You can plan within your Living Trust to remain in control in the event you become mentally incapacitated by dementia or Alzheimer’s. You can plan for Mental Disability in the form of having a panel which would consist of a physician and family members or friends to decide if they need to turn on the... [Read More]
Tag: planning
Asset Protection Workshop – May 30
I will present the workshop “Five Common Asset Protection Mistakes” on Wednesday, May 30, 2012, from 8:00 to 9:00 a.m. The class will provide one hour of continuing education credit from the N.C. Department of Insurance, and is for CPAs, Accountants, Financial and Insurance Professionals. In one hour we will cover: 1. Why you have... [Read More]
Redo Your Estate Plan If You Separate or Divorce
We see many, many situations where a person has become separated from their spouse or divorced, but still has their estranged or ex-spouse as their Trustee and Beneficiary under their Living Trust, or Personal Representative and Beneficiary under their Will. Further, they forget to change out the Death Beneficiaries on many of their financial vehicles. ... [Read More]
Will Your Health Care Power of Attorney/Proxy Work Out of State?
Most Health Care Powers of Attorney (also know as Health Care Proxies in some states) are designed to work within the state in which the lawyer drafted them. Many times they contain written references to state specific statutes, such as here in North Carolina. Unfortunately, they may not work in another state when you cross... [Read More]
Constantly Update Your Estate Plan
You must update your Estate Plan, including your Trust and Will, constantly. The reasons you need to update your Estate Plan – Revocable Living Trust, Will, Health Care Powers, etc. – is that three things are always changing: the law, your relationships, and your assets. 1. The law is regularly changing by changes in the... [Read More]
Why Whitney Houston Shouldn’t Have Used a Will
Unfortunately, Whitney Houston used a Will based Estate Plan. Her “Last Will and Testament,” or Will, was admitted into Probate Court in Atlanta, Georgia. As guessed, Whitney’s 19 year old daughter is her sole beneficiary of the Will with payouts to her at ages 21, 25, and 30. Meanwhile, the Trustee would make payments on... [Read More]
Whitney Houston – Estate Planning Part 2
As we discussed last time, when a well known celebrity dies, after asking “How?”, we ask, “How much did they leave and to whom?” Rumors are that Whitney Houston left a multimillion dollar estate to her only child, an 18 year old daughter. This is an estate that should continue to grow with the sale... [Read More]
Whitney Houston’s Estate Plan Upon Her Unexpected Death
After the sudden death of 48 year old Whitney Houston, some of the first questions asked are: How did she die? What about her family? Some questions that come to mind right after that are: What estate did she leave behind and to whom did she leave it? Then, the informed reader asks: Will her... [Read More]
Protect What You Own!
Business owners and real estate investors are just some of those at risk for losing their personal assets if they are sued by a customer or tenants. We talked some last time about owning your rental property or business in an entity. See my blog of January 26, 2012. I spoke with a lady this... [Read More]
What Changes Will You Make in 2012?
This year will be a most interesting year as we move toward a Presidential Election, plus many other federal, state, and local positions that are up for election. The “kick the can down the road” patch on the tax code expires at the end of 2012, many of the “Bush tax cuts” expire, and we... [Read More]