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How Intestacy Laws Could Affect Your Loved Ones

Courtesy of Armstrong, Fisch, & Tutoli Attorneys at Law · September 2, 2010 ·

Do you have a Last Will and Testament? If you do not, your estate will be settled by the dictates of state law and by court decisions.

Executor Chosen by the Court

If you die without a Will, a judge will select your estate executor. Although, the judge may choose the person you would have chosen anyway, the selection process could cause family disharmony.

Guardians Chosen by the Court

No one expects to die young, but if you do and you have minor children they must live with someone else. If you do not have a Will and do not name a guardian, the court system will choose a guardian for you. This could lead to your children becoming wards of the state if no family member agrees to take custody. On the other end of the spectrum, there could be several family members embroiled in a drawn-out custody battle. During this time your children could encounter instability when they most need stability and love.

No Money for Expenses

When you pass away your loved ones will have to pay for your funeral costs and court expenses. If your assets are tied up in probate, they will have to use their own money to cover these costs. If they do not have money, they may have to take out loans. When you create a Will and an estate plan, you can take measures to make sure money is readily available for your family to use immediately after your death.

Long Probate Process

Many estates have to endure probate, which is a court process used to pay your final debts and pass out property to heirs. Even with a Will. it can take a year or more. When you do not create a Last Will and Testament to express your wishes, you are setting your family up for a n even longer settlement period. With an intestate estate, state laws must be examined to determine proper heirs at law. This is a time -consuming process and can often leave a family member disinherited or cause bitterness between heirs.

Why You Should Include Your Business in Your Estate Plan

Courtesy of Armstrong, Fisch, & Tutoli Attorneys at Law · August 30, 2010 ·

If you own your own company, you know that running a business is a complicated venture that takes loads of planning time. Besides planning to grow and expand your business, you must alsodetermine what will happen after your death.

No Business Estate Plan

If you don’t include your business in your estate plan, then it may not survive your death. If you have full or partial stake in a business, it will be considered a part of your estate upon your death. If you have not named someone to take over after you die, or if you have multiple partners fighting over your part of the business, your business may flounder while the matter is worked out in probate court. Because probate is a lengthy process, your company may be greatly affected by a large time period of indecision, disagreements and possibly mismanagement.

Dissolve the Business

If you own a family business, you may wish to pass your business along to your family members. What if no one wants to take over? Even if a family member is running the business with you at the time of your death, he or she may wish to take the opportunity to pursue other ventures. In this case, since you have created no plan and no one is willing to take over, your company will have to be sold or dissolved. If you plan ahead, you will already know that your business will close after your death, and you can make prearrangements to ease the process. If you do not, unwilling family members may be placed with the burden of running the business for a short time while probate works out a sale.

Passing on the Business

If someone in your family or one of your business partner’s wishes to keep the business alive after your death, he or she may face opposition from others who wish to sell the business or who also wish to have a say in running the company. If you know that you can pass the business on to a ready and willing person, say so in an estate plan. Like a guardian plan for your children, an estate plan for your business allows for an easy hand off, so your company can maintain stability.

What Goes In A Living Trust?

Courtesy of Armstrong, Fisch, & Tutoli Attorneys at Law · August 27, 2010 ·

You’ve probably heard all the buzz about the benefits of a Living Trust, but you may be wondering how it actually works.

A Living Trust is a separate legal entity that takes ownership of whatever assets you decide to put in it. So, if you transferred your home to the trust for example, then the deed to your home would be amended to read “Smith Family Trust” or something similar.

In addition, your personal belongings, your jewelry, fine art and just about anything else you own individually can go into your trust.

Then when you pass away, the assets are distributed to your heirs according to the terms set out in the trust documents.

And this is where a Living Trust really shines.

Instead of just distributing your assets in bulk, you can get creative and set up incentives for your heirs or structure the trust so that your beneficiaries live off the income from the assets without ever actually touching the assets themselves.

This allows you to create a legacy for future generations and ensure that all your heirs are well-provided for.

To learn more about structuring your own Living Trust, give us call today.

5 Things Your Estate Plan Can Do For You

Courtesy of Armstrong, Fisch, & Tutoli Attorneys at Law · August 25, 2010 ·

Everyone knows that an estate plan can ensure your heirs receive the right inheritance. But did you know there are other benefits too? Here’s five things a good estate plan can for you.

Protect Against Disability – No, your estate plan can’t prevent disability from striking but it can certainly ensure that you and your estate are protected if it happens. Using Powers of Attorney such as an Advanced Health Care Directive and General Durable Power of Attorney can ensure that your medical wishes are followed and that your finances are handled by someone you trust.
Provide Incentives to Your Heirs – With the right planning tools, you can do much more than leave your heirs a lump sum estate. Instead, you can create incentives for them to excel and achieve by offering inheritance bonuses for graduating college, getting married or other milestones. You can also set it up so that your heirs’ inheritance matches whatever income they earn each year. If they want a bigger inheritance, they must find a way to earn a better living.
Avoid Probate – Yes, with the right tools, your estate plan can help your heirs stay out of probate court. This makes the whole property distribution process much smoother and ensures that the details of your estate remain private.
Sponsor A Charity – There are certain types of trusts that allow you to structure assets so that they benefit both your heirs and your favorite charity. Donating this way also provides significant tax breaks to all parties involved.
Protect Disabled Dependents – A Special Needs Trust can ensure that your disabled dependent continues to qualify for important government assistance programs while still enjoying the benefits of his or her inheritance.

Of course, that’s not all an estate plan can do, but it’s a good start. To learn more about how a good estate plan can make your life easier, contact our office today.

How to Choose A Guardian for Your Children

Courtesy of Armstrong, Fisch, & Tutoli Attorneys at Law · August 23, 2010 ·

Are your children under the age of eighteen? When you plan your estate, choosing a guardian for your minor children is one of the hardest and most important aspects. Here are four qualities to consider when you pick a guardian.

Responsible

The guardian or guardians you choose should be responsible and over the age of eighteen. When you are choosing among loved ones for the honor of raising your children, it may be easy to let emotions make the decisions for you. Avoid picking a favorite family member if you do not think they will be responsible enough for the job.

Able Bodied

A guardian must be physically able to raise your children. It may not be wise to choose your sister who already has four children of her own, or your uncle who is bed-ridden. Consider how your children will fit into the life of your guardian. When you choose older relatives as guardians, consider their age and health. It would be unfortunate for your children to go through a change to another guardian in the event of the first guardian’s death.

Good Mediator

When you choose a guardian you may have to decide between several family members. This can sometimes cause hurt feelings. During your estate planning you should speak with all family members about your guardian choice. You may also want to leave a letter explaining why you chose a particular person. Guardians must keep your children’s interest first while still maintaining contact with all family members for the benefit of the children.

Parenting Skills

When you choose a guardian, if you have more than one possible choice, you may wish to focus on who would raise your children with a similar parenting philosophy and moral beliefs to your own. If this is not possible, you should focus on who would be the best parent even if they do not share all of the same parenting ideals you do. You can always speak with your guardian choice about your wishes for your children’s care and upbringing.

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