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6 Estate Planning Lessons We Can Learn From Celebrities

Most celebrities have some degree of considerable wealth and may have their affairs handled by a team of agents, financial advisors, and attorneys. It thus comes as a surprise to many us when we learn that when some celebrities pass away, they were guilty of numerous errors in their estate plans or failed to have any estate planning at all. In a number of these cases, the celebrity failed to use an estate planning lawyer who could have easily drafted an estate plan to account for the contingencies and other unforeseen circumstances that often arise after the Will or other testamentary instruments were drawn up.

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Estate Planning for People with Dementia or Alzheimer’s

Alzheimer’s or dementia is an insidious disease, affecting about half of those who are 85 and older though it can manifest in those who are decades younger. Dementia comes in stages and there is no cure for this progressive condition that can significantly affect your memory and cognitive abilities, effectively incapacitating you.

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Is a Life Estate Right for You?

Creating a life estate as part of your estate planning portfolio might be a good idea so long as you understand the benefits and potential risks involved. If you have been properly advised by an estate planning lawyer, a life estate can be an excellent financial plan for your heirs while allowing you to remain in your house over your lifetime. Read more

Using Do-It-Yourself Legal Documents won’t give good “Bang for Your Buck”!

Legal documents that ostensibly seem easy to prepare and execute are often subject to specific and subtle nuances that only an experienced practitioner will be familiar with.

A good portion of the initial consultation with an experienced estate planning lawyer will be spent collecting pertinent information, and coming up with a strategy that incorporates both estate and/or elder law planning that meets the client’s specific needs.  The attorney should be asking to review the client’s prior estate/elder law documents during the consultation if, in fact, any planning had been done previously. Sometimes it comes to light that the documents that were prepared by individuals without the expertise of an attorney are usually lacking the protection that is required by law, and can unfortunately lead to dire consequences.

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Moving in With Your Adult Children

If there are circumstances under which you have asked, or your adult children have inquired, if you would like to move in with them, you may want to consider the psychology, financial reality, and likely scenarios before taking this step. For example, are your minor grandchildren still living with your children, how large is the home, and do you get along with your child and in-law? There are a host of other factors to consider also when pondering whether such an arrangement is realistic or workable.

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