Will To Go, please.

You often here me say that estate planning is for everyone, and it is. It is not only those who "think" they do not have assets worth protecting (what about your children, your home); but those with assets who fail to plan. Wealth, knowledge, expertise, education, etc. are not guarantees that folks have done what they need to do. The same applies to estate planning.

Some people have not taken the time to really review what they are worth and even those who do know, for all the reasons we have discussed (procrastination at the top) have not done their estate planning. New clients came to me with had an immediate need to at least have a will in place. With small children at home, they were leaving on a much needed vacation together without the children. So I said "Sure, I can do a will for you." It was not until they filled out the paper work that I realized what they needed was much more than a "simple will". With assets in excess of 10 million dollars, a "simple will" does not, in any way, cover their needs.

They are not alone in failing to realize how important it is to take the time (not when you are rushing to catch a flight or even on death's bed) to plan now. Leave your comments here or contact us at http://www.ythlaw.com/

Where Are Those Docs.?

Now that you have gotten around to doing your will and the other important documents; Powers of Attorney and Living Will, where are they? That is such a BIG issue for so many people. No one knows where you placed your documents.

I have advised and continue to do so that your documents should only be in one of three places. Your Original documents should be either with your

(1) attorney,

(2) a fireproof and waterproof safe in your home, or

(3) a safety deposit box at the bank.

A copy may be given to your agent under your powers of attorney or your executor under your will. Though it is not required, all of the foregoing is highly recommended. Otherwise, the calls, the search, the anguish will be high when you unable to communicate their location.

Where Are Your Documents?? Leave your comments here or contact us at http://www.ythlaw.com/

Special Needs Trusts

As I sit at my computer composing this post, we are in yet another winter snow storm. The snow whirls in tornado circles creating high drifts in the yard and on the roadway. Even the wildlife that I may generally see has bunkered down for this event.

I reflect now on the radio interview that I did yesterday. I received a call after the show about Special Needs Trusts. These are trusts set up for the benefit of those with special needs who receive or may receive medical assistance or other government benefits. When the money of the person with special needs is used there is an age restriction for medical assistance benefits.

For medical assistance eligibility, the Special Needs Trust must be irrevocable and for the sole benefit of one with special needs under the age of 65. If the special needs individual is over 65, then their own money CAN NOT be placed in a trust to enable eligibility for medical assistance. This is to avoid those who may be going into a nursing home to take all of their money and have it placed in a trust so that they can qualify for public assistance, medicaid.

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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?

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Lessons Learned

Over the last few days we have had an estate planning moment from the archives of the rich and famous. Now, what do you do with this information? Well, just today, I had a new client tell me that these specific blogs made him think about what "could" happen. And with that comment, I realized my intent had been fulfilled.

You see, these are the types of mistakes I think about daily. However, such issues do not form a part of most people's regular thoughts or concerns. But, when I show you how it could play out with folks you "know" then I bring it home to you. It becomes more personal.

It also demonstrates how important it is that you seek professional estate planning guidance from one who is an expert in this area. Their insight is invaluable to you and your family.

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Dispute flares in Estate of Tasha Tudor

I have been covering the wills of the rich and famous. One of my readers thought it would be of interest to mention the current dispute in the 2 million dollar Estate of Tasha Tudor. Well, to be honest, I was not familiar with her but I researched the estate dispute and it is a classic one. Three disinherited children strike out against the one child favored in the will. Allegations of undue influence by their sibling and questions of the sanity of their 92 year old mother fill the court documents. Who wins in these battles with all parties represented by separate attorneys and siblings estranged from one another? Could it all be avoided with professional planning? Yes, if one cares enough to make a plan, then it should be done to cause the least amount of human anguish.

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No Dog House for Trouble the Maltese

Many states now provide for Pet Trusts under their laws. But, there is a right way and there is a wrong way to leave money to you pet. Here is example of how you do not want to do it.

When she died in 2007, hotel tycoon Leona Helmsley's will left most of her $5 billion estate to charity, created a $12 million trust for her Maltese dog, Trouble, and completely cut out two of her four grandchildren. The two stiffed grandkids sued her estate, claiming she wasn't mentally fit to create her will and trust. The case settled, with Trouble getting $2 million, and the two grandkids sharing $6 million plus legal fees.

If you're older and cutting out relatives, have some professional, doctor or lawyer, conduct an evaluation of your sanity to confirm your sanity when the natural object of your "bounty" is disinherited, especially in favor of an animal.

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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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Your Will Must Be in Writing

Oral promises can not withstand legal scrutiny when it comes to leaving someone property when you die. The formalities of a will are required.

A friend of Marlon Brando claimed Brando gave her the house she lived in, saying he had kept it in his name for tax reasons. She settled with the executors of his estate for $125,000. She also claimed Brando promised her continued employment with a company he owned, and settled that claim out of court. She was lucky to get anything and clearly felt she was entitled to a lot more.

Make your intent clear by executing a will and make sure if someone claims that they are leaving you something when they die, see that it is put in writing or get it befor they die. Leave you comments here or contact us at www.ythlaw.com.

Lesson: Oral promises won't do; if you're serious, execute the right written documents.

Selecting Your Executor - Be Extremely Careful

Your executor serves a critical role in making sure your estate benefits those individuals you intended to be benefitted. First, they have to be someone you trust. Secondly, it should be a trusted person who has the ability to get the job done or know how to hire and oversee qualified professionals. You do not want your executor to be a spendthrift because if they can not handle their money, they probably will not be able to properly handle yours.

Tobacco heiress Doris Duke, who died in 1993 with a fortune estimated at $1.3 billion, named her butler as executor and as trustee for a huge charitable foundation. After the butler's lifestyle and spending habits were called into question, he was removed from his duties by a probate judge, then reinstated by New York's highest court. A settlement agreement created a board of trustees to manage the foundation.

She may have trusted her butler but apparently his lifestyle was not conducive to being a trusted executor. Leave your comments here or contact us at www.ythlaw.com

Updating Your Will is as Important As Having a Will

When actor Heath Ledger died at age 28 in 2008, he had a will. However, it was written three years before he died. This was prior to his relationship with Michelle Williams and the birth of their daughter, Matilda Rose. The will left everything to Heath Ledger's parents and sister. What does all this mean for his daughter Matilda Rose? Will her grandparents and aunt look out for her, financially? That is anyone's guess. Stay tuned but more importantly update your will before it is too late.

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Princess Di - Formalities are Important For a Will

It is important that your will is signed, witnessed and notarized in order to avoid unnecessary controversey. Some individuals like to leave a memorandum noting distribution of some objects. However, it is important to go through the formalities required of a valid will to make sure your wishes are followed.

At her death in 1997, Princess Diana left a detailed will, naming her sister and mother as executors. She also wrote a separate "letter of wishes" asking her executors, at their discretion, to divide her belongings among her sons and her 17 godchildren. But instead of getting stuff worth over $100,000, each godchild got the equivalent of a trinket. If you want someone to have somethng special do not rely on others to do it for you, provide for it in your will.

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Former Chief Justice - Relying on do-it-yourself documents

It is important, for everyone, to have a will prepared by an experienced estate planning attorney. Your life's assets are too important to try to do it yourself. Whether you are a rocket scientist, brain surgeon or Chief Justice of the Supreme Court, you need someone with estate planning expertise to get the job done, right.

Chief Justice Warren Burger died in 1995 with a $1.8 million estate and a one page will that he drafted up himself. As a result, his family paid estate taxes that could have been avoided if properly planned. Further, his executors had to pay to go to court to get approval to complete administrative acts, such as selling real estate, that typically a well-drafted will would have allowed without court approval.

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Jimi Hendrix - Never Wrote Will

Music legend Jimi Hendrix died at age 27 in 1970 without a will. Since he did not plan for the distribution of his estate, the State contolled the distribution of his assets. Based upon the State laws, Jimi Hendrix's entire estate went to his father. Though he had a brother who he was reportedly close to, his brother received nothing.

His father did leave a Will when he died. His father's estate (including his inheritance from Jimi) still did not go to any relatives of Jimi. His father had remarried and his estate was left to his new family.

None of us are promised tomorrow. It is better to be prepared than not prepared. Share your comments here or contact us at www.ythlaw.com

Madam C.J.Walker - Entrepreneur Legacy

We continue with the estate planning lessons of the rich and/or famous, the contemporary and/or historical figures. What did they do right or wrong in their planning? Hindsight of course is 20/20 so let it work for our estate planning.

How many of us know Madam C.J. Walker? She was born in 1867 and became an American businesswoman, hair care entrepreneur, tycoon and philanthropist who made a way out of no way to accomplish what many only dreamed about during her time. She made a fortune by developing and selling beauty and hair products. She founded the Madam C.J. Walker Manufacturing Company to sell hair care products and cosmetics. She used her company to build wealth and to promote economic opportunities for others. She provided jobs to many during her lifetime and gave to charitable institutions. Upon her death in 1919, she left two-thirds of her estate to many educational institutions and charities all of which still exist today because of this type of philanthropy.


Because Madam C.J. Walker did plan for the transfer of her wealth upon her death, her legacy lives on today in her great-great-granddaugher's ability to share her ancestor's story through her books, writings and speakes. Leave your comments here or contact us at

Wills of the Rich and Famous

There are lessons for all of us in the planning or failure to plan of the rich and famous. I thought I would spend a few days looking at some rich and famous, contemporary and historical figures. What did they do right or wrong in their planning? Hindsight of course is 20/20 so let it work for our estate planning.

Last night as I was looking at Jeopardy this post came to mind. The question was "At his death in 1790, he left 200 year trust funds to the cities of Boston, MA and Philadelphia, PA?" Do you know the answer? It was Benjamin Franklin.

Franklin decided to leave funds to his native Boston and his adopted Philadelphia, on the condition that it be placed in a fund that would gather interest over a period of 200 years. Franklin's Philadelphia trust was used for a variety of loan programs to local residents. The money was used mostly for mortgage loans. When the trust came due, Philadelphia decided to spend it on scholarships for local high school students. Franklin's Boston trust fund was used to establish a trade school that, over time, became the Franklin Institute of Boston.

In this case, Franklin invested a small amount that accumulated a lot over a long period of time and made a difference in the lives of countless individuals. Rich or famous, a little or a lot, let us help you plan TODAY for tomorrow. Leave your comments here or contact us at www.ythlaw.com

Black History Month

As we end the month of January, we have been able to wish everyone Happy New Year!! As we begin the month of February, many of us are still contemplating those resolutions. Well, a few of you did follow one of my recommendations. That is to make your will. I received a number of calls in January to begin the process. Everyone wanted to do something that had been on their list for awhile and the new year was a good time to move forward. I am glad they did and still encourage others to join them.

As we also usher in Black History Month, I encourage everyone to learn something new this month about the contributions made by African Americans to this country. Everyone benefits from the contributions of others. All ethic groups help to make this country great. Each month serves as a time of reflection, whether it is Black History Month, Women's History Month, Irish American Heritage Month or American Indian Heritage Month. How do you celebrate your heritage?



Plan now, your legacy depends upon it. Leave your comments here or contact us http://www.ythlaw.com/

The Gifts That Give Back

Over the next few decades, it is estimated that trillions of dollars will be transferred from the parents of baby boomers to their children. Charitable giving will play an enormous role in this transfer of wealth. Charitable giving provides many personal and tax benefits. The top five tips of charitable giving include (1) making sure your charity is a qualified charity (2) taking advantage of your deductions (3) maintaining appropriate records (4) creating a legacy and (5) educating your children.

First, you want to make sure your charity is qualified by the IRS as a charity. The charity should provide you with the documentation if the status as a charity is unclear to you.

Secondly, when you contribute to a qualified charity, you are entitled to an income tax deduction based upon your income and the amount of the contribution. You can also set up charitable trusts that allow you to give stock, real estate or other property to a charity while you continue to benefit from the asset during your lifetime. These trusts are referred to as split interest trusts because the charity and you benefit.

In addition, you must make sure to maintain adequate records. Regardless of the amount of any contribution, you must substantiate that it was made. This can be done by retaining the canceled check, bank record, or any written communication from the charitable organization that shows their name, the date, and the amount of contribution.

Also, your charitable giving could serve as your legacy. If you have a lifetime passion or interest in something, then you could give to a charity that might represent that passion or interest. For example, some people may have been photographers, artists or collectors. You could give your collection to a charitable organization in order to create or preserve your legacy.

Finally, you may choose to set up your own charitable organization. An individual or a family could set up a private foundation to give money to other charities. A private foundation can serve to transfer assets to the next generation. This is accomplished by involving the younger generation in the foundation’s administration, management, and grant making. Children can learn about and engage in philanthropy at an early age.



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Multiple Streams of Income Helps Create Wealth

When you think of estate planning, many are of the opinion that it is all about wealth. I remind people that it is all about your loved ones and you. However, if money is of interest to you then I thought I would share this video with you as you look to build your wealth for your loved ones. In today's economy and actually at all times multiple streams of income can serve as a safety net for you and your family. Enjoy the information.





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Incentive Trusts

Do you want to make sure your beneficiaries do not misuse their inheritance? Well, your trust could be drafted in such a way to provide incentives to direct your loved one on the right path. When things go as you direct, money is earned. When they fail to meet your expectations, the money is held until they do. This can be for anything that you feel is important.

We all may know situations where children have encountered problems including drug, alcohol or gambling addiction. How can that be handled when you are no longer available to help them? The Incentive Trust can be there for them to get the necessary help. It can also serve to teach children to be fiscally responsible. If they "earn" their own money, the trust could match their earnings. The options are as limitless as the situations that exist.

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Selection of Trustee - Final Note

The last couple of days I have discussed the importance of making the correct selection of your trustee. A trustee serves in a legal capacity as your fiduciary. There are laws specific to the role and responsibility of fiduciaries and laws applicable to trust management. Today, we will address the Pros and Cons of selecting a bank or financial institution as your trustee.
PROS:
(1) A financial institution has longivity. Unlike individuals, you do not have the issue of incapacity or death.
(2) A lot of time does go into training and education in the specific area of trust and financial management.
(3) Generally, you have more focus attention to one area. There are departments for each area of expertise with individuals trained in that area of focus.
(4) Financial institutions have the resources to deal with complex matters and serve to be the deep pocket if anything should go wrong with trust management.
CONS:
(1) Financial institutions are subject to merger and closure as we have seen over the last 18 months.
(2) The fees charged by financial institutions are of significant concern to many.
(3) You have to have resources at a certain level in the trust for a financial institution to become your trustee.
(4) Beneficiaries can find working with a financial institution to be a little impersonal with specific individuals handling the trust subject to change at any time.

So, for choosing a trustee make sure you do your homework thoroughly. Seek professional guidance in the selection process. Leave your comments here or contact us at http://www.ythlaw.com/

Selection of Trustee - Continued

Yesterday, I discussed the pros and cons of selecting a family member or close friend as trustee. Today, I will look at the pros and cons of selecting a professional advisor as your trustee.

As discussed, the selection of those to serve in a fiduciary capacity is a very important decision and serves to protect your assets and distribute them in the manner you would desire. A professional advisor could be an attorney, accountant, insurance agent or financial advisor.
The PROS for selecting a professional are:
(1) they understand the laws under applicable to fiduciaries and trust management
(2) they have served to provide you guidance in your estate affairs and therefore understand your specific wishes and would be in a better position to deal with conflict among beneficiaries
(3) in addition to the laws governing those acting as fiduciary, generally their profession, ie attorney, has an additional code of ethics and professional responsibility imposed upon them when acting on your behalf.
The CONS are:
(1) there is a cost for professional advisor's to serve
(2) they may not have the back up staff to serve if the professional advisor should become incapacitated.

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Selection of Trustee

Last night I attended a seminar on the Selection of Fiduciaries & Advisors. I thought it would be informative to share the important highlights of this meeting over the next few days. Your fiduciaries & advisors generally fall into 3 major categories. They can be individual family members or friends, professional advisors or corporate/institutional advisors.

Today my discussion will center on the selection of family members or close friends as trustees. Any one who serves as a trustee does so in a fiduciary capacity which means the role is govern under the laws pertaining to fiduciaries. What are the pros and cons of selecting family members or close friends as trustees?
PROS:
(1) Generally the fee for the service is nominal or none. Family members are often times beneficiaries under the trust and so therefore would not also charge a fee for managing the trust. Family friends agree to serve to be of assistance and may only expect to get reimburse for expenses incurred on behalf of the trust.
(2) Family members and friends know the beneficiaries and understand the needs. They understand the dynamics of the family relationship and the intent/desire of the person creating the trust.
(3) Knowledge of the trustworthiness of family members or friends is known through experience. The person creating the trust will choose family members or friends who have already proven their loyalty and trustworthiness.
CONS:
(1) Family members or close friends probably will not be familiar with the laws applicable to Trust or Fiduciaries. They are govern by these laws and must become familiar with them so that they are not in violation and subject to fines and penalties.
(2) Sometimes the closeness to the beneficiaries can cause a conflict and make it difficult for the trustee to make the tough/unpopular decisions.
(3) What if the trustee were to become incapacitated or die? This is always a potential issue for longer term trusts with individuals as trustees.

Understanding the pros and cons will help you decide how you might want to proceed with appointing individual trustees. Tomorrow, I will discuss having professional advisors as trustees. Leave your questions or comments here or contact us at http://www.ythlaw.com/

ESTATE - What Does it Mean?

Yesterday I received a call from an adult child of one of my 80 year old clients. My client is in great physical and mental health. She understands the importance of getting her affairs in order and further understands that with 4 children she needs to provide direction on the handling of her affairs.

Well, her son's concerns were expressed as follows:

"My mother does not have an "estate". There is nothing "complex" about what she has. Therefore, she does not need any "estate planning". Her children can take care of her affairs for her."

My answer to him was to help him understand just what an "estate" is. So, I said:

"Your mother's "estate" is not just about tangible things but the intangible as well. On the tangible side, she has (1) her home which is very valuable - great location, well maintained and no mortgage; (2) her original art work and (3) some antiques. On the intangible side, she has (1) one child in transition after a divorce and needs to have a place to stay with her children; (2) her other children whom she would like to leave an inheritance; (3) her passion as an artist that is also a part of her legacy. More importantly, your mother would like for her wishes to be known and not have her children in disagreement over the handling of her affairs."

I encourage families to sit down and discuss these matters because he represented what could happen if there are no plans, children second guessing the wishes of their parents. With an estate plan there is no second guessing.

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Martin Luther King Holiday

The Martin Luther King Holiday is a day of remembrance and service. We remember the man who dedicated his life to equality, to basic human rights. The nation recognizes his contribution and sacrifice by not just taking a day off but taking a day on for volunteerism. It is one of many opportunities to be charitable to those less fortunate. We salute those who regularly give to others in need and we use this day to teach our children the importance of giving.

When I think of legacy in its broadest sense, it is about those intangible things we leave behind. The legacy of Martin Luther King is one of Peace, Social Change, Justice, Non-Violence and Equality. Each of us has a legacy big or small that makes a difference for the next generation, whether it is your nation, your community or your family. Think about it!! Plan for it!! YOU MATTER!!

Celebrate this day in your own way to honor one man's legacy!!!

An Earthquake's Unimaginable Devastation

"Walking the streets, all I was seeing was dead bodies" was the report of a survivor. It is devastation in the poorest country at the worst time in the history of the world. The earthquake has destroyed what infastructure may have existed in the Haitian city of Port-Au- Prince. Thousands, maybe hundreds of thousands, have died from the earthquake that shook Haiti on Tuesday, January 12th.

The pictures, the stories, the men, the women, the children, the lost of human life moves me to do whatever I can to help. Even with this blog to express my thoughts to others who also might want to help. If you want to make the world a better place... This act of nature requires us to respond with our humanity. Those who still live (the injured, the hungry, the thirsty) are stretching out their arms to us, to the world for help.

Let us all be moved to action at this time of unimaginable need.

Your Taxes - What to do in 2010

This is an interesting year with the repeal of the federal estate tax and the unknown of what lies ahead. Those in the estate planning business and consumers alike just wonder and hope that certainty is around the corner. But, what should one do until we turn that corner? There is lots of commentary out there and I am always browsing, reading, researching and myself opining.

I thought this CBS Moneywatch.com article was informative and thought I might share it here. Learn about ways to at least lower your taxes this year as we all wait for our economy to improve.

http://moneywatch.bnet.com/retirement-planning/article/lower-your-taxes-in-2010/374073/

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A Friend's Death

I pause for a moment to reflect on a friend's recent death. She was not a colleague, client, co-worker or childhood friend but among those wonderful individuals you meet during your lifetime for no apparent reason other than your paths cross and a lifetime connection is made. She was a 2 time cancer survivor and had learned to really cherish each and every day, though she was one to live her life fully before experiencing any illnesses. She was ahead of herself in many ways, advocating advancement in technology among organizations, cities and countries long before some technological changes became standard operating procedure. She was a leader among leaders with her own genuine style. She could be a mover and shaker while attending who's who events or while being a "lazy lima bean" at elite retreats where others crossed deserts, climbed mountains, rode rapids or jumped out of planes.

Carole I. Smiths' legacy will live on in her daughter who has her own unique way of addressing those issues her mother found important. I have watched the relationship among mother and daughter and realize that their relationship and what Carole leaves to her daughter is what I seek to accomplish in an estate planning law practice.

I pause and give my condolences to the family.

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/

Federal Estate Tax 2010 Repeal

I can recall when I started my solo estate planning law practice in 2004, the thought was that Congress would soon address the impending 2010 repeal of Federal Estate Tax law. Practitioners and their clients needed clarity to plan. Would there continue to be a federal estate tax and at what levels would it apply?

Well, it is 2010 and Congress did not enact an extension of the estate tax before December 31, 2009. Accordingly, there is now a one-year repeal of the estate tax for 2010, subject to future Congressional action that might reinstate the tax at any time which makes advice and planning a guessing game.

It's very important to be aware that this repeal is temporary; the entire law "sunsets" (expires) after December 31, 2010. This means that the tax structure as it existed in 2001 will take effect again. Therefore, in 2011, Federal estate tax will be assessed on property valued in excess of $1 million with a maximum tax rate of 55%.

Very few people have estates large enough to be affected by the rules recently repealed but many more will be affected if it reverts back to the 2001 standard. Leave your comments here or contact us at http://www.ythlaw.com/

"Baby-Oil Heiress" Dies

I often speak of our legacy, creating one and passing it on. Today’s clients want to know that the wealth they leave their children is wisely used to benefit their heirs and not something that ruins their incentive to work or achieve. Wealth should be an opportunity. It should not serve to cripple and stifle initiative, creativity, and productivity. The tabloids often follow those of inherited wealth leading meaningless and sometime destructive lifestyles. Ensuring that their heirs have more meaningful values is of critical importance to clients who realize that giving their children substantial wealth may not truly benefit them in the long run.

One can only wonder whether the inherited legacy of wealth had unanticipated consequences for Casey Johnson, age 30, whose death was reported yesterday.

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Wills Help Avoid Crimes

I was watching Law and Order - Criminal Intent and, once again, was reminded of the importance of having a Will. This episode addressed estate fraud. When a person dies without a Will, someone has to be put in charge of the administration of the estate. That person is determined by the legal system. Sometimes there are opportunities where the system fails the deceased persons and in this episode such was the case.

There was pilfering of a number of estates while assets were held under the protection of the state. The system failed because of the criminal intent of a state employee with access. With no direction provided by the deceased persons via a Will, their assets languished within the system providing ample time and opportunity for thievery. Clearly, this was not what the decedent intended for their assets. However, failing to take that important step in creating a Will a criminal benefitted from the persons' estate.

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Self-Discovery through Estate Planning

With each New Year, we open the door to new possibilities. Our dreams and hopes for the future are refreshed. I continue to advise everyone that the estate planning process requires that you assess your life now. At our firm, we work to help you identify your assets (traditional or nontraditional), determine your beneficiaries (family or otherwise), and control when and how your assets are distributed.

Estate planning provides you with a way of addressing your needs while you are living and developing a plan that expands beyond your lifetime. It challenges you to reflect on your life. You can engage the estate planning process as a process of self-discovery to help you understand the life that you are living. During this process, it may be the first time that you plant an idea of your purpose that can begin to germinate into your legacy. That is what is so exciting about estate planning. It is what you make it and we help make it a special and important journey for you and your family.

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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!!!!

2009 In Review

As the year 2009 comes to a close we reflect on estate planning:

In the news:

We learned from the deaths of many notables the importance of estate planning to all. How important it is to have a will and one that is up to date. The death of Michael Jackson, Farrah Fawsett and Senator Edward Kennedy all reflected different aspects of estate planning. See prior blogs on these issues starting back in July.

Top Blogs:

And the top blogs for 2009 are:

1/15/09 - 10 Reasons why you should have a will

1/27/09 - The 10 Hottest Estate Planning topics

2/9/09 - Hiring an Estate Planning attorney - 10 things that you should know

7/10/09 - Michael Jackson - 5 Estate Planning Lessons

7/22/09 - Planning for Non-traditional families

8/13/09 - Estate Planning - How do I get started

8/24/09 - Irrevocable Trust - When to Use

9/29/09 - Costly Estate Planning Mistakes

11/10/09 - Facebook, My Space, Linked In, Blog, Oh My

11/24/09 - Great Review o f My Book

12/19/09 - Tax Tips for your 2009 Taxes

Pick your top news stories and blogs. Contact us at http://www.ythlaw.com/

The Lost Symbol

As we look towards another day off, think about how you might spend that day. Whether you are with family, friends, alone in deep contemplation or meditation, 2010 is a time to refresh and renew.

I just finished reading "The Lost Symbol" by Dan Brown who wrote "The Da Vinci Code" which sold millions and had all of us thinking about the ramification of this fictional account. Well, in my opinion he has done it again. Throughout time secrets, codes and unseen truths have been held by mankind and passed down for generations. What is most revealing in the book is how those secrets, codes and unseen truths are actually available to all and revealed in the most prominent places. Read the book and share your comments here. Dan Brown's estate plan should address the manuscript of his books and the continued royalities that will surely generate from these best sellers.

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

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/

An International Legacy

We had a wonderful holiday and are looking forward to the New Year. Of course the news on Christmas Day of the terrorist's attempted bombing was shocking and disturbing. Our need for continued vigilance in this area is apparent.

It reminds me how important it is that our personal legacy extends beyond our immediate family needs and interests into what is happening in our nation and in the world. In fact when we do extend our focus outside our personal circle, we are helping our selves and our families. What happens in Nigeria, London, Yemen affects our nation, our community. What happens anywhere in the world is of importance to all of us given the globalization of economy, technology, communication, and the list goes on.

So I continue to encourage us all to look at how we can address not only during our lifetime the issues impacting our nation and world but how can we create a legacy of an international dimension through estate planning. Leave your comments here or contact us at http://www.ythlaw.com/

Merry Christmas and Happy Holidays

We are up very, very early this morning with our 8 year old daughter who is now cooking the morning breakfast, with just a little help from Dad. She is quite the independent one and has started her own traditions for Christmas morning, as we also get ready to visit Mommom and Poppop, 3 hours away. Fortunately, we do not have to dash through the snow, just a little rain washing away the remaining snow from last weekend.

Creating memorable moments during the holidays and throughout the year is what life and living is all about. Passing on those traditions from generation to generation is what your legacy is all about. So, as we move into 2010 think about what the moments and traditions you are creating for your family and loved ones. Are they full of meaning; making a difference by helping others you do not know who are in need, sharing your wealth and good cheer with those who might not have anyone during the holidays, remembering to take the time to say I love you today and always to those close to you, and being the human being you were placed here to be now and forever.

Happy Holidays to all and to all a wonderous New Year!!!!

Tax Tips for your 2009 Taxes

With the first day of winter (12/21) still 2 days away, we watch the falling snow of our first winter snow storm in the northeast. I am reminded that the end of 2009 is fast approaching and it is time to think about our taxes. Since estate planning includes protecting and preserving our assets, how can we save on our taxes and thus maintain more of our money.

Here are my 5 things to consider:
1. Start early gathering tax information, including receipts. You can loose lots of money with last minute tax preparations.

2. Do not forget those deductions - property taxes; mortgage interest; points; home improvements for medical care; tuition and fees; and, moving expenses for that first JOB.

3. Do not forget those credits - first time homebuyer; and child and dependent care care.

4. Make contributions to your IRA.

5. If you have not already done so, invest in a financial management system so that throughout the year you are organizing and tracking your expenses to see where you can save and thus increase your net worth. At the end of the year, with the touch of a button, your tax information is available to you.

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

Benefitting Others Through Estate Planning

We all understand the importance of charitable giving. We benefit others through our philanthropy, giving and humanity. In return it encourages others to do the same.

When we first moved to Washington Crossing, Pennsylvania, we purchased a home next to land under preservation for open space. We have been able to enjoy the trees and wildlife. We soon found out that this land had been donated to the community along with land where the elementary school is built that my daughter attends. It was part of the legacy of man who started his life in America as a poor immigrant. His legacy has touched the life of numerous children and many, like myself, in the community that he grew to love.

Just like this one man we, you and I, can benefit those we will never know through our giving. And how best to do that then through our estate planning. I have looked at my charitable giving during my lifetime and selected those organizations that will continue to benefit when I die.

Think about your life and how you might continue to help others or even start to help others by leaving a bequests in your Will. Leave your comments here or contact us at http://www.ythlaw.com/

Insurance - Review Annually

DID YOU KNOW that insurance is a very important part of the estate planning process. I was reviewing (something everyone should do once a year) our insurance policies to update the beneficiary designations. It just reminded me how insurance helps pay off debts so your family can continue to enjoy their assets whether a home, a car or vacation property. It also provides money to families devastated by a death. It can even address the debt of business ventures.

AND WHAT THAT MEANS your estate (not your family) is responsible for paying off ALL debts before ANY distribution is made to a loved one. You do not want your estate to be bankrupt by your debts, business or personal.

SO MAKE SURE in your buisness affairs and personal affairs, you plan for incapacity and death because your debts do not go away just because you do!!!

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

Your Pet And Estate Planning

We recently got a cat, Sneakers, for our daughter. It made me think about how estate planning covers everything that you have, including your pets. So, what happens to little Sneakers if something happens to us. Technically, she "belongs" to our 8 year old daughter but I do not think, in fact, I know the guardian for our daughter has not also agreed to take on the responsibility of a cat. Given allergies of the guardian's own children, it would not be a possibility to even address. So, what happens to Sneakers, the alternative will be to "give" her to another family member so that my daughter could regularly visit "her" cat. That seems to work as an option because we do have animal lovers to choose from.

BUT what if you do not have that option. If there are no family or friends available to take your pet then you could either (1) fund a Trust for the care of your cat; (2) look up places that would take your cat; (3) find cat adoption services or (4) leave money to a family or friend to take care of your cat. Any of these options should be addressed in your Will to make sure your plan is followed.

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

"Today, It's Your Legacy"

I can hardly believe it is December 14th already. December is going way too fast. But, isn't that life sometimes, especially as we get older. I can remember when I was a child that time seemed to stand still and how I wished it would go faster. Be careful what you wish for!

Well, yesterday I did the taping for an internet TV start-up. My program "Today, It's Your Legacy" is all about people because estate planning is all about people and the life they are living. Everyday, ordinary people are doing ordinary things with extrordinary results. They, however, fail to realize how uniquely awesome the legacy they are creating is. My show will explore the legacy people, just like you, are creating everyday. It will help all of us realize how estate planning can work for us, our families and our communities.

I am excited about this new beginning and will keep you posted regarding the launch. First it was writing the script, then it was taping the pilot, what is next? Stay tuned. Leave your comments here or contact us at http://www.ythlaw.com/

American Doll - Collectibles for your Estate

My mother called me today and asked whether I had started my holiday shopping. She knows that shopping is not high on my list of things I like to do so that was her way to tell me to get busy. It did make me go online and order a doll for my daughter. She asked for an Addy American Doll. We really try not to get into the commercialism of the holiday. It is about being with family and sharing the reason for the season. Helping others and giving, not receiving, are what we "try" to stress.

BUT, in this case, my daughter has made an interesting connection for me. First, she has already read all of the Addy books. She was telling me Addy's story. Addy is the American Doll that represents that part of American history that we all would like to think never happened, slavery, and would hope has ended, racial discrimination. My daughter is 8 and I thought it was very interesting her discussion of Addy's plight. The Addy books have become a learning opportunity and a way for me to address this part of our history in a more concrete way with her.

Your estate planning may entail reflecting on the plight of your ancestors. Because of or in spite of those historical circumstances, you may have amassed a fortune that you might use through effective planning to eradicate the effects of. Maybe the Addy doll will serve as a collectible that my daughter might look back on as what allowed her to emerge as a beacon of hope that justice and equality for all people will be realized for her generation. Or maybe not.......

Happy Holidays. Leave your comment here or contact us http://www.ythlaw.com/

The Legacy of Internet TV

Today was an interesting day. I wondered what I would write about since I had decided to let December be on how estate planning is about life and living. What experience did I have in my day that demonstrates this aspect of estate planning?

I spent most of my day reviewing 2 documents and writing a script for a new program that I hope to bring to TV, internet TV. I will keep you posted on that venture and invite you to the celebratory launch. In any event, I had my sister critique the script. She holds back nothing and that is why I rely on her. She is just not going to sugar coat something or say what she thinks you want to hear. Basically, after spending the good part of 2 days immersed in writing this script, I had to go back to the drawing board as a result of her comments. I just sent her a revised script before writing this post. Let see how I do.

If this program should ever go anywhere and it will, then it will be these moments - developing the script; receiving feedback; revising the script - that will form a part of the legacy of the program, the back story, you might say. I want to take the time to document that and not just breeze through it. It is not always the end result that is important. The getting there has just as much value.

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

Your Purpose May Find You

Let me tell you a story about a woman I met who says in her own words, "be careful what you ask for" and "she is doing what she has to do."

Well, this woman lost her son-in-law to cancer. Her step-daughter was left to raise triplets, one with cerebral palsy. At 55 the woman was able to retire from the government but choose to find another job because she needed something to keep her busy. She began to wonder what her purpose was in life. She felt her life did not have meaning. Within a couple of years, she lost her husband to cancer. One night while her step-daughter was visiting, her step-daughter had to be rushed to the hospital. Her step-daughter never left the hospital. A brain aneurysm ruptured and she died.

"Be careful what you ask for." This 58 year old woman was the only one left for these 5 year old triplets which she has since adopted. When you look at her with total awe and admiration, she says "she is doing what she has to do". Her purpose found her.

Estate planning will be very important for her, especially now. Provide us with your comments or contact us at http://www.ythlaw.com/

Your Sport - Your Legacy

Good Saturday Morning. This is the first Saturday in December and I am sure the malls are packed. For a person, like me, who does not like to shop, the mall is the last place I want to be today. Fortunately, there is nothing that is requiring me to make that visit.

So, today I attended my daughter's basketball game. Parents and siblings scream as their little darlings dribble, past and shoot. I am among the screamers. As my daughter concentrates on her game, I notice every once and awhile she glances over to make sure I have not missed her daring feat. She does have skills and I'm not just being the pride parent, though I am that.

In this case, I am assessing how I am passing on my legacy to my daughter. Remember estate planning is about life and living. Though I never played basketball as a child, my mother played through college. I have shared pictures of "Mom-Mom" leading her team to victory and through my prodding my mother has shared those experiences with her granddaughter. It has not been my mother's manner to talk about her past. While my dad, on the other hand, has written 4 books about his life and I talk about everything, all the time because it is our legacy to share and to enhance the lives of those we love.

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

Create Your Legacy - Live the Life You Were Meant to Live

This morning I decided I would do Yoga and Meditation. The best time of the morning to do Yoga and Meditation is just before sunrise. If you are like me, once my day begins there is no time for any type of exercise or even relaxation. So if you are so inclined to forego a bit of sleep and get up early, you will find it to be invaluable.


So what does Yoga and Meditation have to do with estate planning or even your legacy. In a nutshell, everything. Life is all about change. Yoga teaches flexibility and if one is flexible in mind and body, your ability to deal with change is enhanced. Meditation, like Yoga, focuses on the breath, your life source. Thoughts will come and go and not take control of you as long as your focus remains on the breath. You clear your mind of the chatter (thoughts) in your head and you can begin to feel a real sense of peace. All of this is important to living a life that creates a legacy that one might wish to pass on in estate planning. But the most important part is that you are living a life that is worthwhile to you.


Yoga and Meditation are not the only way to obtain this state of clarity about our life, our purpose and our legacy. Share ways that have helped you or contact us at www.ythlaw.com

Delaware Canal - Charitable Giving

This morning I was walking along the Delaware canal in Washington Crossing. It is a smooth even trail with historical significance but this morning, for me, it is all about the wildlife. The Blue Herring gliding along the waterway just as I approach his private perch. The mallards, the colorful males and their mates, floating along the water's edge. Squirrels rustling dry leaves as they scamper from the shore up the nearest tree. A black snake slitters across the canal path disappearing into the murky waters. Nature's bounty available for me to enjoy on a morning walk.

But, I can not take this natural beauty for granted. Will it continue to be here for me to enjoy and for my children? Then a thought came to me. I can make a difference in the preservation and improvement of this canal. If it means something to me, I can make that difference now and beyond my lifetime.

So, here is what I did. Today, I joined the friends of the Delaware Canal. And you can too, at http://www.fodc.org/

Let us know how you are living your life now and how that living impacts your estate planning here or contact us at http://www.ythlaw.com/

December is about Estate Planning

If you are like me, December has arrived way too fast. I was just enjoying Thanksgiving and now the shift is to Holiday gift buying and the like. Well, this season I am creating my own shift. I believe that estate planning is not about death and dying but about life and living. I want to demonstrate it not only in my business practice but in my personal actions as well.

So, I invite you on a December journey with me. I am going to share with you each day an experience in life and living that impacts estate planning for me and could do the same for you.

Stay tuned and feel free to share your life and living experience here or contact us at http://www.ythlaw.com/

Your Legacy is Your Story

Your legacy is the story of your life. You can document as much of it as you care to share at any time. What is important is that you are here for a reason, your life has purpose and you can share your purpose to those who need it most.

What I have found is that most of us fail to realize that we can and do create our own reality in many ways. We can be proactive, reactive or just plain inactive in the unfolding of our life's story. You can engage the estate planning process as a process of self-discovery to help you understand the life that you are living. It may be the first time that you plant an idea of your purpose that can begin to germinate into your legacy.

Leave your comments here or contact us at http://www.ythlaw.com/ to begin your self-discovery through our estate planning process.

The Three Important Steps to Any Plan

It is a very windy day as I write this blog entry. Today my thougths are about the importance of planning. Whether estate planning, retirement planning, financial planning, long term care planning or personal and business planning, there are 3 important steps. You have to (1) access where you are, (2) determine where you would like to be and then (3) write down the strategies and action steps to get to where you want to go.

Along the way, have a great time because each and every moment is creating the life story that you want to leave as your legacy.

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

Thanksgiving - An Estate Planning Moment

Hope you had a wonderful and enjoyable Thanksgiving. This is the Holiday when families gather around the table and enjoy lots of home cooked specialty dishes. During the preparation, with parents passing along traditions to their children and grandparents sharing family stories and anedotes, is the time to discuss the family legacy and how it can be passed on.

Yes, Thanksgiving is an estate planning moment. All of the important people are generally present to ask whether they can serve important roles in your estate plan. Your executor, your trustee, the guardian of your children when you die are sitting right next to you at the dinner table. Your agent to assist during any incapacity is carving the turkey.

Why not check this to do off of your list at Thanksgiving? You and your family will be glad you did. Leave your comments here or contact us at http://www.ythlaw.com/

Bankrupt, but why?

This is just unbelievable to me. I was reading statistics regarding Players for the NBA and NFL. Sixty percent (60%) of NBA players are broke within 5 years of retirement. What is even more startling is that seventy-eight percent (78%) of NFL players are bankrupt within only 2 years of retirement. How does this happen? Are all of these players just getting bad advise? Are they getting good advice and just not listening or following it?

I just think we have to start teaching people basic life skills early in the education process. Too many people just do not understand money and how to handle it at a very basic level. You do NOT have to be rich to take advantage of how the estate planning process can help you protect your money. In making sure that those you love are taken care of upon your death, the estate planning process makes sure you have money to leave. So while you are living and in your retirement years, you can look at putting money and real estate in a Trust for your benefit and others or consider other estate planning options.

If you know of a NBA player or NFL player that could benefit from our services, leave a comment here or contact us at http://www.ythlaw.com/