Are You Living Your Relevant Life?

What is your legacy?  When you speak does anyone listen?  Does it move or change anyone?  Have others taken necessary action beneficial to them because of YOU? 

It could be hundreds, thousands or just one.  If you AFFECT the action of one or the actions of many and it made you feel alive, needed or energized, you are living your relevant life.  If that is not the case for you, what are you waiting for?

We take the time to assess the life you are living when we do your estate planning.  Through this process many come to understand what is most important in their lives.  It can be a time of profound discovery and potential CHANGE.

Contact us at www.ythlaw.com for your estate planning needs.

Discussing The Seven Principles of Wealth

In addition to discussing the 7 benefits of estate planning, I also covered the 7 principles of wealth during my presentation at the American Embassy in Jamaica.  

The 7 principles of wealth are (1) enjoy what you do; (2) have a budget; (3) put your money to work for you; (4) protect your resources (be prudent and wise/seek professional advice); (5) access whether to own or to rent; (6) save for retirement; and (7) increase your knowledge in order to obtain your specific goalsrainawoseve pay 

Death is Life - A Reflective View of My Jamaica Journey

I share with you a link to one person's reflection on my visit. She served as the Public Affairs specialist for my trip.
Her words help capture the wonderful experience I had sharing my estate planning expertise in Jamaica.  I spoke to the retired community, American Embassy personnel, college and high school students as well as those in the legal community. 

Contact us  for your estate planning needs.

Estate Planning- Preparing For A Prosperous Future

The Founder and CEO of the Caribbean Community of Retired Persons ("CCRP") thanks me for my presentation to the CCRP during my visit to Jamaica.  Estate Planning: Preparing for a Prosperous Future was well received by those in attendance.  It was a rewarding experience to reach seniors and the retirement community in Jamaica.  Seniors around the world have made significant contributions to their community and so it is only appropriate that organizations are formed to address their unique needs and interests.  It was an  honor to present to such an important and distinguished audience.   

Yvette E. Taylor-Hachoose with Jean Lowrie-Chin of CCRP

American Ambassador to Jamaica

Estate Planning is about to get a boost in Jamaica through public forums in its cities of Kingston and Mandeville.  The estate planning topic is being sponsored by the United States Embassy on September 22 and 23, 2011.  I will serve as the Guest Speaker and subject matter expert. 

This is an opportunity which is important for many reasons.  Of course, it is a topic that I write about and feel is critically important to everyone.  With these particular presentations, I also have the opportunity to be hosted by and present to my former undergraduate professor.  Ambassador Pamela Bridgewater taught in the Political Science Department of Morgan State University before her stella career in the foreign service.  She continues to be a role model to all her former students and to many others whose lives she has touched.  I look forward to being a part of the American Embassy's important work in Jamaica. 

 

Jamaica - The Artist and Estate Planning

Estate planning is of particular importance in the Art world.  However, many artist, like most folks, have not attended to getting their affairs in order.  Whether it is visual, musical or other art forms, it is important that the artist protect and preserve his or her intellectual property rights, his or her copyrights or his or her ownership of work produced in a physical form. 

I had a conversation during my recent visit to The National Gallery of Jamaica about Artists and Wills.  The museum has seen first hand what could happen to works on loan when an artist dies without making provisions for his art work.  Money and time can be saved when an artist makes his plans clear by having a Will and keeping it up to date. 

We all have loved ones we want to protect and assets to preserve and pass on.  Contact our offices at http://www.ythlaw.com/ for your estate planning needs.

Jamaica - Business of Diplomacy

I arrived in Jamaica this evening.  After leaving the states, where the temperature had dropped to 50 degrees, I stepped off the plane into a warm 80 degree evening.  I was expedited through immigation into a waiting car to take me to the residence of the Jamaican Ambassador.  I will stay at the residence during my week  on the beautiful island of Jamaica.

I was awarded the U.S. Speaker and Specialist Grant to lecture on Financial and Estate Planning for Women.  My first grant was awarded in 2008 to lecture in Ghana and this one is to present in Jamaica.  There is a need both national and internationally to focus attention on getting ones' affairs in order.  If not for yourself, then for those you love.  When I reach beyond my own borders, I am able to still reach those at home.  Whether through blogging or news coverage, the message is delivered.  At some point the message hits home and action is taken.

Contact us at http://www.ythlaw.com/ and follow my blog over the next week, as I share the Jamaican diplomatic experience.    

Are You Prepared?

It has been an extreme weather event for the last 2 weeks.  First, we were hit with Hurricane Irene and then torrential rains causing more flooding.  How do you prepare for the unexpected?  We do not know when a loss might occur but we do know that if it does, we will need some protection.  Therefore, most of us purchase insurance for that potentiality. 

Well, with estate planning, we are also preparing for the unexpected (in many cases) but yet inevitable.  We want to protect our family and preserve our assets.  The only way to do that is to plan in advance. 

Let us help you save money, protect assets and distribute wealth.  Contact us at http://www.ythlaw.com/ 

Lessons of the Elephants

As the elephants emerged from the water, their huge ivory tusks fasinated me the most.  These gigantic but gentle creatures share the earth with us and fortunately we now protect them from being hunted for their tusks.  I can therefore sit on our boat with my 10 year old daughter and marvel with her on the graceful way the white tusks elephants emerge from the River. 

Without the interference of man, animals instinctively protect and preserve themselves as well as the longivity of their offspring.  They want their young to learn and benefit from them.  It is a natural fact, a given.  For us, we have a choice to protect and preserve ourselves and our assets as well as the future of the next generation.  It is our choice to plan or not to plan. 

If the wisdom of the animal kingdom provides any answers, planning would be our best choice. Contact us at http://www.ythlaw.com/ for your estate planning needs.  

Vacation - Remember to Update or Get Your Estate Planninig Done

I was on vacation last week.  As I was preparing for what turned out to be a vacation of a lifetime, I thought about how many of my clients come to me for the first time when they are leaving for a big vacation.  Generally, they are leaving the country.  In some cases, they may be traveling without their children for the first time. 

In my case, we were traveling with our youngest daughter to Africa and taking in 2 national wild game parks,  Mosi Oa Tunya National Park in Zambia, and Chobe National Game park in Botswana as well as taking a sunset cruise on the Zambesi River to take in the Hippos and birdlife.  Though my documents are up to date (but of course), it was interesting that I better understood the anxiety that would exist if that were not the case.  Though I did not intend to be eaten by the crocodiles or trampled by a herd of elephants, you still want to cover your basis. 

We had a great time with lots of memories, photos, videos which I hope to share over the next few days blog posts.  So, are you up to date on all your estate planning needs?  Contact us at http://www.ythlaw.com/ before your next vacation for peace of mind. 
 

Tangible Personal Property

I draft Wills all day long. I therefore take for granted certain terms that lawyers use all the time in their Wills. However, I realize that many of those terms which are standard to me are totally new and sometimes confusing to clients. Therefore, I always find questions posed by clients of value in making sure terms are understandable.

Here is one that often baffles people, tangible personal property. There are 2 types of property, real and personal. Real property is easy to explain. It is real estate, the home and land.

Tangible personal property is everything else, unless something is specifically excluded. It represents your personal possessions which includes household furnishings (not including fixtures) jewelry, cars, china, books, artwork and other tangible belongings. It even includes "money" in any form (cash, bonds, annuities, etc.) unless it is excluded from the definition of tangible personal property.

It is your Will and if there are words that you do not understand or do not make sense have your lawyer explain or change it to be understandable to you. Contact us for your estate planning and probate needs at www.ythlaw.com

Legacy - Take Time to Reflect and Create

Until you die, you are creating your legacy that will last well after you die. How long depends on you and the legacy you create and preserve.

You can make a monetary bequest/gift to your family or you can give to charities that reflect your values and beliefs. What you leave can be tangible (cash, house, car) or intangible (wisdom, ideals, philosophies, principles). However, you can only be impactful in the way that you desire if you plan ahead. Otherwise, your legacy will be left to the whims and fantasies of others.

What we do is work with you to make sure your wishes and desires are documented. Contact us at www.ythlaw.com for all your estate planning needs.

Divorce and Death - What you need to know.

You probably do not even think about all the details of a divorce until you are in the middle of one. That may not be the most appropriate time for you to make rational decisions affecting the rest of your life. But, be that as it may.


What you need to remember, whether you are getting a divorce or not, is that upon death money is distributed 4 ways: by Will, Trust, Joint Ownership or Beneficiary Designation. You need to make whatever changes are necessitated by the divorce in all 4 of these areas.


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

Tax Tip Mid-Year

It's summertime, the beach, vacations, sun and fun. So, have you thought about how to save on your taxes. I guess not!! But someone else has. Therefore, I thought I would share this recent article I read with you. It has some essential tips for you to consider for your 2011 taxes.

10 Midyear Tax Moves To Make Now
By Kay Bell • Bankrate.com


Contact us at http://www.ythlaw.com/ for all your probate and estate planning needs.

Happy Birthday to us All!!!

I had mentioned before that I alway use my birthday as a time to review and reflect on important health, financial and personal matters. Making sure my estate plan is up to date is a part of this annual reflection. Well, today is my Birthday!!

I am fortunate to have my health. I also realize how important good health is and so I do what is necessary to maintain good health. It is just as important to do what is necessary to make sure my Will and other important estate planning documents exist and are up to date, when I am healthy and can make sound and rational decisions.

It is also important that I address issues of healthcare and long-term care when I am healthy and can make sound and rational decisions. This would include the social security areas of retirement, disability, medicare and medicaid; long term care insurance; assisted living; and, guardianship. All of these areas may be of importance to you and your family.

Feel free to contact us soon at http://www.ythlaw.com/.

To Be or Not To Be, That is Your Decision!!

You can dictate whether you want to be on life support. If your condition is terminal without any hope of recovery because you are in a permenant state of unconsciousness or in a vegetative state, your Living Will can speak for you. The Living Will is the fourth important document of your estate plan. It is also referred to has your Advance Healthcare Directive. You can let your family as well as medical professionals know your preference for life-sustaining treatment. Plan for those important decisions in your life. Contact our offices at http://www.ythlaw.com/ We can help you with Probate, Estate Planning and Elder Law.

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

Powers of Attorney and Wills for the "What ifs" and "When"

I am on the way to a Nursing Home. The reason for this visit happens all to often but could be avoided with planning. Why do we wait? What do we procrastinate?

Today, when I meet with this client and their family (generally a son or daughter), I have to first determine whether the client still has the capacity to execute specific documents like a will or power of attorney. If that huddle can not be met, then the son or daughter will have to initiate guardianship procedures to address financial matters and certain healthcare matters. The window for creating a will is now closed if the client no longers has capacity.

Unfortunately for many, when we are healthy and able bodied, we do not focus on the "what ifs" (I become incapacitated, etc.) or the "when" (death happens). However, this is the time to take care of our "business". It will save you time and money in the long run. Though I do make more when you procrastinate, that is not why I do what I do. I want families to have their documents in place for the "what ifs" and the "when". If you do, then you do not have to be addressing legal matters when your focus should be on the emotional aspects of the "what ifs" and the "when".

Contact us today at http://www.ythlaw.com/ for all your probate and estate planning needs.

Super Bowl - The Day After

Whether your team won are not, the Super Bowl is a great time to gather with friends and family. That is just what we did on Super Bowl Sunday. We had great food, wonderful friends and exciting entertainment.

Of course these days the Super Bowl commercials get to be legendary as well. The 2 that stood out for me was (1) Kia "One Epic Ride" and (2) Doritos "House Sitting". Like estate planning, One Epic Ride is all about knowing the past to take time now to address the future. I thought "House Sitting" raised an issue regarding cremation. What do you do with the ashes? Some folks keep them on a mantel. However, unlike being able to sprinkle doritos on them to bring someone back to life, you could inadvertently spill them. Why not have your ashes distributed over a place that has meaning for you or have them secured in a vault.

Contact us to discuss your estate planning needs at http://www.ythlaw.com/

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.