4 Steps for Simple Estate Planning

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Estate planning is a difficult topic to address because it requires you to think about a world without you in it. No one likes to reflect on their own demise, which is why many people simply put estate planning off for another day and only get around to it when the chips are down.

However, like so many things in life, taking care of your estate planning now is the right step, even if you don't have any dependents. It's a weight off your shoulders, and it leaves plans in place if the unthinkable were to happen to you.

If you have a significant net worth, you should consider talking to a lawyer for planning advice for your estate, but for most people, these four steps should take care of most of your estate planning needs.

1. Prepare a master information document. A master information document is simply a collection of the information a person would need to properly close out your accounts and obtain any and all account balances you might have. This is an invaluable tool for whomever is responsible for cleaning up your estate after you pass away.

http://money.usnews.com/money/blogs/my-money/2013/12/17/4-steps-for-simple-estate-planning

What Phone Calls You Should Make When a Loved One Dies

Many of my clients become overwhelmed and confused once a loved one passes away.  This is to be expected, but you must have a list of people to call on hand so that no one is forgotten.  As an orange county estate planning lawyer I usually suggest to my clients that the first thing they should do is call a funeral director.  This might have already been chosen by a loved one or your might have to make the decision to your best ability.  This phone call is important because it gets the funeral plans started while you deal with other things that need to be taken care of.

To read the full version of this blog post visit:
http://blog.tompkins-law.com/2013/12/an-estate-planning-lawyer-discusses.html

The Big Estate-Planning Goof You May Be Making

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You may have made a giant estate planning mistake without even knowing it — forgetting to update the names of your beneficiaries for your employer-sponsored retirement plans, IRAs, life insurance policies, mutual funds, bank accounts, brokerage accounts, annuities and 529 college savings plans.

If your beneficiaries are out-of-date, when you die, your assets could go the wrong people — a former spouse, for example — no matter what your will says.

You probably designated a beneficiary when you initially bought insurance or signed up for your retirement plans. And you likely filled out POD (payable on death) or TOD (transfer on death) certificates when opening your bank and investment accounts, effectively naming beneficiaries for them.

But your life and wishes may have changed since then. That’s why it’s wise to periodically review all your beneficiary designations and amend any that are out-of-date. Some financial advisers suggest also naming secondary or contingent beneficiaries. If you don’t, and your primary beneficiary dies before you do, your assets will go to probate, which can be costly and time-consuming.

To read the rest: http://www.forbes.com/sites/nextavenue/2013/12/16/the-big-estate-planning-goof-you-may-be-making/

Estate planning basics: Three things you need besides a will -- and why you need a will, too

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Barry Glassman, special to wtop.com

WASHINGTON - If you care about who will get your assets and care for your minor children upon your death, creating a will is strongly recommended.

Without one, your state will decide who gets your money, typically in a certain order, starting with your spouse, then your children, moving on to your parents, then siblings and finally going to a broad category called "other," should none of the previous people exist.

A will is the most basic of estate documents, yet 50 percent of Americans with children and 41 percent of baby boomers (age 55-64) don't have one, according to a survey from RocketLawyer.com.

That's a lot of potential court dates with families fighting over money and kids. This potential nightmare can be solved simply by telling the world -- in writing - - who gets what.

Aside from a will, there are three important documents that all of us should have, but most don't. If you would like to stay in control of your money and your medical decisions until the end, then here's what you need to consider:

1. Beneficiary designations: If you have a life insurance policy, or any type of retirement account, you likely have signed a beneficiary designation. This is an extremely important piece of paper because who gets this money is not determined by your will, but who you named on this form.
   If there were any changes in your life -- such as getting married or divorced, or having a child and then more children -- it's time to revisit who's listed as your beneficiaries. To find out who you currently have designated, contact your insurance company for life insurance, your employer for 401(k) or your brokerage firm for IRAs.
2. Financial power of attorney: Creating a financial power of attorney lets you designate someone to make financial decisions on your behalf, should you become incapacitated or unable to make those decisions for yourself.
   You can decide the scope of powers to grant your "agent" -- from access to your financial accounts to managing all your financial affairs. Without a Financial POA, the court will step in and appoint someone to take care of these decisions.
   This process can take time, and while the court typically appoints a close family member, they may not be the person you would choose. This is especially imperative if you have a non-spouse partner.
3. Medical power of attorney: Like the financial power of attorney, a medical POA lets you choose who will make medical decisions on your behalf if you are not able to make those for yourself. The power allows your designee to have access to your medical records, consult with your doctors and admit you to a hospital or long-term care facility, among other things.
   Your medical POA will also see that your Advanced Medical Directive is carried out. In this important document, you provide specific end-of-life instructions for what type of care you want or don't want, such as tube-feeding and/or living on a ventilator.
   These decisions can be deeply personal and incredibly difficult for loved ones to make, so it's best to make sure that your wishes are clearly defined.

http://www.wtop.com/249/3521384/3-things-you-need-besides-a-will

5 estate-plan strategies for boomers

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For many Americans, the task of putting together an estate plan is one of those “to-do’s” that never gets done.

It’s hardly surprising. Estate plans are easy to ignore until it’s too late. They can be cumbersome to implement — generally, you’ll want to have a legal professional draw up the documents. And the process entails thinking about events most of us like to pretend won’t ever happen — death and debilitating accidents.

But avoiding these important personal-finance tasks leads to a much worse scenario: Your family is rocked not only by the inevitable tragic event — but their pain is compounded by the complete upheaval of their financial life.

“Estate planning is an act of love,” wrote John Ventura, in the Kiplinger book “Estate Planning: The Complete Guide to Wills, Trusts and Maximizing your Legacy.”

Read more: http://www.marketwatch.com/story/5-estate-plan-strategies-for-boomers-2013-11-29

Gifting for Tax Planning

Most people start planning for their death to make sure that their assets are given to the correct people.  There is also another main objective of estate planning, which is tax planning.  It is important to plan for taxes because there are many tools that can be used to reduce the expenses.  One tool used is gifting.  For estate owners, this tool is ideal because they get to see their loved ones rewarded.  You can gift to your heirs, or your can gift to a charitable organization.

For more information visit my estate planning attorney Orange County blog.

http://blog.tompkins-law.com/2013/12/tax-planning-through-gifting.html

http://www.tompkins-law.com/estate-plan-reviews-and-amendments

Succession planning

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Succession planning is a process for identifying and developing internal people with the potential to fill key business leadership positions in the company. Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available. Taken narrowly, "replacement planning" for key roles is the heart of succession planning. Effective succession or talent-pool management concerns itself with building a series of feeder groups up and down the entire leadership pipeline or progression (Charan, Drotter, Noel, 2001). In contrast, replacement planning is focused narrowly on identifying specific back-up candidates for given senior management positions. For the most part position-driven replacement planning (often referred to as the "truck scenario") is a forecast, which research indicates does not have substantial impact on outcomes.

Fundamental to the succession-management process is an underlying philosophy that argues that top talent in the corporation must be managed for the greater good of the enterprise. Merck and other companies argue that a "talent mindset" must be part of the leadership culture for these practices to be effective.

Succession planning is not a new phenomenon. Companies have been wrestling with ways to identify, develop, and retain their talent for decades. So, why is succession planning suddenly popping up on every company’s radar screen? Today’s organizations are facing higher demands in a global market with the retirement of the Baby Boomers and the widening talent gap. The home-grown and paper-based succession planning that companies relied on in the past are no longer meeting the needs of today’s workforce. In order to achieve results, companies need to start with the basics, create a strong process and then invest in the tools and technology to instill a talent development mindset in their organization. This report highlights research findings on succession planning efforts in Best in Class organizations across multiple industries.

Succession planning is a process whereby an organization ensures that employees are recruited and developed to fill each key role within the company. Through your succession planning process, you recruit superior employees, develop their knowledge, skills, and abilities, and prepare them for advancement or promotion into ever more challenging roles. Actively pursuing succession planning ensures that employees are constantly developed to fill each needed role. As your organization expands, loses key employees, provides promotional opportunities, and increases sales, your succession planning guarantees that you have employees on hand ready and waiting to fill new roles.

According to a 2006 Canadian Federation of Independent Business survey, slightly more than one third of independent business owners plan to exit their business within the next 5 years and within the next 10 years two-thirds of owners plan to exit their business. The survey also found that small and medium sized enterprises are not adequately prepared for their business succession: only 10% of owners have a formal, written succession plan; 38% have an informal, unwritten plan; and the remaining 52% do not have any succession plan at all. The results are backed by a 2004 CIBC survey which suggests that succession planning is increasingly becoming a critical issue. By 2010, CIBC estimates that $1.2 trillion in business assets are poised to change hands.^[1]

http://en.wikipedia.org/wiki/Succession_planning

How to Attract Men: Tips on What Men Want Book Review

Th new Ebook on Amazon: How to Attract Men: Tips on What Men Want is one I just got done reading

how to attrac men

How to Attract Men: Tips on What Men Want Book Review

Th new Ebook on Amazon: How to Attract Men: Tips on What Men Want is one I just got done reading

tips on what men want

How to Read Body Language Book

This book on how to read body language on Amazon is a great and simple read. Check out the link here:

http://www.amazon.com/Read-Body-Language-Audrey-Smith/dp/1480206415

If you want to sharper your skills on how to read body language I highly recommend reading this book.

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How to Lose Belly Fat Naturally Book

How to Lose Belly Fat Naturally Book review--Are you looking to lose belly fat? Look no further. This new book on Amazon gives great advice on losing belly fat the healthy way (http://www.amazon.com/How-Lose-Belly-Fat-Naturally/dp/1475242182).

With so many crash and fad diets out there, how do you know what will work? Luckily, this book is full of useful information that will help you create the best diet plan uniquely tailored to your needs.

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How to Attract Men Book Review

On Amazon I foudn the How to attract men: Tips on what men want book here: http://www.amazon.com/How-Attract-Men-Tips-What-ebook/dp/B007E3SNLY And I must say it was really cool to learn the psychology of how men and women think.

Plus learning about how to attract the right kind of man and how to treat him so he stays around was eye opening for me because it is very simple yet very overlooked the advice that this book gives.

Overall thumbs up!

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What do Dreams Mean? Dream Book

What do dreams mean- A Dream Book on How to Interpret Dreams book review--Dreams are the only way that your subconscious communicates. When you go to sleep your brain awakens. This book called, "What do Dreams Mean," (http://www.amazon.com/What-Do-Dreams-Mean-Interpret/dp/1475170270/) gives numerous examples of dream sequences that could mean something.

There are chapters on dream symbols, the history of dream interpretation, etc.

This book is a must read if you are looking to understand your dreams.

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How to Play Poker -for Beginners

Book review: How to play poker by Troy Smith--Poker can be a confusing game if you have never played it. It isn't easily taught, and can be tricky. This book called, "How to Play Poker," gives simple instructions on how to play a successful game http://www.amazon.com/How-Play-Poker-Troy-Smith/dp/1479196282).

"How to Play Poker," covers everything from the suits of the cards to winning the most money.

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How to Plan a Wedding

How to Plan a Wedding Book Review: This informative book will give you advice on all aspects of the wedding planning process (http://www.amazon.com/How-To-Plan-Wedding-ebook/dp/B008JFM0UQ).

Decisions like budget, the wedding venue, vows, the wedding ring, flowers, etc. can be difficult to make. An engaged couple should discuss options together and then choose which option is best for them. There are many chapters in this book, "How to Plan a Wedding," that focus on specific decisions that need to be made. The information given can be used to guide you through your wedding planning process from beginning to end.

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A Client Gifts Her Estate from Overseas

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The client, in her early 80s, lived in South America but her children resided in the U.S. and were U.S. citizens.

She wanted to leave the children her estate, worth tens of millions of dollars, in the most tax-efficient way possible. But she worried the pitfalls involved with dual-country estate plans could subject her or her heirs to a large tax bill.

Clients living outside the U.S. face tricky estate-planning issues, including the fact that any U.S. situs assets (assets owned in the U.S. such as real estate or shares of U.S.-based companies) are subject to U.S. estate-tax laws. What's more, non-U.S. citizens are subject to a $60,000 lifetime gift-tax exemption, compared with the $5.25 million exemption available to U.S. citizens.

However, under U.S. tax law, non-U.S. situs investments aren't subject to any transfer tax, estate or gifts taxes when the beneficiaries receive them, nor is there a limit to transfer, says Mr. Monnich. So to protect his client's assets from taxes, he first suggested that his client sell any U.S-based assets as well as passive foreign investment companies, like foreign-based mutual funds, which are subject to onerous tax laws for U.S. inheritors.

When that was done, the adviser had the woman transfer all her assets to a revocable foreign grantor trust, which named her children as beneficiaries. That type of trust would allow the assets to pass estate-tax free to the woman's heirs, yet gave her control over the assets during her lifetime. And because the trust didn't hold any U.S. assets, she would pay only taxes in her home country.

Upon the woman's death, her beneficiaries would receive the assets and the trust would automatically become an irrevocable non-grantor foreign trust. The assets in the trust also would qualify for a step-up in cost basis upon the client's death--allowing the children to avoid taxes on capital gains accrued during the woman's lifetime.

http://online.wsj.com/news/articles/SB10001424052702303531204579207772798540100

Incapacitation Planning

A durable power of attorney is a legal mechanism used to plan for one's incapacitation.  Although this is unpleasant to think about, it a reality that everyone must face.  There can be a springing or an immediate durable power of attorney.  Springing means that the agent will only take affect once the estate owner is incapacitated.  An immediate durable power of attorney's take affect right away.

Find our more about this Orange County estate planning attorneys durable power of attorney services.

http://www.tompkins-law.com/estate-plan-reviews-and-amendments http://blog.tompkins-law.com/2013/11/estate-planning-attorney-tools-durable.html

Pet Trusts

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A pet trust is a legal arrangement to provide care for a pet after its owner dies.^[1] [2] A pet trust falls under trust law and is one option for pet owners. Options include honorary trusts, provisions in a will and traditional legal trusts.

Pet trusts stipulate that in the event of a grantor’s disability or death a trustee will hold property (cash, for example) “in trust” for the benefit of the grantor’s pets. The “grantor” (also called a settlor or trustor in some states) is the person who creates the trust, which may take effect during a person’s lifetime or at death. Payments to a designated caregiver(s) will is made on a regular basis.

Depending upon the state law, trusts usually continue for the life of the pet or 21 years, whichever occurs first. Some states allow a pet trust to continue for the life of the pet, without regard to a maximum duration of 21 years. This is particularly advantageous for companion animals who have longer life expectancies than cats and dogs, such as horses and parrots.

http://en.wikipedia.org/wiki/Pet_trust

How to Fund a Revocable Living Trust

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Funding a trust is just as important as setting it up. Learn why it's important to fund your revocable living trust and how to fund specific assets including bank and investment accounts, stock certificates, savings bonds, personal effects, retirement accounts, life insurance, business interests and real estate.

What Does it Mean to Fund a Trust?
In order for a Revocable Living Trust to function properly, it's not enough for the Trustmaker to simply the sign trust agreement. After the agreement has been signed, the Trustmaker must “fund” his or her assets into the trust. Learn what it means to fund a Revocable Living Trust.

What Are the Procedures for Funding a Trust?
In order for a Revocable Living Trust to function properly, it's not enough for the Trustmaker to simply sign the trust agreement. After the agreement has been signed, the Trustmaker must “fund” his or her assets into the trust. There are three general procedures that should be followed in order to properly fund a Revocable Living Trust.

What Types of Assets Can Go Into a Revocable Living Trust?

If you've created a Revocable Living Trust to plan for mental disability and avoid probate and you think that your estate plan is done once you've signed the trust agreement, it isn't. Why not? Because after your Revocable Living Trust has been signed you'll need to "fund" it with your assets. Learn what types of assets can be retitled into the name of your Revocable Living Trust.

What Types of Assets Can't Go Into a Revocable Living Trust?
If you've created a Revocable Living Trust to plan for mental disability and avoid probate and you think that your estate plan is done once you've signed the trust agreement, it isn't. Why not? Because after your Revocable Living Trust has been signed you'll need to "fund" it with your assets. But not all of your assets can go into your trust. Here's a list of what types of assets can't be re…

for more information: http://wills.about.com/od/howtofundatrust/

What is Trust Funding?

Trust funding is a mechanism used in estate planning.  This type of planning includes transferring assets and cash resources to a trust, hence the name, "Trust Funding."  When these things are transferred they need to be titled in the name of the trust.  This is a very important step in the trust funding process, if not done correctly it could create many problems after your death.

Read more on this Orange County estate planning attorney's blog.

http://blog.tompkins-law.com/2013/11/an-attorney-specializing-in-estate.html

http://www.tompkins-law.com/estate-plan-reviews-and-amendments

10 Things You Should Know About Living Trusts

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For most people, a will is the first choice for passing on an estate to heirs. But it's not the only choice. Among other estate planning tools, the revocable living trust is gaining in popularity, especially among boomers.

In addition to being one of several ways to avoid probate—the legal process to determine whether a will is valid—living trusts may offer before-death and after-death advantages.

Whether a living revocable trust is right for you depends on your circumstances. Consultation with a qualified attorney and a personal financial adviser should always be part of your estate planning, but here are 10 things you should know about living trusts:

What is a revocable living trust?

A revocable living trust is a written agreement designating someone to be responsible for managing your property, It's called a living trust because it's established while you're alive. It's "revocable" because, as long as you're mentally competent, you can change or dissolve the trust at any time at your own discretion for any reason. Typically, a living trust becomes irrevocable (cannot be changed) when you die.

A trust involves three parties: you as the creator, the trustee or trustees who agree to manage your assets as directed by the terms of the trust, and the beneficiaries.

You will probably want to name yourself and your spouse as trustees, because you want full control of the property while you're alive. As trustee, you will have the power to wheel and deal with your assets—sell them, exchange them, invest them, do whatever you want with them.

What is the difference between a living trust and a will?

Both a will and a living trust contain your inheritance instructions, meaning who gets what, when they get it, and how.

"A trust is often preferred for people concerned with privacy and avoiding probate," says attorney Thomas J. Bogar of Cheltenham, Pa. A living trust will not become part of the public record unless a trustee or a beneficiary demands court approval of accounts. Probate records are always open to the public.

While trusts serve a purpose in some circumstances, for most people with relatively modest estates, wills are quite adequate. They are generally less complicated and less expensive than a trust.

for more information: http://www.aarp.org/money/estate-planning/info-09-2010/ten_things_you_should_know_about_living_trusts.html

10 Common Estate Planning Myths That Can Be Detrimental to Your Family

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In a recent blog post, my colleague, Nancy Anderson, writes about “Three Common Estate Planning Mistakes That You Can Easily Avoid.” It’s not surprising that these mistakes are so common since in my experience, estate planning is the area with the most widespread confusion and unfortunately, this confusion can lead to those very mistakes, costing so much in time, money, and stress to people’s families. In particular, here are ten estate planning myths I hear most often:

1) Estate planning is just for the wealthy. This myth comes from the focus of so many attorneys and financial advisers on the estate tax, which may not be an issue this year until your estate surpasses $5,120,000, an amount that most of us would characterize as pretty well-off, if not downright rich. This focus makes sense for estate planning professionals since they make so much more money dealing with that issue, but estate planning is about so much more than that. It’s also about making sure that your finances are taken care of if you’re incapacitated, that decisions about your health care are carried out the way you’d like even if you’re not able to make them, and that your children and other heirs are taken care of when that time eventually comes. That’s why estate planning isn’t just for the Donald Trumps of the world. Estate planning is for anyone who may become seriously ill or pass away. In other words, it’s for everyone.

2) I’m too young for estate planning. We never know when we might need estate planning and by then, it will be too late. For example, history is replete with the stories of celebrities who unfortunately died before creating a will, many of them at a relatively young age.

to read the rest: http://www.forbes.com/sites/financialfinesse/2012/10/03/10-common-estate-planning-myths-that-can-be-detrimental-to-your-family/

3 Misconceptions About Estate Planning

There are many misconceptions about estate planning that float around in people's minds and keep them from doing the proper planning.  Many people believe that estate planning is only for the wealthy, but this is not the case.  Anyone who has assets, no matter how little, should have an estate plan.  Other people believe that if they are in good health, they do not need an estate plan.  This type of thinking is dangerous because you never know what could happen.

An experienced Orange County estate planning attorney has more information for you to read.

http://blog.tompkins-law.com/2013/10/an-estate-planning-attorney-exposes-3.html

http://www.tompkins-law.com/estate-plan-reviews-and-amendments

What is Estate Planning?

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Believe it or not, you have an estate. In fact, nearly everyone does. Your estate is comprised of everything you own— your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, personal possessions. No matter how large or how modest, everyone has an estate and something in common—you can’t take it with you when you die.

When that happens—and it is a “when” and not an “if”—you probably want to control how those things are given to the people or organizations you care most about. To ensure your wishes are carried out, you need to provide instructions stating whom you want to receive something of yours, whatyou want them to receive, and when they are to receive it. You will, of course, want this to happen with the least amount paid in taxes, legal fees, and court costs.

That is estate planning—making a plan in advance and naming whom you want to receive the things you own after you die. However, good estate planning is much more than that. It should also:

• Include instructions for passing your values (religion, education, hard work, etc.) in addition to your valuables.
• Include instructions for your care if you become disabled before you die.
• Name a guardian and an inheritance manager for minor children.
• Provide for family members with special needs without disrupting government benefits.
• Provide for loved ones who might be irresponsible with money or who may need future protection from creditors or divorce.
• Include life insurance to provide for your family at your death, disability income insurance to replace your income if you cannot work due to illness or injury, and long-term care insurance to help pay for your care in case of an extended illness or injury.
• Provide for the transfer of your business at your retirement, disability, or death.
• Minimize taxes, court costs, and unnecessary legal fees.
• Be an ongoing process, not a one-time event. Your plan should be reviewed and updated as your family and financial situations (and laws) change over your lifetime.

Estate planning is for everyone.
It is not just for “retired” people, although people do tend to think about it more as they get older. Unfortunately, we can’t successfully predict how long we will live, and illness and accidents happen to people of all ages.

Estate planning is not just for “the wealthy,” either, although people who have built some wealth do often think more about how to preserve it. Good estate planning often means more to families with modest assets, because they can afford to lose the least.

Too many people don’t plan.
Individuals put off estate planning because they think they don’t own enough, they’re not old enough, they’re busy, think they have plenty of time, they’re confused and don’t know who can help them, or they just don’t want to think it. Then, when something happens to them, their families have to pick up the pieces.

http://www.estateplanning.com/What-is-Estate-Planning/