Friday, March 01, 2013
Review your Estate Plan Inexpensively. When did you last review your estate plan? Are your titles and beneficiary designations worded correctly? Does your trust language conform to the new estate tax law taking effect in 2013? Are you wary of the cost? For $79, we'll review your documents them (in office or by phone) and make recommendations about any needed changes. Most attorneys charge $200 - $300 per hour for this service. Our low review fee is our commitment to help you and your loved ones remain protected, affordably! Are your friends and relatives protected? We also extend this offer to them and will review their estate plan for $79 (less than their own attorney might charge!), or, if they have not yet done their planning, their first consultation is complimentary. Call us at (801) 262-8889 for an appointment.
Visualize your death! No, I'm not suggesting you spend your day thinking morbid thoughts about your demise, but that you consider--in detail--how your estate would be administered after you're gone. Do you have a business? Who will dispose of it or continue to run it if you can't? Is there a market (i.e., buyers) for it? What about your rental properties? Is your successor trustee capable of managing them? Should they be left equally to all your heirs, possibly causing a "stalemate" if some want to sell and others don't? Or would it be better to leave individual properties to specific members of your family? If you own a family cabin, should you leave it outright to your family or require it to be held in trust for their use (under specific conditions)? Will your estate have sufficient liquidity (i.e., cash!) to accomplish your objectives, such as educating minors or providing for loved ones? If not, can illiquid assets (real estate, etc.) be quickly sold to provide it, or, should you consider purchasing life insurance? After recording your planning objectives in your trust or will, reflect carefully--visualize--how those objectives actually will be implemented. Finally, will the person you've chosen to settle your estate (i.e., your successor trustee or personal representative) bring efficiency and harmony to the process? Can he or she delegate duties if necessary and provide proper accounting to your heirs? Or, will his or her stewardship foment "family civil war?"