Reasons To Have An Estate Plan | Estate Plan Pros

The Dangers of Using POD Accounts

Shortcuts are notorious for unexpected surprises, delays and unintended consequences. And that holds true for using POD (pay-on-death) or TOD (transfer-on-death) instructions as a way to avoid probate. POD, and its cousin, TOD offer a simple way of transferring the account balance at death to the designated beneficiary, but in reality could lead to some unpleasant results. Patchwork Approach...

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One Compelling Reason To Plan Your Estate

It was a beautiful spring morning when Barbara Bates Sedoric received a call from her brother. “Mom’s dead” he said, and Barbara’s day collapsed into grief and chaos. Because her mother’s death was sudden and unexpected, no plans were in place. Instead of having time to grieve, she and her family had to make many decisions in a short period of time. Even worse, for their peace of mind, were the...

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Failing To Plan For Disability

Many people, including some estate planners unfortunately, fall into the trap of thinking that estate planning is for after you pass away. The reality is that becoming disabled can be more expensive than all the probate fees and estate taxes combined. Depending on where you go for your statistics, your odds of becoming disabled could be as high as 50%. But whatever number it is, the financial...

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What Is The Difference BetweenA Will And A Trust?

Most people are familiar with the idea of a will, but there is a lot of confusion about living trusts.  Part of that confusion is because there are many different types of trusts.  Despite that confusion, trusts are increasing in popularity.  Most people find that living trusts are a superior solution in reducing costs and simplifying the process of administrating an estate. How a Will and Trust...

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Top 10 Ways To Burn Your Kids Inheritance

Some of these methods are definitely enjoyable, for example owning a money-sucking vehicle can be a lot of fun.  Others methods are more serious, and not only can be, but should be avoided with care. 10. Leave a big mortgage for retirement A mortgage is a large financial commitment, and trying to fit that expense into a fixed income can be tough.  It will certainly squeeze your disposable income...

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Declare Your Family’s Freedom From Probate

I love the Fourth of July celebrations, both the activities and the reason behind the celebration.  Probate certainly isn’t King George, but having been to court with many clients I know the terror that going to court brings, not to mention the expense and huge time commitment.  Are you guaranteeing your heirs a trip to the courthouse, or are you setting them free with wise planning? What is...

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What Is In My Estate And Why Should I Care?

The starting point in navigation is figuring out where you are, or getting a “fix” on your position.  The same is true for any decision in life – determining where you are, then deciding where you want to be, and only then can you decide how best to get there. When our attorneys sit down to discuss an estate plan, one of their initial jobs is to determine what the client has, or what is in their...

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Planning For Your Children’s Financial Future

I know for a fact that my wife would much rather pick out the decorations for a birthday party than have to make plans for our two boys’ financial future if something were to happen to both of us.  No one really wants to think about the future without themselves in it.  But when we’re responsible for the lives of others, we don’t really have a choice but to make plans, and hope they never have to...

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Estate Planning For Young Parents

Estate plans answer three essential questions: who gets my stuff after I’m gone, who takes care of me medically and financially if I can’t make those decisions, and who will take care of my children if they are minors?  Being old and rich doesn’t fit into the equation.  Being concerned about your future well-being and that of your children doesn’t have an age limit. Children Need Protection...

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Price of Failure to Plan - What Will it Cost If You Don't Plan Your Estate?

Part of sophisticated planning is weighing cost and benefit, risk and reward.  When you evaluate whether you need an estate plan, or what shape that plan will take, it is helpful to review the consequences of doing nothing.  So what is the price of “failing” to plan? It’s easy to assume that our life will play out according to the script we all have in our heads – we’ll live a long,...

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