5 New Year's Resolutions for Parents
The Holidays are hectic, but it’s always a good idea to pause and make plans for the coming year. If you’re a parent, make 2019 the year that you get your legal and financial house in order.
If you are reading this, you probably feel similarly to the way that I do about parenting: It is serious business, and it is our responsibility to provide the best care possible for our kids and to make sure they are protected and that they have every opportunity to succeed in life. If we can toast to that, I want to share with you 5 New Year’s Resolutions for Parents that you should give to your family. If you have not given these to your family yet, there is no time like the New Year to get started.
Business Planning: New Year's Resolutions for Business Owners
The New Year is coming up, and if you’re a business owner, you might already be thinking about your business goals for the year. If you have any goals to expand the business, earn more money, and generally kick ass, make sure that you have the legal and financial foundations in place to support your growth. Here are some things that you need to get in place.
You're Probably Going to Accidentally Disinherit Your Kids
I have a math problem for you: If 70% of Americans don’t have any estate planning done, and if 50% of marriages end in divorce, and if men statistically remarry 2 years after their spouse dies or they divorce, and if women statistically remarry 5 years after their spouse dies or they divorce, and if most married couples own their property jointly, how likely are parents to accidentally disinherit their kids? I don’t have an exact number for you, but the answer is: VERY likely.
Many parents consider the possibility of protecting their kids’ inheritance from evil family members, but few consider the possibility that their kids may lose their inheritance simply due to a lack of proper planning. In a word: A will is not enough.
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.