Charitable Estate Planning

Over the next few decades, it is estimated that trillion of dollars will be tranferred from the parents of baby boomers to their children. Charitable giving will play an enormous role in this tranfer of wealth. Although charitable giving provides many personal and tax benefits, it has a more fundamental benefit. It is voluntary giving. Involuntary giving results from overpayment of taxes. With proper planning, involuntary giving can be avoided. Individuals can give money from their estate to the charities they desire.

Many people during their lifetime engage in charitable giving activities. They make gifts to cancer research, heart associations, educational institutions, or well water projects. Many give to hospitals, churches, or other religious and cultural institutions. Others have long term relationships with charities and want to continue charitable giving upon their death.

Over the next few days, I will provide you with the ways to engage in charitable estate planning.

The Power of Philanthropy

I was reading in one of Maya Angelo's recent books Letter to my Daughter a section she wrote on philanthropy. She expressed that she did not see herself as philanthropic as much as she saw herself as charitable. In being charitable, she and all of us, are expressing our philanthropic spirit. I attended the Bucks County Women's Fund Power of the Purse Dinner last week. Over 400 women and men attended this event which demonstrated the power of Giving. Many programs of community organizations received grants from the Fund. This is possible when a number of philanthropic individuals pool their money to leverage their giving and provide funds to programs (1) helping victims of domestic violence, (2) addressing self-sufficiency, (3) boosting self-esteem, (4) acheiving economic stability, (5) building homes and (6) advocating for our youth.


Estate planning helps us address our philanthropic interest in many ways during our lifetime and upon our death. Think about how and what you give and make sure you are allowing the power of your philanthropy to work for you. Get your estate plan done today.

The Economy, You and Your Estate

What does the current state of the economy mean to you? How will the economy effect your estate plan? This is the perfect time to revisit your estate plan. More than likely changes are warranted. If you have not done an estate plan, a will or powers of attorney, then you leave your family's future to chance. There may not be many things for certain at this time but one thing you can take to the bank, if you bank is still around, is without a plan of your own, your family suffers. If you want luck on the side of your family's future then plan now. Should you become incapacitated, your family is more prepared to handle your affairs. When you die, your family is more prepared to deal with the financial impact of your death. This economy has us all being more cautious and reflective of our circumstances. Talk to an estate planning attorney today!! You may be able to protect the assets that you have for the future you want for your family.

Did you Know?

We may be living in economically depressed times but during the same time our technology advancement is amazingly far reaching. Just watch this short video and see how far our technolgy has and will continue to take us. It is the universality of the technology that provides us with the greatest benefits and allows us to share wisdom across cultures. It is all about communication and reaching as many people as possible with information that can be as informative as tranformational.

I blog regularly of my passion about being prepared through estate planning. I realize that wealth transfer is of international interest as I have traveled beyond our borders to share with and learn from others. When we are prepared by having a will or trust, we protect not only financial assets but also alleviate the unnecessary burdens that could be faced by our loved ones when we fail to plan.

Did you Know?

Nursing Home Care

I was having lunch today with new acquaintances. When they found out I was an estate planning attorney, one mentioned that she soon would be needing my services. Of course the title of my new book came to mind and I said Stop! What are you Waiting for? the time for estate planning is now. This concept is easy enough to grasp but what followed was a specific example to make it more relevant. The other person in our luncheon party mentioned that his mother was just released from the hospital to a nursing home. She was a bit disoriented and needed to address some financial matters. He realized then the importance of having a Power of Attorney to handle these affairs during her hospitalization. She is now at a nursing home and a decision will have to be made whether she will have the capacity to return to her home or have to stay with nursing home care. With both her healthcare power of attorney and general power of attorney for financial matters, he can begin to make decisions to help his mother. At any given time, I have found many examples where planning ahead made all the difference in whether a person gets what they need when they need it. I encourage everyone to plan, now.

Saving and Powers of Attorney

Saving is on the top of the advice list of the financial experts. Given the current volatility of the stock market, where does one save? Many are looking to FDIC insured institutions when placing their money and others are staying where they are to "wait" things out in hope that things will get better. What is the right approach depends upon your specific circumstances. Will the government be able to insure the increasingly failing institutions? Can you "wait" things out? I think saving is good advice as long as you make sure to take care of the essential matters. This would include making sure you have documents in place to address the unexpected or the unplanned. Everyone should have powers of attorney in place, one to handle healthcare matters and one to handle financial matters should we become incapacitated. You do not want to leave to chance who might take care of matters for you when you can not do it yourself. Choose a person as your agent that you trust and that you can depend upon in trying times.

Stop! What are you waiting for? Your essential guide to estate planning, my upcoming book, will help you through these economic times with sound and practical advice for your future.

Elder Law and Estate Planning

I often learn from my audiences. Last week, I did a presentation on estate planning. For me, sharing information on estate planning is one of the missions of my practice. It is my way to give freely of my knowledge and, yes, in return I hope that my services will be used by those who attend my seminars. At least that was why I started doing presentations in the first place. However, it has evolved into something even more meaningful for me. I have learned so much more from my audience than many of them will ever realize unless, of course, they should read this blog. Their questions make me go deeper into my explanations of those things which, without their questions, I would have only touched the surface of the topic. They want to know, for example, how Elder Law and Estate Planning relate. Are they separate or is one part of the other? Is there a certification for either? They want to know if and when they have to update exisitng documents. Their wit and wisdom and perspective are refreshing. In addressing the 45% federal estate tax on estates in excess of 3.5 million, one person's comment was given our plight in the current economic crisis, we may not have to be concerned about this as an issue. It is the proverbial silver lining.

These questions will be answered and these gems will be shared in my upcoming book, STOP! WHAT ARE YOU WAITING FOR? YOUR ESSENTIAL GUIDE TO ESTATE PLANNING.

Let it Snow, let it Snow, let it Snow

Outside the snow is falling and friends are calling!! I love watching the snow fall on the already white color landscape and admiring the trees brushed with still just a dusting of snow on their branches. My daughter and her friends are already out in the winter wonderland while I take in the warmth of the fireplace with my laptop companion. It's a SNOW DAY!!! What are you going to do with yours? Of course, I want to encourage you to start getting somethings checked off of your list so that you are closer to getting to what matters most. It is on your list but may not be done yet!! It is your WILL. It either needs to be done or to be updated. No time like the present to jot down your ideas. Write your thoughts and your feelings regarding your assets and those whom would serve as the recipients of those assets upon your demise. Create a picture of your life with words. Let your estate planning attorney deal with the legal wording.

People ask what are the legal requirements of a will anyway. In Pennsylvania your will can be handwritten. You have to sign your will at the end of the writing. If you are over 18 and of sound mind, you have a valid will. No need for witnesses or notary. Now that being said, though they may not be legally required, they are highly recommended and of course I never do a will without them. Why, you ask? Because, I say. My daughter would then respond, because Why??

Well, let me just share this story. Remember when billionaire recluse Howard Hughes died, from accounts of that time, it appeared that he had not left a will. Attorneys and executives of Hughes's corporations began an intensive search to find a will, while speculation grew that Hughes might have left a handwritten will. The problem a handwritten creates is the element of proof. Since there were no witnesses and no notary, numerous "forged" wills were presented as Howard Hughes' will. Do not leave your final affairs to that level of speculation and potential misdeeds. A couple of witnesses and a notary seal are not that much to ask to make sure your billions get into the right hands!!!

Check out my upcoming book, Stop! What are you waiting for? Your Essential Guide to Estate Planning.

Your Story, Your Legacy

I feel very strongly that your story is your personal legacy worth more than any "tangible" ie money, etc. asset you may have. Helping to encourage people to tell their story in some documented way, either by writing a book, an article, creating a memoir, making an audio or video recording, is part of what I do. This part of my practice, as well, excites me and keeps me motivated.

It all started simply, with my Dad. When my sister, brother and I were very young my Dad was writing a book. He stopped after a while and we never noticed him working on it anymore. Over 30 years later, my sister asked him whatever happened to his "book". He just said he got writer's block and stored it away in the attic. What really happened was that he came to a part of his life story that was beyond the pain he wanted to revisit. In 2006, after much prodding and encouragement from my sister and I, he published his first book; Between God and Me - A Korean War Veteran Remembers. After I read the book, I realized the painful memory that my Dad hoped to forget. But the reality is that we can not forget the pain like we can not forget the joy of our life. What we can do is share it and in ways beyond our expectations be healed and heal others. That gift of writing his story has been one of the most meaningful things my Dad has given me. It is the reason that I encourage my clients to create a legacy by not only ascertaining their "money" assets but their intangible (non-money) wealth. I never know what might happen from there. If, like my Dad, the writing could become a new found passion. Since 2006, after completing now 3 BOOKS, my Dad is working on his 4TH.

AND of course, he has encouraged me in my writing to share with my clients and others, Stop! What are You Waiting For? Your Essential Guide to Estate Planning.

The Business of Caring

The other day I called my paralegal on her day off. I paused for a moment and thought about that call. I am not an over barren boss, in fact, to the contrary. My staff and I work together to take care of the business of our clients. My paralegal often calls ME on her day off. Sometimes just to check in on the status of a client's situation. You see both of us look at what we do more about the PEOPLE than about a JOB. It gives us pleasure to know that we truly care about how our clients' situation is resolved or addressed. Estate planning is a business of caring. Caring about what matters most to our clients as they address their estate planning needs. The children, the spouse, the money, the dog, the money, the accomplishments, the family, the friends, the money, the companions, the money, the employees, the passions, the legacy....oh, did I say the money.....all of these things and more drive our clients and drive us to serve them well.

Many people do not get a will done or others do not address estate planning matters because they do not necessarily understand that it is business of caring. When they do see it that way through professionals who demonstrate that perspective, it moves them to do what clearly is essential for their loved ones. My upcoming book, Stop! What are you waiting for? Your essential guide to estate planning. takes on what people are waiting for and shows how to turn the inaction into action. Share your reasons now so we can cover your reason in the book. It is not too late to add something new. Blog here, now.

Stop! What are you waiting for?

I asked this question often and the answers vary. Just the other day the response was TIME. This couple just had not had the time to have a will done or other essential estate planning documents. This was not a unique response for just this couple. Many people THINK they do not have the time. Here is my response to this particular "excuse" for not doing what needs to be done. WRITE IT DOWN!! Yes, simple as that. Like a goal, written ones get the attention and get done!! So, as you are rushing through life, hurrying along to get this or that thing done, STOP! Take out a sheet of paper or your blackberry or your planner and make a list. List no more than 10 things (one of course is getting your will/estate planning done) you want to accomplish in the next 6 months. The order of priority does not matter. Keep the list with you or where you can see it often. As you complete an item on the list, check it off and CELEBRATE! You will look forward to accomplishing the tasks on your list and guess what, in 6 months your estate planning and 9 other essential tasks will be completed by YOU!! How will you celebrate each accomplishment? Give us your ideas so others can see how much fun they can have on this 6 month journey.

Stop! What are you waiting for?

I remember meeting with a young client. Two weeks before her wedding, her fiance died of a heart attack. They had lived together and had one child before deciding to get married. She explained to me that getting a will and other estate planning done was on their list of things to do but they never got around to it. Since he did not have a will, she did not receive any of his assets that were not jointly owned with her. Their 3 year old daughter did inherit his assets. However, as a result of complications in her financial situation and some internal family dynamics, she was not awarded guardian over the assets left to her daughter. The court appointed a non-family guardian over the assets. The guardian is responsible for the distribution of any monies on behalf of the child. A will could have alleviated this complexity.

She told me, she wished she had not waited for someone to die before she got her own will. So, are you waiting for someone to die before you take action?

Stop! What are you waiting for?

Yesterday, I made a presentation at a Woman's Conference. I had presented at the conference last year and the turn out was good. This year the organizers doubled the turnout. What a SUCCESS it was! It demonstrated to me that women more and more are looking to educate themselves in all areas. They are taking charge more and more of their own destiny. Now is the time for you also to STOP and access your life's journey and make that move to get your life in order.

Maybe you are waiting for a MOVEMENT to get you on track. Once everyone is "doing it", you too will get a Will or a Trust or a Living Will or a Power of Attorney. Is that what you are waiting for? Then I will just say to you the MOVEMENT is on!!! Do not get left behind.

Stop! What are you waiting for?

Well, it is Friday. Even though I have been my own boss for a few years now, I still look forward to Friday. Certain things stay with you from early training. I think that is also true for our other habits. We get them early on and no matter the changed situation, our habits linger. Is there a habit that you have that keeps you from moving forward on getting your affairs in order? Is procrastination high on that list? Well, I say to my clients and those who attend my estate planning presentations, do not put off for tomorrow what you can and should do today. Tomorrow, may be too late.

I had clients who came to see me because their father had passed. His second wife (not their mother) from whom he was separated BUT still married now owned 1/2 of his estate. Their father had expressed to them that the family home would always be for them. HOWEVER, he died without a will and the laws of the state applied which made the distribution equally between the children and wife. What their father would have or could have done was now too late. BUT, it is not too late for you to grasp the importance of the simple act of doing a will or any of the other estate planning documents. Take a look at your life and make that move right now. You will be glad you did.

My upcoming book will guide you though estate planning step by easy step....coming soooon.

Stop! What are you waiting for?

Soon, I will be publishing my first book. The working title is Stop! What are you waiting for? With respect to estate planning what is holding you back from planning. One reason is that you, like others, may think estate planning is about death and dying. After being in this practice area for awhile, I can say it is about much more than that. Estate planning is life planning. Look at how you want to live out your life. What are your health needs? What are the needs of your business, if you have one? How do you want to live now and into the future? Who do you care about and what do you want to share? Estate planning is just as much about life and living.

We will explore your reasons over the next few days so that we can dispell the myths that surround estate planning and move you to act now. Share your reasons here and let's address them.

Hiring an Estate Planning Attorney - 10 Things that Matter Most

TENTH, you want an estate planning attorney that will save you MONEY!! How can your estate save on Federal Estate Tax and State Inheritance Tax? Your attorney should demonstrate the tax savings applicable to your circumstances and she should show how you assets can last for generations. SAVE MONEY, PROTECT ASSETS and DISTRIBUTE WEALTH are the important things you want your attorney to do for you!!!

Hiring an Estate Planning Attorney - 10 Things that Matter Most

NINTH, you want an estate planning attorney who is accessible to you. You want an attorney who understands the federal as well as YOUR state laws that might impact your estate plan. Each state differs with respect to the various areas of estate planning. Intestate laws differ. Inheritance laws differ. There may be special forms available in a particular state for your living will and powers of attorney. Seek an attorney with expertise in your jurisdiction.

Hiring an Estate Planning Attorney - 10 Things that Matter Most

EIGHTH, you want an estate planning attorney who stands behind the service provided to you. You can ask the question whether the attorney guarantees her work. You should not have to defend the work if a challenge is raised. This is where the attorney steps back in and provides the support and defense needed for you. I remember one of my clients went to the bank with her General Power of Attorney. The banking personnel told her she needed another document in order to allow her daughter access to her account. She called me and I spoke with the banking personnel who obviously did not understand the law pertaining to General Powers of Attorney. I referred them to the appropriate laws and they updated their policy to be in compliance. You paid for the expertise provided and should be able to rely on it.

Hiring an Estate Planning Attorney - 10 Things that Matter Most

SEVENTH, you want an estate planning attorney you can trust. Trust is the number one thing to consider when appointing those who will serve as your fiduciaries, ie. executor, trustee. Trust is just as important for your attorney who serves in a confidential role as your legal advisor.

Hiring an Estate Planning Attorney - 10 Things that Matter Most

SIXTH, is hiring someone who cares about helping you to have the best estaste plan for your family. On Valentine Day, we think about our loved ones and how to show them we care. Getting your estate planning done is an important way to let your family know that they matter most to you. The initial meeting with your estate planning attorney provides you with the opportunity to determine whether the attorney cares about your circumstances. You can use this time to determine whether the attorney is someone you can work with as well.

Estate planning is a very personal process and requires a professional with a personal approach.

Hiring an Estate Planning Attorney - 10 Things that Matter Most

FIFTH, an estate planning attorney should also help you with your non-tangible assets. What is your legacy? What values do you want instilled in your children? What has your life represented and what would you want to see go on even beyond your lifetime? There are ways to explore and capture the essence of what your life has meant to you and what you might want it to mean to others. What about writing your memoirs? Is there a charity that supports what you believe in? You want to address your passions with someone who does understand the relevance and importance of making that a part of your estae plan. Share your passions and let's discuss how they might form a part of your estate plan.

Hiring an Estate Planning Attorney - 10 Things that Matter Most

FOURTh, your attorney should take a holistic (overall plan) approach to addressing your estate plan. It should not be done in a piecemeal way. It is important to memorialize your wishes in a will or trust. It is important to arrange your affairs to minimize taxes. It is important to have appropriate insurance. All of these issues and more have to be addressed at the time of doing an effective estate plan. Generally, this requires that your attorney work with other professionals that you choose. This may include your accountant, insurance agent or financial advisor.

Hiring an Estate Planning Attorney - 10 Things that Matter Most

THIRD, you want to know what role the attorney plays in keeping your estate plan current. Once you have completed your initial estate plan, it is important that it is revisited periodically. You also want to be kept apprised of any laws that may impact your estate plan. Your estate planning attorney should have a process in place to address these concerns and explain to you any costs associated with changes and updates to your plan. It is important to most people that they can make changes to their plan. Knowing that changes can be made to any initial plan helps people to move forward in getting their estate planning done. What's keeping you from moving forward with either getting an estate plan or updating an old one? Blog about it here, we can help.

Hiring an Estate Planning Attorney - 10 Things that Matter Most

Second, you want an attorney who is experienced in the field of estate planning. An attorney with specific expertise in this ever-changing field will be of value to you and your goals. Given the ever-changing nature of estate planning, you want an attorney who has an affiliation with groups or organizations in the forefront of this area of practice and who stays current by attending conferences and seminars relevant to estate planning. If the attorney writes about estate planning or serves as a presenter or organizer of conferences, seminars or presentations, then you benefit from one who not only knows estate planning but also can explain it well to others. How important is expertise in this field to you? Have you had experience with both a general practitioner who also did wills and trusts and a specialist in estate planning? Blog about your experience here.

Hiring an Estate Planning Attorney - 10 Things That Matter Most

FIRST, Legal Fees are important to understand when hiring any attorney. In estate planning, many attorneys have different fee structures. Their fee structure should be explained to you before you commit to engaging their services. The different options include a flat fee for the services or documents requested, an hourly rate for the services provided or documents to be drafted, or a combination of flat fee for some things and hourly rate for other things. You want to make sure that you are advised if any estimate or quote provided will change. This can happen if additional services, not initially contemplated, become necessary. I explain to my clients any financial consequences resulting from an additional request or need that should arise. The most important thing any attorney should do as relates to fees is keep the lines of communication open and clear.

TENTH Hot Estate Planning Topics

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

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

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

NINTH of TEN Hot Estate Planning Topics

NINTH, women in the United States today control 75 percent of the total personal wealth, fill more than half the jobs and for the first time in history, account for nearly half of all substantial investors — those with more than $100,000 of investable assets. In my practice, I find that women are MORE likely than men to be the ones seeking to protect their assets with estate planning. This differs from the observation from many others.

I believe it is the way that I conduct my estate planning practice. First, women (and many men) tend to want to get to know their advisor as a person before making choices. Second, building rapport with women clients involves good listening skills which comes natural for me. Third, women want to work with someone who respects their thought processes and who does not rush to an immediate solution. All of which are the hallmarks of my practice.

I know it is equally important to focus my attention on women as well as men when working with families on estate planning. Women need and want to participate jointly in the creation of a family plan that ensures there will be enough to live on in the event of the death of a spouse.

Are you working with an advisor who values your views and makes you feel comfortable? What is important for you when choosing an attorney to handle your estate planning? Let's chat about it here.

EIGHTH of TEN Hot Estate Planning Topics

EIGHTH, charitable estate planning is a growing hot topic. Over the next few decades it has been stated that as much as 40 trillion 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. Although charitable giving provides many personal and tax benefits, it has a more fundamental benefit. It is voluntary giving and not involuntary giving that results from overpayment of taxes. With proper planning involuntary giving can be avoided. Individuals can give money from their estate to the charities they desire.

Many people during their lifetime engage in charitable giving activities. Gifts are made to cancer research, heart associations, educational institutions or well water projects. Many give to hospitals, churches or other religious institutions. Others have long term relationship with a charity and want to continue charitable giving upon their death. Some people have developed lifetime passions that become their legacy.

Let your giving be your decision and not a giving by default when you fail to plan and your family ends up paying more in taxes than necessary. Share your charitable giving news with us.

SEVENTH of TEN Hot Estate Planning Topics

SEVENTH, who do you turn to for estate planning? Many people are confused with just who should handle estate planning for them. Should it be a financial advisor, insuranace professional, an accountant or an attorney. My short answer is that you need an estate planning attorney to handle your estate planning. In my practice, I use a team approach to estate planning. I coordinate the other professional advisors of a client to make sure we are addressing the client's needs consistently. It is a very confusing time for people when getting their affairs in order. One person does not have the entire picture. That is why I reach out to those professionals my clients have entrusted with their financial, business and personal affairs. If you do not know how to get started, you are not alone. A free consultation is one way I help people get started. Most people just need the process explained to them by someone who understands but more importantly has their best interest at heart. Are you confused about the process? Do you need someone to help guide you through the process, someone you can trust? Blog your concerns here or call for a free consultant.

SIXTH of TEN Hot Estate Planning Topics

SIXTH, everyone wants to avoid probate. However, most people do not know what probate is. Though most people may not be directly involved in the probate process, many are still effected by probate. Probate means to prove the existence and contents of a will. A will is a public document that is filed when a person dies. It is not so much that you should try to avoid probate. It is more important that you understand the nature of your assets and how best to distribute it when you die. There are things that you can do to make the probate process go smoothly. First, be clear and concise in your will. Do not leave things to interpretation. Second, address potential conflicts among beneficiaries up front. If you wish to disinherit someone (other than your spouse) that is your right. State it and tell why, ie. I do not want them to receive any share of my estate. Third, inform the person you named as your Executor that you have named them and provide them with some written instructions to help settle your estate. Fourth, organize your affairs so it is clear what you do own. If you have been leery about the whole probate process, let us know why. We can help!!!

FIFTH of TEN Hot Estate Planning Topics

FIFTH, the annual gift tax exclusion amount has increased to $13,000 effective in 2009. This is the amount you can give to any person each year without it being considered a taxable gift. Gifts of the annual exclusion amount to children, grandchildren and other beneficiaries are often recommended as an excellent way to reduce your taxable estate. Everyone is always looking for ways to preserve and protect their assets. Through this exclusion amount and other estate planning tools, you can be on top of keeping what you have earned for those who matter most in your life.

FOURTH of TEN Hot Estate Planning Topics

FOURTH, the General or Financial Power of Attorney serves a critical function in estate planning. As many realize, estate planning is not just about organization your affairs in preparation of our eventual death. Estate planning is about life planning and preparedness. When you need to have someone act on your behalf, you want to have all the documents in place to allow them to do so. When you are in need, it is too late to prepare documents. The cornerstone document that is on everyones' mind is the General Power of Attorney. It allows you to name your agent and provide for the powers such agent will have if you become incapacitated. Without it, your affairs will be devastated. That is why everyone if being encouraged by their love ones, friends, colleagues, brokers, bankers, attorneys, realtors, butcher, baker and candlestick maker to get their affairs in order now, starting with the General Power of Attorney. Have you been told? Just as important, have you told someone? Here is an opportunity. Blog here to encourage someone to act today!!!

THIRD of TEN Hot Estate Planning Topics

THIRD, a Trust is an important document to have. A Trust serves many purposes. First, you can avoid probate since it is an alternative way of transferring property at death. Second, if you are concerned about privacy, a Trust works well. Unlike a will, it is not required to be filed when a person dies. Third, if you have property in multiple states, you can avoid probating in all the states where property is located if your property has been placed in a Trust. Fourth, it is an excellent vehicle for disability planning. You place your business in a Trust and if you become incapacitated your business trustee can continue to operate your business until you regain capacity.

Across the country, the topic of whether to have a Trust or not is discussed at length. Those who want to protect and preserve the assets they have acquired during their lifetime see a Trust as the most effective estate planning document. Share you thoughts here!!

SECOND of TEN Hot Estate Planning Topics

SECOND, hot topic for discussion is the Healthcare Power of Attorney. Have you or someone you love been to the hospital recently? What are all those forms that you have to fill out? For many procedures these days, the hospital wants to know your preference regarding any life support procedures or whether you want to be resuscitated. They may ask do you have a living will (discussed in our first hot topic) or DNR (do not resuscitate) order. This is not the same as euthanasia which, for many, continues to be another hot topic. The Healthcare Power of Attorney at least allows you to appoint an agent to address these issues for the hospital or doctor if you are unable. You and your agent must know the answer to these types of questions before asked. That is why it is important to have documents like the Healthcare Power of Attorney in place so that you give some thoughts to these questions BEFORE a medical emergency. We need to open this topic up to broad, continuous and lively exchange. Provide your views HERE!!!!

The TEN Hottest Estate Planning Topics

First, in order to be a hot topic, people, lots of people, have to be talking about it all the time. Remember, the 2005 Terri Schiavo case which received national attention. Living Wills, an estate planning document, received front page notoriety and was the topic of discussion around "water fountains", coffee shops, chat rooms, you get the picture. It was all a buzz!! So, given that a Living Will which pertains to whether a person would want life support if terminally ill can get that type of sustained attention, I do believe we can create just such a buzz for the rest of estate planning.

As the First hot topic, I begin with the potential elimination of the Federal Estate tax. Under the current law, there will be no Federal Estate tax in 2010. It was anticipated that Congress would have addressed this issue before it was upon us. But, only one year away and we are looking at the elimination. As a result, people, lots of people have been talking about Estate Tax. Just a few days ago on the front page of the Wall Street Journal the headline was "Obama Plans to Keep Estate Tax". Some members of congress want to act quickly to prevent the estate tax scheduled repeal. This has been a debut among the wealthy since this federal tax currently affects estates in excess of 3.5 million. If your estate is under that amount, it is not an issue for you at this time. Since the tax is 45% of the estate, this is not a small issue for those impacted. For now, this is a hot topic and we will be discussing it along with our other hot topics. SHARE YOUR COMMENTS!!!

The TENTH of TEN reasons to have will

TENTH, a will captures the distribution of assets that did not pass by other means. When a person dies, property will pass to another person by different means. These include:
(1) beneficiary designation. This is a form that is required to be filled out when you have life insurance, a 401K, or certain investment products. In the form you state who you would like to get the insurance, 401K or the investment product proceeds. A will does not change that designation.
(2) joint ownership. If someone is named jointly with you on real estate or other property, the will does not change the ownership rights of that person. At your death, that property becomes the other persons if the ownership is joint with rights of survivorship or tenancy by the entireties if husband and wife.
(3) trust. If property is owned by a trust, the terms of the trust will determine who gets the property. A will does not change the terms of the trust.

However, no matter how hard one may try to get property to pass by either of the 3 methods mentioned above, there are situations that can be missed. This includes proceeds that the estate may be awarded if your death was a wrongful death, ie. an automobile accident caused by another person. Who will get those proceeds? If you become incapacitated before your death and acquire property, you may be unable to use other methods to assure such property is distributed in accorance with your preference. A will is the MOST IMPORTANT document that you can have!!!

The NINTH of TEN reasons to have will

NINTH, a will helps plan for non-traditional families, same sex couples and other special circumstances. Without a will or other advance estate planning, the intestate laws would apply. These laws, which apply to those who die without a will, only provide for distribution of your assets to individuals that are related to you by blood or marriage. Without a will you also miss the opportunity to appoint your own executor or trustess that would serve to protect your interest and desires.

The EIGHTH of TEN reasons to have will

EIGHTH, your will allows you to appoint your executor, guardian, trustees and others. You appoint individuals to serve as your fiduciaries under your will. This means that you get to pick people you trust to handle your affairs when you die. Otherwise, appointments are made by the probate court and, in many cases, will be people you do not know or people you never would have picked if you had made a will. So, tell me what are you waiting for?

The SEVENTH of TEN reasons to have a will

SEVENTH, a will protects your assets from creditors. Any property that you leave your heirs can be protected from bankruptcy, lawsuits, divorce settlement and other creditors by creating a trust in your will. Dynasties have been established this way. Small estates can grow without being subject to the claims of creditors of your heirs. Your money benefits only those you want to benefit. It's your money and you are in control if you plan!!!

The SIXTH of TEN reasons to have a will

SIXTH, TAXES - You want to avoid or, at least, reduce death taxes. In many states, there is an inheritance tax on your property. The amount of that tax depends upon whom inherits your money. At the Federal level, estates in excess of 3.5 million are subject to taxation upon death. Almost 1/2 of your property could be paid over in federal estate taxes without proper planning. At present, the federal estate tax law is in flux. You should consult an estate planning attorney regarding a will and make sure your money is not depleted by taxes.

The FIFTH of TEN reasons to have a will

FIFTH, having a will gives you Peace of Mind. I remember a young couple coming into my office. An upcoming vacation would be the first time the couple would travel together without their young daughters. If something ever happened to them, they knew who they wanted to be the guardian of their children. Without a will, they knew the uncertainty their children would face. As they took flight on their trip, they did so with that Peace of Mind a will provides.

The FOURTH of TEN reasons to have a will

FOURTH, you need to have a will because you can't take it with you. Some have tried just to have their treasures stolen for the personal benefit of the thief or for placement in museums for others to enjoy. Is that your intent? In ancient Egypt forays by individuals or even large-scale pillaging of tombs occurred. In modern times, we have heirs who appear seeking inclusion in the distribution of whatever you have when you clearly would not have provided for them in your will, if you had done one. Don't let another form of tomb robbing occur with your estate.

The THIRD of the TEN reasons to have a will

THIRD, it is important to have a will is to avoid interference by the state. Without a will, you are subject to the state's plan for your assets. Something we all want to avoid and can avoid with a will. Who is in the best position to determine which family members will get your property when you die, the state or YOU? Without a doubt, you know what is best for YOU!! A simple act by you today puts you in charge of your life and your property when you die.

The SECOND of the TEN reasons to have a Will.

SECOND, it is important to have a will to pass on your legacy. Yes, we all have a legacy worth passing on to our children or others who may benefit. What have you done with your life? What is important to you? You may have tangible assets to pass on or you may have wisdom or other intangibles to pass on.

I have helped people share their life in a meaningful way even when they thought (wrongly) that they had nothing to pass on!!!

10 Reasons Why you should have a Will.

You should get your estate planning done now for many reasons. Over the next 10 ten days, I want to discuss with you the top 10 reasons you should have a will and get your feedback and thoughts on these reasons.

First, it is too late to make a will when you die or even if you become incapacitated. Yes, it is true that the only things guaranteed are Death and Taxes!!! That is why planning ahead of time is so important. I have seen families torn apart because of the death of a family member who did not make their wishes known. A family home lost, children displaced, money wasted, feelings hurt are just the beginning. A generation of opportunity is lost if your will is not done.

Bucks County Estate Planning Lawyer

The Law Offices of Yvette E. Taylor-Hachoose is an experienced estate planning law firm serving the needs of clients throughout Pennsylvania. We provide knowledgeable legal counsel and advice for estate planning matters, for drafting wills, creating trusts, and health care powers of attorney.

Our firm understands the importance to plan for the future. We also know that it is difficult to think about a time when you are no longer available to make your wishes known. We make it easier to prepare wills and other estate planning documents by taking a thoughtful, understanding approach with our clients. We welcome you to visit our office and discuss your needs in a initial free consultation. When you are ready to formalize your wishes, we will guide you through the process and help ensure everything is in order.

To schedule an appointment with an experienced and caring estate planning lawyer, call us at 215-321-4033.

From our office in Washington Crossing, Pennsylvania, we provide a variety of estate planning services, including:

• Drafting simple and complex wills


• Establishing trust funds


• Appointing powers of attorney


• Writing health care proxies


• Establishing guardianships


• Helping with business succession issues


• Appointing estate administrators

Why should you plan for the future?

Estate planning involves more than passing along assets to your family members. It protects your family from confusion and controversy upon your death and helps avoid costly probate fees. It also serves as a way to ensure your wishes are carried out, not the wants of a distant relative.

One very important reason to use our estate planning services is to provide for your children in case of untimely death. You can designate a caregiver for your children rather than have the court appoint a guardian.

Another reason is to communicate your wishes for receiving health care, should you become incapacitated. A health care proxy, or living will, lets your family know what measures to take in case of extreme illness or injury.

By expressing your thoughts in a clear, written document, you make it easier on your family to make difficult decisions and removes potentially conflicting opinions of relatives, who may "think" they know your thoughts on your care.

If you need legal assistance in estate planning, contact an attorney online or call our offices at 215-321-4033.

Should Your Business be a Limited Liability Company?

What is a limited liability company? A limited liability company, "LLC," is a business structure that fits somewhere between the partnership or sole proprietorship and the corporation. Like owners of partnerships or sole proprietorships, LLC owners report business profits or losses on their personal income tax returns; and, the LLC itself is not a separate taxable entity.

Like a corporation, however, 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 of the LLC owners, such as a house or car. (Both LLC owners and corporate shareholders can lose this protection by acting illegally, unethically or irresponsibly.)

For these reasons, the LLC combines the best features of both the partnership and corporate business structures.

Who should form an LLC? You should consider forming an LLC if you are concerned about personal exposure to lawsuits arising from the type of business you have. For example, if you decide to open a store-front business that deals directly with the public, your commercial liability insurance may not fully protect your personal assets from potential slip-and-fall lawsuits or claims by your suppliers for unpaid bills. Whether your business sells products or provides personal services, running your business as an LLC instantly gives you personal protection against the potential claims against your business.

If you are trying to decide whether the LLC is the right structure for your business (whether you are a new business or whether you want to convert from your current structure), contact our law offices for expert legal advice.

Call (215) 321-4033 with questions and to learn more.

Estate Planning Law Office of Yvette E. Taylor-Hachoose

1234 River RoadWashington Crossing, PA 18977

http://www.ythlaw.com/

Protecting your assets - Family Limited Partnership

Do you have a business or own assets that you want to transfer to your children now while still maintaining control of the business or assets?

What is a FLP? With a Family Limited Partnership (FLP), you can maintain control even after gifts are made. A FLP is a business entity established to segregate and identify specific ownership interests in partnership assets for family members. In most FLP's, the parents are the general partners with at least a 1 percent interest, while the children share the remainder as limited partners. In such a scenario, the parents' exposure to risk of loss of property (assets or a business) held by the FLP is greatly reduced. At the same time, as general partners they maintain full management and control over all partnership assets.

What are the other benefits of a FLP? Besides maintaining control of assets gifted, the benefits of an FLP include, among others:

1. The value of any limited partnership units that the general partner has not transferred and owns at death can be discounted.


2. The value of gifts of limited partnership interest can be discounted so that a donor can transfer a greater value of assets in a shorter period of time by making gifts of limited partnership units.


3. Gifts of limited partnership interest are sheltered from creditors.
   


4. It has advantages over trusts in that the accounting requirements for partnerships are less restrictive and general partners are not subject to the higher standards imposed upon trustees.


5. FLP can address Gas Leasing and the Marcellus Shale. In conclusion, the FLP contains countless opportunities to assist you with an orderly, tax-efficient and non-adversial disposition of assets or a business to younger generation family members.

Call 215-321-4033 with questions and to learn more.
Estate Planning Law Office of Yvette E. Taylor-Hachoose

1234 River Road Washington Crossing, PA 18977

http://www.ythlaw.com/

Posted on Wed, Sep 3, 2008

Yardley News

How to ensure your estate is managed appropriately

WHO WILL HANDLE YOUR FINANCIAL/BUSINESS AFFAIRS WHEN YOU CAN NOT:

This is an issue that everyone should address, especially business owners who do not have family members involved or interested in the business. What happens when you can not handle your financial affairs or run your business for a period of time due to an extended illness? Whether you are young or old, planning now for possible future incapacity is important because YOUR assets are at risk.

WHAT ARE YOUR OPTIONS

If you do not have a Power of Attorney, it is wise to have one. This Durable Power of Attorney, as it is often called, authorizes someone to act on your behalf. For someone without a business or with a simple estate, this document may adequately cover you for any period of incapacity. For those with businesses or complex estates, there are other alternatives to consider.
One such alternative might be a revocable trust. Among other uses, it can provide for the management of trust assets in case of incapacity.
Your business could be placed in the trust and you can be both the trustee and beneficiary. You make the decisions about trust assets and you would be responsible for the income tax on any earnings of trust assets. Life goes on, pretty much as before, with only the title of the assets being in the trust. You would name a successor trustee for special cases as defined by the trust, ie. incapacity. This would be a person of your choice who would be under a legal duty to protect your assets. It avoids potential conflict among family members and any possible court involvement.

It is best for you to plan now and not leave to others, who are unfamiliar with your business, to plan for you. Call 215-321-4033 with questions and to learn more about estate planning.

Estate Planning Law Office of

Yvette E. Taylor-Hachoose1234 River Road Washington Crossing, PA 18977 http://www.ythlaw.com/

Posted on Wed, Aug 20, 2008

Yardley News

Business Succession Planning: Buy-Sell Agreements

A buy-sell agreement protects each owner's interest, preserves value, and prevents later disputes when an event of transfer occurs. A transition event could be a voluntary departure, disability, retirement or death. Examples of such events include the following:

• One of several owners is in a skiing accident, rendering the person incapable of working.



• A disgruntled owner sells his interest to a stranger. The executor of a deceased owner wants to sell, but the company lacks funds to purchase the deceased owner's share.



• One of the owners gets divorced



• Without a buy-sell agreement to address these issues and assure orderly transition, the resulting chaos could be financially devastating for any business owner.

Critical Note: How do you value your business? Once a value is established, how do you fund a buy-sell agreement? Business valuation is one of the most problematic issues surrounding the buy-sell agreement. There are several business valuation methods and it is important that an appropriate method be implemented. As pertains to funding, if a cash or financial sale is not feasible, a sale funded by life insurance may best address the funding of a buy-sell agreement.

Estate Planning Law Office of
Yvette E. Taylor-Hachoose

1234 River Road

Washington Crossing, PA 18977

www.ythlaw.com
215-321-4033

Posted on Wed, Jul 23, 2008

Yardley News

Business of Diplomacy

Bucks County Courier Times
Wednesday, March 5, 2008
Written by John Anastasi

While studying at Georgetown University Law Center, Yvette Taylor-Hachoose was fascinated by both estate planning and international law.

Now, more than 25 years later, the Upper Makefield lawyer finally has the chance to combine the two.

This month, Taylor-Hachoose will travel to Ghana to speak with African women about how to grow their businesses, take advantage of business laws and practices designed to empower the country's entrepreneurs and transfer wealth to future generations.

"It was like a light bulb went off," Taylor-Hachoose said. "It finally came together, the international law and the estate planning."

Her two-week diplomatic mission to Ghana, which starts March 13, came courtesy of a U.S. Speaker and Specialist Grant offered by the U.S. Department of State's Bureau of International Information Programs.

She will visit three of the West African nation's largest cities - Accra, its capital; Kumasi, where its largest marketplace is located; and Takoradi, a southern port town on the Atlantic Ocean's Gulf of Guinea.

In addition to meeting with women who work as entrepreneurs, Taylor-Hachoose will speak with lawyers, judges, doctors and student leaders. The U.S. state department developed the itinerary.

"There are, in Ghana, a lot of women who are business-oriented," said Taylor-Hachoose, whose trip coincides with Women's History Month. "They look for ways to bring money into the household."

Women's businesses there typically start as barter-and-trade operations. Some graduate to the production and sale of various items - including food, textiles and fabrics - in the marketplace. The most successful businesses grow to include some exporting.

"This economy [in Ghana] does rely on women being active in the marketplace," she said.

Taylor-Hachoose liked the idea of visiting Ghana not only because of women's prominent role in business, but also because it's a relatively stable, democratic nation and English is its official language, she said. It's also a popular tourist destination with plenty of hotels.

She had heard about the U.S. Speaker and Specialist Grant program through a former professor who now works in the U.S. Embassy in Ghana. She applied for funding and learned in December that her trip had been approved.

Taylor-Hachoose's goal is to help women get the most out of their businesses and then transfer their wealth to their children as effectively as possible. She said she expects to learn plenty on the trip as well. She said it will teach her lessons she can bring back to her own estate planning clients and help add flavor to a handbook on the topic she will release next year.

"It's great to experience something outside of your general area," she said.