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Estate Planning That Expresses Who You Are: 5 Things to Talk About with Your Family

You intend to pass along your wealth through your estate plan, but what about your wisdom? Ensuring you accomplish both calls for a family meeting to have a conversation about your money, your legacy, and your core principles.   Most families lead far-flung and busy lives, meaning the only time they see one another face-to-face is around the dinner table during a handful of major holidays. The estate planning process is a perfect opportunity to bring everyone together outside of those scheduled occasions — even if a child or grandchild has to attend via video chat.   Working with your estate planning attorney in collaboration any other advisors you have in your corner can make this legacy-enriching process seamless and genuinely enjoyable. But bringing your family and your professional advisors into the conversation is better yet, as they’ll get to learn new things about you and get to share stories and memories of their own. Here are just a few of the topics you’ll want to go over dur
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Who Needs an Estate Plan?

If you’re reading this, you need an estate plan.   Why?   The short answer is “Everyone, age 18 and older needs an estate plan.” It doesn’t matter if you are old or young, if you have built up considerable wealth or if you are just entering adulthood —you need a written plan to keep you in control and to protect yourself and those you love.   The Key Takeaways Every adult, regardless of age or wealth, needs both a lifetime plan and an after-death estate plan. Planning for incapacity will keep you in control and let your trusted loved ones care for you without court interference - and without the loss of control and expense of a guardianship or conservatorship proceeding. Every adult needs up-to-date health care directives. You need to leave written instructions to make sure you are the one who selects who’s in charge of when and how your assets will be distributed. We all need the counseling and assistance of an experienced estate planning attorney. What is an Estate Plan? Your estate
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If I Don't Have an Estate, Do I Really Need an Estate Plan?

You don’t need to have a summer house in the Hamptons or a private art collection big enough to rival MOMA to consider yourself the owner of an estate. In fact, virtually anyone who owns anything has an “estate” in the eyes of the law. Although the term may conjure images of expansive country properties, expensive cars, or other symbols of high wealth, for the purposes of estate planning law, the term “estate” covers a whole lot more.   What constitutes as an estate Ordinary possessions like homes, jewelry collections, bank accounts, cars, furniture — basically anything you can own — are also under the purview of your estate, meaning estate planning is something that profoundly impacts virtually everyone, not just the “country club” crowd.   So even if you wouldn’t ordinarily consider yourself the owner of an estate, it’s quite likely that you are. The answer to the question “I don’t have an estate. Do I really need an estate plan?” is, “Yes, virtually everyone who owns property could
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Estate Planning: Why Me, Why Now, and Is a Will Enough?

You have worked hard for years, have family members and friends you care about, and have approached a time in your life when “estate planning” sounds like something you should do, but you are not exactly sure why. You may feel that you are not wealthy enough or not old enough to bother or care. Or you may already have a Will and feel that you are all set on that front. Whatever your current position, consider these common misconceptions about estate planning:   1.     Estate planning is for wealthy(ier) people.   False. Anyone who has survived to age eighteen and beyond has likely accumulated a few possessions that are of some monetary or sentimental value. While things like your home, your car, and financial accounts are self-evident assets, that collection of superhero figurines or your iTunes library also deserve proper attention. There is no minimum asset value required to justify having a Will, especially since there are many low-cost options, including estate planning attorneys
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Dispelling the Top 3 Estate Planning Myths

Like any other complex subject, estate planning has its share of myths and misconceptions.   Understanding the top three estate planning myths will help you to create and maintain a plan that will work the way you expect it to work when it’s needed. Estate Planning Myth #1 – You Don’t Need an Estate Plan Because Your Spouse Will Inherit Everything A common belief is that if you’re married and you don’t have a will or a trust, your spouse will still inherit everything.   Unfortunately this is not always the case.   Who will inherit your estate even if you’re married depends on many different factors, including how your property is titled, who you have named on your beneficiary designations, and the laws of the state where you live and any other state where you own property.   The only way to insure that your spouse will inherit everything is to sit down with an experienced estate planning attorney who will help you create an estate plan that will meet all of your goals. Estate Planning
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Estate Planning Isn’t Scary, But not planning can be terrifying.

The idea of creating an estate plan might be one of the scariest things you have to confront as an adult. But actually estate planning is empowering for both you and your family and allows you to live confidently knowing that things will be taken care of in the event of your passing or incapacity. Remember, estate planning is not just for the ultra-rich. If you own anything or have young children, you should have an estate plan. Read below to find out reasons why. Benefits of Estate Planning Proper estate planning accomplishes many things.   It puts your financial house in order. Parents designate a guardian for their minor or disabled children, so they’re raised by someone who shares your values and parenting style (rather than whoever some judge picks). Homeowners can make sure their property is transferred to a designated beneficiary in the event of untimely death. Business owners can ensure the enterprise they’ve worked so hard to build stays within the family.   Yet, according to
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