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The Best Gift for Mom is Taking Care of Your Estate Plan

Are you struggling to find the right gift for Mom that is both practical and loving? Well look no further than making sure your estate plan is in the best shape possible. Have you been putting off creating an estate plan or making important updates to your plan? Has your Mom been doing the same but you know there are things that need to be done? Taking care of yourself is the best gift you can give to your Mom. Statistics and research shows it can also be a good example to parents and a conversation-starter about estate planning. According to recent research, only 32% of Americans have an estate plan, and the percentage of older adults who have an estate plan is in decline. Younger generations have become more proactive about making estate plans, according to recent research. Millennials started estate planning earlier than Gen X or Boomers. Gen

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Trust Protectors: Are They a Good Fit for Your Client?

Posted by Robert L. Arone What Is a Trust Protector? Traditionally, the three roles that must be filled when setting up a trust are the settlor (also called a grantor, trustor, or trustmaker), the trustee, and the beneficiary. All three roles are necessary to create a trust that functions properly. Although it is relatively common to use trust protectors in foreign asset protection trusts, a trust protector is a fairly new role in trusts drafted in the United States for estate planning purposes. However, as the number of trusts designed to last for generations grows, estate plans need more built-in flexibility. Giving a trust protector, through the terms of the trust, certain powers over the trust, such as removing or appointing trustees, adding or removing beneficiaries, and amending or even terminating the trust, ensures that your client’s intentions for creating the trust are fulfilled despite changing law or circumstances. How

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Helping Clients Create an Up-to-Date Inventory

Posted by Robert L. Arone If your client has already done estate planning by creating a will or trust, then the client has taken a very important step toward ensuring that if the client becomes incapacitated or dies, the client’s loved ones will know how to help manage the client’s financial and legal affairs. However, simply having a will or a trust and related estate planning documents is often not enough. An inventory of all of the client’s accounts and property is crucial for helping the client’s loved ones manage the client’s affairs effectively. Most estate planning attorneys have received calls from distressed children who know that a deceased parent had a will or a trust, but have no idea what accounts, insurance policies, or items of real and personal property the parent owned. If an inventory was never prepared and shared with the parent’s attorney, the child likely had

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Is Your Client’s Estate Plan Incapacity Proof?

Posted by Robert L. Arone For most people, it is perfectly natural to think about estate planning only in terms of planning for death. While it is certainly important for clients to make a plan for their eventual death, if that is all they plan for, their planning will be woefully inadequate. As medical knowledge and technology have improved over the decades, so too has modern medicine’s ability to keep people alive for much longer. It is no accident that in many areas of the country, long-term care facilities such as assisted living centers and nursing homes are being built at record pace.[1] At first blush, staying alive longer would seem to be a good thing. And for many people, it is. However, simply living longer does not necessarily result in ideal circumstances. Longevity coupled with incapacity can be extremely challenging if a client has failed to make arrangements for

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Helping Couples Plan for Their Future

Posted by Robert L. Arone October is one of the most popular months for couples to tie the knot in the United States. While wedding planning most often includes tuxedos, dresses, rehearsal dinners, guest lists, and the honeymoon, an overlooked part of pending nuptials is estate planning. For younger couples beginning a life together and getting married for the first time, estate planning may not be a terribly complicated endeavor. With minimal property and savings, simple wills, financial powers of attorney, and healthcare directives may be sufficient and prudent planning for the first years of marriage. The age at which couples are getting married for the first time continues to creep upward, however. It is therefore common for individuals to accumulate significant amounts of property, savings, and investments during their single years. When couples with property beyond the most simple items marry, estate planning becomes much more urgent. It is

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