Tag Archives: Estate planning

Estate Planning

3 Tips for Lowering Your Estate Planning Legal Fees

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There numerous areas in your life where you can save money by “doing it yourself.” However, estate planning is one area where DIY can cost you more than you might expect. Each state has very specific laws that apply and the process can be quite complex. Our experience with DIY wills or trusts has been uniformly bad. They may be good forms fundamentally, but the lack of understanding of terminology and lack of experience with the forms or estate planning concepts generally, often results in a bad document.

Most people fear that creating an estate plan will be expensive, but it doesn’t have to be. Keep in mind that “expensive” is a relative concept. If you have hundreds of thousands or even millions in assets, spending a few thousand dollars to make sure the assets transfer according to your wishes is a very modest cost. You can also create your plan in steps and following these three tips may help to lower your legal fees:

  • Get organized. Before you attend your initial consultation with your estate planning lawyer, get your documents and records organized. This includes creating a comprehensive list of all of your assets and all of your liabilities and debts. You will want to decide who your beneficiaries will be as well as who you want to appoint as your personal representative or trustee. If you have minor children, you should decide who you will want to appoint as the guardian of your minor children if you should become incapacitated or die. Finally, consider who you will appoint to make medical decisions for you if you are unable to do so for yourself. Don’t be surprised when your experienced estate planning attorney gives you guidance that causes you to change your mind as you formulate your plan. That is the benefit of using someone who understands this area of law. They can see things you don’t.
  • Keep it straightforward. If you can keep your estate plan simple, it can save a lot of money. Also, the more complex your estate plan is, the more expensive it will likely be to maintain as time passes.
  • Maintenance. It is important to review your estate plan each year and to make any necessary changes as you discover them while they are minimal and not as expensive. If you wait several years before reviewing your estate plan, making the necessary updates could be more costly.

Having a comprehensive estate plan can save you and your family money in a variety of ways. We can help you avoid costly estate taxes and create asset protection strategies. To learn more about how we can assist you, schedule your initial consultation.

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.

Estate Planning

Tips for Your Retirement Planning

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Planning for your retirement can be a difficult task. There is no mathematical formula you can follow that will tell you exactly what your needs will be when you retire. However, one of our knowledgeable elder law attorneys can assist you with creating a solid plan while also ensuring you avoid some of the common mistakes many individuals make.

Below are a few tips you can follow to start your retirement planning process:

  • Be realistic. It is common for people to be overly optimistic when they are planning for their retirement. It is good to be optimistic in most circumstances, but when it comes to finances, it is important to base your planning in reality. Think of it this way – it is never a bad thing to save more money than you actually need!
  • Eliminate debt. When most people think about retirement planning, they focus on building their savings. However, it is equally as important for you to eliminate your debt before you retire. If you have very little debt, you can make your savings go further and last longer.
  • Don’t compare with others. It is natural to compare what you are doing with what your friends and family are saving. However, it is important to focus on your unique needs and goals. Worrying about what others are doing can get you off-track.
  • Take care of your health. Staying healthy as long as possible can create a huge savings for you. Start focusing on your health now so you can hopefully avoid significant medical costs after your retire.

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.

Estate Planning

Important Questions to ask Your Estate Planning Attorney

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Creating an estate plan is one of the most important things you can do for your loved ones. Thus, it is critical that you work with a seasoned and knowledgeable estate planning attorney. Below are a few questions you should consider asking lawyers you are considering hiring:

What percentage of the lawyer’s practice is estate planning?

Estate planning is a complex area of the law, so it is essential to work with a lawyer who focuses on estate planning, estate tax reduction, and stays current on the applicable laws. An attorney who merely dabbles in estate planning will not be prepared to handle complicated and family and financial issues. You want to work with a professional who has handled situations similar to yours and who can help you accomplish your estate planning goals. Ask the question, how many trusts, wills or estate planning clients have you met with this week or this month. The answer will be very important to you. If an attorney isn’t meeting with multiple clients each week on estate planning matters, you should consider someone else who is.

Will the lawyer provide assistance after the documents are drafted?

It is important to have an attorney who will properly draft your estate plan and provide assistance with the practical side of it too. For example, your trust document will only benefit you if it is properly funded. A good estate planning lawyer will provide you guidance and detailed written instructions on how to properly title your assets in the name of the trust.

How will you be billed for the lawyer’s services?

Before you retain an attorney, you should understand whether you will be charged a fixed fee for the majority of the services or if the law firm uses an hourly rate. If you agree to a flat fee, you should understand what services are and are not included in the fee. You should also understand how you will be charged for services that are not included in the fixed fee.

The above are just a few examples of questions you should cover with a lawyer before you hire him or her to create your estate plan. One of the most important questions, however, is one you must ask yourself. That is, do you trust and feel comfortable with the attorney? It is important to work with an estate planning lawyer that you not only trust is sufficiently knowledgeable and skilled to assist you, but also one that you can comfortably discuss some of your most personal and private information with.

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.

Estate Planning

Your Estate Planning Attorney

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When you are ready to create your estate plan, it is important to work with an attorney that you trust. Estate planning is a private matter that requires you to have confidence in your lawyer, so you should be careful in whom you choose. It can be helpful to obtain referrals from family and friends. You should also contact your local bar association to further investigate the attorney’s qualifications.

Once you have scheduled your initial consultation with your attorney, you should take steps to prepare for the appointment. This includes writing down all of your questions and organizing your records. Additionally, you should start preparing to answer the questions your attorney is likely to ask you, including:

  • What is your approximate net worth?
  • Who do you want to appoint as the personal representative or trustee of your estate?
  • What are your most significant assets (real property, businesses, investments, etc.)?
  • Who will you name as your beneficiaries?
  • Are you going to specifically disinherit anyone?
  • Who will you appoint as the guardian of your minor children?
  • Is there any information about your family or the property you own that will impact the way your estate planning should be handled (such as a special needs child)?

If you are prepared to answer the above questions, it will help your estate planning lawyer get started on creating an estate plan that will effectively meet all of your needs and goals. Contact us today to schedule your initial consultation with an estate planning you can trust.

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.

Estate Planning

Estate Planning when you Live in Two States

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Many people choose to live in one state for part of the year and in a different state for the other part of the year. When it comes to estate planning, this can cause some confusion. The general rule is that the state of your “legal residence” controls. Your legal residence is the state that you designate as such. An individual typically does this by living in the state for at least 183 days out of the year and holding his or her driver’s license, vehicle registrations, voting rights and bank accounts in that state.

When you live in two states, if properly planned, you get to choose which state is more beneficial to you for estate planning purposes. As a result, it is important to seek legal counsel in making this decision so you can fully understand which state’s tax laws would be more advantageous. Your estate plan can be significantly impacted because some states have state tax laws in addition to the federal estate tax law. You can save significant income and estate tax by making the right decision.

You should almost always use a trust if you own property in two states. Otherwise, it is likely that your loved ones will have to go through the probate process in one or both states. A trust can hold both pieces of real estate and help avoid the time-consuming and costly probate process.

It is also important to note that you should create certain documents that are correct and effective for each state. For example, you should probably have a Durable Power of Attorney and Advance Medical Directive in each state to make sure you are protected if you encounter unexpected events or require medical decisions to be made on your behalf, and which are compliant with the laws of both states.

If you have questions regarding creating an estate plan when you live in two different states, contact us for the answers you need.

To learn more about how a trust can benefit your family, call us today. 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.

 

Estate Planning

A Short Estate Planning Checklist

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Estate planning can seem overwhelming to many people and they don’t know where to begin. While there are many decisions to be made and numerous factors that must be considered, below is a simple checklist of four items that you should look into immediately:

  • Create an estate plan. Although this can include several tasks, it is important to take the first step. Contact us and let us walk you through the process of creating a comprehensive estate plan. Even if you cannot afford to accomplish everything you want right now, your estate plan can be established in steps. We can begin with what fits within your finances, then upgrade later. If you have an existing estate plan, let us review it and update it if necessary. Many changes occur over time, with family, your financial status, and of course your age.
  • Save on taxes. You can save a significant amount of money by taking advantage of the federal gift, estate and generation-skipping transfer taxes. To learn more about how to do this, please contact us.
  • Gifting. You are allowed to give tax-free gifts each year in an amount up to $14,000 in cash or other assets to as many individuals as you want. This strategy allows you to decrease the size of your estate (which can save on estate taxes) over time, while also benefitting your beneficiaries. You should discuss this with an estate planning attorney before embarking on gifting. Giving away assets has the obvious implication that you can’t get it back, but also, there are more tax-efficient ways of gifting than simply writing a check.
  • Life insurance. You should review your life insurance policies (or look into buying one) to confirm that it meets your family’s needs and that the beneficiaries named are correct.
  • Retirement Plans. You should review the beneficiary designations on your retirement plans. Naming the right primary beneficiary and secondary beneficiary is critical to your family.

Don’t be intimidated by the estate planning process. We can help simply it for you while also ensuring that you and your family are protected.

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.

Estate Planning

Why do we Avoid Estate Planning?

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Most people believe that estate planning is important and they have every intention of doing it, yet they continue to procrastinate creating a plan. While no two individuals are the same, below are a few of the most common reasons people delay establishing their estate plan:

Fear of Death

Most people do not like to think about (or talk about) their own death. Estate planning forces you to think about how to provide for your loved ones after you are gone. You must make decisions on how to distribute your assets and who to appoint to be the guardian of your minor children. These types of decisions are uncomfortable and difficult. However, dying without providing for your loved ones is even worse. While discussing your estate plan can be awkward, you might be surprised at the peace of mind you feel once the task is done. Also, it will show your family members that you care enough to plan for their future.

Reduce Stress

If you have strained relationships with some of your family members, it can add tension to the estate planning process. You may have specific goals that you want to accomplish with your estate plan, but your relatives may be placing pressure on you to do otherwise. It is important to work with an experienced attorney who can help you create the plan you want that will achieve your goals. Additionally, you should remember that this is your estate plan. Be honest with your loved ones and listen to what they have to say, but ultimately it is your decision on how to handle your estate.

Loss of Control over Finances

Some people incorrectly believe that by creating an estate plan they will lose control over their money and/or their property. Ironically, by establishing a comprehensive estate plan, it provides you with financial security and you are better able to maintain control. Without proper planning, if someone becomes incapacitated, the probate courts take control and you lose all control. We can help you protect your assets from creditors, provide for your family’s future, and create strategies for reducing the amount of taxes your estate must pay.

If you are ready to set aside your fears and take the first step in creating an estate plan, call us. 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.

 

 

Estate Planning

Choosing YOUR Estate Planning Attorney

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When you are creating your estate plan, one of the most important decisions you can make is selecting the right attorney to assist you. Your estate plan is a personal and private matter, so you want a lawyer that is not only experienced, but one that you trust and makes you feel comfortable.

How do you find a good lawyer? Many people ask family and friends for referrals. However, the best lawyer for them may not be the right attorney for you. Your local Bar Association may also provide you with a list of estate planning lawyers in your area, but there is no assurance that these attorneys are qualifed. They are simply lawyers who signed up with the Bar to receive referrals. The best way to find your attorney is to do your due diligence. That means asking your friends and family how they know the lawyer, what kind of work he or she has done for them, and if they consider the lawyer an estate planning expert. Then do your own research which is easy now via the internet. Other lawyers usually know who the experts are also. But beware the laywer who does divorce or bankruptcy or personal injury or criminal law and says “sure I can help you with that”. You truly want a specialist. However you find your attorney, it is helpful if you are prepared for your initial meeting with him or her.

How do you prepare for your first meeting with an estate planning lawyer? First, ask them to verify that they are an expert in estate planning. Ask them how many trusts they prepared that week or how many clients they met with for estate planning purposes that week, that month, or in a year. If they can’t tell you they have had at least three appointments each week for estate planning work, they are not a specialist.

If you’re comfortable with the lawyer, then you want to focus on your problems. You should make a list of the questions you really want answered. This will help ensure you don’t forget to ask them. Also, if you have your records organized, it will assist the attorney in getting a general idea of your financial and family situation. Finally, think about what you want to accomplish with your estate plan. If the lawyer has a clear idea of what your goals are, he or she will be able to make suggestions for the type of estate plan your should consider creating. Your lawyer should help you identify your goals.

Below are a few things your attorney is likely to ask:

  • Who do you want your beneficiaries to be?
  • Who you want to appoint to serve as the trustee or personal representative of your estate?
  • What is your estimated net worth?
  • What are your most significant assets?
  • If you have minor children, who you would appoint as their guardian?
  • Are there any details about your beneficiaries or your estate that may affect the way your estate planning should be handled (such as a family member with special needs)?

Spending time preparing for your initial consultation will not only expedite the estate planning process (which saves you money), it also helps ensure that you end up with an estate plan that accomplishes all of your goals. Remember, this is your life, your family and your estate plan. Don’t let your lawyer make all the decisions – stay active in the process and make sure it is done the way you want it done. Finally, find out how long it will take to be completed. For most estate plans, we can complete the work within 3-4 weeks from start to finish. Any longer and things just don’t get done.

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.

Estate Planning, Uncategorized

Estate Planning: Why are you avoiding it?

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QuestionYou probably understand that having an estate plan is very important, but like most people, you likely think you’ll get to it…eventually. It is normal to have some reservations about estate planning. Below are some of the most common reasons we hear for why our clients have procrastinated in creating their estate plan:

  • Fear of death. None of us like to think about dying. It can be uncomfortable to talk about appointing guardians, personal representatives or trustee. Your loved ones can feel awkward telling you what assets they would like to inherit from you. There is no correct way for having these discussions. As we conduct these types of discussions with clients, it is not unusual for clients to get emotional thinking about the event of death. You should use the approach that works best for you. Just remember that it is better to feel a little uncomfortable but to protect your loved ones and leave them feeling like you cared enough to plan for them, than to leave them resentful that you didn’t take care of matters while you were alive.
  • Fear of emotional upheaval. It can be difficult to deal with highly emotional and stressful situations, especially if you have strained relations with your family members. If you have different goals for your estate plan than your loved ones have, it can cause emotions and tensions to flare. Being forthright with your intentions can allow you to explain what you are trying to accomplish. It also gives you the opportunity to listen to how your loved ones feel. Even if you cannot reach a complete agreement, at least everyone knows where they stand and they are not left wondering. Whether or not to talk to family about your intentions depends on the circumstances. An experienced estate planning attorney can counsel with you on the best approach.
  • Fear of losing control over finances. Some individuals incorrectly believe that they will lose control over their financial security by creating an estate plan. We can help you develop an estate plan that not only makes you feel comfortable with your financial future, but that actually makes you feel more secure. In fact, creating a good estate plan keeps you in control. Instead of a judge deciding who controls your property and assets if you become incapacitated, you get to choose. That keeps you in control.

If you are procrastinating creating an estate plan, don’t delay any longer. Schedule your initial consultation to learn your options and let us eliminate your fears. All of our clients admit that they should have come to see us earlier and that they are relieved that they finally did! We have never had a client feel badly that they completed their estate plan. It is always a big relief, and they are pleased with the process.

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.

Asset Protection

Asset Protection with Generation-Skipping Trusts

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Couple giving two young children piggyback rides smilingIf you have worked hard all your life to accumulate your wealth, whether it is a small amount or a significant amount, it is important to protect your assets. Estate planning is a critical element of asset protection efforts. In order for estate planning to be effective, you should try to identify all of the potential “threats” to your assets. Common examples include taxes, the expenses associated with probate actions, former spouses, and creditors.

There are numerous ways we can help you avoid certain threats that could negatively impact or deplete your assets. One option to consider is placing your assets into a generation-skipping trust. As indicated by the name, you skip a generation when naming beneficiaries. In other words, you name your grandchildren as the final beneficiaries instead of your children. This may sound shocking, but there is a twist to this arrangement. Your children can be life beneficiaries, with the Trustee having the discretion to distribute income or principal of the trust to your children during their lifetime.

As a result, because your children do not own or have the right to assets in the trust, the assets are not available to attack by their creditors. The remaining trust assets left after your children die are transferred to your grandchildren. In sum, a generation-skipping trust impacts ownership, not the benefits received or the ability to use trust assets.

The generation skipping type of trust benefits your children and grandchildren, but not necessarily you as the Grantor. If you are working to protect assets for your benefit, there are other strategies such as use of Family Limited Liability Companies (“FLLC”), or Domestic Asset Protection Trusts, or even more complicated arrangements using Off-Shore Trust arrangements.

Generation skipping trusts are just one example of how you can protect your assets. Let us review your individual circumstances and help you understand your options for asset protection and tax advantages for your family. 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.