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© Northwest Legal Planning, LLC 2018
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Estate Planning Weekly is the plain english explanation of all things Estate Planning. Hosted by Donald Rolfe, owner of Northwest Legal Planning, LLC, Estate Planning Weekly answers the most common Estate Planning questions.
92 Episodes
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Most of us never saw the Covid-19 coming. We didn't anticipate schools, business, and government being shuttered. It just goes to show that the unexpected can and does happen. Personally, I'll be much better prepared in the event something like this happens in the future. Preparation for a pandemic is one thing, but being prepared for a closer to home problem is important too. That is what estate planning is all about...being prepared for the unexpected and the inevitable. https://www.myestateplanmeeting.com
1. Not doing any estate planning. 2. Only planning for end of life. 3. Leaving decisions for splitting assets to someone else. https://www.myestateplanmeeting.com
With the run on TP, I got to thinking about how unprepared most people were for a lockdown. Having the essentials on hand is very important...from TP to your Estate Plan. https://www.myestateplanmeeting.com
Longtime couples that aren't married need to take into account different estate planning strategies than married couples. https://www.myestateplanmeeting.com
Creating an estate plan on your own is an option. However, creating an estate plan in the wrong way can cause major problems. This week I spoke to a man that feels (and is probably right) that his sister stole his parent's estate. https://www.myestateplanmeeting.com
When making a recommendation for a Trust-based over a Will-based estate plan...there are some facts that make a Trust a better fit. https://www.myestateplanmeeting.com
When you pass without an estate plan, it can make the probate process more difficult. On top of that you won't be the one deciding who get what. https://www.myestateplanmeeting.com
Story time about my first experience with a Revocable Living Trust and my client's mistaken belief that her trust made her judgment proof. https://www.myestateplanmeeting.com
We explored what a Power of Appointment is before - Check out Estate Planning Weekly Episode 26. This bonus episode explores how to give a Power of Appointment to your beneficiaries. www.myestateplanmeeting.com
One of the most common statements I hear is "I only need a simple Will." Here is why I don't do Simple Wills and why they are not your best option for an estate plan. https://www.myestateplanmeeting.com
Estate Plans are made up from many documents...each of those documents has a different requirement for being updated. https://www.myestateplanmeeting.com
1. To one person and expecting them to split it up. 2. One piece of real property to more than one person. 3. To beneficiaries that it will harm. https://www.myestateplanmeeting.com _ Don is the owner and founder of Northwest Legal Planning, LLC, an Estate Planning, Probate, and Trust Administration law firm located in West Linn, Oregon. Meet Don and get answers to your Estate Planning Questions by scheduling a complimentary Estate Planning Strategy Session - https://www.nwlplanning.com/schedule-consulatation Website - https://www.nwlplaning.com Estate Planning Blog - https://www.nwlplanning.com/blog Facebook - https://www.facebook.com/nwlplanning Twitter - https://twitter.com/nwlplanning
We all know that Estate Planning is important...but is it urgent to get it done? Well, Estate Planning isn't urgent until it is. Once it is urgent it may be too late. https://www.myestateplanmeeting.com
1. Take an inventory of you assets and family. 2. Have a discussion and know what your goals are for your estate plan. 3. Write things down - your inventory, your questions, your goals, etc. https://www.myestateplanmeeting.com
Great question from a YouTube comment. There really aren't any disadvantages to putting assets into a Revocable Trust. Throughout your life you are free to move assets in and out of a Revocable Trust. Plus, whenever you want, you can revoke your trust and put everything back the way it was before. https://www.myestateplanmeeting.com
Really there are two Number 1 Estate Planning Mistakes 1 - For people without an Estate Plan - Not having an Estate Plan, which can lead to many unintended consequences. 2 - For people with an Estate Plan - Getting your Estate Plan in place and never looking at it again. Your life will change after your Estate Plan is in place and your Estate Plan should change with it. https://www.myestateplanmeeting.com
Failure to properly fund your trust is the biggest mistake you can make with a trust. Without proper funding your trust will not work the way that it should during your incapacity and after your death. https://www.myestateplanmeeting.com
We don't know exactly how much we will have in assets when we pass away. That fact leads some people to wonder how they can state in their estate plans how much each of their beneficiaries will get. We solve this problem by using percentages or fractions for the assets in the estate to each of the beneficiaries. So while we won't know exactly how much every beneficiary will get, we will know that all the assets will be distributed down to the last penny. https://www.myestateplanmeeting.com
We never know what tomorrow is going to bring. Being prepared for the unexpected is a must, and a comprehensive estate plan is part of that preparation. I've been off-air for due to an unexpected illness. Please don't wait for things to go wrong before you put a plan in place. https://www.myestateplanmeeting.com
How you will pass on your business is a very important part of Estate Planning. You have worked hard to build your business, and you deserve to make sure that value is passed on to your loved ones. https://www.myestateplanmeeting.com
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