If you are considering a divorce, it’s critical to understand the impact of your divorce on what would happen in the event of your incapacity or death, either during the divorce or after. Until the Final Judgment is signed by the judge, without modifications to your estate planning, the soon to be ex-spouse may still have decision making authority even though there is a divorce pending. Unfortunately, most divorce lawyers don’t give much thought to incapacity or death, simply because they do not have training on these issues specifically and it doesn’t seem like a pressing issue when they’re advising you through your divorce. That’s why it’s important for you to seek our advice at the beginning of the divorce process. Here are some things to keep in mind: As soon as you…Read More
Our Lives Are On Our Smartphones The data we keep on them has great sentimental value because they’re every parent’s primary way of capturing precious family memories, such as videos of an adorable child singing pop songs in the car. But our smartphones also store other sensitive information that is valuable to hackers, like passwords and financial information. What happens when we don’t have access to our smartphones for an extended period of time? (Or if something happens to us and someone else can’t access something important on our phones?) We feel powerless. We might even freak out. Recently, my iPhone broke. I had dropped the phone too many times and it was on its way out anyway. But I wasn’t ready. I thought I had more time. And worst of all, I…Read More
Picture this: At Thanksgiving, you have your eye on that last piece of pie. You can practically taste it. As you reach for it, someone else grabs it and there’s a tug of war. Do you share it? Does one of you give up and find another dessert? Does someone intervene and decide for you? Are you in a family that will laugh this off? Or is there some drama? When the stakes are high and there’s money and property involved, the resulting conflict is enough to ruin anyone’s appetite. Picture this: You’re in a blended family where there’s Mom, Step-Dad, and Mom’s kids from her first marriage. Mom dies without a Will. Step-Dad is distraught, but takes comfort in knowing that the house is almost paid off. There’s about $200,000 of equity.…Read More
Passing your family heirlooms to your family should be a welcome and sacred tradition. But sadly, for many families it can cause a lot of drama. Did you know that your family is more likely to fight over sentimental items instead of money? If you don’t want that to happen in your family, here’s what you can do: 1. Add Specific Designations To Your Will And/Or Trust Typically, a Will or Trust will specify that all personal property goes to the “residue” and is split equally between all heirs. But you may want to get more specific with items that are already family heirlooms or that you want to become family heirlooms. All too often children will discover after Mom or Dad has passed that an item was promised to more than one…Read More
Myth #1: “Estate Planning Is Only For The Very Rich Or Old.” False! You don’t need to be rich or old to start planning. That’s because estate planning is for anyone who may pass away or get really sick. And that can happen to anyone! Estate planning is about making sure that someone can manage your finances if you’re incapacitated, your health care wishes are carried out, your kids are taken care of and that your property goes to the right people. Myth #2: “Estate Planning Is Too Expensive.” False! In fact, exactly the opposite is true. In the long run, good estate planning saves both time and money. Without an estate plan, your loved ones may have to deal with confusion, undue financial hardship and family drama, in addition to probate, which…Read More
