Tag Archives: asset

Estate Planning & How to Leave Your “Story”

February 16, 2015 Dennis Astill Leave a comment

Most people think about estate planning as a way to distribute their assets, but it can be much more. It is also a way for you to pass on the “story” of your life and the meaning behind your possessions. Everything you own has a history behind it and it is important for your loved ones to know that history.

If you are a “collector,” it is likely that whatever items you collect each have stories. Whether it is pieces of art, classic cars, or figurines, every item means something to you. Was it something you bought while traveling? Does it remind you of a certain time in your life? These stories are worth passing on to your loved ones. All it takes is a little time and effort.

The easiest way to pass your stories to future generations is to not only tell them to your family members, but also to write them down. You can write a detailed letter to be kept with your estate planning documents. You can also take advantage of technology and create an audio CD or video for your loved ones. Additionally, there are certain websites created to guide you in taking inventory of your assets and leave notes or stories regarding each of them.

If your family members understand the sentimental value of your possessions, they will be much more valuable to them. Providing the history and meaning behind your assets gives your family and friends something they can truly treasure.

If you are interested in creating or updating an estate plan, we can help you not only ensure that your loved ones are protected, but that they understand the sentiment behind your possessions as well.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

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Estate Planning Mistakes to Avoid

December 17, 2014 Dennis Astill Leave a comment

Creating a comprehensive estate plan can be a complex process. It requires forethought, strategic planning and an understanding of tax laws. Below are a few common estate planning mistakes that you want to avoid:

Create a Plan

Don’t assume your estate is too small to warrant having an estate plan. Although state law provides a plan for everyone, it likely is not the most beneficial plan for your loved ones.

Beneficiary Designations & Title to Assets

It is important to verify that your estate plan matches your beneficiary designations and how your assets are titled. If there is a conflict, the designations and the titling will control, but you want to avoid confusion in order to eliminate any disputes from arising.

Life Insurance

If you own life insurance at the time of your death, it can be included in your estate. If you choose to transfer ownership of the policy during your lifetime, you can avoid any potential estate tax inclusion. Deciding how to have your insurance policy owned or controlled is a highly individualized decision, but it is important to get professional advice.

Gifts

An effective way to minimize future estate taxes is by giving annual gifts to your loved ones. You can transfer significant amounts of money or assets out of your estate which reduces your tax liability. With strategic planning, you can use your annual gift tax exclusions so each yearly gift can be leveraged into greater sums being transferred out of your estate. To learn more, please read our blog “Estate Planning Tip: Gifting to Grandchildren.”

To learn more about mistakes commonly made in estate planning, please read our blog tomorrow titled “Estate Planning Mistakes to Avoid – Part 2.” The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

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Estate Planning Mistakes to Avoid – Part 2

December 16, 2014 Dennis Astill Leave a comment

This blog is a continuation from our last blog topic titled “Estate Planning Mistakes to Avoid – Part 2.” The following are three more errors in estate planning that you want to avoid:

Failing to Get Help

We live in a world where many things can be done with the help of “do it yourself”guides. The internet is full of websites claiming they will save you money by showing you how to prepare your will or trust. However, there are many problems that can arise from using DIY guides. Many of them are very generalized and were not created to comply with your applicable state law or your unique life circumstances. Additionally, computer programs are often not timely updated to comply with changes in the law, nor will it notify you when the law changes. As a result, a seasoned estate planning lawyer will save you time, money and stress, because you have the peace of mind knowing your plan is done correctly.

Estate Tax Exemption

An attorney can help you minimize your estate taxes by strategically making gifts during your lifetime. Estate tax exclusions routinely change, so it is important to be aware of them and take advantage of the exclusions when they are at their highest.

Outright Inheritances

Even if all of your beneficiaries are adults, you may not want to give outright inheritances. This is especially true of the adult who has poor financial management skills and you want to provide for them over a long period of time. Creating a trust, either revocable or irrevocable, can allow you to take advantage of the asset protection benefits for as long as possible, while also giving you the flexibility to set forth how you want your assets distributed once you are gone. For more information regarding trusts, please read our blog titled “Do You Need a Trust?”

Don’t put your estate or loved ones in jeopardy. Let a professional help you create your estate plan. It will save you money and time in the long run.