Share

Elder Law

Monday, May 7, 2018

I Do…But First Sign Here: Prenuptial Agreements, Postnuptial Agreements, Cohabitation agreements

 

Are you and your significant other considering a prenuptial, postnuptial or cohabitation agreement?  If so, this week's blog gives a quick and informative look into these three types of agreements!


Read more . . .


Friday, March 2, 2018

Guardianship Issues – Awareness & Planning Wins

A cautionary tale about one Nevada family's abuse by a professional guardian, and steps you can take to protect you & your loved ones. 


Read more . . .


Friday, January 26, 2018

Getting Organized in 2018: A Guide to Set Yourself Up for Success!

Happy 2018!  Keep celebrating and carry on!  Along with your new year's resolutions, we are going to discuss some savvy organizational tools to help carry you throughout the year!


Read more . . .


Friday, December 1, 2017

Legacy Planning: Why Planning for your Legacy will Benefit Your Estate.

Legacy Planning is an integral part of planning for your estate, we are going to give some insight as to how your legacy can be conceptualized while planning for your estate!

Read more . . .


Monday, November 20, 2017

Things to be Thankful For: Giving Generously in Your Estate Plan

For our Thanksgiving edition, we talk about being generous in your estate plan. If you are thinking of options to give generously while providing for loved ones, this is for you! 

Read more . . .


Friday, September 1, 2017

Who are the Decision Makers in Your Estate? (Part 1)

Your Estate Plan involves a lot of decision making!  Part of this process involves choosing decision makers to act on behalf of the Estate.  We are giving a breakdown, role-by-role, of the key decision makers that will be involved in the Estate administration!

Read more . . .


Tuesday, July 26, 2016

Things to Do Following the Death of a Loved One: Part III

Please Note:  The following is a general list of considerations and should not replace the advice of an attorney familiar with your situation; This article is not legal advice and will not necessarily apply to all situations- for specific advice tailored to your situation, please consult with an estate planning attorney.  


Read more . . .


Friday, July 22, 2016

Things to Do Following the Death of a Loved One: Part II

Please Note:  The following is a general list of considerations and should not replace the advice of an attorney familiar with your situation; This article is not legal advice and will not necessarily apply to all situations- for specific advice tailored to your situation, please consult with an estate planning attorney.

Read more . . .


Tuesday, July 19, 2016

Things to Do Following the Death of a Loved One: Part I

Please Note:  The following is a general list of considerations and should not replace the advice of an attorney familiar with your situation; This article is not legal advice and will not necessarily apply to all situations- for specific advice tailored to your situation, please consult with an estate planning attorney.  


Read more . . .


Monday, April 8, 2013

What Could Happen If You Write Your Own Living Trust?

Readers often ask me about do-it-yourself estate planning. Lawyers want to know how to discourage clients from using books or software and websites that spew out documents for free or for a fraction of what they charge. Meantime, consumers ask, “What’s wrong with that?”

The trouble with do-it-yourself planning is that even if your situation seems simple, there are many oddball things a layman wouldn’t think of that can go wrong, especially with wills and trusts. These mistakes can end up costing you or your heirs a lot more than you saved in legal fees.

Eileen Guerin Swicker, a lawyer with her own practice in Leesburg, VA, recently told me about a really doozy. It involved a client who set up his own living trust.

By way of background, both a will and a living trust can be used to transfer assets, and each has unique uses and features. For example, only a will can name guardians for children who are minors. (For how to choose a guardian, see my post, “Adam Yauch’s Will Reveals His Private Dilemma.”) And unlike a will, a living trust can take effect while you are alive, so it can be used to hold assets for your benefit if you become unable to manage them yourself.

The client who Swicker told me about set up his own trust in 1984, using a 3-page form that he bought at an office supply store. He recorded a deed to transfer his home into the trust, and absentmindedly dated that deed 1983 (in other words, one year before the trust was created).

Flash forward to 2009 when this fellow, who had paid off the mortgage on the house, wanted to borrow against it. He planned to give his adult daughter $300,000 in cash so she, in turn, could pay off the mortgage on her own house. Great strategy (see my posts, “5 Ways To Help Family Pay For Housing,” and “The Best Investment Advice I Ever Received”).

But at this point, his clerical error of 25 years earlier came back to haunt him. Why? Because the title company said he didn’t have a clear chain of title to his home, so the bank wouldn’t give him the loan. The man, who by then was 75, called Swicker’s previous law firm in tears, asking for help.

Fixing the problem was a convoluted process that took two weeks and wound up costing the client $2,000 in legal fees. That’s about twice what he would have had to pay back in 1984 if he had had the firm draw up the trust instead of doing it himself, Swicker says.

After that, Swicker hoped the client would call back and ask lawyers to help bring his estate-planning documents up to date. But by the time Swicker left the firm eight months later, he still hadn’t done that. Says she: “It was one of those classic cases of somebody who dug a hole, and kept digging it deeper.”

-Deborah L. Jacobs, Forbes

http://www.forbes.com/sites/deborahljacobs/2012/08/16/what-could-happen-if-you-write-your-own-living-trust/


Monday, April 8, 2013

Protecting an Elderly Mother's Assets

Dear Liz: Could you advise us on how to protect our 93-year-old mother's assets if she should become ill or die? She does not have a living will or a trust regarding her two properties.

Answer: "If" she should become ill or die? Your mother has been fortunate to have had a long life, presumably without becoming incapacitated, but her luck can't hold out forever.

Your mother needs several legal documents to protect both herself and her assets. Perhaps the most important are powers of attorney for healthcare and for finances. These documents allow people she designates to make medical decisions and handle her finances for her should she become incapacitated. In addition, she may want to fill out a living will, which would outline the life-prolonging care she would and wouldn't want if she can't make her wishes known. (In some states, living wills are combined with powers of attorney for healthcare, and in others they are separate documents.)

These legal papers aren't important just for the elderly, by the way. You should have these too, since a disabling illness or accident can happen to anyone.

Your mother also should consider a will or a living trust that details how she wants to parcel out her estate to her heirs. Of the two documents, wills tend to be simpler and cheaper to draft, but a living trust means the court process known as probate can be avoided. The probate process is public, and in some states (particularly California) it can be protracted and expensive. A living trust also could make it easier for someone to take over managing her finances in case of incapacity or death.

You can find an attorney experienced in estate planning by contacting your state's bar association. Expertise and competence are important, so you may want to look for a lawyer who is a member of the American College of Trust and Estate Counsel, an invitation-only group that includes many of the best in this field.

If she or you are trying to protect her assets from long-term care or other medical costs, you'll need someone experienced in elder care law to advise you.

-Liz Weston, Los Angeles Times

http://articles.latimes.com/2013/mar/29/business/la-fi-montalk-20130331


Archived Posts

2018
2017
2016
2015
2014
2013

← Newer12 Older →



© 2018 Phillips Ballenger Estate Attorneys | Disclaimer
3605 S Town Center Drive, Suite B, Las Vegas, NV 89135
| Phone: 702-997-5701

Estate Planning | Wills vs. Trusts | Advanced Estate Planning | Estate Planning for Same-Sex Couples & Families | Business Formation & Business Planning | Asset Protection | Prenuptial Agreements | Nevada Probate | Probate, Trust, and Estate Litigation | Trust Administration & Litigation | Services Overview | Our Process | About Us

FacebookGoogle+Linked-In Personal

Law Firm Website Design by
Zola Creative