What are the most important questions to ask a estate planning lawyer?
It is hard to understand what are the important questions in estate planning. Here are some things to get you started.
My dad is having issues remembering things. Does he have capacity to create a trust and will?
The creation of a trust and will requires the person to have "testamentary capacity," which means they must be of sound mind and able to understand the nature and extent of their property and the effects of their decisions. They must also be able to remember and communicate their wishes clearly.
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What are the most common questions around estate planning
There are many common questions that people have when it comes to estate planning. Some of the most common questions include:
How do I create a will?
Who should I appoint as my executor?
Who should I name as the beneficiaries of my estate?
How can I reduce or eliminate estate taxes?
What is a trust and when should I use one?
How can I plan for the possibility of incapacitation?
How can I ensure that my minor children are provided for in the event of my death?
How can I protect my assets from creditors or predators?
How can I plan for the distribution of my digital assets (e.g. social media accounts)?
What documents do I need to complete as part of my estate plan?
Privacy in Estate Planning
Is it important to you to keep your affairs private when you pass? If so, it is important to understand the tools that are used for distributing your assets upon death.
The simplest way to do estate planning, is to not plan. Meaning- Do nothing. if you like being in the majority, then this “no-plan” is for you. Is being in the majority a good thing? I guess that depends. However, being in the majority in estate planning puts you into default state rules and into everyone’s favorite place to be: Probate. (Probate is actually the last place anyone wants to end up.)
Caution: Creditors Are a Threat to Inherited Retirement Accounts
Do you have an individual retirement account or other type of retirement account that you plan to leave to your loved ones Enter the standalone retirement trust (SRT). Many people use SRTs, a special type of trust that can protect retirement accounts.
Estate Planning: 3 Reasons We Run the Other Way
Motivation, sometimes even for things we love to do, can be difficult to achieve. We all love to sit on the couch. However, motivation for estate planning may be an impossible herculean task. I grant you, it sounds like it just won’t be any fun. “All we are going to talk about is death, death, death.” And it is true, that is a topic we will cover, but trust me, death can be a lot of fun to talk about. Also, more importantly, once we finish you will feel more alive than ever. The weight lifted off your shoulders, you will leave our office enlightened, uplifted, and ready to live. What a promise- right?
Revocable Trust vs. Irrevocable Trust?
Do you want to avoid probate, minimize taxes, provide control and maintenance for you and your heirs? Then you may want to create a Trust. A trust is really just a set of instructions that direct people you have placed in charge what to do with your assets and when to do it.
Does Yoga Help With Estate Planning?
does 20 minute yoga help with estate planning? No it does not. However calling sasik + moon does.
Is putting your home into an LLC a good idea?
For most of us, our most valuable possession is our home. We want to protect that asset above all costs from creditors, legal issues, etc… The use of an LLC can be beneficial for properties that are income producing. In fact, it is a very smart idea to hold income producing properties in separate LLCs. However, things are different when it comes to your home, and an LLC for your home is almost certainly a terrible idea.