute the maximum match amount. Simple, yes, but many are not taking advantage of this HUGE benefit.

For the next 6 months, live off of 90% of your earnings by making your own coffee; eating at home and taking your lunch to work; drive less by car pooling and combining trips; and, take a vacation at home, there is more to see than you know. If you can do it for 6 months, you can do it for 1 year and so on.

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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/

Springtime - Change is Good

As I look out on a beautiful clear day after several cold rainy days, I welcome, no, I embrace change. I prepare for my day with gusto awaiting that next estate planning challenge. How do you handle change in all its multifariousness?

I know you hear that the only thing constant is change. Yet, you, like most people, may struggle against it. Do you look upon change as a friend or something to dislike and resist? Are you only comfortable with your “known” environment? Change does represent the unknown and uncertainty and yes, that can cause discomfort. It is no wonder that we live with so much stress, anxiety and dis-ease. The struggle against a constant is a losing battle.

So what is the answer? Let go and let life’s flow embrace you. Is that easier said than done? No, I believe it is easier, if done. So I ask you to make one change today. End your procrastination habit and get your estate planning done. Leave your comments here or contact us at www.ythlaw.com

Who is a Millionaire?

There are some stories that fill you with emotions. They touch our souls. I want to share this story of Grace Groner with you.


We ALL have something to give that will make a difference to someone. In the case of this very special story, a lot of people will benefit from the generosity of an unlikely millionaire. Leave your comments here or contact us at http://www.ythlaw.com/

A Final Gift

A friend's mother passed and I attended the memorial service in celebration of her mother's life. It was very intriguing for me. Her mother donated her body to science. Though I have noted that request in documents for many individuals, this was the first time that I attended a service where one had donated their body to science. My friend's mother had follow in the footsteps of her own mother who gave her body to science at a time when very few people considered that option.

As I have said in several blogs that our assets include everything, even our bodies. We can recall the controversy surrounding Michael Jackson's body and burial. What about Anna Nicole Smith? There was major controversy over the location of the burial of her body.

So, think about ALL your assets and make those needed decisions so things can go as smoothly (at least as regards the body) for your family when you die as it did for my friend's family. Leave your comment here or contact us at www.ythlaw.com

You Got To Dream Big

You have no excuse not to dream big. You don't need money nor an alloted amount of time. You don't need any one's permission nor their feedback. As the Nike commercials say, just do it or should I say "just dream it". A friend of mine shared with me one of her mottos "don't just face reality, create reality". So, you have to dream to make something that you want to happen in your life. You should not just wait for life to happen, because we all know it will.

When people say to me that they do not have an estate to plan, or assets to pass on, or a legacy worth preserving then I encourage them to dream. If they do, sooner or later, they will come to me with an estate to plan, assets to pass on, or a legacy worth perserving.

I found the young man in this video to be very inspiring. Watch and dream your big dream.

Inherited IRAs

I had a question posed regarding IRAs. The question was what is the benefit of leaving retirement benefits in Trust when the beneficiary of an Inherited IRA may "stretch" the Inherited IRA and therefore get payments over time. The short answer is that they may but a Trust makes sure that they do. If you want to protect the asset you pass on to loved ones, the trust provides you with that protection as well as the control.

Let your hard earned assets serve your loved ones in the way that you want. Leave your assets in a Trust. We can help. Contact us at www.ythlaw.com or leave a comment here.

Power of the Purse

I attended an anual grantmaking dinner hosted by the Bucks County Women's Fund. It was entitled Power of the Purse to symbolize the strength and potential of women's philanthropy. The program also demonstrated to all in attendance that charitable estate planning is just as important to engage in while you are living. We see the fruits of our charitable support. Those who benefit are also given an opportunity to give their thanks. Everyone receives encouragement to do even more to make a difference in the lives of those in need.

There are many people who want to know the best way to support charitable causes. You can make charitable deductions to a qualified charity (501c3, church, etc) during your lifetime; you can give a specific amount in your will to a non-profit organization; and, you can set up all types of trust to meet your specific need. Let us help. Contact us at http://www.ythlaw.com/ or leave your comments here.

Divorce or Marriage

Whether you are getting a divorce or you are getting married, you need to have your wills done or updated upon the occurrence of either event.

I have had situations where the only will in effect was the one written before the divorce. Naming a prior spouse can be problematic upon death. Was the intent to provide for the person or the "spouse"? The prior spouse could allege that no change was made because there was still an interest by the divorcing spouse to leave the prior spouse assets upon death. The person in the best position to address the issue is now deceased.

Take care of those important matters when your life circumstances changes. Doing a will or updating one is one of those important matters to address.

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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.

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The Tale of Two Seminars

I have often stated how estate planning serves different needs. It is not a one size fits all and it is not for just one type of planner. For example, I am speaking on estate planning to 2 different groups today and promoting my book, Stop! What are you waiting for? Your Step-By-Step Guide to Estate Planning.


First, an association of ministers will be interested in how charitable estate planning can be encouraged amongst their congregation. Many people during their lifetime financially support their religious organization through some consistent giving arrangement. Their giving can extend beyond their lifetime if plans are made. If not, the giving stops when they die.


Second, an association of independent financial advisors will want to know how their clients' assets can be protected with estate planning. What are the latest tax issues affecting estates?

Though the conversations will be very different, the goal to take the time now to plan for the future is the same. Contact us at http://www.ythlaw.com/ or leave your comments here.