Posts Tagged ‘estate planning’

Article 114-Estate Planning Series: What Will Your Estate Plan Accomplish For Your Family?

Written by Wright Law on . Posted in Estate Planning, Probate, Trusts

For those who attend my presentations, I offer a free, no obligation estate planning audit.  There are two reasons for the audit.  First, we discuss what is accomplished with their current estate plan.  Second, we discuss whether that plan addresses the issues of concern to them. 

Often these individuals have a trust (not always created by an attorney), but have no idea why.  Perhaps they were told a trust would help them avoid going through “probate”, but they aren’t sure what they are avoiding.

Article 82-Estate Planning Series: The Critical Link Between Retirement Planning and Estate Planning

Written by Wright Law on . Posted in Estate Planning, Long Term Care, Will

For most of us, retirement is a goal we hope will allow us to enjoy the fruits of previous sacrifices.  While advance preparation clearly increases the likelihood that we can enjoy our golden years, there are many circumstances that dictate whether retirement is an opportunity or a burden.

Article 70-Estate Planning Series: Is It Too Late?

Written by Wright Law on . Posted in Estate Planning, Long Term Care, Will

I met recently with a man who asked me if it was too late.  I could not give him the assurance he wanted.  His mother was a stroke survivor; and recently had a serious fall.  These are two of the most common reasons seniors need long term care, and both can occur in an instant.  Seniors make up almost two thirds of those hospitalized for a stroke.  Similarly, falls are the leading cause of both fatal and nonfatal injuries for seniors.

Article 63-Estate Planning Series: The First Steps to Successfully Passing on the Family Farm, Ranch or Business

Written by Wright Law on . Posted in Estate Planning

Last column I discussed the challenges facing families attempting to pass on the family farm, ranch or other business.  Family owned businesses play a critical role in society.  Those of us who reside in rural agricultural areas know this to be especially true. 

However, according to the Harvard Business Review, 70% of family owned businesses do not survive the transition to the next generation.  This is an incredible statistic.  Why would this process result in the end of so many businesses?  I am convinced that this result is entirely unnecessary.

Article 60-Estate Planning Series: Will the “Complications of Life” Continue After Your Passing?

Written by Wright Law on . Posted in Estate Planning, Trusts, Will

In the past months, we have read and heard a great detail about a rock musician who passed away unexpectedly.  Although I have no doubt he was extremely talented, I did not consider myself a fan of his music and was not aware that he was still performing.  I was surprised, therefore, by the amount of publicity generated by his passing.

However, I became keenly interested after reading an article about what would likely happen next.  It appears that this musician’s estate had been valued at $300 million, a value that will apparently significantly increase due to his passing.

It also appears he did not have a Will or trust. 

Article 59-Estate Planning Series: Will You Be Untangling Your Parents’ Lives?

Written by Wright Law on . Posted in Estate Planning, Trusts, Will

Recently I read an article published in the Wall Street Journal® titled “The Difficult, Delicate Untangling of Our Parents’ Lives.”   The author and his wife are in their 50s and dealing with the challenges of parents too incapacitated to handle their own affairs. 

Significantly, the frustration was not that their parents needed help.  Most children would consider such help to be an opportunity to repay the sacrifices made by their parents.  (However, parents who plan to rely on their children should not underestimate how significant this burden may be.  Perhaps I will discuss this more in a future column.)

Article 58-Estate Planning Series: Planning for Your Estate After a Crisis Hits

Written by Wright Law on . Posted in Estate Planning, Will

Recently I met with a heartbroken couple facing an aggressive, terminal diagnosis for one of them.  There is likely little time left.  From that meeting I headed to a health care facility to review estate documents with a man hopefully recovering from a very serious health condition.  He was lucid but so weak he could barely sign the documents I prepared.

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