Ask Yourself These Questions
1. I have made legal arrangements to both: 1) Avoid Probate (Guardianship & Conservatorship) in the event I ever become disabled; and 2) Avoid Probate upon my death.
Yes: Congratulations, you will avoid unnecessary expenses, red tape, invasion of your privacy and family inconvenience.
No: You may want to consider making proper legal arrangements to avoid the unnecessary expenses, red tape, invasion of privacy and family inconvenience commonly associated with probate.
2. I have made legal arrangements so my family would have access to my medical records (especially in light of the new HIPAA rules) and the authority to make my health care/life support decisions if I am unable to do so myself.
Yes: Congratulations, it is wise to make sure someone you know and trust will be able to access your medical records and make vital health care decisions for you, if necessary, without forcing them into probate to obtain the authority from a judge.
No: You may want to consider making proper legal arrangements so someone you know and trust will be able to access your medical records and make vital health care decisions for you, if necessary, without forcing them into probate to obtain authority from a Judge.
3. I have made legal arrangements to appoint Guardians (Back-up Parents) for my minor children, if they are ever orphaned.
Yes: Congratulations, your most important assets are your two-legged investments. Only by making proper legal arrangements can you ensure that they would be reared by guardians who share your spiritual, moral and ethical beliefs.
No: You may want to consider making proper legal arrangements so your most important assets,your two-legged investments, would be reared by guardians who share your spiritual, moral and ethical beliefs.
4. I have made legal arrangements to protect the inheritance of my children from their potential future divorces, lawsuits, creditors and/or bad judgment.
Yes: Congratulations, you are wise to have recognized that an inheritance can bring both blessings and curses…and that it may be prudent to protect it for (and perhaps from) your children.
No: You may want to consider making inheritance protection part of the financial legacy you leave, especially since an inheritance can bring both blessings and curses. Accordingly, it may be prudent to protect the inheritance for (and perhaps from) your children.
5. I have made legal arrangements to protect the inheritance of any family members with special needs (i.e., mental or physical), so they are not disqualified from public assistance.
Yes: Congratulations, you have recognized that, without proper legal arrangements, an inheritance could disqualify family members with special needs from essential public assistance benefits.
No: You may want to consider making proper legal arrangements so an inheritance does not disqualify any family members with special needs from essential public assistance benefits
6. I have made legal arrangements to protect the inheritance of my own children, from a prior marriage or otherwise, in the event my surviving spouse remarries.
Yes: Congratulations! You have recognized that without proper legal arrangements, many children in blended families are unintentionally disinherited when their parents divorce and remarry, as well as when a widowed parent remarries. Note: More than 50% of families in America are blended families.
No: You may want to consider making proper legal arrangements, so your children won’t be unintentionally disinherited. Note: More than 50% of families in America are blended families.
7.I have taken steps to prevent the IRS from taking more than 40% of my life insurance proceeds from my family.
Yes: Congratulations! You have recognized that, contrary to popular belief, life insurance is not estate tax-free. Through proper legal arrangements, you may keep your life insurance from the IRS and provide the death benefits for your family.
No: You may want to consider making proper legal arrangements to keep more of your hard-earned wealth in your family instead of losing it to the IRS after your death. Note: Contrary to popular belief, life insurance is not estate tax-free.
8. I have made legal arrangements to protect my estate from otherwise unnecessary State and/or Federal Estate Taxes.
Yes: Congratulations! No doubt you have paid your share of income taxes (and other taxes) throughout your lifetime. By making proper legal arrangements, you will be able to keep more of your hard-earned wealth in your family instead of losing it unnecessarily to the IRS after your death.
No: You may want to consider making proper legal arrangements to keep more of your hard earned wealth in your family instead of losing unnecessarily to the IRS after your death.
9. I have made legal arrangements to protect my business interests in the event of disagreement, disability, retirement and/or death.
Yes. Congratulations! You have recognized that proper legal arrangements can help your business survive a transfer of ownership, whether the ownership of the business changes by design or by default. Note: Only 1/3 of businesses survive the transfer of ownership from the founder to successor. Of that 1/3, only ½ will survive the next transfer.
No: You may want to consider making proper legal arrangements so your business survives a transfer of ownership, whether the ownership of the business changes by design or by default.Note: Only 1/3 of businesses survive the transfer of ownership from the founder to the successor.Of that 1/3, only ½ will survive the next transfer.
10. If given the choice, I would rather be a voluntary philanthropist (supporting my own favorite charities) through charitable giving than an involuntary philanthropist (supporting various pork barrel projects of Congress and the White House) through federal income, capital gains, estate and gift taxation.
Yes: Congratulations! You are sane.
No: We are sorry. However, we will be unable to help you. The help you need is outside the scope of our education, training and experience. We wish you well.
If you are not satisfied with any of your answers, it may be time to schedule an appointment with your attorney to review your legal planning. If you would like to meet with us, please call the office at 925-933-9047 to schedule an appointment.