Lessons From a Tragedy

August 28, 2014

If you’re like me, you were shocked and horrified when you found out about Robin Williams’ death. I can’t tell you how many interviews I listened to and movie clips I watched of him in the days after the horrible news. Buried in all that media coverage, I also saw this article pointing out that unlike so many other celebrities with untimely ends, at least Williams spared his family additional stress and grief by taking care of his estate planning with a revocable trust. Continue reading “Lessons From a Tragedy”

A Simple Estate Planning Checklist For a Challenging Topic

June 17, 2013

What does your current estate plan look like?  If you said you don’t have an estate plan, you’re probably wrong because the state you live in actually has a plan for your estate if you die without a will, trust, or other crucial documents.  If your line of thinking is “what estate…I’m overwhelmed by debt” or “I’m single with no kids” or “I’m young and just getting started in my career,” understand that everyone has an estate and needs an estate plan to make sure your individual, family, and financial goals are met once you die. Continue reading “A Simple Estate Planning Checklist For a Challenging Topic”

Three Common Estate Planning Mistakes That You Can Easily Avoid

October 01, 2012

When I made a mistake once on my taxes, I got a notice from the IRS in the mail asking me to pay what I actually owed and a little extra for interest and penalties.  This was certainly not a pleasant experience, but all it really cost me was money and my pride. However, when you make a mistake in estate planning and don’t catch it, you may not know it until it is too late.  The very people you were trying to take care of may end up muttering your name under their breath in frustration because they have some problems on their hands. Continue reading “Three Common Estate Planning Mistakes That You Can Easily Avoid”

Why Naming a Successor Trustee Is So Important

July 18, 2012

Last week I shared with you the story of Joe who, as a named healthcare power of attorney for his aunt and uncle, found himself in the difficult position of having to make healthcare decisions for both of them under less than hospitable circumstances.  As though that were not enough, Joe was also named the successor trustee for his aunt and uncle’s trust, which meant that at the same time he was making difficult healthcare decisions, he would also have to make important financial decisions.  Now, at first glance you might think it makes sense to name the same person in both capacities.  After all, one of the decisions Joe had to make was whether his aunt and uncle should receive care in their home or in a facility, and that would certainly depend on what they could afford.  But there are a number of reasons why it may have been better to name someone else as the successor trustee. Continue reading “Why Naming a Successor Trustee Is So Important”

When Should I Consider Having a Trust?

January 11, 2012

At Financial Finesse, we are often asked this very basic question.  It seems simple enough.  A trust, by its purest definition, is a form of ownership.  You can own assets in your name alone, you can own assets with someone else (e.g. jointly), you can own assets by contract (e.g. a life insurance policy), or you can own assets in a trust.  There are several benefits to having assets held in trust.  For example, when you have a trust, you can control who receives trust assets, when they receive these assets, and what these assets may be used for.  Consider the following example:

When I was a child, my father was killed in a car accident.  Prior to his death, he provided instructions in his will that basically said if anything ever happened to him, money should be set aside in a trust until each of my two brothers and I turned 18, after which the money would be used to pay for college. Continue reading “When Should I Consider Having a Trust?”

Estate Planning for the Young, Single, and Not So Rich

October 27, 2011

When we think of estate planning, we usually think of something that only older, wealthy people do.  After all, how many of us think of ourselves as even having an “estate” to plan?  The fact is that if you own anything at all, you’ll have an estate when you eventually pass away.  The only question is what will happen to it. Continue reading “Estate Planning for the Young, Single, and Not So Rich”