At Learned Lawyer, we love our pets. Scott's dog, Lola, is a mix of poodle and dachshund, known as a "Doxiepoo." She's cute, but she's the most anxious animal known to man! Christine's dog, Beorn, is a Labrador Retriever and a certified therapy dog. Maritza's dog, Stitch, is a -- well, we're not sure. But she loves him anyway! We get it - your pet is part of your family! So shouldn't he or she be included in your estate plan? They can be! If you are concerned about the care of your pet ...
What to do with all this stuff?
One common issue for my clients is how to handle distribution of their "stuff" -- what estate planning lawyers call "tangible personal property." There's a really easy answer, and you can get started on it right now! But first, some terminology: Types of Property Lawyers divide property into two major groups: "real" and "personal." Real property is land and the objects permanently attached to the land (houses, office buildings, etc.). Personal property is everything else. We also ...
Add your child to your deed? No!
I get asked often why you shouldn't just add your child to your deed on a house or vacation home. Doing so is an awful idea and should never be done. And, listen, if you can get a lawyer to say you should never do something, it's probably a really bad idea. Here's why: Gift Tax When you add a child to your deed, you are gifting a 50% share of the house to that child. That gift is subject to the gift tax, and you would be required to file a Form 709 with the IRS to declare that gift. If ...
Check Your Beneficiary Designations!
Please, right now, stop what you are doing and take a few minutes to log into your retirement accounts and call your insurance broker to check your beneficiary designations. The theme this week has been people who have passed with no beneficiary designated or with the incorrect beneficiary designated. In one case, a man designated his wife as the beneficiary on his retirement account. They divorced, he remarried, and lived another twenty years. But he never changed his beneficiary from ...
Star Trek Actor Left No Will
Anton Yelchin is best known for playing Clumsy Smurf in The Smurfs (oh, yeah, and Pavel Chekov in the new Star Trek movies). At the age of 27, he died in an accident. News media are reporting that his parents have filed probate, claiming that he did not have a will. His estate (which is a legal word that just means “everything you own at the time of your death”) is already worth about $1.4 million. Because he died in an accident (his Jeep rolled down the driveway and killed him), that ...
Squandered Opportunities
Many people scrimp and save in the hopes of having something left over for their children at their death. But as an estate planning attorney, I know that often times that hard-earned-by-mom-and-dad inheritance turns into a squandered opportunity for the kids. The money (much like lottery winnings) is quickly used on a new flat screen TV, that motorcycle they always wanted, a two-week cruise to the Caribbean, or the worst possibility: to fuel an addiction to drugs, alcohol, or ...
Legalzoom’s “$50,000 Peace Of Mind Guarantee” — The False Allure Of The Diy Legal Service
In my prior post, I talked about some dangers in using DIY estate planning services such as LegalZoom. One of those dangers is the fact that, if you use an insured estate planning attorney and he screws up, your survivors are protected by his malpractice insurance. Services such as LegalZoom, though, are not your attorney and therefore cannot commit malpractice. LegalZoom happily tells you, in its disclaimer: LegalZoom is not a law firm, and the employees of LegalZoom are not acting as ...
Create A Financial Cheat Sheet
In my last post, I urged you to write down your wishes for a funeral or memorial service. This week, I’m encouraging you to create a financial cheat sheet for use by your loved ones should something happen to you (either death or disability). Write down or type up the following: The location of important legal documents: will, trust, insurance policies, car titles, property deeds, etc.; A list of your financial assets including savings and checking accounts, stock accounts, IRAs, ...
Why Pay For A Lawyer? Can’t I Do It Myself Online?
When I speak on the topic of estate planning, I am frequently asked why someone should hire a lawyer to prepare an estate plan. “Why can’t I just do it online through someone like LegalZoom for a lot less money?” In my mind, this is a bit like trying to perform your own dental filling to save money on going to a dentist. Of course, as with the dental example, the answer is that you certainly can go the DIY route and, potentially, save yourself some money. But performing DIY legal services ...
Leaving A Legacy Of Conflict – Celebrities Who Died Without Wills: Martin Luther King, Jr.
This is the first of several posts about celebrities who died without wills, and as a result left a legacy of conflict, anger, and often lawsuits between their loved ones. My first entry: Martin Luther King, Jr. MLK Jr. left no will. Of course, his death came as a shock and surprise, but everyone dies at some point and many people happen to die at a young age. (Obviously few people are assassinated, but that’s not the point.) Dr. King’s estate included such items as his Nobel Peace ...
