Estate Planning Weekly

Most of us never saw the Covid-19 coming. We didn't anticipate schools, business, and government being shuttered.  It just goes to show that the unexpected can and does happen. Personally, I'll be much better prepared in the event something like this happens in the future. Preparation for a pandemic is one thing, but being prepared for a closer to home problem is important too. That is what estate planning is all about...being prepared for the unexpected and the inevitable. https://www.myestateplanmeeting.com

1. Not doing any estate planning. 2. Only planning for end of life. 3. Leaving decisions for splitting assets to someone else. https://www.myestateplanmeeting.com

With the run on TP, I got to thinking about how unprepared most people were for a lockdown. Having the essentials on hand is very important...from TP to your Estate Plan. https://www.myestateplanmeeting.com

Longtime couples that aren't married need to take into account different estate planning strategies than married couples. https://www.myestateplanmeeting.com

Creating an estate plan on your own is an option. However, creating an estate plan in the wrong way can cause major problems. This week I spoke to a man that feels (and is probably right) that his sister stole his parent's estate. https://www.myestateplanmeeting.com

When making a recommendation for a Trust-based over a Will-based estate plan...there are some facts that make a Trust a better fit. https://www.myestateplanmeeting.com

When you pass without an estate plan, it can make the probate process more difficult. On top of that you won't be the one deciding who get what. https://www.myestateplanmeeting.com

Story time about my first experience with a Revocable Living Trust and my client's mistaken belief that her trust made her judgment proof. https://www.myestateplanmeeting.com

We explored what a Power of Appointment is before - Check out Estate Planning Weekly Episode 26. This bonus episode explores how to give a Power of Appointment to your beneficiaries. www.myestateplanmeeting.com

One of the most common statements I hear is "I only need a simple Will." Here is why I don't do Simple Wills and why they are not your best option for an estate plan. https://www.myestateplanmeeting.com

Estate Plans are made up from many documents...each of those documents has a different requirement for being updated. https://www.myestateplanmeeting.com

1. To one person and expecting them to split it up. 2. One piece of real property to more than one person. 3. To beneficiaries that it will harm. https://www.myestateplanmeeting.com _ Don is the owner and founder of Northwest Legal Planning, LLC, an Estate Planning, Probate, and Trust Administration law firm located in West Linn, Oregon. Meet Don and get answers to your Estate Planning Questions by scheduling a complimentary Estate Planning Strategy Session - https://www.nwlplanning.com/schedule-consulatation Website - https://www.nwlplaning.com Estate Planning Blog - https://www.nwlplanning.com/blog Facebook - https://www.facebook.com/nwlplanning Twitter - https://twitter.com/nwlplanning

We all know that Estate Planning is important...but is it urgent to get it done? Well, Estate Planning isn't urgent until it is. Once it is urgent it may be too late. https://www.myestateplanmeeting.com

1. Take an inventory of you assets and family. 2. Have a discussion and know what your goals are for your estate plan. 3. Write things down - your inventory, your questions, your goals, etc. https://www.myestateplanmeeting.com

Great question from a YouTube comment.  There really aren't any disadvantages to putting assets into a Revocable Trust. Throughout your life you are free to move assets in and out of a Revocable Trust. Plus, whenever you want, you can revoke your trust and put everything back the way it was before. https://www.myestateplanmeeting.com  

Really there are two Number 1 Estate Planning Mistakes 1 - For people without an Estate Plan - Not having an Estate Plan, which can lead to many unintended consequences. 2 - For people with an Estate Plan - Getting your Estate Plan in place and never looking at it again. Your life will change after your Estate Plan is in place and your Estate Plan should change with it. https://www.myestateplanmeeting.com

Failure to properly fund your trust is the biggest mistake you can make with a trust. Without proper funding your trust will not work the way that it should during your incapacity and after your death. https://www.myestateplanmeeting.com

We don't know exactly how much we will have in assets when we pass away. That fact leads some people to wonder how they can state in their estate plans how much each of their beneficiaries will get. We solve this problem by using percentages or fractions for the assets in the estate to each of the beneficiaries.  So while we won't know exactly how much every beneficiary will get, we will know that all the assets will be distributed down to the last penny. https://www.myestateplanmeeting.com

We never know what tomorrow is going to bring. Being prepared for the unexpected is a must, and a comprehensive estate plan is part of that preparation. I've been off-air for due to an unexpected illness. Please don't wait for things to go wrong before you put a plan in place. https://www.myestateplanmeeting.com

How you will pass on your business is a very important part of Estate Planning. You have worked hard to build your business, and you deserve to make sure that value is passed on to your loved ones. https://www.myestateplanmeeting.com

Which is right for you and your family? Joint Revocable Trust For married couples only; generally fist time marriages; longterm marriages; lots of joint property; and a common distribution plan. Individual Revocable Trust Unmarried individuals, 2nd, 3rd, or 4th marriages; his, mine and ours children; lots of separate property; and vastly different distribution plans. Book An Estate Planning Strategy Session - https://www.myestateplanmeeting.com https://www.nwlplanning.com

If you don't have a comprehensive Estate Plan, an unfunded trust can be a really big problem. That comprehensive Estate Plan should include a Pour-Over Will just in case an asset isn't moved into your trust before you die.   https://www.myestateplanmeeting.com

Both a Will and a Trust can be the cornerstone of your Estate Plan. However, they each operate at different times and in different ways. https://www.myestateplanmeeting.com

We use the word Spendthrift to describe Trusts and Beneficiaries. Essentially describing how we protect some beneficiaries from themselves. https://www.myestateplanmeeting.com

Moving to s new state can affect how your Estate Plan will work. Just like with having children and changes to your finances...when moving to a new state you need to review your Estate Plan. https://www.myestateplanmeeting.com

Technically an Estate Plan is good as long as it isn't revoked. However, changes to the law and your circumstances may mean that your Estate Plan won't work as well as it should. www.myestateplanmeeting.com

If you are relying on a Power of Attorney for incapacity planning you need to watch this. www.myestateplanmeeting.com

You - During your life. Your Loved Ones - After you are gone. www.myestateplanmeeting.com

If you have one of these you should get the other too. www.myestateplanmeeting.com

It's nobody's business what's in your Trust. This is how it stays private. www.myestateplanmeeting.com

Disinheriting someone is a difficult choice to make, but a simple thing to make happen. www.myestateplanmeeting.com

Experience with probate is often the driving force in choosing a Will or a Trust. www.myestateplanmeeting.com 

Yes and no. You and your family are better served with a comprehensive Estate Plan. www.myestateplanmeeting.com

Temporary/Emergency Guardians Short Term/Intermediate Guardians Permanent Guardians www.myestateplanmeeting.com

Keeping your documents safe and accessible is very important. www.myestateplanmeeting.com  

Taking over as Trustee usually comes at a difficult time, but you need to take steps to make sure your doing your job. www.myestateplanmeeting.com

Don't wait to get your Estate Plan in place, someday it will be too late. www.myestateplanmeeting.com

Some basics about why we do estate planning. www.myestateplanmeeting.com

Yes, but your first line of defense is having the proper insurance. www.myestateplanmeeting.com

5 Steps of the Estate Planning Process www.myestateplanmeeting.com

Here are 3 things to consider when deciding how to leave an inheritance to your children. www.myestateplanmeeting.com

Three things to think about: Do you have a Will or Trust based Estate Plan? Is your Power of Attorney durable or not? Have you given a copy of your Power of Attorney to the 3rd parties that may need them? www.myestateplanmeeting.com

You can protect your own assets, but at a pretty high cost. It's easier, and very worthwhile, to protect the assets you leave behind. www.myestateplanmeeting.com

Just writing a Will or Trust is not enough. There are certain things you must do to make what is written work. www.myestateplanmeeting.com

Without a proper plan, your property may not end up going to your heirs. www.myestateplanmeeting.com

From Zero documents to over 20 documents...what's in an estate plan? Find out what should be in your estate plan by booking your complimentary Strategy Session. www.myestateplanmeeting.com

Answering your questions about Estate Planning. What is the benefit of someone in their thirties starting an estate plan? What steps would you recommend for a young family to take regarding their estate plan when they do not have many assets? When it comes to estate planning, is being married an asset or liability in Oregon? Why do you think so many people put off estate planning? www.myestatplanmeeting.com

First you need to determine who you want things simple for. From there you have many options. www.myestateplanmeeting.com

One benefit of leaving inheritances in trust is asset protection. Make sure your estate plan doesn't defeat that asset protection. www.myestateplanmeeting.com

Making a gift, intentionally or by accident, can make you liable for additional taxes.   www.myestateplanmeeting.com

Young couples with Estate Plans can reduce conflict with in-laws in the event of a tragedy.