Living Wills

Prince George Citizen has recently published an article entitled, "The Cost of an Unprepared Estate" (Oct 17, 2016). Provided below is a brief summary to the article:

The Cost of an Unprepared Estate

British Columbia has more people turning 50 years old today than at any other time in history.

Paul Sullivan (The New York Times) has recently published an article entitled, "How a Will Treating Children Differently Can Still Be Fair" (July 29, 2016). Provided below is a brief summary to the article from The New York Times:

How a Will Treating Children Differently Can Still Be Fair

How parents leave inheritances that are unequal but fair, or at least understandable, to their children and how those children deal with it can be challenging - and may require some difficult and open conversations.

Fran Hawthorne (NYTimes.com) has an article published entitled “When Boomers Inherit, Complications May Follow” (Feb10, 2014). Provided below is a summary of the article from NYTimes.com:

When Boomers Inherit, Complications May Follow

There have never been as many heirs with as much money as now, thanks to the intersection of two demographics: the 79 million baby boomers and the general thriftiness of their Depression-raised parents.

"Inherited money is sacred money," said Rick Kagawa, 61, a financial planner in California who inherited money and property when his mother died in 2010.

"Whatever you do with that money, you should think about your parents and what they would think of what you did."

Often, as with Ms. Cornell, emotional ties make heirs reluctant to alter a penny of their parents' investment strategy or shed a single inch of property.

"We've had clients who wanted to keep a stock that was part of the family's wealth in memory of their parents, even if it's causing a lack of diversification in the portfolio," said Charles D. Haines Jr., chief executive of Kinsight, a financial advisory firm based in Birmingham, Ala., with $500 million under management.

Ms. Bradley of the Sudden Money Institute suggests that instead of trying to memorialize parents by hanging onto their stock portfolio, offspring should "Do something with the money to create a lasting memory." One client, she said, uses the interest from her inheritance to host an annual family reunion.

A picture caption on Tuesday with an article about baby boomers' inheriting their parents' estates misstated the name of the university where the photograph of a Japanese garden was taken.

To read the full article go to "When Boomers Inherit, Complications May Follow" By Fran Hawthorne (NYTimes.com).  

Caitlin Kelly (NYTimes.com) has published an article entitled “In Estate Planning, Family Isn't Always First” (May 02, 2014). Provided below is a summary of the article from NYTimes.com:

In Estate Planning, Family Isn't Always First

For older people without children, stepchildren or grandchildren, the decision can be even more complex.

"Our family didn't think of anything but leaving everything to us. The concept of estate planning didn't exist in my parents' lives," said Mr. Carter, who has 40 years' experience as a consultant in philanthropy and fund-raising.

Today, with smaller families and more women choosing not to have children, "The dynamic has changed pretty significantly for the generation of baby boomers. The option of doing something charitably significant with their estates is a change," he said.

Ms. Miranda, a former bank trust officer, now specializes in helping clients plan their wills, trusts and estates.

Mr. Carter said: "My wife and I are planning to give everything away. My kids are O.K." Too often, he says, anticipating inherited wealth creates fighting within the family or can kill or inhibit adult children's ambitions.

"I'm planning on leaving most of my estate to my nephew, who is currently 15," says Meredith Lesley, 58, a Lexington, Mass., resident who is divorced and has no children.

"I may leave a smallish portion to my longtime roommate, who is disabled and has nothing but his monthly disability check and no one else in his life. It's not a romantic relationship, but he's lived here for about 10 years. I also have to figure out what to do about my cat. And I have to think about my things: beads to a friend who is a crafter as well; books to my best friend; ceramics to him as well; electronics to my brother, my nephew's father."

To read the full article go to "In Estate Planning, Family Isn't Always First" By Fran Hawthorne (NYTimes.com).  

Lewis Saret (Forbes.com) has published an article entitled “Eight Common Estate Planning Objectives Of Married Couples” (May 13, 2014). Provided below is a summary of the article from Forbes.com:

Eight Common Estate Planing Objectives Of Married Couples

If you asked 10 different couples what their estate planning objectives are, you would probably receive 10 different answers.

Upon deeper probing, you would discover that most married couples share the same basic estate planning objectives.

Knowing these objectives help both the couple and their estate planner determine what might be the best way to structure their estate plan. 

The most important estate planning objective for most married couples is to ensure that their loved ones are provided for if one or both spouses become incapacitated or pass away.

To accomplish a couple's estate planning objectives in a cost-effective manner inherently requires that future expenses be taken into consideration as well as the cost and time spent implementing the estate plan.

To read the 8 Common Estate Planning Objectives go to "Eight Common Estate Planning Objectives Of Married Couples" By Lewis Saret (Forbes.com).  

Danielle and Andy Mayoras (Forbes.com) have published an article entitled “Five Estate Planning Lessons From The Paul Walker Estate” (Feb 10, 2014). Provided below is a summary of the article from Forbes.com:

Five Estate Planning Lessons From The Paul Walker Estate

Recently, Paul Walker's father filed to open the estate, which included Paul Walker's Last Will and Testament.

The probate filing revealed that Paul Walker’s assets totaled about 25 million dollars. The filing also showed that Walker had a revocable living trust in which he named his daughter the sole beneficiary of that trust. Unlike wills that are public documents, Trusts are private documents, thus no one but the designated ones according to the Trust will know what the Trust language states.

Lesson #1: Paul Walker placed His Trust In A Trust.

Depending on your circumstances, having a trust is one of the best Estate Planning tools for a lot of people, having a will is only a portion of the planning. Paul Walker’s will transferred all of his assets into a trust he created. This allows the probate process to be much quicker and simpler.

Lesson #2: Trusts Must Be Funded During Life.

When you fund your trust during your lifetime all the assets you put into your Trust will automatically be private once you pass away, meaning that nothing should be left to pass through the will. The reason we do know that Walker had a will, trust, and 25 million in assets is because he didn't fully fund his trust. 

Lesson #3: No One Should Wait Until They Are Old To Do Estate Planning.

Paul Walker’s will was signed in August of 2001, when he was only 28 years old. Far too many adults in this country wait until “someday” to prepare even a basic will.  No one should ever procrastinate with estate planning!  Walker certainly didn’t plan to die in a car accident.

To continue reading the Five lessons head over to read the full article by clicking the link: "Five Estate Planning Lessons From The Paul Walker Estate" By Danielle and Andy Mayoras (Forbes.com).  

Week 3: Free Online Will Based Estate Plan Package¹

The LegalJourney Law Firm is providing a free “Online Will Based Estate Plan Package” for the first 2 active duty and/or reserved military members who sign up for a new client account via the online legal services link at www.legaljourney.com. 

To set up a free online account:

1.     Go to www.legaljourney.com;

2.     Select “Click Here For Online Legal Services”;

3.     Select “Register for a New Online Legal Services Account today!"

Create a user account and you will be notified within 24 hours if you will be a recipient of todays offer.

The LegalJourney Law Firm’s Online Will based Estate Plan Package includes: a Will, a Living Will, Health Care Power of Attorney, HIPPA Authorization and Durable Power of Attorney.

To find out additional details, please contact the LegalJourney Law Firm PLLC

¹This offer is available until close of business May 23, 2014.

Day 4: Free Online Will Based Estate Plan Package¹

The LegalJourney Law Firm is providing a free “Online Will Based Estate Plan Package” for the first 2 mother's who sign up for a new client account via the online legal services link at www.legaljourney.com. 

To set up a free online account:

1.     Go to www.legaljourney.com;

2.     Select “Click Here For Online Legal Services”;

3.     Select “Register for a New Online Legal Services Account today!"

Create a user account and you will be notified within 24 hours if you will be a recipient of todays offer.

The LegalJourney Law Firm’s Online Will based Estate Plan Package includes: a Will, a Living Will, Health Care Power of Attorney, HIPPA Authorization and Durable Power of Attorney.

To find out additional details, please contact the LegalJourney Law Firm PLLC

¹This offer is available until close of business May 15, 2014.

Day 3: Free Online Will¹

The LegalJourney Law Firm will provide a free “Online Will” for the first 4 mother's who sign up for a new online client account via the online legal services link on www.legaljourney.com.

To set up a free online account:

1.     Go to www.legaljourney.com;

2.     Select “Click Here For Online Legal Services”;

3.     Select “Register for a New Online Legal Services Account today!"

Create a user account and you will be notified within 24 hours if you will be a recipient of todays offer.

Every mother who connects with the LegalJourney Law Firm PLLC via the LegalJourney Blog, LinkedIn, Twitter, and/or Facebook during the month of May will receive 10% off any online legal service.

¹This offer is available until close of business May 14, 2014.

Day 2: Free Online Trust Based Estate Plan Package¹

The LegalJourney Law Firm is providing a free “Online Trust Based Estate Plan Package” for the first 2 mother's who sign up for a new client account via the online legal services link at www.legaljourney.com. 

To set up a free online account:

1.     Go to www.legaljourney.com;

2.     Select “Click Here For Online Legal Services”;

3.     Select “Register for a New Online Legal Services Account today!"

Create a user account and you will be notified within 24 hours if you will be a recipient of todays offer.

The LegalJourney Law Firm’s Online Will based Estate Plan Package includes: a Will, a Living Will, Health Care Power of Attorney, HIPPA Authorization and Durable Power of Attorney.

To find out additional details, please contact the LegalJourney Law Firm PLLC

¹This offer is available until close of business May 13, 2014

Week 1: Free Online Will¹

The LegalJourney Law Firm will provide a free “Online Will” for the first 5 active duty and/or reserved military members who sign up for a new online client account via the online legal services link on www.legaljourney.com.

To set up a free online account:

1.     Go to www.legaljourney.com;

2.     Select “Click Here For Online Legal Services”;

3.     Select “Register for a New Online Legal Services Account today!"

Create a user account and you will be notified within 24 hours if you will be a recipient of todays offer.

Every military member (current active duty or reservist) who connects with the LegalJourney Law Firm PLLC via the LegalJourney Blog, LinkedIn, Twitter, and/or Facebook during the month of May will receive 10% off any online legal service.

¹This offer is available until close of business May 9, 2014.