Parents: 4 Ways to Ensure That You Leave a Lasting Legacy
Thanksgiving week is such a great time to reflect on family and the legacy we wish to leave for them and for the communities and the world that made this life possible for us.
A legacy is so personal. Everyone has different ideas about the kind of legacy they wish to leave. Some people want their legacy to involve charitable work. Some want their legacy to involve personal achievement, such as writing a book or qualifying for and running the Boston Marathon. Some people just want to be the best mother, father, or friend that they can be—the bow to their arrows. All of these ideas about what constitutes a legacy are legitimate.
Will My Estate Go through the Probate Court Process?
Probate is a court process that takes place after a person dies. The purpose of the process is to legally transfer assets that are in the deceased person’s name to whomever the beneficiaries of the estate are. In Oregon, your estate will need to go through a probate process if you die owning real property with a market value worth over $200K, and/or if you own personal property worth over $75K. This applies even if you have a will. Your will simply tells the probate court where to direct your assets after you die.
Most people who don’t want their estate to go through probate set up a revocable living trust to hold their assets. That way, when they die (or if they are incapacitated), they don’t actually own any assets that need to be transferred—the trust does, and the trust agreement tells the trustee what to do with the assets.
What You Must Know About Your Parents' Estate Plan
Are you worried about your parents leaving you with a big old mess when they die? You should be! Most people don’t have any estate plan at all, and most of the folks who do have an estate plan have made some sort of error or overlooked something that will make their families’ lives a real pain at some point. The good news is that you can make sure your parents’ estate plan is going to do the job right, by having your own lawyer review the plan. Here are some major things to look out for.
Oregon Business Owners: Will Your Waivers of Liability Work?
It has become the norm for business owners to have their clients and customers sign liability waivers to protect the business owner from being sued if something bad happens, like an injury. But do these waivers even work?
Estate Planning: I moved from California (or another state) to Oregon.
This is a question I get a lot: “I moved to Portland from California [or another state]. Do I need to have my estate plan reviewed or revised?” The answer is yes, yes, yes, a million times yes. Let’s break down some of the major documents involved in an estate plan and why you’ll want to have them reviewed and possibly revised.
How Do I Know What Kind of Business Planning I Need?
Most Oregon business owners start their businesses by navigating as best they can to file LLC articles with the Secretary of State and then forgetting about it (other than their annual filing) until something happens where they face being sued, or they hear about another business owner getting sued, and they think to themselves, "Oh my goodness, am I really protected?"
Having a Death Scare Made Me Reassess My Life
Death is coming for each of us, and many of us don't ever get a warning. It just happens sometimes. Even though I don't have cancer, I could get hit by a car tomorrow. So making sure that we're living our lives to the fullest is super important. And so is planning for our deaths so that we don't leave a mess behind for the people we love.
The Great Game of Thrones Rewatch: Yes, this is about planning.
Now you might be thinking, “Candice, what the heck does Game of Thrones have to do with estate or business planning?” Hear me out. It has a lot to do with it. And you might as well get used to hearing about it, because rewatching this show might be my primary inspiration over the next year to write about estate and business planning. When I’ve watched Game of Thrones, I always thought about how estate and business planning relate to the show. But I never sat down to write out my thoughts. This is my chance to actually go through and recapture all of the thoughts I had over the years—except with added perspective and experience—and share with you all of the lessons you can learn from this extraordinary show when it comes to estate and business planning.
Estate Planning: How do I get started, what can I do myself?
I got this question on my Facebook page, and I wasn’t entirely clear about whether the question was meant to be about business planning or estate planning, but it’s a great question either way, so in the last video, I answered this question about business planning, and in this video, I’m going to answer this as it relates to estate planning.
So, the question is: How do I get started? What can I do myself and what do I need a professional for?
Let’s discuss what the point of estate planning is, and how you can help yourself, versus when you should seek help from a lawyer.
Business Planning: How to Get Started, DIY or attorney?
I got this question on my Facebook page, and I’m not entirely clear about whether the question was meant to be about business planning or estate planning, but it’s a great question either way, so I’m going to make this question a two-for. I’m going to answer this as it relates to business planning in the first video, and in the next video, I’ll answer it as it relates to estate planning.
So, the question is: How do I get started? What can I do myself and what do I need a professional for?
Do I need estate planning if I don't have an "estate"?
Should someone who doesn't have "an estate" really worry about estate planning?
The answer is YES.
I really want to dispel the myth that estate planning is about taking care of your stuff.
Estate planning is about taking care of yourself and your family, and yes, your stuff, if you die or are incapacitated and unable to make decisions for yourself.