3 Ways To Initiate “The Conversation” About Estate Planning
It’s hard to even think about what would happen to your family if something happened to you. While it’s a difficult thing to think about, one of the most important and loving things that we can do for our loved ones is to think about this reality and plan in advance. Most people have difficulty initiating this important conversation with those that they love, but here are some ideas on getting this important dialogue going: 1.) Make sure your loved one understands what’s at
If I Were Shawty Lo’s Estate Planning Attorney…
Photo Credit: Vibe Atlanta rapper, Carlos Walker a.k.a. Shawty Lo, passed away unexpectedly last month in a fatal car accident at the age of 40. As an estate planning attorney, I immediately thought about his eleven children. What plans were put in place by Walker to ensure his children were cared for in case something happened to him? It was no secret that he cared for his children during his life, but I immediately considered the estate plan that Shawty Lo might have pu
Get Your Power of Attorney in Place BEFORE You Need it!
One of the reasons why I became interested in estate planning was personally experiencing the huge impact of not having a proper estate plan and how it affects your loved ones. For me and my family, we were not dealing with the passing of a loved one, but when a family member was no longer capable of managing her own financial affairs, we needed a power of attorney. But it was too late to get something in place at the time we needed it because she no longer had the mental c
6 Things a Last Will and Testament WON’T Do
If you have made the decision that the time is now to protect yourself and your family by creating your estate plan, that’s great! Now it’s time to decide if you will use a Last Will and Testament or a Trust to protect your family. When deciding which estate planning tool to use, it’s important to know what a Last Will and Testament won’t do. 1.) A Last Will and Testament Won’t Avoid Probate: A Last Will and Testament will not avoid the court process called probate. Unfor
If You Have Life Insurance and Minor Children, Avoid These 2 Estate Planning Pitfalls!
I enjoy working with parents of young children and it’s always a great joy to help them plan for the future. Even though I’m an attorney and not a financial professional, I take a holistic approach to my practice and really want to understand the assets that we are planning for. During the first meeting together, I review my clients’ financial statements so that I can get a better idea of what they currently have in place. One thing that I see much more often than I would
How to Create a Lifetime of Care for a Special Needs Child
Parents of children with special needs usually share one overriding concern: what will happen to my child after I’m gone? They also struggle with guilt for what they envision as an eventual destiny for their other children who might assume care of their special needs sibling. This is what estate planning was made for. You can do something right now to ensure your special needs child has the proper care for the rest of his or her life. As you consult with your attorney to crea
How to Protect Your Real Estate Assets
If you own rental properties, there is likely a nagging fear in the back of your mind about being sued by one of your tenants. And if there isn't, there probably should be. It's a major risk. And while it may be heartbreaking to think about, there is always a chance your death could trigger a family feud over your home, vacation home or other real estate investments. Two common estate planning tools for real estate asset protection include limited liability companies (LLCs)
How to Use Estate Planning to Leave a Legacy Beyond What You Own
Your estate is made up of everything you own, which includes your personal possessions as well as your home, a car, bank accounts, insurance, furniture and more. But your wealth is much more than just your financial assets. It includes your purposes, passions, family values, memories and stories that make up your personal legacy. The purpose of estate planning is to give you the control over how your estate is distributed to the people or organizations you care about, and to
