Category: Estate Planning & ...

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Monday August 26th, 2024.

The risks of not having a will or trust in place are far-reaching, and they go beyond just creating complexities concerning the continuity of your estate. It leaves your loved ones vulnerable to exploitation, especially because of the potential lawsuits that can drag on for years in court. Recognizing these risks is important for anyone who thinks about dying intestate and then taking proper steps to have a will or trust in place. 

Here’s a list of potential risks if you have no will. 

Your Family Has No Control Over the Distribution of Your Assets

If you don’t have a will or trust in place before your demise, your loved ones will not have the ability to distribute your assets peacefully. The state intestacy laws will take precedence and assign heirs to your estate based on some generic legal formula. The outcomes of this legal formula may not address the specific needs of your family, especially if the appointed heir blows through the family fortune in a few months. 

Ugly Family Disputes that Can Damage Your Pristine Reputation

If you don’t leave a legally defined plan for your estate’s continuance after your passing on, you will be creating a perfect recipe for ugly family disputes. The disputes will not only leave your family divided in different directions; the disputes will damage a reputation that took you years to build. In addition, your family will pay dearly for these disputes when they end up in court. 

Probate-Related Complications

Not having a will or trust in place will create complications during probate. It will take your family a longer time to complete the legal process of administering your estate, pay debts, and distribute your assets amongst all beneficiaries. It is even worse when disputes arise during the process. 

Problems with Legal Guardianship and Care Decisions

Not having a will or trust in place will negatively impact any minors you leave behind after your demise. Making arrangements for legal guardianship for these minors will be harder, which exposes them to all forms of abuse. You will not only protect their interests, but it also acts as the instrument for appointing suitable guardians who will put their interests first. 

Safeguard Your Legacy

Given that none of us is guaranteed to live forever, it is only prudent to prepare a will or trust to provide your loved ones with a proper means to facilitate the distribution of your estate after your passing on. Contact Wickersham & Bowers today to discover how we can help you secure the future you envision.

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Thursday July 18th, 2024.

Estate planning does not start and end with a will. To ensure your designated beneficiaries are well-protected after you pass on, you need to have a clear and detailed road map of how your assets will be transferred. Here are four essential documents you should consider:

A Comprehensive Will

When crafting the will, be sure to name an Executor to avoid costly legal battles among your beneficiaries. You may also want to determine the guardianship of your non-financial assets, such as your pets, art collection, and young children, in your will. To be sure that your will remains valid, draft it with the help of a seasoned Estate Planning attorney.

A Living Trust

While the will kicks on after you pass on, a living trust is a powerful tool that can help you manage your assets while alive and ensure a seamless transfer after your death. As the name suggests, the assets in a “living” trust will still be under your control until you pass on. 

The primary advantage of having a trust is that all the assets under it are not subject to the probate process. Probate processes are not only time-consuming and costly to your beneficiaries but are also carried out in public courts. 

The Power of Attorney

A great estate plan does not just cover the death aspect but also goes as far as outlining the steps to be taken if you become incapacitated. In such a case, you would need someone you trust to take charge of your financial and legal decisions. That is essentially what is called the power of attorney. You can designate an Attorney-in-fact to take charge of all your life decisions or limit them to specific actions.

Letter of Intent

Letters of intent are not legally binding. However, they can help clarify your wishes further, particularly when it comes to things like burial arrangements and distribution of your sentimental items.

Contact Us

Whether you need to draft a will or establish a trust, you can rest assured that Wickersham and Bowers will deliver. Call us today to talk to our estate planning attorney.

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Monday June 17th, 2024.

Estate planning is a critical process involving the transfer of your assets and estate after you pass away. Writing a will or setting up a trust can help avoid conflicts between beneficiaries after death. Estate planning involving minors or incapacitated beneficiaries includes the nomination of a guardian. You or the court may appoint a guardian to care for your children when you pass away. A guardian is a custodian who oversees a deceased’s estate on behalf of beneficiaries, protecting their interests. Here are the roles of guardianship in estate planning:

Managing Inheritances and Assets

A guardian oversees the distribution and management of your property and assets on behalf of your minor or incapacitated heirs after you pass away. In most cases, the guardian is responsible for managing their ward’s finances, assets, and property until the beneficiary turns 18. Guardianship for incapacitated adults ends when the beneficiary regains their ability to manage their inheritance. Only the court can settle, close, or extend the guardianship after addressing all pending business.

Making Decisions on the Beneficiaries’ Needs and Well-Being

Guardianship in estate planning is not just about managing the deceased’s property and assets on behalf of the beneficiaries. It also involves making critical decisions about the beneficiaries’ education, healthcare, and upbringing. Guardians have a duty of care. The appointed guardian caters to the ward’s welfare and overall well-being, aligning with the deceased’s wishes and preferences. For this reason, choosing the right guardian is more critical than ever.

Providing a Status Report

A guardian is responsible for executing your estate in line with your wishes. Most guardianships have guidelines specifying the management of your estate and the guardian’s limitations. With this in mind, the law requires guardians to provide annual reports of the ward’s estate, financial accounts, and well-being to the court or relevant legal party to reinforce transparency.

Get in Touch With Us

Our dedicated attorneys at Wickersham and Bowers provide personalized estate planning solutions aligning with your needs. Our guardianship lawyers offer personalized guidance when appointing a guardian for your estate. We can also help you prepare legal documentation, ensuring guardians do not overstep their limitations and that beneficiaries receive their rightful inheritance when you pass away. Contact us today to schedule a free consultation with our team.

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Monday May 20th, 2024.

Currently, around ten states in the U.S. have legalized voluntary assisted dying (VAD). These include California, New Mexico, Hawaii, New Jersey, and Colorado. 

Nonetheless, physician-assisted dying still remains a complex issue, with lots of social, ethical, and legal considerations. VAD also has implications in estate planning that you should consider if you wish to pursue the procedure.

Family Dynamics

The decision to pursue voluntary assisted dying can be emotionally and psychologically taxing. Some family members may support the decision, while others may struggle to deal with the potential loss. The potential disagreements from the opposing parties may affect inheritance plans and possibly even lead to litigation. When planning for VAD, you need to have frank conversations with estate beneficiaries and trustees to ensure they remain on the same page.

Unforeseen Circumstances

Although VAD is usually scheduled, you may die before the selected date, particularly if you have a terminal illness. To prevent disputes, it is advisable to keep the estate documents up to date at all times. You may also want to let your beneficiaries know about the will and other documents in advance. This helps you sort out any issues before they blow up.

End-of-Life Planning

Patients set to undergo VAD typically need to draft additional documents like Advance Directives, Living Wills, and healthcare proxies. These documents allow you to outline your healthcare preferences and designate a power of attorney to act on your behalf if you become suddenly incapacitated. Drafting these documents is a whole other process and may require consultation with your lawyer.

Life Insurance Considerations

Some life insurance policies may not offer compensation if death results from voluntary assisted dying. Some insurance firms pay partial compensation, while others only issue a refund of the premiums paid. Before making the VAD request, you should first review your policy contract.  It also helps to talk to an estate planning attorney or your insurance provider to learn how you can protect your beneficiaries.

Get in Touch With Us

Estate planning can be an emotionally taxing process. At Wickersham and Bowers, we can take the load off your shoulders. Contact us today for assistance with estate and end-of-life planning.

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Tuesday March 19th, 2024.

Estate planning often involves more than just financial assets and real estate. For many, unique assets such as art, antiques, and collectibles hold not only monetary value but also sentimental importance. Understanding how to manage these items in your estate plan is crucial. This is where expertise in handling such distinctive assets becomes invaluable.

Valuation and Appraisal

The first step in estate planning for art, antiques, and collectibles is obtaining accurate valuations. These items might have appreciated significantly over time, and their current market value can be quite different from the original purchase price. Professional appraisals are essential for a fair and accurate assessment of these assets. This not only aids in equitable distribution but also ensures appropriate insurance coverage and tax calculations.

Legal Considerations

Once the value is determined, legal considerations come into play. This involves deciding how these assets will be distributed. Will they be bequeathed to family members, donated to museums, or perhaps sold? Each option has legal and tax implications. Detailed documentation and clear instructions in your will or trust are necessary to ensure your wishes are honored.

Preservation and Maintenance

Preserving the condition of these assets is another key aspect. Art and antiques require specific care and climate control to maintain their value and condition. Part of your estate plan should include instructions or funds allocated for the ongoing care and preservation of these items.

Succession Planning

For collectors, succession planning can also involve educating heirs about the value and care of these items. This ensures that your legacy is not only passed down but also preserved and appreciated by future generations.

Transforming Your Legacy Into a Masterpiece

At Wickersham and Bowers, we understand the unique challenges and opportunities that come with including art, antiques, and collectibles in your estate plan. Our experienced team provides tailored advice and solutions, ensuring your treasured assets are handled with the care and expertise they deserve. Let us help you secure your legacy and transform it into a lasting masterpiece. Contact us today to discuss your estate planning needs.

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Monday February 19th, 2024.

Recent changes in tax laws have significantly impacted estate planning, necessitating a comprehensive and fresh look at various strategies and structures. The modifications, primarily focusing on exemptions and rates, present complex challenges and valuable opportunities for individuals actively planning their estates. Understanding these changes is absolutely crucial for effective and efficient estate management.

Altered Exemption Limits

One of the most notable changes is the adjustment in exemption limits. The amount that can be passed on tax-free has been altered, affecting how estates are structured. This change has implications for high-net-worth individuals, potentially leading to higher tax liabilities unless properly planned for. It’s essential for estate planners to reevaluate existing plans to ensure they align with the new limits.

Shifts in Tax Rates

The revision of tax rates is another critical aspect. Changes in these rates can influence decisions on asset distribution and timing. Understanding the interplay between various tax brackets and estate planning techniques is vital for minimizing tax liabilities. This requires a nuanced approach, considering both current and future tax implications.

Strategies for Adaptation

To adapt to these changes, several strategies can be considered. Gifting, trusts, and charitable contributions are avenues that can offer tax benefits while fulfilling estate planning objectives. Each approach has its considerations, and selecting the right mix depends on individual circumstances and goals.

Impact on Future Planning

The recent tax law changes underscore the importance of flexibility and foresight in estate planning. With tax landscapes continually evolving, plans need to be revisited and adjusted regularly. This ensures that estates are not only compliant with current laws but are also structured optimally for future changes.

Get In Touch With Us

At Wickersham and Bowers, we understand the complexities of estate planning in a changing tax environment. Our expertise can guide you through these recent changes, ensuring your estate plan is robust, tax-efficient, and aligned with your objectives. Contact us to reassess and restructure your estate plan in light of the new tax laws. Let’s navigate these changes together for your peace of mind and your family’s future security.