This blog post from The Mom Crowd entitled 7 Ways To Show Your Family You Love Them expresses the sentiment pretty perfectly in the opening paragraph, “We all show our family that we love them in different ways. Another way that you can show your love for them is to show them that you care about them even after you are gone. The hard reality is that we are all going to leave this earth and we don’t know when.”

Author Amanda goes on to share 7 smart and fairly easy ways parents can plan ahead for disaster and make sure their children and families are taken care of after they are gone, all 7 are basic steps that can make all the difference if the unthinkable should happen. Our only departure with Amanda’s excellent post is that she provides links to some online resources for estate planning, whereas we highly recommend going to visit an attorney who can listen to your specific needs and ensure that your plans include the most recent tax language and trust options. Trust mills may be inexpensive, but they can fail under scrutiny, leaving your family out in the cold when they most need protection.

One thing that comes through beautifully in Amanda’s post is the surety that creating an estate plan is one of the most loving things you can do for your family, and that the effects of this action (or inaction) in the present will reach far into the future. Having a solid plan in place brings comfort to your spouse, security to your children, and peace for yourself.

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1. The Plan The State Has Provided For You. If you don’t create your own estate plan the state has provided one for you. In this situation your property goes through the probate process, which is not only lengthy and expensive, but in the end the courts get to decide to whom your assets will go and how much they’ll get.

2. The Foster Care System. Neglecting to nominate guardians for your minor children means that the state is responsible for them should something happen to you. Without any direction on your part, your children could end up in the care of your nearest living relative, being put in the care of whoever happens to step forward, or—worst case scenario—in the foster care system.

3. Estate Taxes And Administrative Expenses. Without proper planning much of your estate could end up going to the government or being drained by unnecessary administrative expenses rather than going to your heirs in a safe and efficient manner.

4. Your Ex-Spouse. If you are separated or divorced your ex-spouse could still be listed as the beneficiary on any of your retirement accounts or life-insurance policies obtained while you were still married.

5. Your Family’s Financial Privacy. Once a will has been submitted to the probate courts it becomes a public document. Only a trust will keep your financial affairs private and away from the prying eyes of possible predators.

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Our office knows how daunting it can be to enter the realm of estate planning, and we make your experience as easy and understandable as possible. To that end, for those who are interested, Suzy Peterfriend Ross has written an excellent article entitled The Top 10 Things Seniors Need to Know. In her article Ross explains the basics of estate planning for seniors in easy to understand language with just enough detail to keep you informed but not overwhelmed.

Ross covers some very key issues in her article, including number 2, the ever important “Medicaid five-year lookback.” And it is telling that the very first point she makes is that wills are not enough, “a lengthy probate process can hold up the disposition of [your] assets for an indefinite amount of time while [your] wills are validated,” says Ross, what you really should be doing is creating is a trust. Trusts hold onto your assets while you’re still alive, keeping them out of probate, while still allowing you complete access to them. And best of all, “senior citizens can customize their trusts to meet their own specific needs.”

Seniors have a lot of options when it comes to estate planning. In some ways, seniors have more options than younger couples. But seniors also have a lot more issues to think about and in some cases rules that need to be followed. This is why it is absolutely essential to consult an attorney for your estate planning questions if you are 65 or older.

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If you and your spouse are victims of this phenomenon, there are many steps that can be taken to try to gain control of the fire before it gains control over you. Options range from finding advice columns such as this one on essortment, to a visit to your financial planner to help understand your financial options, to seeing a marriage counselor. Even if you overlook the emotional toll (which obviously is no small thing), the cost of saving a marriage is much less than the cost of dissolving it.

However, even the most determined and well-intentioned couples will sometimes end up going their own ways. If that does happen, it is more important than ever to insure that you and your family (and your business if you have one) are protected.

Gary Williams, in his article in The Daily Record advises, “The immediate months after a divorce can be disorienting — even if you don’t move, you are literally starting a new household… and that means new money issues to face. This is why the weeks immediately after a divorce are a good time to revisit short- and long-term spending and planning goals.”

Williams also advises that it is “best to blend estate planning with financial planning post-divorce.” It is likely that any of your tax-deferred savings accounts (retirement accounts, life-insurance policies, etc.) name your ex-spouse as the beneficiary. It is also likely that if you created any estate planning documents pre-divorce your ex is named as your health care agent, financial agent, executor, etc. If you had an amiable divorce you may still be okay with this, but what happens if your spouse remarries? What if he or she has children with the new spouse?

If you are recently divorced or going through a divorce, you are going to be overwhelmed, emotional, and exhausted. The easiest thing in the world would be to put off your financial or estate planning. Don’t. As John Lennon said, “Life is what happens while you’re busy making other plans.”

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If you’ve been putting off a visit to your estate planning attorney because you think you have an unusual or embarrassing request—think again! Estate planning attorneys have seen and heard it all. Whatever you’ve got, it can’t be as strange as the vampire in number 2.

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As a couple who have been married for 17 years, most people would assume that Heather Lavers’ husband Robert would assume guardianship in the absence of an official nomination of healthcare agent, but that is not necessarily the case. Heather’s sister Heidi applied for guardianship in late September and the issue has now been put in the hands of the court.

Even if the court does end up awarding guardianship to Heather’s husband Robert, the family still will have gone through a painful and expensive ordeal which could have been avoided had Heather executed an Advanced Healthcare Directive or a Healthcare Power of Attorney.

No matter your age or health, creating a healthcare directive and nominating a healthcare agent to make decisions for you when you are unable is essential. It not only eases the way in the hospital in case of emergency, but making your wishes clear will save your family from a difficult situation such as the Lavers family is going through right now. Ask your estate planning attorney about executing Advanced Healthcare Directive as soon as possible. Don’t just do it for yourself, do it for your family.

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The answer to that is yes and no. It is the very act of doing things your way that has made your business as unique and successful as it is; you don’t want to change that now. Not to mention, you want to make sure that your interests are met when a deal is finally brokered. That being said, there are some things you can do—and people you can talk to—that will make the process of selling your business a lot quicker, a lot smoother, and a lot more lucrative.

This article from US News and World Report shares 10 Key Moves When Selling Your Business. Two of the ten moves mention getting the help of your accountant and the help of a professional broker. To this we would add getting the help of your attorney. Numbers 5 and 9 are going to be essential when it comes down to solidifying any deal, and our firm can help ensure that all of your legal and regulatory affairs are in order.

But what about the down market? Perhaps you’d like to sell but think it just isn’t an option while this financial fiasco is still going on. Not so. According to Loraine MacDonald in her article for Entrepreneur.com an economic downturn may in fact be a lucrative time to sell if, as she puts it, you have the right “three stars aligned” at the same time.

Whether you’re thinking about selling right now or much later, it’s never a bad idea to do the research and put your business affairs in order. As MacDonald mentions in her article, there are any number of unforeseen events that could end in the sale of your business at an unexpected time. The more prepared you are the best chance you have of getting the best buyer for your business at the best price—and of course, doing it your way.

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After Sarah Palin’s speech in Pennsylvania on October 24, there seems to be some confusion over how each candidate’s tax policies would harm or benefit people with special needs. CNN has published a helpful article which briefly discusses the proposed tax plans of both Barack Obama and John McCain, specifically how each would impact a person or family with a special needs trust.

For all the political maneuvering going on at this time, the fact that the concerns of special needs families are being discussed at all is promising. Especially considering that the discussion is taking place in a forum that is likely to reach so many people. Because what is just as concerning as the effects of taxes on special needs trust owners is the huge numbers of people out there with special needs who don’t have trusts all, and whose futures and finances are unprotected.

We hope that this very public discussion will bring awareness to those people who need it, whose families and children would benefit from the protection of a special needs trust. You can’t worry about the effects of taxes on your trust unless you have a trust. And once you have a special needs trust you have an advantage and protection that can’t be matched.

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Legislation will mean change for those people planning to protect and pass on their assets after their death, and we are hoping it means good change, as both presidential candidates propose scaling back the estate tax. According to the article referenced above, “Obama’s plan would cut down the number of estate tax filers dramatically. . . In 2011, 17,400 estates would be taxed under his proposal, roughly 15% of the 125,000 under current law.” And if McCain were to get his way “only 3,600 estates would pay the tax in 2011.”

The news and discussion taking place prior to the upcoming election only underscore the importance of reviewing your estate plan with your attorney on a regular basis. Legislation pertaining to estate tax doesn’t usually register on the radar of the average person, but it can have a significant impact on your family and your finances. Call our office to find out how your plan will weather any upcoming changes.

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Well, we can’t tell you for sure what our health care system will be like in four years, or if retirement will be any easier; but in one week we elect a new president and we can help you learn where each candidate stands on each of these issues. Essentially, the future of Estate Taxes, Healthcare, or Social Security is up to us—we decide with our vote on November fourth.

Below are links to accurate and unbiased websites which provide detailed information (and in some cases side by side comparisons) about where the candidates fall on various issues. Take a look and glimpse the future… And don’t forget to vote.

CNN Money.com: With a focus on tax issues, the economy, social security, and business interests

Health08.org: A side-by-side analysis of where each candidate stands on healthcare or health related issues

National Public Radio (NPR.org): Candidate positions on other election issues

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