Why Do We Wait?

Many people come to my office and apologize for not getting their estate planning done sooner. Something has motivated them to get done what should have already been done. Why Do They Wait?

They wait for a child to be born; they wait for someone to die; they wait to have money; they wait for something bad to happen; they wait for something good to happen; they wait because that's what people do. We wait. So over the next few weeks, I will look at things to motivate you to action. To move us from reaction to action.

What will those things be? Wait, and see.

Contact our offices at http://www.ythlaw.com/ for all your estate planning, probate and estate administration needs.

What About The Assets Left Behind?

Sometimes it takes the death of someone we love to realize the importance of having a Will.

Who will get your assets? Who will make sure taxes are paid? Who will determine what you have? Who will figure out what bank accounts you have? Who will take care of your children? Who will take care of your pets?

These questions are left unanswered BY YOU if you fail to plan. You leave it up to others to resolve these issues and it may not be in the best interest of your loved ones.

Tell me what are you waiting for? Contact us at http://www.ythlaw.com/ for expert guidance.

Happy Thanksgiving

It is Thanksgiving and folks are gathering at the homes of family and friends. It is a festive and happy time. It can also be a bit stressed and overwhelming as well. But, it is a Holiday. It is a time to take off. So, we can make it what we want it to be.

Enjoy the DAY!!

Happy Thanksgiving from us to you!!!

Intestate Means To Die Without a Will

Death is not a topic we like to talk about. So, we come up with interesting ways to refer to death , "kick the bucket". Does that make it less real? But it is real and it is inevitable. So before your last days, you want to get your affairs in order.

If you fail to plan, you leave the decisions to others including those you do not know.

Contact us at http://www.ythlaw.com/ for expert legal advise.

Leap To Getting Your Affairs in Order

I know that frogs croaked. We all have heard frogs croaking day and night. When I researched terms used for death or when someone has died, "croak" was a part of the list. So, you do not want to "croak" without planning for those left behind.

Take the time to plan. It is easy, fast and the complex can be simply explained by a professional. We are here to take the worry away. Contact us at http://www.ythlaw.com/ for your free consultation.

If not now, when.

In It To Finish!!

We did it!!! Yes, my marathon run was successful because of so many people. My trainers were, of course, awesome, Sharon Czebotar - Center for Human Performance, and Anne Van Thuyne, Trainer - Newtown Athletic Club. There were countless others at the marathon that made the difference for me.


At the 10 mile mark when my breathing was labored, a man came next to me and said "You sound as bad as I look." He did not look bad at all and paced with me for a mile with him telling me family stories as I got my rhythm back. At the 12 mile mark, a 20 year old cross country runner paced with me since he needed someone to keep him going. Can you believe I actually was able to support a 20 year old? He did the 1/2 marathon and waved me on. For miles 14-15, I was encouraged by a 65 year old man who was in the race for his personal goal of a 100 marathons in his lifetime. He was doing his 95th marathon. His speed walking paced my run. A 57 year old woman who had done a marathon in all 50 states helped me through miles 22 to 23. I was literally on my own for most of miles 24 - 26. There was no one around. The crowd was pretty thin but I pushed through to the end.


Thanks for supporting me in my run and donating to Jonathan and Jayla.

Who Will Serve As the Executor of Your Estate?

Getting your affairs in order is such an important action for all of us. However, most of us procrastinate or do not make planning for this eventuality a priority. So, I thought I would do a series on things that might motivate us to action. Last week, we addressed children or birth of a child as a motivator to act.

This week we look at the opposite of birth, death, as a motivator to action. The realization of our mortality can be incentive enough to get out affairs in order. Your assets can be wasted if you fail to choose an Executor and your family can not work together. It happens. So, why wait? Do not Procrasinate.

Don't let time run out on you.

When Should You Name a New Guardian

As a baby, our child's potential is unlimited. As our child grows, they develop interest and talents. Maybe she will be a dancer, a rocket scientist or a teacher.

You may name a guardian and then later in your child's life realize that another guardian would be more appropriate. There are many reasons to change your guardian. Some things that may trigger this decision include:

1. The age of your guardian

2. The age and talents of your child

3. The location of your guardian

4. Other changed circumstances of your guardian

5. Other changed circumstances of your child

The main thing to remember is that like other parts of your estate plan, updating is very important. It is not a once and done process but as your life changes, your estate plan evolves. We can help. Contact us at http://www.ythlaw.com/

When do you choose a Guardian?

Even an Angel needs a guardian. Who will be your Angel's guardian if something happens to you?

You should choose a guardian once your child is born. For those who practice certain religions a child's godparents are named early on. Usually a baptismal ceremony is held with the godparents present. Godparents agree to take care of their godchildren should something happen to the parents. You may already have godparents for your children so you need to name those individuals in your Will as guardians to cover all bases.

Is your Angel covered? Contact us at http://www.ythlaw.com/ if we can provide any further assistance.

Should The Court Decide Your Child's Guardian?

It is a miracle!!! Birth is just that!! For many having a baby has been a difficult journey. But then the miracle of all miracles happens, you give birth. You marvel at this being, so small, so dependent, so perfect!!

You feel happy at last to be a mother, to be a father. Now another journey begins. Yes, you will enjoy watching your little miracle child grow and develop. You will love a lot and you will worry a lot. But, through it all you wonder about your child's future. An important part of your child's future is determing who would serve as the guardian if anything should happen to both parents.

Do not take such an important decision lightly. You have given your child so much and why jeopardize that with a court's decision regarding your child's future. The time to have a Will done that names your preference for guardian is now. Do not wait, do not procrastinate. Contact our offices at http://www.ythlaw.com/ to help.

Things to Consider in Naming a Guardian

So, you may not have 6 or more children. But your little pumpkin is just as precious and deserves your attention and focus on their future. If that future should be without you, what would you desire for your little one.

In thinking about a guardian, consider the following:

1. What will be the least disruptive for your child since loosing a parent is catastrophic enough.

2. Who has shown unconditional care and love towards your child?

3. Who does your child like to be around?

4. Who has similar values to yours including religious belief and educational goals?

5. Who is most unselfish?

These are just a few things to consider in making such an imporant appointment as a guardian. Think now and make that choice. You child will benefit. Contact us for further guidance at http://www.ythlaw.com/

The Power of Your Legacy

Today I am presenting at Bucks County Community College, A Day For All Women. In the session participants will learn the 7 principles of wealth and recommended actions to implementa­tion. I will further provide a step-by-step understanding of estate planning.

Since women generally live longer than men, they need to use estate planning to their benefit and the benefit of their children.

Create a legacy of worth, protecting and preserving assets by attending this workshop. All are welcomed, November 7, 2010 at 8:30am until 3:00pm at Bucks County Community College.

Contact us at http://www.ythlaw.com/

Running in Fall

Update on the Marathon

Well, it is fall and running through the park is just beautiful. My 23 mile run is coming up on Sunday, Halloween. It will be the longest mile run that I will do until the 26.2 Marathon run on November 21st.

It has been quite amazing to get to this point. When I feel I can not run another mile, I think about why I am running and it gives me the energy to keep going. Yes, there have been some aches and pains. First, it was actually my toenails. I clipped them down but not before loosing one. It should just grow back. Oh, well. Then, it was my shins. I did some exercises to strengthen them. Now, it is my right hip. I have visited my Chiropractor for an adjustment and confirmation that I had not caused any harm. Epsom salt and white flower analgesic balm have become my best friends.

I am in it to finish it!!! I thank you for your support of my run and your donations to Jayla's and Jonathan's foundations.

Creating The Buzz In Business

I presented at the American Bar Association - Women Rainmakers Conference in Washington DC. It was an extraordinary event with women from all across the country attending. What I have found in my business and shared with the participants is the ever expanding extent of our reach. The technological advancements have created opportunities not only in the legal practice but all business arenas. We must find more creative ways to take advantage of the broader opportunities now available to us. You no longer have to think merely locally but nationally and internationally in your practice area.

Think about it! If you blog or tweet, the audience learning about you could be, well, anywhere. By linking in with your colleagues, friends, associates, you connect with others who may need your services or who services you may need. You are merely a click away from what may take your business to the next level. It is time to really learn more about this broader network available to you. And that was what the Women Rainmakers Conference was all about, taking advantage of the mostly FREE technology at our fingertips.

So, yes, if you blog, tweet, linkIn, facebook WISELY, you and your practice/business will reap benefits you could never imagine. So, what are you waiting for?

Contact us at www.ythlaw.com with your comments.

Where Do You Think This Stock Market Is Going?

Marianna Goldenberg of Penn Wealth Planning has answered this question in her weekly commentary which I always find to be informative and insightful. She stated:

"If history is any indication: The fourth quarter of mid-term election years is almost always favorable for stocks. The market’s reaction to mid-term elections, as uncertainty fades, has almost always been positive, with fourth quarter gains as measured by the S&P 500 index averaging 8% in mid-term election years. The only two exceptions to the gains in the fourth quarter of every mid-term election year since 1950 were 1978 and 1994, when the Fed was hiking rates aggressively, a critical factor that is highly unlikely to take place this quarter. So far, stock market performance in 2010 has tracked the typical pattern for U.S. stocks in mid-term election years, albeit with a bit more than the usual volatility."

For those who wanted to know the answer to our question, this explaination might be as good as it gets. Contact us for your estate planning, probate and elder law needs at www.ythlaw.com

Sometimes 2 Heads Are NOT Better than One - The Executors Dilemma

Are you an Executor of an estate? Do you share that role with another person? Well, it can all get so complicated if you do not get advice up front. Here are some tips for you:

1. You can hire and fire the attorney you hire for the estate. Determine what your fee arrangement was and proceed accordingly. Any fees incurred would have to be paid but you do not have to continue with the same attorney.

2. All executors have to agree on the estate attorney. One executor can not make that selection. If Executors can not agree that could result in court action to protect the estate from ineffective executors. An estate can be almost depleted if not totally if internal fights results. If unjustified, executors could be liable for waste.

3. All executors have to act together. Both or how ever many executors there are have to appear to be sworn as executors. Action on the estate can not occur until this is done.

My advice is to think twice before you make more than one person executor of your estate. If you must name more than one then give one power to decide any disagreement. Need more help, contact me at www.ythlaw.com

Chile Celebrates Miners' Rescue

The world was able to watch and cheer the rescue of 33 miners trapped for over 2 months underground after a mine collapsed. The only thing on our minds during the rescue was the hope for the safety of all of the miners. As we clapped with tears swelling in our eyes, we felt connected to the miners' survival.

Then the rescue ends and the families move on to what will be the long healing process. Doctors will be visited, suits will be filed and commitments from politicians and the mining company will be made.

BUT this moment in time will be captured forever in the hearts of so many people. We can not help but be changed by this moment in some way. Will it inspire you to take some personal action that you have been meaning to address for a long time? Access your life and its worth, contact us at http://www.ythlaw.com/ Our estate planning process is a life assessment process to benefit you and your family.

Estate Planning Boot Camp

I am a presenter today at the Bucks County Bar Association. The topic is Estate Planning Boot Camp. I will share with attorneys new to the practice some of the basic estate planning documents.

Much of what I share on my blog is helpful to practioners as well as the consumers. I have a passion for this area of the law. As a result, I often speak on the topic before consumers and my estate planning colleagues and other attorneys. I wrote Stop!! What are you waiting for? Your Step By Step Guide to Estate Planning because this is information important to EVERYONE.

Hope you enjoy my blog posts and maybe one day you can make it to one of my many presentations or just contact us at http://www.ythlaw.com/

Who's Talking To The Doctor?

What if your doctor is unable to communicate with you regarding a healthcare matter. You could have had an accident. You could be in surgery and require another procedure.

Your Healthcare Power of Attorney allows you to appoint an individual to make healthcare decisions on your behalf. This agent or personal representative is authorized by you to review your private medical information.

This is the THIRD most important document in your estate plan. Contact our offices at http://www.ythlaw.com/ to address your probate, estate planning and elder law needs.

Do You Have the Power!!

Power of Attorney, that is. Yesterday, we discussed the Will as the most important document of your estate plan. Another important document is the Power of Attorney.

The Power of Attorney designates an individual known as your agent to handle critical financial transactions on your behalf if you become incapacitated. This can include powers that range from signing checks for household expenses to arranging the sale of property or other personal or business assets.

If the person you want to name is NOT familiar with your financial transactions, then you need to let them know and provide them with the necessary information. The most important thing about appointing an agent is naming a person you trust. We can create the Power of Attorney for you. Contact us at www.ythlaw.com

Can I Get A Will?

Today, we discuss the most important document in the estate plan. It is the Will.

Your Will provides for the care of minor children by establihsing guardianship. It dictates how you want your remaining assets divided among your heirs. You also name an executor to oversee the distribution of assets and pay any taxes, debts or other obligations that are due.

A simple matter to handle but unfortunately many fail to take that step. Can I Get A Will? Yes, you can!!! Contact our offices today at www.ythlaw.com

The Important Documents In Your Estate Plan

Take advantage of the powerful estate planning tools designed to express your desires clearly. Further, these powerful tools provide guidance to your family and/or representatives during a difficult time when you would be unable to do so yourself.

The tools are your Will, your General Power of Atttorney, your Healthcare Power of Attorney, your Trust and your Living Will. Each one of these powerful tools will be discussed over the next few days. Stay tuned.

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

Protect The Future

Did you know that accourding to a recent survey, nearly 2/3 of Americans do not have a will. This means that a judge and the laws of the state will determine the distribution of their assets and belongings if they should pass away, unexpectedly or not.

Avoiding important estate planning decisions could eventually mean that someone else has to make them for you. The results are often not in the best interest of your family and could event fail to meet their future needs. A thoughtful estate plan takes your priorities into account, protects your heirs, and establishes your legacy.

Contact our offices for all your Probate, Estate Planning and Elder Law needs at www.ythlaw.com

The Issue with Probate

Probate is the means by which state courts validate a will and clear the executor to pay debts and taxes, sell property, distribute funds and perform other tasks necessary to settle an estate. It can be a lengthy and expensive process in many jurisdictions. Probate costs can consume 3 to 7% of an estat's value. It can be even more if there is a dispute that runs up additional legal fees.

You can help make sure your estate avoids many of the pitfalls of probate by planning now for the future distribution of your estate.

Contact us at www.ythlaw.com for expert estate planning legal advice.

Marathon Update - Business of Caring

You have to care about yourself to truly care about others. When you fly, you are advised to place the oxygen mask over your face FIRST and then help others. You cannot help others if you are in need of air to breathe.

I enjoy helping others. My estate planning practice is about helping people. My running the Philadelphia Marathon is about helping others. BUT, it is FIRST about helping me. Because I believe giving has even more rewards then receiving. Some of you may recall me saying that I am not a runner but I am running a Marathon. At first, the training was just dreadful. Just thinking about running mile after mile made me cringe.

I am now looking out the window at the pouring down rain and longing, yes you heard right, longing to be out there running. BUT it is shaping up to be an inside treadmill day because I will run, one way or another. So I am "giving" to Jayla and Jonathan but I am receiving so much more from them and ALL those who support my run. I am still in it!!! Please donate!!

Segway Company Owner Dies

You have seen the Segway. Police officers, tour guides, and then others all over started using it. They caught on and of course the money has followed. This is an estate to follow. Will keep you posted on the estate planning lessons to be learned.

Retitling Assets

This is a reminder of the importance of retitling assets when you get a Trust. Many folks ask for and obtain a Trust whether Revocable or Irrevocable, the most important step after the Trust has been signed is retitling. This means that all assets (or the assets to be placed in the Trust) that are in your name MUST BE retitled from your name to the name of the Trust, ie. ABC Trustee, for the XYZ Trust dated ______.

Without retitling your assets the Trust is pointless. It does nothing for you until assets are properly (legally changing title) placed into the trust.

We work with our clients during the retitling process. We do not leave it on them. They could forget, not understand or just procrastinate. Contact us for all your estate planning needs at www.ythlaw.com

What Now? Federal Estate Tax Legislation

I attended the Bucks County Estate Planning Council's meeting last night. The speaker's topic was on the Federal Estate Tax legislation or should I say the lack thereof. Since 2001 when the new law was implemented with a 2010 sunset, we have anticipated that Congress would be addressing the pending sunset. Well, we are half way through 2010 and nothing.

One third of the audience felt that Congress would act by year end, 1/3 felt they would act in 2011 and the other 1/3 felt they would not act at all. In other words, it is anyone's guess on the status of, among other things, the Federal Estate Tax which if Congress does nothing will take us back in time.

So what does an attorney advise a client? Flexible planning is the key with Disclaimer Trusts and QTIP trust being high on the list. Want to know more, contact us at www.ythlaw.com

A Business of Caring

What would you do if you were diagnosed with a debilitating disease? Would you (1) Get your affairs in order; (2) Be paralyzed by the prognosis; (3) Be in denial and do absolutely NOTHING; or (4) Seek out the best possible professional help and advice.

In my practice I do encounter individuals who find themselves in this situation. Of course, their visit to me is getting their affairs in order but just as important they are expanding their circle of support through what is a very difficult time.

So for me, my practice is all about the human factor. It is about caring at many levels for those clients that I encounter. I am happy for them when they have a baby, purchase a new home, get a new job or start a business. I empathize with them over the loss of a loved one or their concerns for their children. I have compassion for them as they struggle to overcome or manage their life's challenges.

I know that when it comes to getting your affairs in order it is not just about the legal documents but it is about the care that goes into the preparation. Contact us at www.ythlaw.com

Marathon Progress Update

Since many of you have asked, How am I doing?, I decided to provide Monday updates.

Well, things are progressing. I am now at runing 9 miles which I did yesterday. This was a point that I really felt was going to be very difficult. I started feeling, I don't think I can do this 9 miles coming up on my training program. I just felt it was beyond my capacity. BUT, I did it and it meant a lot to me. I feel that I have reached a very important milestone in the training. My training partner/coach is to be commended. She talks just when I think, no more!! How she manages to talk and run, I do not know. I need all my energy just to run. BUT, she got me through it and afterwards I felt really good.

Soooo, I am still in it to finish it. I still have a long way to go and will need your constant encouragement. So, I thank you all for that. Shout out to Mary Ann who saw me training in Tyler Park and gave me a thumbs up!!!

Probate - Estate Administration

If you are the executor or administrator of an estate, remember the following when closing out the estate:

1. Make sure all deeds are properly titled to the beneficiary/ies.
2. Make sure all final forms are submitted to register of wills, including final status report; any formal accounting; or family settlement agreement.
3. Make sure final approvals are obtained regarding inheritance tax filings.
4. Make sure you close out the estate account after everything is finalized.

This is a helpful checklist of things that often get overlooked. However, it would be to your benefit to consult with a professional probate attorney. We have that expertise. Contact us at www.ythlaw.com

You can be Sued As an Executor

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

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

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

Asset Protection Planning

We all want to protect and preserve the assets that we have accumulated through all our hard work. There are simple and complex ways to accomplish that task.

Some ideas to consider include gifting to those whom you want to have your assets. Joint ownership will allow assets to pass to those whom you have made co-owners. There is so much that can be done with proper planning with insurance. Family Limited Partnerships are more complex but very effective planning tools as are different types of trusts.

You need to address all of these asset protection planning vehicle with a respected professional. Contact us at www.ythlaw.com for all your estate planning, probate and elder law needs.

Tax Planning - Don't wait until the last minute!!!

Tax planning for 2010 is going to be a real challenge, and unintended consequences may adversely affect the best-laid plans. Minimizing the tax bill requires a true balancing act between the changes in the tax rates, the differences in the phaseouts between the two years, and the always unpredictable alternative minimum tax (AMT).

There are significant tax savings opportunities for anyone who can control the timing of either a large income item or an itemized deduction. The problem is determining which tax year will result in the greatest benefit. We urge you to reach out to your accountant or tax preparers and discuss the following issues:

Timing of your income (there are no phaseouts in 2010) – take an early bonus, make IRA withdrawals, or recognize some other type of ordinary income in 2010
Accelerating capital gains into 2010 – selling low-bases stock as capital gain rate is scheduled to increase to 20% and the favorable 15% rate is going back to the taxpayer’s marginal rate for qualifying dividends.
AMT tax – there is no “patch” approved for 2010 and the exemption will revert back to 1986 level.
Taking deductions in 2010 vs. deferring to 2011?
Roth IRA – should you convert in 2010 and pay the tax as the income rates are going up?

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

Giving Birth is Like Estate Planning

I was talking with a client today about how estate planning is about everything we do. My client is a mid-wife. She thought awhile and then compared estate planning to giving birth. I thought that was very interesting.

She said you have to prepare for child birth and if you don't there may well be complications. Hello, the same is true for estate planning. If you do not plan for when you die, there may well be complications.

She said the baby is coming whether you are ready or not. Well, Well, the same is true for estate planning. Sooner or later, death will be our reality, ready or not.

Preparing for child birth is so very important for your health and the health of your baby. Preparing for death is so very important for your family and for the legacy you leave behind.

Contact us at www.ythlaw.com

A Marathon is Like Estate Planning

Of course I would notice the similarities, because estate planning is what I do everyday. Training for a marathon, you have to follow a well developed plan. Just like estate planning requires the services of an expert, you want a traning program that has been developed by a professional and has been proven successful. You have to finalize your estate plan by signing the documents. You have to execute your training program by running the schedule.

Today and tomorrow, I run 6 miles then a day of rest before I increase to 7 miles. This gradual schedule along with some strength training, interval training, a few races in between and a lot of encouragement will get me to 26 miles by the end of November. Oh, did I forget to mention positive thinking!!!!

We all have to have a plan for our life events. You can rely on us for your all your estate planning and probate needs. Contact us at www.ythlaw.com

The Girl With The Dragon Tattoo

This is a number one best seller from Swedish author, Stieg Larsson. There is a Swedish movie and plans for an American movie. The book was written as a trilogy, followed by The Girl Who Played with Fire and The Girl Who Kicked the Hornet's Nest. I have read the first book and I am half way through the second, fascinating read.

BUT, here is what is exciting from an estate planning perspective. Stieg Larsson died after his manuscripts were released but before his books were published. He is not around to enjoy all of the popularity his books have garnered nor the financial reward associated with the popularity. So what is happening with his estate?

You guessed it. There was no Will!! His brother and father are his only living heirs. Though he lived with his life companion of 32 years, he NEVER married. The beneficiaries of his estate are his brother and father. His life companion has no legal rights to any of his estate. So does it end there?

Of course not because there is rumors of a 4th book. Stieg Larsson apparently intended to write 10 books in this series. He had completed 3 and was well into the 4th which allegedly is in the possession of his life companion. Can a settlement be reached with the family that would be amendable to ALL parties?

What do you think? Leave your comments here or contact us at http://www.ythlaw.com/

Marathon Update - First 10K EVER!!!

Yes, I ran my first 10k, ever. It was Labor Day when most folks relax and enjoy a cook out or two. But, not me, I was out there running through the neighborhood of Morrisville, Pennsylvania. I figured if I intend to do a Marathon, 26 miles, I should clearly start with some shorter races. So, the 10k (6.2 miles, my tag number for the run was 62, coincidence???), was my starting point. In my training schedule, I had run 6 miles a couple of times, so I knew I could do it.

BUT, running on your own and running an event is so different. The Pros: Folks cheering for you; Water breaks.....The Cons: The fast pace of all the runners. So what I did was just slow down to my own comfortable pace which meant I was soon all alone, just me, myself and I.

BUT the cheering carried me through to the end and I crossed the finished line completing my first 10k. A BAGEL and WATER never tasted soooo goood!!!

I run because Jonathan can't!!
I run because Jayla needs her full vision!!

Donate what you can!!!

The Law Offices of Taylor-Hachoose, Bucks County, PA

Free - Some Things In Life Are!!!!

We say, slow down and smell the flowers. It is FREE, you know.

Well, you can also get a hug, for FREE!! How special is that?? Watch and see!!!



Leave your comments here or contact us for your charitable estate planning today.

When Do You Need A Trust?

A revocable living trust serves several purposes. It avoids probate, provides privacy and provides ease of handling your business during any incapacity. Generally, I recommend such a trust when a client has real estate in more than one state. This avoids the necessity of probating in more than one state.

However, if there is a mortgage on the property, you must obtain approval of the mortgage holder to change the Deed into the name of the trust. Though this is permissible by most lenders, the process to go through to get the approval can be daunting. So, before you obtain a revocable living trust, contact your mortgage holder to get the paper work that you will be required to fill out. This way you know the steps ahead of time and the attorney can assist you with the paperwork.

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

Power of Attorney

I can not stress enough how important it is to have a Power of Attorney. I had a situation recently where the brother of a client became terminally ill. The brother was not married and had no children. His only relative was my client. With the illness, my client's brother could not pay his bills and my client was taking care of all these expenses. However, my client did not anticipate such a prolong illness and needed to access his brother's money to continue with the payments.

When I visited the brother in the hospital, I realized that he did not have the capacity to execute a Power of Attorney. Obtaining a guardianship was going to be the only option available to my client. Guardianship procedures are long and costly. Whereas, a Power of Attorney can range from $75 to $150.

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

Inheritance Disclaimer and Medicaid

There was a question from a reader regarding whether a medicaid recipient can disclaim his inheritance. In this situation, a 89 year old man has been in a nursing home for 3 years and for the last 2 years he has been on medicaid. He had very little assets and once those resources were depleted he applied for and obtained medicaid to cover his stay in a nursing home. Now a relative has died and in their will left the 89 year old an interest in a home which when sold will yield him about $125,000. He prefers to disclaim this inheritance to enable a younger relative to inherit. Can he do this?

In order to answer that question, you must review the federal medicaid law and the state law interpreting and implementing that law. Unearned income is consider a resource for medicaid purposes and an inheritance is unearned income. But, if you disclaim an inheritance you never get this unearned income. However, does this disclaimer amount to a transfer of assets which brings with it a penalty for eligibility? Does medicaid have to be informed regarding the inheritance and the disclaimer? If the 89 year old should proceed to disclaim, there will be potential objections from medicaid and who would win depends upon all the factors mentioned.

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

School's Out for the Summer

Summer slow down, please. It is August already and though we have been experiencing 100 degree weather, I still love my lazy, hazy summer days. Like most folks, I work year round but summer just reminds me of my "school's out for the summer days". At a cellular level, my body seems to remember the fun of summer. It was a time to join with my cousins at our grandmother's where the rules differed from home. Hiking in the woods, swimming in the bay, up all night, lots of homemade sugary treats and fun adventures that provide memories of a lifetime were just a few things that make me even now a summer adult.

I have thought about how to capture such basic, wholesome experiences for my children in this day and time when the freedom we had would prove dangerous today. To me, living life has given me many estate planning moments. Though this is not an estate planning moment, it is a life moment of reflection. Maybe sharing this with you, you can help me in finding ways to protect and preserve the wonders of childhood so that when our children are adults they can still feel that summer fun.

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Taking Advantage of the Beach Weather

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

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

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General Powers of Attorney

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

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

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Philadelphia Marathon

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

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

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

Your Children's Legacy

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

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

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

A Trust serves as Will Substitute

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

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

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Estate Planning Moment in the Poconos

Over the Fourth of July Weekend, we spent sometime in the Poconos so our daughter could enjoy the indoor waterpark. Later during the weekend, while my husband played golf, I was lounging on the pristine shores of Lake Harmony and my daughter was taking in the water sports. I soon struck up a conversation with another vacationer and before long the conversation turned to estate planning. Ok, I just can't help myself...I love estate planning.

The question pertained to providing for your children, upon your death, when you are estranged from your husband. You need to understand that without a will, the intestate laws would distribute over 1/2 of your estate to your spouse. Even with a will, the spouse can not be disinherited. The spouse is entitled to an elective share unless there are circumstances to justify otherwise, but that would have to be proven and remember, this is after you have passed.

So, I was able to provide my fellow vacationer with some food for thought. She said that she looked forward to purchasing my book, Stop! What are you waiting for? Your Step-by-Step Guide to Estate Planning so she could be prepared for her meeting with an estate planning attorney in her state. Feel free to contact us at http://www.ythlaw.com/

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

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

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Longest Serving Member of Congress dies at 92

Senator Robert Byrd dies at 92.

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

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

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

Kagan Confirmation Hearings

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

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

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

BP - Oil Disaster in the Gulf

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


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

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

Too Many Wills Creates Chaos

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

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

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

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Yet Another Will in the Gary Coleman Saga

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

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

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A Uncommon Millionaire and her Wonderful Legacy

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

Elder Care - When a Nursing Home is Required

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

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

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

Coleman Dies at 42

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

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

I will continue to follow but in the meantime I continue to stress the importance of your estate plan and how it covers all of your assets, even your physical body. Leave your comments here or contact us at http://www.ythlaw.com/

Bucks County Estate Planning Council

There is so much information on estate planning. You want to make sure you are getting correct and up-to-date advice and guidance. In my opinion, seeking the advice of an estate planning attorney is of course one of the most important ways to accomplish this goal. There are also organizations, associations, groups, and councils that can provide some relevant guidance. The Bucks County Estate Planning Council is another important way to stay current in this area.

Even if you do not want to join the Council, you can attend the dinner meetings which always has a relevant estate planning topic presented by an expert in the field. You can get a list of the scheduled meetings, topics and costs from their website www.councils.naepc.org/bucks-pa/ and additional information about the Council.

The Council is interested in sharing information to those who need to know it. You can benefit from the professionals associated with the Council in ways to grow, protect and preserve your estate. Contact our offices at http://www.ythlaw.com/ for expert estate planning advice.

For All Those Who Serve and Have Served

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

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

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

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

Charitable Remainder Trust

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

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

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

Income vs. Wealth

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

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

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When someone dies, who pays the Debts?

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

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

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

Law and Order Discusses the Federal Estate Tax?

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

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

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

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

A Legend's Death

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

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

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Probate - The Issues and The Resolutions

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

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

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

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

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What is an Endowment?

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

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

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

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Have you Updated Your Will

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

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

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

Mother's Day - A time to talk

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

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

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Revocable Trust

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

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

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Car Bombing in Times Square

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

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

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