Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys When hiring an estate planning attorney, you expect this person to help you get all your ducks in a row. It is essential to work with a local attorney who will be able to set up a plan for you that is tailored to your particular concerns and needs. One specific area that requires attention when creating your plan is your service providers. What is a “service provider?” This covers a wide range of … [Read more...] about How to Include Service Providers in your Estate Plan

Facing Reality: The Essence of Family Business Succession Planning Facing Reality: The Essence of Family Business Succession Planning Written By: The American Academy of Estate Planning Attorneys  A simple search online these days can turn up lots of advice regarding the importance and benefits of buy-sell agreements, deferred compensation agreements, and life insurance in family business succession planning. While knowing this information is valuable when thinking about the transition of … [Read more...] about Facing Reality: The Essence of Family Business Succession Planning

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Every time you turn on the news, it seems like there is a new scam making headlines. By now, we’re all familiar with Bernie Madoff and his infamous Ponzi scheme. Many people have also heard about the “grandparent scam.” In this swindle, the scammer calls posing as the victim’s grandchild, claiming to be traveling in a foreign country and in distress. The scammer convinces the victim to wire them … [Read more...] about How to Avoid an Estate Planning Scam

My Will and Trust are Complete, Do I Still Need an Attorney?   Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys   Most people are under the impression that once they’ve created a Will or Trust they no longer require the expertise of an estate planning attorney. Even though you think the initial work is complete, there are many instances down the road when the services of a legal professional may be needed. Periodic Review of Your Estate … [Read more...] about My Will and Trust are Complete, Do I Still Need an Attorney?

Choosing a Trustee: The Relationship Matters   Written By: The American Academy of Estate Planning Attorneys   There are many factors to consider when selecting someone to serve as your trustee. This includes but is not limited to: age, maturity, responsibility, location, and of course, financial acumen. However, many people overlook that the relationship with that person matters as well. A trustee is staffed with the responsibility of managing and distributing assets in accordance with your … [Read more...] about Choosing a Trustee: The Relationship Matters

Written By: The American Academy of Estate Planning Attorneys Every year thousands go on vacation. And they’ve likely planned it to a tee – which hotel to stay at, which sights to see, and they’ve maybe even scouted the local restaurants that are a “must-try” on their trip. But, when it comes to planning, one of the most important, often-overlooked items is making sure your “what if’s” are in order. For example, what if something happens to the … [Read more...] about Planning for a Stress-Free Vacation

Loaning Family Money – What You Need To Know Written By: The American Academy of Estate Planning Attorneys People lend money to family members for a variety of reasons. For example, lending your son money to buy his first home, or lending your daughter money to start a new business. At some point, you may find yourself in a similar situation. Therefore, it is important to know how this will impact you from a tax standpoint. Are you charging the borrower interest on the loan? If so, you must pay … [Read more...] about Loaning Family Money – What You Need To Know

What Does it Mean to Leave a Legacy? Written By: The American Academy of Estate Planning Attorneys Every individual needs to create an effective estate plan describing their wishes as to the disposition of assets, care of minor children, and burial arrangements. However, even people who meticulously prepare their estate plans often overlook their personal property. When you create a Will or Trust, you can make specific provisions for distribution of items of personal property among your … [Read more...] about Include Personal Property When Creating Your Estate Plan

What Does it Mean to Leave a Legacy? Written By: The American Academy of Estate Planning Attorneys Leaving a legacy means more than providing an inheritance for your children. Too often, inheritances are squandered and forgotten. A legacy, on the other hand, means leaving behind not just financial security, but a sense of family history, belonging, and purpose, generation after generation. You’ve spent years diligently saving and carefully planning to build a nest egg, but how do you transform … [Read more...] about What Does it Mean to Leave a Legacy?

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys John and Susan have been married for 38 years. Like many couples, early in their marriage, they gravitated toward a division of labor that worked for them. John is an amateur chef, so he handles the grocery shopping, the meal planning, and the cooking. Susan loves the outdoors, so she takes care of the lawn and the garden. Susan, who is a neat freak, does much of the cleaning, while John keeps … [Read more...] about Cross-Training for Financial Fitness