ANCKR DEV

The timing has never been better. As the author notes, for those of you who are in a position to be generous with your assets, there are many creative ways to participate in giving back.

There’s no denying that the COVID-19 pandemic has transformed the world and turned many lives upside down. Certainty has been replaced by uncertainty, and many plans for the future are in doubt. One may feel a loss of control and helplessness as the pandemic continues to wreak havoc on finances, relationships, employment, and just about anything else imaginable.

Although certain issues are outside our control, we should all feel confident realizing that we still have powerful things within our grip, such as getting our estate plan in order.

Estate planning attorney North Palm Beach provides tips for getting your estate plan in tip-top condition:

What exactly is the plan?

The first thing you have to ask yourself is whether a strategy or plan is in place; if so, does it depict your current needs and desires?

A will is a crucial element of every estate plan. In the absence of a valid will, legislation determines who receives your property and in what shares after you die.

Although a will is a vital tool for ensuring that your wishes are respected, there are alternatives to wills, including putting assets into joint names so that they pass outside of your estate automatically after you pass.

Likewise, life insurance, trusts and foundation firms are important resources that will allow you to execute more comprehensive estate strategies so that you can feel assured that your loved ones will gain profit just as you desire.

Whatever your plan is, have a look at it. If there is no strategy, there is no time to bring something in the present position. Illnesses, whether caused by COVID-19 or otherwise, may often affect your mental abilities, and could discourage you from making the appropriate measures to place your affairs in order such that it’s better not to delay.

In reality, how much are your assets worth?

Global personal capital has seen a global decline throughout the spectrum. As a consequence, the valuation of estates is expected to fall.

It is also a good thing to review your will and see whether certain gifts to loved ones are still in need of adjustment, as gifts that were of great importance just a few months earlier could be less important now.

This is necessary to maintain a sense of balance and justice with loved ones, and to stave off any property claims by those who claim they have not been handled equally, which is one of the main triggers of lawsuits over estates.

Rubber-banded rolls of hundred-dollar bills; image by Pictures of Money, via Flickr, CC BY 2.0, no changes.

Although no one has magic, global markets are more likely to change over time and ‘paper losses’ may recover. However, until this happens, those who seek to spread their wealth fairly among their loved ones should look at their current net wealth carefully and adjust their plans accordingly.

Those who do not yet have a succession plan should bear this in mind when creating their plan for the estate.

Who are you?

This might sound like a strange question to ask, but it’s necessary to consider what sort of relations you might have with other countries because that could impact taxes payable and claims on your assets.

For example, the United States assigns citizenship to any person born on its soil, and since it also taxes its citizens regardless of where they reside, it is very important that your estate attorney considers this point and works in tandem with a U.S. estate attorney to ensure that your estate is as tax-efficient as possible and that all necessary IRS forms are filed.

Moreover, many countries like the United States are seeking to tax individuals if they spend a certain number of days inside the country. Therefore, if they happen to be stranded in the U.S. due to travel restrictions imposed by COVID-19, it is possible for a non-U.S. taxpayer to inadvertently fall into the U.S. tax net through no fault of his own.

If these individuals die when taking residency in a foreign country, this may have a knock-on impact on properties. If these individuals are interested, they will meet with a local tax specialist and pursue some legal steps as early as possible to reduce the tax payable, and change their succession plan appropriately if appropriate.

Be kind and be generous

For those fortunate enough to have preserved their money during this turmoil, there is a tremendous chance to create a positive difference by offering a donation to good causes for those most impacted by COVID-19.

A charitable legacy is one of the noblest acts that a person may produce, and the world requires these selfless actions at this moment to stay confident and positive in these most difficult times.

Matters of the estate, probate, and tax require a lot of emotions. Estate planning attorney West Palm Beach finds it a blessing to represent clients in these places, and provide our clients and their families’ sincere treatment and assistance. We always take pride in our helpful staff and loving environment.

Let me guess: You’re like so many of my clients who are responsible, caring parents. Of course this means that you’ve already designated a guardian for your children in the event something should happen to you.

Verbalizing your intention to name someone as a guardian of your children should something happen to you is a good start. However, it’s not enough.

Letting the party you’ve determined you’d want to raise your children know that your intentions are for them to step into the role of guardian if something happens to you is important. Expressing your intentions regarding guardians in a will is even better. It will guide the probate court and advise them of your intentions should something happen to you. But, even expressing your intentions in a will does not guarantee your intentions are realized.

In order to protect minor children, the following 3 things must occur:

• A trust must be established
• Permanent guardians must be named in the trust

• Temporary guardians must be named in the trust

You need to establish a Trust-based Estate Plan

As discussed in earlier chapters, where there is a will, there is a probate court action.

Where there is a probate court action there is a judge who makes the final determination (sometimes despite the intentions you set out in your will).

Judges take a lot of factors into consideration when determining who will be ordered guardians of minor children.

I have seen and/or heard of various factors in different jurisdictions that judges consider when choosing a guardian for minor children. Usually state law sets forth factors for selecting who should be guardian.

However, courts often have a lot of discretion and may consider factors in addition to those provided by law. Credit score, relation, employment, age, geographic location, religious beliefs, income, criminal history, marital status and whether the candidate has their own children can all play a role in determining who is appointed guardian of a minor child.

I have a colleague who had a reality check moment when she realized that if something happened to her, the judge would likely appoint the one person she least desired to raise her children. This person was her sister-in-law. My colleague Morgan’s sister-in-law had been married to a physician (Morgan’s brother) for nearly 20 years. They were in their mid forties. Her sister-in-law was a stay-at-home-mother with two of her own children. She volunteered and was on the PTA Her children were cousins to Morgan’s kids and they spent most holidays together as families.

On paper, Morgan was the perfect guardian, the mostly likely person to step-up as guardian and the most likely candidate to be appointed by a judge as guardian.

Despite her sister-in-law’s spotless resume’, Morgan knew more about her than any judge would ever learn. Morgan’s brother and sister-in-law had experienced discourse in the marriage for more than a decade. Their relationship had endured several affairs.

In Morgan’s eyes, her sister-in-law was not much more than an opportunist looking for a payday. More importantly, Morgan felt her brother and sister-in-law were not present in their children’s lives. They didn’t have the same parenting values and their oldest son was having trouble with skipping school and drug abuse.

Morgan realized that she had to do something. She created a trust and specifically, yet confidentially disclaimed her brother and sister-in-law as potential guardians of her children. By doing this, Morgan ensured that her children would never be raised by her brother and sister-in-law temporarily or permanently. She could ensure this because if her brother and sister-in-law challenged the appointment of the guardian that Morgan named in her trust, the trust specifically disclaims them as undesirable guardians. Upon learning of the trust, her brother and sister-in-law would become embarrassed and be exposed of infidelity, inattentive parenting, a troubled son and lifestyle concerns.

Now that you’ve discovered how important it is for parents of minor children to establish a trust, we’ll discuss why both permanent and temporary guardians must be named in the trust.

Nomination of Guardians

The idea of something happening to you as a parent is difficult to imagine. Who would care for your children permanently or even temporarily if you were hospitalized? This article will provide guidance for putting guardians in place.

Permanent Guardians

Permanent guardians are those who would take custody of and care for your children in the event that you die. Often times, I hear clients ask if the designated permanent guardian needs to be a relative. The answer is no. You can name anyone who you believe would parent your children as closely as you would yourself.

Considerations when choosing a guardian should include: values, geographic location, ideals, religious or spiritual preferences, charitable tendencies and anything else that is important to you.

It’s not uncommon for parents to select guardians based on a party’s financial situation. That is a big mistake. Finances should not be any sort of consideration in determining who will raise one’s children. Rather, it is the obligation of the parent to make sure that the child is financially provided for in the event that they pass. Life insurance is incredibly inexpensive for young parents. Every responsible parent should obtain a life insurance policy to ensure that if something happens to them the permanent guardian of their children would be able to financially provide for their children through life insurance proceeds.

When considering guardians, think outside the box. Many of my clients like to name their parents or siblings. That is fine. However, sometimes a neighbor with similarly aged children, a cousin, a college roommate or a friend is a better candidate for parenting your children than a relative. Also, parents should consider alternative guardians. It makes sense to name up to three parties as potential guardians.

In my book “The Ultimate Guide to Protecting your Loved Ones from Uncle Sam, Opportunists & Probate”, I’ve put together a module entitled “A Guide to Parents for Naming Guardians of Minor Children”. This module gets you really thinking about things you probably had not considered when contemplating guardians. Each parent should complete the module separately and then compare answers.

Temporary Guardians

Many Estate Planning attorneys make the mistake of failing to go beyond naming permanent guardians for minors. To ensure children are best protected, Estate Planning attorneys should also name temporary guardians for minor children.

Temporary guardians are those people who are named to care for your children short-term in the event that you cannot care for them yourself. For example, if parents are in a car accident and they remain hospitalized, they are not able to care for their children. Should this scenario occur, parents will have named short-term guardians to avoid children going into protective custody or foster care. Law-enforcement does not have the legal authority to hand over a child to someone who is not a legal guardian.

Therefore, procedures need to be put into place through Estate Planning to ensure that children are cared for by familiar faces. Proper Estate Planning will name temporary guardians and give them the legal authority to act.

When naming temporary guardians, parents should choose people who are in close geographical proximity. It makes no sense to call on someone who is across the country from your child when your child needs immediate care. Consider next-door neighbors or family and friends who are within an hour driving time from your home.

Once chosen, permanent and temporary guardians need to be made part of a trust. It is also a good idea for parents to carry trust identification cards. Trust identification cards are carried in a parent’s wallet. In the event of an accident, law-enforcement and or physicians will be able identify that you are the parent of minor children. Upon learning such information, the trust identification card will provide them with contact information so your family and friends are put on notice that you’ve been in an accident and they can step up to care for your children. Here is an example of the trust identification cards our office offers:

Emergency ID CARD

I have a minor child/ren waiting for me. In case I am

unable to communicate, please contact the following people in the order named as they have legal authority to act regarding the care of my child/ren:

1. John Smith (651)555-1212

2. Jane Nanny (651) 249-4111

3. Kevin Caretaker (612) 123-1234

If you cannot reach these people, turn this over and contact my Attorney’s office immediately.

TRUST ID CARD

Do you carry an Emergency ID Card like this

In your wallet?

If not and you have minor children, you should.

Metropolitan Law Group

612-448-9653

Finally, when caring for children, it is important to put an emergency plan in place. Our office offers an emergency plan for parents to leave with nannies, babysitters and other caretakers. The Caretaker’s Emergency Plan provides contact numbers for doctors, dentists, neighbors and nearby relatives. It lists allergies and/or medications of the children. It outlines an evacuation plan in the event of a fire or storm. Caretaker’s Emergency Plans can be as detailed and customized as a client desires.

Now you understand the importance of establishing a trust to nominate temporary and permanent guardians for your children and that the chosen guardians must be granted the legal authority to act.

Contact Metropolitan Law Group to schedule your Family Wealth Protection Strategy Session to designate your children’s guardians.

Lisa Haster is an Estate Planning attorney in Minneapolis, Minnesota. She is the author of “The Ultimate Guide to Protecting Your Loved Ones from Uncle Sam, Opportunists & Probate”, has been a contributing author to several legal publications and is the founder of JDpreneur Marketing group for lawyers. To schedule a Family Wealth Planning Strategy Session with Lisa.

Attorneys are notorious for talking down to their clients and using “legalese”. Legalese is like a foreign language to their clients. I never understood the psychology behind “legalese” when communicating with a client. Maybe the thought is that if they use fancy words their clients don’t understand, they’ll seem really smart. Anyway, I’m going to get really simple for you.

An “Estate Plan” is an overall big picture plan of what is going to happen to you, your assets and your family when you die. See, that wasn’t so bad (except the death part).

Estate Plans are generally made up of the following:

• Will or Trust
• If a Trust, then a Pour-Over-Will
• Power of Attorney
• Healthcare Directive
• Healthcare Power of Attorney
• HIPAA Waiver
• Disposition Instructions

Don’t you worry. I’ll break that all down for you in layman’s terms.

Wills

First, let’s talk about wills. You might be thinking, “Well duh, of course I know what a will is”, but, maybe you don’t. A will is a document that outlines your wishes on the distribution of your assets after death. It gives a judge in probate court an idea of what your intentions were.

Nearly every prospective client who calls my office tells me, “I need a will”. When we meet for our face-to-face consultation I ask them, “Why do you want a will? What is it you’re hoping to accomplish?” Nine times out of ten their response is, “I want to avoid probate”. Listen closely folks! A WILL ENSURES YOUR ESTATE GOES TO PROBATE!

That’s right. If you choose a Will-Based Estate Plan, your estate will go through the probate court process. You won’t believe how many jaws drop when I let them in on the unfortunate news. I’ve had clients challenge me on this. Rest assured, I am a Minnesota probate attorney and nearly every case I file for probating involves a neatly designed will that is properly executed by the Testator (person creating the will).

So, the bottom line is: if you don’t want your Twin Cities estate to go through probate court, a Will-Based Estate Plan is NOT for you. You need a Minnesota trust attorney.

Trust

A Trust is an alternative to a Will. A Trust is a legal document that outlines your intentions for the distribution of your assets at death or in the event of incapacity. The Trust is designed to keep your estate out of probate court and your family out of conflict. Because a trust is designed to keep your estate out of court, your affairs (creditors, value of assets, property and debts) will remain private. Trust should always be customized. Hire a top-rated Minneapolis/St. Paul area Estate Planning attorney who specializes in trusts to ensure your family’s needs are met.

Pour-over Will

A pour over will is a will of a person made in conjunction with a trust in which all property is to be distributed or managed upon the death of the person whose possessions are in trust, leaving all property to the trust. A pour over will is a safety measure designed to protect any assets which somehow were not included in the trust and make them assets of the trust upon the Grantor’s (person making the trust) death.

Power Of Attorney

The Power of Attorney is a legal document that gives another person the power to act in specified financial matters. Essentially, this means that if you become incapacitated or are unable to manage your financial obligations, the person you designate as your Power of Attorney will take over for you to make sure your children’s tuition is paid, your creditors don’t come after you and you still have a house to live in when you get out of the hospital.

Healthcare Directive

A Healthcare Directive is a legal document that informs others of your wishes with respect to your health care. Clients may specify their preference regarding life support, feeding tubes, brain death, number of doctor opinions needed and more. The documents are given to medical providers to ensure your wishes are met.

Healthcare Power Of Attorney

The Healthcare Power of Attorney is a legally designated agent who assists in making healthcare decisions for you in the event that you can’t make them yourself.

Hipaa Waiver

HIPAA is a healthcare privacy law. HIPAA stands for Health Insurance Portability and Accountability Act of 1996. Basically, a HIPAA Waiver is a legal document that allows your health information to be used or released to a third party. The HIPAA Waiver is necessary so that if you can’t make healthcare decisions for yourself, your designated Healthcare Power of Attorney has the insight on what is going on with you medically and isn’t left in the dark about your prognosis while trying to act upon your wishes.

Disposition Instructions

Disposition Instructions are better known as burial and funeral instructions. In the Disposition Instructions, the client can specify whether they wish to be buried or cremated, if they want a religious ceremony, a celebration of life or something else. They can determine if they want an open casket visitation or closed casket. Heck, they can get as specific as who will speak and what music will be played. The sky is the limit!

Now you have a better understanding of the legal jargon that makes up a comprehensive “Estate Plan”. Make the right move: get all your estate planning documents in place by working with Estate Planning Lawyer Lisa Haster and her team so you can get your Minnesota Will and/or Twin Cities Trust docs put together.

What exactly is “probate”?

First, let’s define probate. It’s another one of those annoying legal terms. Probate is the legal process where a judge determines how a deceased’s assets are distributed at their death. People often ask, “Well, doesn’t the judge just follow my will?” The answer is, “That depends”.

Probate is a court proceeding used to transfer the assets of a deceased. If a deceased does not have an Estate Plan in place that contains a trust, their assets will likely pass through probate. During the process, a judge will ultimately decide how the assets are distributed who will act as personal representative of your estate as well as appointed guardian for any children who are minors.

The personal representative is usually the party to hire a probate attorney to assist in the process. The personal representative must take on a tremendous amount of responsibility for the administration of the deceased estate. Essentially this person has the power and duty to take possession of and to manage, protect, and preserve the assets of the decedent. Among those responsibilities are:

• Collecting and protecting the assets
• Paying bills
• Keeping a strict accounting to present to the court
• Distributing to beneficiaries

Upon commencement of a probate action, a probate attorney will likely require the personal representative to provide documentation of the decadent’s estate including:

• Death certificates

• Any will, codicils, or separate writings of the decedent

• Payment of any funeral or burial expenses
• Location of the original will if there is one

Location of any safe deposit box

• Management of assets including personal property and real estate

• Identification and location of all heirs
• Title papers for real estate
• Any information about assets and their value
• A list of creditors and the decedent’s debt
• The last income tax return of the decedent

As you can see, this process can be grueling and extremely time-consuming for the personal representative of the estate.

But you may be asking, “Isn’t it much cheaper to go through probate court in Minnesota than to create a trust?” The answer is yes and no. The cost of a trust at the planning stage is more expensive than crafting a will-based Estate Plan. However, the cost of probate in the State of Minnesota is much higher than you’d ever expect.

Let’s talk about some of these costs. Probate costs in the Minnesota Twin Cities Area and surrounding areas include:

• Court filing fees

• Publication and service fees

• A bond

• Attorneys fees

Court Filing Fees

As usual, the government wants it’s cut. It is not unusual for a court filing fee which is required in order to get the probate action rolling, to exceed several hundred dollars. In Minnesota, the current cost for filing fees (although varies by county) exceeds $320.00 in Minneapolis, St. Paul, and surrounding areas.

If there are motions filed by interested parties, additional filing fees will be required. Interested parties may include heirs at law, beneficiaries, creditors, or in the case of Prince’s estate: opportunists. Prince’s heirs will likely go broke responding to motions before they get rich from distributions of his estate.

Publication and Service Costs

In addition to filing fees, the estate is required to serve notice upon interested parties. Heirs, beneficiaries, and creditors must receive notice of the personal representative’s intent to probate the estate. Although the rules are likely different from jurisdiction to jurisdiction, commonly notice is to be done two ways: by service of process and by publication. The cost for the service of the process is going to vary depending on the ability to locate an interested party. If they are local and their whereabouts are known, it will be far less expensive than trying to track down a long-lost relative who may be overseas.

The cost of publication in Minneapolis and St. Paul jurisdiction is $200-$400 per notice made by publication.

Bond

In some cases, the probate judge will require the personal representative to obtain a bond. If the will refers to a bond or if there are creditors of the estate whose interest is in excess of $1000.00 made seek a bond and the judge may require it. Bonds can be costly (often a percentage of the fair market value of the estate). If the court requires a bond and the personal representative fails to file the bond within a certain number of days, the failure to act is the basis for removing them as the personal representative of the estate. It is easy to see why this can become a burden on the personal representative. He or she would be required by court order to come up with many thousands of dollars to obtain a bond or risk in some cases, a creditor, bank, or stranger being appointed as successor personal representative to an estate in which it has an interest.

You heard about the costs associated with court filing fees, service and publication costs, and money required to obtain a bond, and now we will discuss attorney’s fees.

Attorney Fees

You probably guessed it: We attorneys like to get paid. Statutes relating to attorneys fees vary from jurisdiction to jurisdiction. Hourly fees are more popular with attorneys than clients and most clients can expect to be billed on an hourly basis. A fixed fee amount is more attractive to clients. As top-rated estate planning attorneys in Minnesota, we believe our clients deserve to know what probate is going to cost them upfront. Therefore, all of our fees are paid on a flat fee basis. We recognize twin city residents don’t like receiving ongoing bills for an undetermined amount at the end of each month. We know it frustrates clients.

Some states set a percentage of the fair market value of the estate for the cost of attorney’s fees. In Minnesota, estate planning and probate attorneys are required to show the court that the fee is just and reasonable. I’ve seen these percentages range from 2 to 5%. Other states layout factors for determining whether an attorney fee is reasonable.

Regardless of the arrangement, the party hiring the Minneapolis probate attorney (typically the personal representative), is responsible for fronting the costs of these attorneys’ fees.

How Long Does Probate Take?

The length of time it takes to probate an estate varies tremendously. On average, a mid-range estate where there aren’t any business interests at stake takes about one to one and a half years to wrap up. I commonly see estates in Hennepin County (Minneapolis) being probated where there are business interests or contests involved that have been probated for over a decade.

The significance of this is that until the probate action is closed, all of the assets of the estate are tied up. This means that the family of the deceased cannot use or sell any of the assets during that year or more.

Potential for Litigation

Now that you understand how probate poses a problem because of its lengthy process, let’s talk about another risk: exposure to litigation.

The probate process requires that notice be given by publication and also that interested parties be served with notice. Publishing all of the assets and debts of an estate cannot only be embarrassing, but sometimes intrusive. If the estate has a laundry list of creditors, the heirs should prepare for them to step up and make a claim against the estate. If the estate is large, opportunists could come forward to make a claim against the estate (remember the dude in prison claiming to be the Prince’s son?).

Opportunists aren’t always exclusive to strangers of the estate. It isn’t uncommon to see brothers and sisters duking it out in probate court when they should be relying on one another for support during a time of grieving. Doesn’t almost every family have one person who lives a life of entitlement? Responding to creditors and opportunists only causes additional expense to the personal representative and ultimately the estate.

Now you’ve heard about probate and why it IS a big deal. You know that probate is expensive, that it’s a lengthy and public process that ties up the assets of the estate, and that it invites opportunists. Now you can see that although it’s cheaper to set up a will, a will often lands your loved ones in probate court in Minnesota and costs them much more money in attorney fees, costs, and unnecessary heartache than had you put together a trust-based estate plan with reputable advocates in probate law in the Twin Cities.

Editor’s Note: This article is part of the Financial Advisor series “How I Solved It.”

Estate planning is essential to every wealthy family. The goal of a good estate plan, in part, is to transfer the wealth and business of a family to heirs with as little taxation as possible.

Ivan Hernandez, managing director of Omnia Family Wealth in Aventura, Fla., was faced with a client couple whose estate planning was in neglect and falling short of their goals when he entered their lives. He worked to correct the issues and revise as much of the plan as possible to avoid a big tax bite after reporting lapses occurred due to staffing changes in the family’s business.

Hernandez started out in the financial industry in the mid-1990s at a fixed-income shop, but soon transitioned to a more holistic approach to financial planning. He co-founded Omnia Family Wealth in 2015 with the idea that he wanted to look at clients’ whole financial picture and life goals, not just the investments and returns.

Omnia serves high-net-worth families, most with between $20 million to $75 million in assets. These folks have “complex financial situations with a lot of land mines that require experience to navigate and long-term continuity for the heirs,” Hernandez said. “These families need specific types of planning that are coordinated with the overall family dynamics.”

In the case of the family that needed strategic estate planning, a husband and wife owned a family business on the West Coast with hundreds of employees and a valuation of about $150 million. When Hernandez first came on the scene the couple was in their 60s and had plans for their two adult children to ultimately take over the family business. At that point the couple started a small relationship with Omnia Family Wealth and had a much larger relationship with a separate trust company. Eventually, all of the family holdings were transferred to Omnia to help coordinate the family’s vision.

“As I always do, I asked for their tax filings and estate planning documents, even though they said their estate plans were set,” Hernandez explained. “When I do this, I often find some requirements that are not being complied with, or some things that could be done in a more advantageous way for the client. The estate planning documents show me what the family has done. Only deep conversations and understanding will reveal what the family is truly trying to accomplish and what may be possible.”

The couple had sold part of the business to their two adult children years before the family’s engagement with Omnia. It was set it up so the children would pay their parents for the shares of the company out of the dividends they received. But a problem arose after the retirement of the person within the company who had helped maintain the trust agreement, and the children unknowingly did not make payments for over a year.

“As often happens, the parents were busy running the business and did not know some of the requirements were not being met,” Hernandez said. “When we discovered the failures we immediately sought collaboration with their tax counsel to make up the missing payments with interest and help create a formal structure and accountability within the business for who was responsible for making sure all payments were made and other requirements adhered to.”

The final fix was to make sure the children did not take possession of the assets into their own taxable estate as the initial structure would have allowed them to do. That little detail could have cost the family about 40% in estate tax on about $30 million to this couple’s heirs, Hernandez said.

There is currently an exemption from estate taxes of approximately $23 million for a married couple, but estate taxes for amounts above the exemption average about a 40%.

After years of collaboration between Omnia and estate planning attorneys and tax counsel, the family was able to transfer the majority of the business to the children. A grantor retained annuity trust, or GRAT, was set up to distribute only the growth of the assets to the children after a certain amount of time. A GRAT is an irrevocable gifting trust that allows a grantor to pass a significant amount of appreciated wealth to the next generation with little or no gift taxes.

Then the unthinkable happened and the husband passed away, leaving his widow to handle the finances.

She initially was confused by some of the payments that were being made and some of the structures that had been established, said Hernandez, adding that he delved into the details with her so she could make informed decisions. He described this as an ongoing process.

“I think in this case it was just a situation where both members of the couple were busy running the business and did not pay attention to all of the necessary details,” Hernandez said. He noted that he has had other women clients in similar situations. Some become more deeply involved and others are content sharing the responsibilities with the professional advisors surrounding the family.

“Another part of the initial problem in this case was that the CPA and the estate planning attorney came in, did their jobs and left. We are fortunate to form deep relationships with the families we work with, and, because we are not paid by the hour, they feel free to come to us with questions at any time.”

Minneapolis-based attorney Lisa Haster, is an award-winning lawyer. She talks about how creditors must be put on notice and all of your assets and debts published when you die with a will. She further discusses the importance of upgrading from a will to a trust to avoid this infringement of privacy and how her baby boomer clients need to do estate planning to avoid this. Download her free report at www.yourwillattorney.com.

Wills and trusts lawyer Lisa Haster discusses the misconception that your home will automatically pass to your children when you die. Additional steps such as filing a transfer on death deed or retitling a home into a trust is necessary to achieve this result. Failing to retitle the home will cause a probate action which can cost tens of thousands of dollars and two years or more of court involvement before your children can access the home. All the while, they will be paying upkeep, insurance and taxes. To receive a copy of Attorney Haster’s free report go to www.yourwillattorney.com

 

(A Must Watch For Parents)

Wills and trusts attorney Lisa Haster of Minneapolis based Metropolitan Law Group, talks about the importance of having a trust and that a will alone will not ensure the people you have designated as guardians of minor children actually become legal guardians. A trust is necessary to avoid a judges ability to override your request in a will. To download her free report go to www.yourwillattorney.com.