Go online, and you’ll find tons of websites offering do-it-yourself estate planning documents. Such forms are typically quite inexpensive. Simple wills, for example, are often priced under $50, and you can complete and print them out in a matter of minutes.In our uber-busy lives and DIY culture, it’s no surprise that this kind of thing might seem like a good deal. You know estate planning is important, and even though you may not be getting the highest quality plan, such documents can make you feel better for having checked this item off your life’s lengthy to-do list.

But this is one case in which SOMETHING is not better than nothing, and here’s why:

A false sense of security

Creating a DIY will online can lead you to believe that you no longer have to worry about estate planning. You got it done, right?Except that you didn’t. In fact, you thought you “got it done” because you went online, printed a form, and had it notarized, but you didn’t bother to investigate what would actually happen with that document in place in the event of your incapacity or when you die.

In the end, what seemed like a bargain could end up costing your family more money and heartache than if you’d never gotten around to doing anything at all.

Creating a DIY will can lead you to believe that you no longer have to worry about estate planning. In the back of your mind, you might even promise that one day you’ll revisit and update your plan with something better, but chances are, having done “something” will lead you to put this off until it’s too late. By doing nothing, on the other hand, at least you won’t be lulled into a false sense of security, and estate planning will still be at the top of your life’s to-do list, as it should be until you handle it properly.

Not just filling out forms

Unfortunately, because many people don’t understand that estate planning entails much more than just filling out legal documents, they end up making serious mistakes with DIY plans. Worst of all, these mistakes are only discovered when you become incapacitated or die, and it’s too late. The people left to deal with your mistakes are often the very ones you were trying to do right by.

The primary purpose of wills and other estate planning tools is to keep your family out of court and out of conflict in the event of your death or incapacity. With the growing popularity of DIY wills, tens of thousands of families (and millions more to come) have learned the hard way that trying to handle estate planning alone can not only fail to fulfill this purpose, it can make the court cases and conflicts far worse and more expensive.

The hidden dangers of DIY wills

From the specific state you live in and the wording of the document to the required formalities for how it must be signed and witnessed, there are numerous potential dangers involved with DIY wills and other estate planning documents. Estate planning is most definitely not a one-size-fits-all deal. Even if you think you have a simple situation, that’s almost never the case. The following scenarios are just a few of the most common complications that can result from attempting to go it alone with a DIY will:

•                                Improper execution: For a will to be valid, it must be executed (i.e. signed and witnessed or notarized) following strict legal procedures. Such procedural requirements are designed to prevent foul play and vary by state. For example, many states require that you and every witness to your will must sign it in the presence of one another. If your DIY will doesn’t mention that or you don’t read the fine print and fail to follow this procedure, it can be worthless.
•                                Court challenges: Before the assets covered in a will can be transferred to your heirs, the will must go through the court process called probate. During probate, creditors, heirs, and other interested parties have the opportunity to contest your will or make claims against your estate. Though wills created with an attorney’s guidance can also be contested, DIY wills are not only far more likely to be challenged, but the chances of those challenges being successful are much greater than if you have an attorney-drafted will.
•                                Thinking a will is enough: It is almost never the case that a will alone is sufficient to handle all of your legal affairs. In the event of your incapacity, you would also need a health care directive and/or a living will plus a durable financial power of attorney. In the event of your death, a will does nothing to keep your loved one’s out of court. And if you have minor children, having a will alone could leave your kids’ at risk of being taken out of your home and into the care of strangers, at least temporarily.

In many ways, DIY will planning is the worst choice you can make for the people you love because you think you’ve got it covered, when you most certainly do not.

We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Estate Plan Strategy Session during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule an Estate Plan Strategy Session and mention this article to find out how to get this $750 session at no charge. Schedule online today.

Want to know a proven way to live a more fulfilling life? All you have to do is fully accept the fact that one day you’re going to die.“I am of the nature to die. There is no way to escape death.” –Upajjhatthana Sutta

The unavoidable nature of death is a basic tenet found in every religion. Indeed, the acceptance of death is so important in Buddhism that “impermanence,” or the fact that everything born eventually dies, is at the top of the Buddha’s list of the three universal characteristics of existence.

Before religious practice, Tibetan Buddhists chant, “The whole world and its inhabitants are impermanent. The life of human beings is like a bubble. Death comes without warning; this body too will be a corpse.”

Such teachings may seem morbid, but they’re actually designed to awaken you from denial and inspire you to fully appreciate life because you never know when it will end.

“How sad is it that most of us only begin to appreciate our life when we are at the point of dying.” Sogyal Rinpoche

Numerous individuals have discovered that contemplating and accepting their own mortality is a powerful source of happiness. It may seem counterintuitive, but this isn’t something only found in religious teachings; it’s also been demonstrated by modern science.Countless healthcare professionals report that people facing terminal illness often experience an incredible sense of peace and fulfillment in the days and weeks before they die. Many of them describe the acceptance of death as a life-changing event, confessing they never knew what it meant to live until they knew they were going to die.The same is true for many who undergo a near-death experience (NDE). After staring death in the face, they report that their lives have much greater meaning. They frequently make dramatic life changes because they know without a doubt that any day, even today, might be their last.

“It is only in the face of death that man’s self is born.” -St. Augustine

You’ve undoubtedly heard the key to happiness is to be fully present in each and every moment. This advice is also derived from acceptance of death. By accepting that death is inevitable, we’re inspired to embrace every second of our lives with more gratitude and joy because we know that our existence is so fleeting. If you’ve been avoiding thinking about and preparing for death, you may be missing out on an incredible opportunity. What all of these experiences show us is that death is an essential part of what makes life so sweet.

One of the biggest steps in accepting death is to prepare for it with proper estate planning. And proper estate planning is needed, regardless of how big or small you think your estate is, because no matter what, your family is going to have to handle whatever you have when you’re gone. Indeed, facing life’s greatest fear head-on and using it as an opportunity to protect and provide for your family is one of the greatest gifts you can give yourself and those you love. If you’re ready to begin truly living your life, start by working with us.

We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Estate Plan Strategy Session during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule an Estate Plan Strategy Session and mention this article to find out how to get this $750 session at no charge. Schedule online today.

You might not be a big fan of their typical life choices, but the Kardashians recently demonstrated impressive wisdom in protecting their minor children using estate planning.

During a recent episode of Keeping Up With The Kardashians, Khloé Kardashian was preparing to give birth to her first child, daughter True. Khloé was second-guessing her initial choice to name her sister Kourtney as the child’s legal guardian in the event something happened to her or the baby’s father, Tristan Thompson. During her pregnancy, Khloé spent lots of time with her other sister Kimberly and her family, daughters North, Chicago, son Saint, and husband Kanye West. Watching her interacting with her own kids, Khloé really connected with Kim’s mothering style and pondered if she might be a better choice as guardian.

“I always thought Kourtney would be the godparent of my child, but lately I’ve been watching Kim, and she’s been someone I really gravitate to as a mom,” Khloé said.

To make things more challenging, Kourtney always assumed she’d be named guardian and said as much. Over the years, Khloé had lots of fun times with Kourtney’s family—sons Mason, Reign, and daughter Penelope—and Kourtney thought her own passion for motherhood would make her the natural choice.

For guidance, Khloé asked her mother, Kris Jenner, how she chose her kids’ guardians. Kris’ answer was to compare how her two sisters’ raised their own children.“You just have to think,” Kris told her. “‘Where would I want my child raised, in which environment? Who would I feel like my baby is going to be most comfortable and most loved?’”

In the end, Khloé chose Kim over Kourtney. She explained her decision had nothing to do with her respect or love of Kourtney; it was merely about which style of parenting she felt most comfortable with.“Watching Kimberly be a mom, I really respect her parenting skills—not that I don’t respect Kourtney’s, I just relate to how Kim parents more,” said Khloé. “I just have to make the best decision for my daughter.”

Lessons learned

Khloé’s actions are admirable for several reasons. First off, far too many parents never get around to legally naming a guardian to care for their children in the event of their death or incapacity. Khloé not only made her choice, but she did so before the child was even born.

Khloé also took the time to speak and spend time with her sisters beforehand, so the family understood the rationale behind her decision. Khloé was lucky her choices were close family members, so she had ample opportunity to experience both of their parenting styles.

Depending on your life situation, you might not be able to spend that much time vetting your choice. But at the very least, you should sit down with each of your top candidates to openly and intimately discuss what you’d expect of them as your child’s new parents.

Avoid conflict and court

Furthermore, with multiple family members vying for the guardian role, Khloé’s quick action may have prevented a potential nightmare. If she’d delayed naming a guardian and something happened to her, Kourtney, Kim, and even other family members could’ve gone to court seeking guardianship of True.

This could’ve lead to years of contentious legal battles that not only cost the family huge sums of money, but the potential hardship imposed on the children can be incalculable. Even if you think something like this would never happen to your family, why take the risk, especially when it’s so easy to avoid?

Get started now

While the Kardashians are wealthy and famous, you too can provide the exact same level of protection for your kids, even with minimal financial resources. It’s imperative as soon as it’s physically possible to choose someone who will step in to raise your children if you cannot. You must also legally document your choice and make sure the individual you’ve selected knows what to do if they’re called upon.

Many parents have no idea how to go about making this critical decision, much less create a legally binding plan, so they never get around to doing it. And even parents who have legally named a guardian (even with a lawyer’s help) often make at least one of six common mistakes that leave their children at risk.

This is because most lawyers aren’t aware of all that’s involved with planning for the well-being and care of minor children following their parents death or incapacity. As a Personal Family Lawyer®, one of our specialties is legal planning for the unique needs of those with minor children.

We’ve even created an easy-to-use (and absolutely free) website, where you can create legal documents naming long-term guardians for your children. You should immediately take this opportunity to ensure your kids are properly cared for by the person you trust most should anything happen to you.

And if you’ve already named guardians on your own or with a lawyer, wecan review your existing legal documents. We’ll determine whether you’ve made any of the six common mistakes that leave your kids vulnerable and help you fill those gaps.

Beyond naming legal guardians, with us as your Personal Family Lawyer®, we can create a comprehensive estate plan with all of the necessary legal documents to ensure the protection and well-being of your entire family and assets, no matter what happens. Contact us now.

We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer an Estate Plan Strategy Session, during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule an Estate Plan Strategy Session and mention this article to find out how to get this $750 session at no charge. Schedule online today.

Last week, we shared the first part of this series, discussing some of the key steps for conscious co-parenting. In part two, we continue with the final steps.

Today, many married couples who decide to end their marriages choose conscious divorce. However, once the divorce is finalized, you must continue using the same positive approach in your joint-parenting efforts.

Conscious co-parenting is a child-centered process, where both you and your ex agree to work as cooperative partners for the sake of your kids. This ultimately helps both you and your children adapt in a healthier way.Such collaboration can be challenging, but last week we offered three ways you can successfully navigate the process. Here, we continue with three additional ways to make conscious co-parenting work for you:

4. Respect your co-parent’s time with the children

Conscious co-parenting is about demonstrating to your children that you still want the other parent in their lives.To this end, don’t do anything that might stop your kids from having an enjoyable time when they’re with the co-parent. This means not scheduling children’s activities during the co-parent’s time, unless you’ve asked them first. It also means respecting their time together by not constantly calling or texting.

It’s normal to miss your children when they’re away, but it will be easier and healthier for everyone if you respect their time together.

5. Get outside support

When it comes to divorce, the experience is often painful and unsettling. The underlying emotions can be overwhelming if they aren’t processed properly, which can have negative effects on your parenting skills.Given this, it’s crucial you have support systems in place to move through this phase of life. There’s no single solution, so try a few different supportive outlets to find the one(s) that most suit you.Whether it’s therapy, support groups, trusted confidants, and/or meditative solitude, you should take this opportunity to practice self-care. For better or worse, our personal identities are often largely centered around our marriages, so it’s perfectly natural to go through a grieving process when they end. Just don’t let the grief become too burdensome.

6. Use conscious co-parenting to achieve personal growth

While it may sound paradoxical, divorce can offer a wonderful opportunity for personal growth. The steps discussed here can help you adjust to your new life in divorce’s immediate aftermath, but they can also allow you to better express yourself throughout your life overall.Consciously choosing a cooperative co-parenting relationship is just the beginning. You can bring the same mindful focus to every other area of your life. Treating your co-parent in a compassionate, respectful, and patient manner can provide the foundation for how you deal with all of life’s relationships and circumstances.By doing this, you can serve as a role model for your children, demonstrating how they can deal with adversity in their own lives. In fact, conscious co-parenting can provide them with an array of vital skills that will strengthen their ability to endure the trials and tribulations they’ll likely face in the future.

From custody agreements to alimony payments, there are numerous legal issues that can arise when co-parenting, so be sure you have the legal support you need by consulting with us as your Personal Family Lawyer®, and we can help you identify how to get the best support possible. And given the fact that your family structure has changed, you’ll definitely want to update your estate plan as well. Contact us today for assistance with any of these matters.

We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer an Estate Plan Strategy Session during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule an Estate Plan Strategy Session and mention this article to find out how to get this $750 session at no charge. Schedule online today.

It’s a common misconception to think that if you don’t have children, you don’t need to worry about estate planning. But the fact is, it can be even MORE important to do estate planning if you have no children.

If you haven’t read it yet, you can do so here. Here in part two, we discuss the other risks involved for those who forego estate planning

Someone will have power over your health care

Estate planning isn’t just about passing on your assets when you die. In fact, some of the most critical  parts of planning have nothing to do with your money at all, but are aimed at protecting you while you’re still very much alive.Advance planning allows you to name the person you want to make healthcare decisions for you if you’re incapacitated and unable to make decisions yourself.For example, if you’re temporarily unconscious following a car accident and unable to give doctors permission to perform a potentially risky medical treatment, it’s not always clear who’ll be asked to make that decision for you. If you have a romantic partner but aren’t married and haven’t granted them medical power of attorney, the court will likely have a family member, not your partner, make that decision. Depending on your family, that person may make decisions contrary to what you or your partner would want. Indeed, if you don’t want your estranged brother to inherit your property, you probably don’t want him to have the power to make life-and-death decisions about your medical care, either. But that’s exactly what could happen if you don’t proactively plan.

Even worse, your family members who have priority to make decisions for you could keep your dearest friends away from your bedside in the event of your hospitalization or incapacity. Or family members who don’t share your values about the types of food you eat, or the types of medical care you receive, could be the one’s making decisions about how you’ll be cared for.

Even if, or maybe especially if, you don’t have kids, you need to do estate planning in order to name health care decisions-makers for yourself and provide instructions on how you want decisions made.

Someone Will Get Power Over Your Finances

As with health-care decisions, if you become incapacitated and haven’t legally named someone to handle your finances while you’re unable to do so, the court will pick someone for you. The way to avoid this is by naming someone you trust to hold power of attorney for you in the event of your incapacity.

Durable power of attorney is an estate planning tool that gives the person you choose immediate authority to manage your financial matters if you’re incapacitated. This agent will have a broad range of powers to handle things like paying your bills and taxes, running your business, collecting your Social Security benefits, selling your home, as well as managing your banking and investment accounts.

Because these powers are so broad, it’s critical that you only give this power to someone you absolutely trust, and ideally, with the guidance of a lawyer who can watch out for your best interests.

The fact that durable power of attorney is granted as soon as you’re incapacitated means your agent can begin handling your finances immediately, without waiting for a judge’s decision, simply by presenting a legal document and appropriate proof of your incapacity to a financial account holder. Since courts are notoriously slow, this quick access can be immensely beneficial to ensure your bills get paid on time and you have the funds available when you need them.

Without signed durable power of attorney, your family and friends will have to go to court to get access to your finances, which not only takes time, but it could lead to mismanagement and even the loss of your assets should the court grant this authority to the wrong person.Furthermore, the person you name doesn’t have to be a lawyer or financial professional—it can be anybody you choose, including both family and friends. The most important aspect of your choice is selecting someone who’s imminently trustworthy, since they will have nearly complete control over your estate. Besides, with us as your Personal Family Lawyer®, your agent will have access to us as your trusted counsel should they need guidance or help.

Given all of these potential risks, it would be foolhardy for those without children to ignore or put off these basic estate-planning strategies. Identifying the right planning tools is easy to do, and begins with an Estate Plan Strategy Session, where we can consider everything you own and everyone you love, and guide you to make informed, educated, empowered choices for yourself and your loved ones. It will likely take just a few hours of your time to be certain that both your assets, healthcare, and relationships will be managed in the most effective and affordable manner possible in the event of your death or incapacity.

This article is a service of , Personal Family Lawyer®. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Estate Plan Strategy Session, during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Estate Plan Strategy Session and mention this article to find out how to get this $750 session at no charge. Schedule online.

It’s a common misconception to think that if you don’t have children, you don’t need to worry about estate planning. But the fact is, it can be even MORE important to do estate planning if you have no children.

Some of the common thoughts behind this mistaken belief may take one of these forms:“If I die, everything will pass to my spouse anyway, so why bother?”“I’m single with little wealth, so who cares who gets my few meager assets?”“Estate planning is an expensive hassle and it doesn’t even benefit me because I’ll be dead, so I’m better off letting a judge handle things.”This kind of thinking ignores several basic facts about both estate planning and life in general. Regardless of your marital status, if you don’t have children, you face potential estate-planning complications which those with children do not. And this is true whether you’re wealthy or have very limited assets. Without proper estate planning, you’re not only jeopardizing your personal property, but you’re putting your life at risk, too. And that’s not even mentioning the potential conflict and expense you’re leaving for your surviving family and friends to deal with.So if you’re childless, consider these three inconvenient truths before you decide to forego estate planning.

Someone will get your stuff

Whether you’re rich, poor, or somewhere in between, in the event of your death everything you own will be passed on to someone. Without a will or trust, your assets will go through probate, where a judge and state law will decide who gets everything you own. In the event no family steps forward, your assets will become property of your state government.

Why give the state everything you worked your life to build? And even if you have little financial wealth, you undoubtedly own a few sentimental items, including pets, that you’d like to pass to a close friend or favorite charity.However, it’s rare for someone to die without any family members stepping forward. It’s far more likely that some relative you haven’t spoken with in years will come out of the woodwork to stake a claim. Without a will or trust, state laws establish which family member has the priority inheritance. If you’re unmarried with no children, this hierarchy typically puts parents first, then siblings, then more distant relatives like nieces, nephews, uncles, aunts, and cousins.

Depending on your family, this could have a potentially dangerous—even deadly—outcome. For instance, what if your closest living relative is your estranged brother with serious addiction issues? Or what if your assets are passed on to a niece who’s still a child and likely to squander the inheritance? And if your estate does contain significant wealth and assets, this could lead to a costly and contentious court battle, with all of your relatives hiring expensive lawyers to fight over your estate—which is exactly what’s happening with Prince’s family right now.

Finally, even if you have a spouse and your assets are passed to him or her, there’s no guarantee they’ll live much longer than you. In the event of their death without a will or a trust, everything goes to his or her family, regardless of the fact that you can’t stand your in-laws. You really don’t want your spouse’s sister, brother, parents (or the new spouse he or she marries after you die) inheriting what you’ve worked so hard for, do you?

This article is a service of Pamela Maass, Personal Family Lawyer®. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer an Estate Plan Strategy Session during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule an Estate Plan Strategy Session and mention this article to find out how to get this $750 session at no charge. Or, schedule online.

Estate Planning Mistakes Seniors (Including You or Your Parents) Can’t Afford To Make

Estate planning really should be considered as soon as you acquire your first asset, have a child, or step into adulthood in any truly meaningful way. And yet many of us put it off for far too long, leaving ourselves and our families at risk of getting stuck in the court system in the event of an unexpected accident, illness, or injury.

Once you (or your parents) reach senior status, you can no longer pretend that estate planning is something you can put off. The effects of aging become impossible to ignore, and the fact that you’re not going to live forever moves to the front of your mind.

While planning for your incapacity and death can be scary, it’s even more frightening to think of the potential tragedies that can arise if you and your family don’t have the right planning in place. More and more, the media is highlighting the reality that without proper planning, the elderly can lose everything, even if they have family looking after them.

At the senior stage of life, effective estate planning is urgent, both for you and the people you love. And if you aren’t a senior yet yourself but have senior parents, get your own planning handled, and then use that as a model to get your parents’ planning taken care of.

Here are a few of the most common errors seniors make when it comes to estate planning and how to fix them:

Not creating advance medical directives

In your senior years, health care matters become much more relevant and urgent. At this age, you can no longer afford to put off important decisions related to your medical needs.

Two of the most important considerations you face are how you want your medical care handled in the event you become incapacitated, and how you want medical care to be handled at the end of your life. Both of these situations can be addressed using advance medical directives, specifically a medical power of attorney and a living will.

Medical power of attorney allows you to name the person you want to make healthcare decisions for you if you’re incapacitated and unable to make decisions yourself.

You also want to make sure you have a living will, which provides guidelines for how your medical care should be handled, if you become unable to voice your wishes. In addition to guidelines about how you want your medical care handled, your living will may also include instructions on the type of food you want to be fed to you, as well as who should be able to visit you.In order to ensure that your health care wishes are properly handled—even in the most dire circumstances—creating these advance directives is a must.

Relying only on a will

Many people, particularly older folks, believe that a will is the only estate planning tool they need. While wills are definitely one key aspect of estate planning, they come with some serious limitations:

• Wills require your family to go through probate, which is open to the public and often expensive.
• Wills don’t offer you any protection if you become incapacitated and unable to make legal and financial decisions.
• Wills don’t cover jointly owned assets or those with beneficiary designations, such as life insurance policies.
• arrow-rightWills don’t shield assets from your creditors or those of your heirs.
• arrow-rightWills don’t provide protections or guidance for when and how your heirs take control of their inheritance.

Fortunately, all of the above areas can be effectively managed using a trust. However, some people are reluctant to use trusts because they’re unfamiliar with them and have been told a will is all they need. What’s more, because until fairly recently trusts were primarily used by the ultra-wealthy, many believe they’re an extravagance they don’t need and can’t afford. But the truth is, people of all income levels and asset values can afford and benefit from trusts, which provide numerous protections unavailable through wills. If you’re relying solely on a will for estate planning, you’re missing out on many valuable safeguards for your assets, while also guaranteeing your family will have to got to court when you die.

If you aren’t sure what you need, begin by contacting us for an Estate Plan Strategy Session. Your Estate Plan Strategy Session is custom-designed to your assets, your family, your wishes, and to educate you on the best way to reach your objectives for the people you love.

Not keeping your plan current

Far too often people prepare a will or trust when they’re young, put it into a drawer, and forget about it. But your estate plan is worthless if you don’t regularly update it when your assets, family situation, and/or the laws change.

We recommend you review your plan annually to make sure it’s up to date and immediately amend it following events like divorce, deaths, births, and inheritances. With us as your Personal Family Lawyer®, we have built-in processes to ensure these updates are made right away.

And when it comes to a trust, it’s not enough to simply list the assets you want it to cover. You have to transfer the legal title of certain assets—real estate, bank accounts, securities, brokerage accounts—to the trust, known as “funding” the trust, in order for them to be distributed properly.

While most lawyers will create a trust for you, few will ensure your assets are properly funded. But with us as your Personal Family Lawyer®, we’ve got processes in place to keep track of your assets over life, make sure none are lost to your state’s Department of Unclaimed Property, and that you don’t inadvertently force your family into court because your plan wasn’t fully completed.

Not pre-planning funeral arrangements

Although most people don’t want to think about their own funerals, pre-planning these services is a key facet of estate planning, especially for seniors. By taking care of your funeral arrangements ahead of time, you not only eliminate the burden and expense for your family, you’re able to make your memorial ceremony more meaningful, as well.In addition to basic wishes, such as whether you prefer to be buried or cremated, you can choose what kind of memorial service you want—simple, elaborate, or maybe none at all. Are there songs you want played? Prayers or poems recited? Do you have a specific burial plot or a spot where you want your ashes scattered?Pre-planning these things can help relieve significant stress and sadness for your family, while ensuring your memory is honored exactly how you want.

If you’re already in your senior years, about to be, or have a parent who is, it’s critical that you take care of your estate planning immediately and avoid these common pitfalls. As your Personal Family Lawyer®, we’ll walk you step-by-step through the process, ensuring that you have everything in place to protect yourself, your assets, and your family. Contact us today to get started.

What are the key differences between wills and trusts? When discussing estate planning, a will is what most people think of first. Indeed, wills have been the most popular method for passing on assets to heirs for hundreds of years. But wills aren’t your only option. And if you rely on a will alone to pass on what matters, you’re guaranteeing your family has to go to court when you die.

In contrast, other estate planning vehicles, such as trusts, which used to be available only to the uber wealthy, are now being used by those of all income levels and asset values to keep their loved ones out of the court process.

But determining whether a will or a trust is best for you depends entirely on your personal circumstances. And the fact that estate planning has changed so much makes choosing the right tool for the job even more complex. The best way for you to determine the truly right solution for your family is to meet with us as your Personal Family Lawyer® for an Estate Plan Strategy Session. During that process, we’ll take you through an analysis of your personal assets, what’s most important to you, and what will happen for your loved ones when you become incapacitated or die. From there, you can make the right choice for the people you love.

In the meantime, here are some key distinctions between wills and trusts you should be aware of.

Wills and Trusts: When they take effect

A will only goes into effect when you die, while a trust takes effect as soon as it’s signed and your assets are transferred into the name of the trust. To this end, a will directs who will receive your property at your death, and a trust specifies how your property will be distributed before your death, at your death, or at a specified time after death. This is what keeps your family out of court in the event of your incapacity or death.Because a will only goes into effect when you die, it offers no protection if you become incapacitated and are no longer able to make decisions about your financial and healthcare needs. If you do become incapacitated, your family will have to petition the court to appoint a conservator or guardian to handle your affairs, which can be costly, time consuming, and stressful.With a trust, however, you can include provisions that appoint someone of your choosing—not the court’s—to handle your medical and financial decisions if you’re unable to. This keeps your family out of court, which can be particularly vital during emergencies, when decisions need to be made quickly.

The property they cover

A will covers any property solely owned in your name. A will does not cover property co-owned by you with others listed as joint tenants, nor does your will cover assets that pass directly to a beneficiary by contract, such as life insurance.Trusts, on the other hand, cover property that has been transferred, or “funded,” to the trust or where the trust is the named beneficiary of an account or policy. That said, if an asset hasn’t been properly funded to the trust, it won’t be covered, so it’s critical to work with us as your Personal Family Lawyer® to ensure the trust is properly funded.

Unfortunately, many lawyers and law firms set up trusts, but don’t then ensure your assets are properly re-titled or beneficiary designated, and the trust doesn’t work when your family needs it. We have systems in place to ensure that transferring assets to your trust and making sure they are properly owned at the time of your incapacity or death happens with ease and convenience.

How they’re administered

In order for assets in a will to be transferred to a beneficiary, the will must pass through the court process called probate. The court oversees the will’s administration in probate, ensuring your property is distributed according to your wishes, with automatic supervision to handle any disputes.

Because probate is a public proceeding, your will becomes part of the public record upon your death, allowing everyone to see the contents of your estate, who your beneficiaries are, and what they’ll receive.

Unlike wills, trusts don’t require your family to go through probate, which can save both time and money. And since the trust doesn’t pass through court, all of its contents remain private.

Wills vs Trusts: How much they cost

Wills and trusts do differ in cost—not only when they’re created, but also when they’re used. The average will-based plan can run between $500-$2000, depending on the options selected.  An average trust-based plan can be set up for $3,000-$5,000, again depending on the options chosen. So at least on the front end, wills are far less expensive than trusts.

However, wills must go through probate, where attorney fees and court costs can be quite hefty, especially if the will is contested. Given this, the total cost of executing the will through probate can run as high as $8,000-$10,000 or more.

Even though a trust may cost more upfront to create than a will, the total costs once probate is factored in can actually make a trust the less expensive option in the long run.

During our Estate Plan Strategy Session, we’ll compare the costs of will-based planning and trust-based planning with you, so you know exactly what you want and why, as well as the total costs and benefits over the long-term. As your Personal Family Lawyer®, we offer expert advice on wills, trusts, and numerous other estate planning vehicles. Using proprietary systems, such as our Family Wealth Inventory and Assessment™ and Estate Plan Strategy Session, we’ll carefully analyze your assets—both tangible and intangible—to help you come up with an estate planning solution that offers maximum protection for your family’s particular situation and budget. Contact us today to get started.

President Trump signed the new Tax Cuts and Jobs Act bill into law on December 22, 2017, and the law includes a number of historic changes to the federal tax code. However, the vast majority of the most dramatic changes are aimed at business taxation, not individual taxpayers. So, how will the new tax law effect your family?

That said, there are several fairly significant changes to personal income tax laws, which we’ve highlighted below. But keep in mind, unlike the new business tax laws, which are permanent, nearly everything listed here for personal taxes sunsets after 2025 and will revert to the 2017 code in 2026 unless Congress extends the changes.

Given this, it’s important that you contact your Personal Family Lawyer® as soon as possible to take advantage of any new tax-saving strategies before these new provisions sunset.

Higher Standard Deduction

The standard deduction increases to $24,000 for joint filers, $12,000 for single taxpayers, and $18,000 for heads of households, all adjusted for inflation. The law also eliminates nearly all personal exemptions, however, so those with dependents won’t see quite as much savings.

Note that if you’re a 1099 wage earner, regardless of how much you earn, you pay approximately 15% of your earnings toward payroll taxes, which would otherwise be covered by your employer and taken out of your paycheck. So even though the standard deduction has increased, if you’re a 1099/ independent contractor, you may still face a big tax bill if you’re not structured properly. Contact us if you need help with this.

Changes To Mortgage Interest Deduction

For existing mortgages the limit on deducting interest on up to $1 million of mortgage interest stays the same. Deductible mortgage interest for new mortgages taken on after December 15, 2017, however, is now capped at $750,000. Additionally, homeowners may no longer claim a deduction for existing and new interest on home equity loans.

Increased Child Tax Credit

The child tax credit increases up to $2,000 per child, and the first $1,400 is refundable, meaning the credit could reduce your tax liability to zero, and you would still receive a tax refund. The cut off for the tax credit increases to $400,000 for married couples filing jointly.

Expanded Estate Tax Exemption

The estate tax exemption increases to $11.2 million for individuals and $22.4 million for couples, indexed for inflation. The rate for those estates still subject to taxation remains at 40%. However, don’t let this increase lead you to believe you don’t need to handle your estate planning if your estate is less than $11 million. Estate planning is what keeps your family out of court and out of conflict; it’s not just about taxes. Very few people will be impacted by the estate tax, but everyone’s family is at risk for court and conflict.

Eliminated State and Local Income Tax Deductions

State and local income tax deductions are repealed. This means that you will pay your state and local income taxes from after-tax income. However, you’ll be able to deduct up to $10,000 for state and local property taxes paid.

Changes to Medical Expense Deduction

Under the new law, taxpayers can deduct any medical expenses that exceed 7.5% of their adjusted gross income in 2017 and 2018. But this new deduction level sunsets on Jan. 1, 2019, when it will revert back to the previous level of 10%.

Whether the Tax Cuts and Jobs act results in tax cuts for your family or an increased tax bill is greatly dependent on how you’ve structured your financial affairs. Given this, if you’ve not yet had an Estate Plan Strategy Session with us as your Personal Family Lawyer®, now is the time to do it. After your Estate Plan Strategy Session, we’d be happy to meet with you and your CPA to strategize how to achieve the most tax savings for your family in the years to come.