Newsletter Archives - Uncategorized

Hi, I’m Wes Coulson and this is your Estate Planning and Elder Law Minute. One of the great myths about Powers of attorney is that the only real question is whether you have one or not. Truth of the matter is, not all financial powers of attorney are created equal. They ...

Hi I’m Wes Coulson, and this is your Estate Planning Minute. One of the questions that we get frequently for people for whom we establish trusts is whether they should name a family member as trustee or a corporate trustee like a bank or a trust company. My quick answer is that it depends, and here are the considerations. First, since you are ...

When it comes to taking IRA distributions, many people follow a simple strategy: wait as long as the law will allow before taking any distributions, and then take out the required minimum distribution each year. If you have to pay taxes, you might as well delay the inevitable for as long as possible, right? As it turns out, for most people, the answer is a resounding “No!” Here’s why. First, keep in ...

If forced to answer the question, “Who is more important, your spouse or your children?” most happily married people with children would object to the unfairness of the question.  The choice is not one they would want to make.  Their spouse and their children are of great and essentially equal importance to them... However, this choice is one that many people make when they sign a “simple will.”  If you are ...

If you stop and think about it, the idea that estate planning is “just about the money” is something of an insult.  Throughout our lives, we offer our loved ones so much more … our hopes and dreams … our knowledge and experience … our values and beliefs … lessons in responsibility, lessons in good citizenship. Estate planning offers us a unique opportunity to remain a positive influence in the lives ...

Most people who reach retirement age have, to one degree or another, planned and saved for their retirement.  They are prepared for the challenge of a rainy day, and perhaps even a rainy season.  But few people can withstand a financial monsoon that may hammer them relentlessly for years. For most retirees, the biggest threat to their ability to leave a financial legacy for their loved ones is the prospect of ...

The concept of “family” has evolved over the past century.  Nuclear families like the Nelsons of “Ozzie and Harriet” fame are becoming less and less the norm.  In increasing numbers, marriages end in divorce.  Many who have divorced later remarry, and as a result, have a spouse who is not the parent of their children.  As life expectancies increase, so do the number of widows and widowers who enter into ...

When people talk about their estate planning, the first words out of their mouth are usually “When I die …” That’s understandable, but it’s unfortunate. One of Better Estate Planning’s core concepts is that your estate plan should begin with you. Lifetime incapacity, which can cause a need for long-term care as we grow older, has been aptly referred to by senior advocates as the “not me” problem.  Studies have shown that ...

Suppose you have $200 and a list of items you need from the store. You have two choices of who can do your shopping: a relative who will not charge you anything, or a professional shopper who will charge you $10. If they both come back with everything on your list and the same amount of change, then you will have saved $10 if your relative does your shopping. On ...

Q. What do you get when you cross a lawyer with The Godfather? A. An offer you can’t understand. The above joke relates one of the most common complaints that people have about lawyers: they speak and write in “legalese.” An unfortunate result is that many people have estate planning documents that they don’t understand. If you’re not sure what your Will, Living Trust, Power of Attorney or other estate planning documents ...