How to Get Your Estate Plan Done before Summer Vacation
We are about three months away from summer vacation, which makes today a perfect day to get started with your estate planning. If you get started now, you can be finished in time for summer. One of the worst stories about a failure to do estate planning that I’ve ever heard happened when the family was on vacation. There was a car accident, and both parents were killed, but the kids survived. The parents hadn’t even named guardians, and their family members fought over the kids for 18 months while the kids lived with foster parents. I know that sounds terrifying, but it’s all stuff you have to power to avoid, even if you can’t avoid when and where you are when your estate plan is needed.
3 Bad Things That Could Happen If You Don't Get Life Insurance Right Now!
Most people should have life insurance, especially if you have anyone who depends on you financially or for actual care. People who need life insurance usually know that they need life insurance, but are waiting for a better day to buy it. You are not going to get thinner, richer, or smarter than you are now. I am here to tell you that if you wait for a better day to buy life insurance, bad things can happen.
Talking to Family during the Holidays: Part 3, Kids
Going home to see family during the holidays gives you a great opportunity to talk with them about Estate Planning. I always tell my clients that communication about estate planning is half the battle, but sadly, it is the most overlooked part of the process. I thought I would put together a quick video series before the holidays that gives you some tips on how to approach these conversations as well as how to organize your thoughts around figuring out what information is important to learn, discuss, and share. This is a three-part series. The first part was about Healthcare, and you can read it here. The second part was about Assets, and you can read it here. This article and video are Part 3, Kids.
Talking to Family during the Holidays: Part 2, Assets
Going home to see family during the holidays gives you a great opportunity to talk with them about Estate Planning. I always tell my clients that communication about estate planning is half the battle, but sadly, it is the most overlooked part of the process. I thought I would put together a quick video series before the holidays that gives you some tips on how to approach these conversations as well as how to organize your thoughts around figuring out what information is important to learn, discuss, and share. This will be a three-part series. The first part was about Healthcare, and you can read it here. Today, we are tackling Part 2, Assets. (Part 3 next week will be about Kids.)
Talking to Family during the Holidays: Part 1, Healthcare
Going home to see family during the holidays gives you a great opportunity to talk with them about Estate Planning. I always tell my clients that communication about estate planning is half the battle, but sadly, it is the most overlooked part of the process. I thought I would put together a quick video series before the holidays that gives you some tips on how to approach these conversations as well as how to organize your thoughts around figuring out what information is important to learn, discuss, and share. This will be a three-part series. The first part is about Healthcare. (Part 2 will be about Assets, and Part 3 will be about Kids.)
How to protect assets for kids with financial issues.
There are many reasons why parents may want to consider protecting their kids’ inheritance for them in an asset protection trust. Some of these include: They are bad with money; they are disabled and depend on government programs; they have creditor issues or face bankruptcy; they have lawsuits against them; or they are in high-risk professions for being sued. As you can see, the reasons can range from negative behaviors, to things beyond their control, to having achieved some level of success.
What if your spouse remarries after you die?
One of the things that couples should consider when doing their estate planning is: What happens to my assets if my surviving spouse remarries? Many people worry that their assets will eventually go to their surviving spouse’s new partner, rather than the kids, and they are right to worry. That is how things end up most of the time. But there are some ways that you can plan to avoid that happening, if this is a concern that you have.
Roots + Wings Legal Podcast, Episode 5: Interview with Financial Counselor Dawn Torres-Gale
Welcome to the Roots + Wings Legal Podcast, hosted by Aiston Law LLC and Portland, Oregon Attorney Candice Aiston. In our 5th episode, we talk with Financial Counselor Dawn Torres-Gale. I surveyed the people in my Facebook group, Portland Smart Planning Parents, about the money and legal issues that keep them up at night. The top two answers were: 1) not enough money to cover a life event such as a layoff or illness; 2) not enough money or unsure if enough money in retirement savings. I asked Dawn if she could provide some guidance in these areas, and we recorded this podcast episode.
Guardian Panel: When you can't decide on one guardian
From time to time, I get a clients who has too tough of a time deciding on who the right guardian for their kids will be. In some scenarios, the best solution for that is a Guardian Panel. A Guardian Panel is a group of people who are named to make a decision together about who the guardian should be and/or where the children should live, at the time that the parents are unable to care for the children any longer. Anyone can use a Guardian Panel in their estate plan, but there are a few specific situations in which it especially makes sense.
Beneficiary designation pitfalls
There are some major estate planning mistakes that people make with their beneficiary designations on life insurance and retirement accounts. Let’s go through a few of the most common ones that estate planning lawyers see happen every day when we administer estates.
Can I just add my adult kids to my deed?
I get this question from time to time: Can I just add my adult kids to my deed so they get my home when I die? And the answer is: It depends. The only way to know if you should do this is to work with a real estate or estate planning lawyer. Not a paralegal. Not an online program. Not your cousin who does criminal law. An actual, real live lawyer who practices in the areas of real estate and/or estate planning, and can advise you on the ramifications of your choices and prepare the deed properly so that you don’t screw everything up.
How much does a simple will cost?
The most common question that I get and that I see online in different forums where people can ask legal questions is, “How much does a simple will cost?” The answer to that is that there is no such thing as a simple will, at least at my office. We create plans that involve a variety of documents based on the client’s needs, and we plan for incapacity as well as death. Another way I could answer that question is to ask: “How much does a conservatorship cost?” or “How much does a probate costs?” or “What is the cost of doing things the wrong way?” These are all risks that you take by approaching estate planning with the attitude that your situation is simple and that your estate plan should be cheap. So if you ask yourself what the costs are of a conservatorship, probate, or worse, screwing up your plan, you’ll see that a “simple will” actually costs thousands of dollars, and maybe even your family’s well being and your own legacy.