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

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. <a href="https://www.myestateplanmeeting.com" rel="nofollow" target="_blank">https://www.myestateplanmeeting.com</a>

Being Prepared Is More Important Today | Estate Planning Weekly Episode 49

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

1. Not doing any estate planning. 2. Only planning for end of life. 3. Leaving decisions for splitting assets to someone else. <a href="https://www.myestateplanmeeting.com" rel="nofollow" target="_blank">https://www.myestateplanmeeting.com</a>

Three Estate Planning Mistakes To Avoid | Bonus Episode

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

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. <a href="https://www.myestateplanmeeting.com" rel="nofollow" target="_blank">https://www.myestateplanmeeting.com</a>

Estate Planning & TP | Bonus Episode

Longtime couples that aren't married need to take into account different estate planning strategies than married couples. https://www.myestateplanmeeting.com

Longtime couples that aren't married need to take into account different estate planning strategies than married couples. <a href="https://www.myestateplanmeeting.com" rel="nofollow" target="_blank">https://www.myestateplanmeeting.com</a>

Estate Planning for Unmarried Couples | Estate Planning Weekly Episode 48

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

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. <a href="https://www.myestateplanmeeting.com" rel="nofollow" target="_blank">https://www.myestateplanmeeting.com</a>

Best Meaning Plans Didn’t Work | Bonus Episode

LEAD

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 making a recommendation for a Trust-based over a Will-based estate plan...there are some facts that make a Trust a better fit. <a href="https://www.myestateplanmeeting.com" rel="nofollow" target="_blank">https://www.myestateplanmeeting.com</a>

4 Facts That Lead Me To Recommending Trusts Over Wills | Bonus Episode

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

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. <a href="https://www.myestateplanmeeting.com" rel="nofollow" target="_blank">https://www.myestateplanmeeting.com</a>

What It's Like Without An Estate Plan After You Are Gone | Episode 47

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

Story time about my first experience with a Revocable Living Trust and my client's mistaken belief that her trust made her judgment proof. <a href="https://www.myestateplanmeeting.com" rel="nofollow" target="_blank">https://www.myestateplanmeeting.com</a>

What A Trust Won’t Do For You | Bonus Episode

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

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. <a href="http://www.myestateplanmeeting.com" rel="nofollow" target="_blank">www.myestateplanmeeting.com</a>

How To Give A Power of Appointment | Bonus Episode

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

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. <a href="https://l.facebook.com/l.php?u=https%3A%2F%2Fwww.myestateplanmeeting.com%2F%3Ffbclid%3DIwAR1zdHuliPEHF6pqwDe3o_PD-dyZCNScf_Y03w-Mq5GHnWx571tLfPIpHlg&amp;h=AT3kKtWKakAvncHzvwwr8h6EZtlvvI0JYJ2HF96MOzkqvyjeSZnwyLJDo6XZYtPXngQZVMpzwYhucEIj5AkiWOcxqPU3rBZkhkRN1MNSkpkYgejaiwTe5kdSqNENnk0SW6YM3cGGY_9phQuE-jkQZ2NsrxF1Z7W0NPUhRgo-7o77cW5peMq0jo-jut5jI6zSrxJVgDATTdaNJ2nwwvy0nezyv1MRzbcDfWDvnHvNaLDkHsSZnOpYB600UH7up5JDY0UyG29sRBNRN0Pfyl0fhEJK2h4WTpzUgOX9N_z-mNZzjL7ycXLtLmcqiXknQ5NsfFUR6Ar0L0kVL3GXG_DRgd5G12erO6CpA4X0jB6o4RQyZ5GcALj-C6dnnGTinXZgqMWtqsVvWWbXUoTR_wI1IFZjR-UIauxX-UM18VuME-NoF_UrP7ODewHZcwtLK7_mOPGt1tMB_UUNzZ0OL1B6OacP90-SV7mt-e9o86qBORXN6dCo8ZqgYwUGTyY3PrGW9rz4r0fHBi5Yt11qppBh29ltkUebdhpDDE4nAFPvg62maK_WiNkUYxhMz3D3F6xkOLjcMKgIm1A20YeXyyRtTJkYslAolUd2M2-acaCBcXowZWbsL85BBwejXQ8niQ" rel="noopener nofollow" target="_blank">https://www.myestateplanmeeting.com</a>

The Simple Will | Estate Planning Weekly Episode 46

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.

Estate Planning Weekly

Retirement accounts are often very misunderstood. Dealing with how to incorporate them in your estate plan can seem very difficult. Here is some basics, but you really need to speak to a professional about your particular circumstances.    Don't Title Them Into Your Trust You have your Trust and now you are working on funding it. Your attorney (or online service) told you to put all of your accounts in the name of your Trust. Hold on, don't do that with your retirement accounts. Retirement accounts are treated differently when it comes to taxes; they are also exempt for most collection actions. If you change the ownership of your retirement accounts that will trigger a tax and you'll loose that collection exemption. If someone tells you to change the name on your retirement accounts...get a second opinion before you do anything. Primary Beneficiary If you're married, 9 times out of 10 your should name your spouse as the primary beneficiary. Inheritance of a retirement by a spouse retains the exemption as if they were the original owner of the account. Of course you might be that 1 out of 10...seek professional advice before you make a final decision. If you are single, see the contingent beneficary section below. Contingent Beneficiary When a non-spouse inherits a retirement account it looses the exemption protections unless you live in a handful of states (Oregon is not one of them). The general best practices it to leave make sure you name each person or organization you want to get part of your retirement account separately - don't name only one person and expect them to share. If you are interested in protecting your retirement accounts from creditors, then there are ways to name a trust to do just that. However, you must name the trust in a specific way and should get the advice of a professional. If you'd like to learn more about incorporating your retirement accounts into your estate plan, please schedule a complimentary Strategy Session with me. 

Retirement accounts are often very misunderstood. Dealing with how to incorporate them in your estate plan can seem very difficult. Here is some basics, but you really need to speak to a professional about your particular circumstances.  Don't Title Them Into Your Trust You have your Trust and now you are working on funding it. Your attorney (or online service) told you to put all of your accounts in the name of your Trust. Hold on, don't do that with your retirement accounts. Retirement accounts are treated differently when it comes to taxes; they are also exempt for most collection actions. If you change the ownership of your retirement accounts that will trigger a tax and you'll loose that collection exemption. If someone tells you to change the name on your retirement accounts...get a second opinion before you do anything. Primary Beneficiary If you're married, 9 times out of 10 your should name your spouse as the primary beneficiary. Inheritance of a retirement by a spouse retains the exemption as if they were the original owner of the account. Of course you might be that 1 out of 10...seek professional advice before you make a final decision. If you are single, see the contingent beneficary section below. Contingent Beneficiary When a non-spouse inherits a retirement account it looses the exemption protections unless you live in a handful of states (Oregon is not one of them). The general best practices it to leave make sure you name each person or organization you want to get part of your retirement account separately - don't name only one person and expect them to share. If you are interested in protecting your retirement accounts from creditors, then there are ways to name a trust to do just that. However, you must name the trust in a specific way and should get the advice of a professional. If you'd like to learn more about incorporating your retirement accounts into your estate plan, please <a href="https://www.nwlplanning.com/schedule-consulatation/" rel="noopener nofollow" target="_blank">schedule a complimentary Strategy Session with me</a>.

How To Incorporate Retirement Accounts Into Your Estate Plan | Estate Planning Weekly 007

There are generally two types of Powers of Attorney. It is important that you know the difference and know which one you do, or should, have. www.myestateplanmeeting.com

There are generally two types of Powers of Attorney. It is important that you know the difference and know which one you do, or should, have. <a href="http://www.myestateplanmeeting.com" rel="nofollow" target="_blank">www.myestateplanmeeting.com</a>

What Is A Power Of Attorney? | Estate Planning Weekly Episode 21

As they say..."there is more than one way to skin..." The same is true with leaving assets to your children. There are good ways, traditional ways, ugly ways and everything in between. Here are four of the most common ways to leave assets to your children.   1. Outright Distribution Leaving money to your children outright is the most basic way possible. You have cash, the cash is handed to your children. You have a house, the house is retitled in the child's name. However, if your children are minors they cannot inherit outright and a conservator will need to be appointed by a court. Stay tuned for a future episode explaining the magical vanishing 18 year olds inheritance. 2. In Trust - Full Withdrawal Rights. With this method, the assets are left to your children in a trust, but they are give full right to withdraw those assets for any reason. This method, much like outright distribution above, does not provide any way to make sure your child's inheritance with last. 3. In Trust - Stated Ages / Distribution Trustee / Income This method is also left in trust, but with varying degrees of protection from waste. You can set it up so the child will get the income from the trust every year. You could give them access to the principal of the trust, but only with the approval of an independent distribution Trustee. There is also the method of allowing your children to withdraw a certain percentage of the trust assets at they reach certain ages - such as 25% at 30 years old, 50 at 40 years old and 100% at 50 years old. 4. Unitrust This allows your children to with draw on an annual basis a stated amount or percentage of the trust assets. Something like 5% or $5,000.00 5. Bonus Method Any combination of the four methods above. How you leave your assets to your children is very flexible. Often blending these methods together is the only way to reach your desired goal - this is one of the benefits of working with an estate planning attorney. If you'd like to learn more about leaving assets to your children, please schedule a complimentary Strategy Session with me. 

As they say..."there is more than one way to skin..." The same is true with leaving assets to your children. There are good ways, traditional ways, ugly ways and everything in between. Here are four of the most common ways to leave assets to your children. 1. Outright Distribution Leaving money to your children outright is the most basic way possible. You have cash, the cash is handed to your children. You have a house, the house is retitled in the child's name. However, if your children are minors they cannot inherit outright and a conservator will need to be appointed by a court. Stay tuned for a future episode explaining the magical vanishing 18 year olds inheritance. 2. In Trust - Full Withdrawal Rights. With this method, the assets are left to your children in a trust, but they are give full right to withdraw those assets for any reason. This method, much like outright distribution above, does not provide any way to make sure your child's inheritance with last. 3. In Trust - Stated Ages / Distribution Trustee / Income This method is also left in trust, but with varying degrees of protection from waste. You can set it up so the child will get the income from the trust every year. You could give them access to the principal of the trust, but only with the approval of an independent distribution Trustee. There is also the method of allowing your children to withdraw a certain percentage of the trust assets at they reach certain ages - such as 25% at 30 years old, 50 at 40 years old and 100% at 50 years old. 4. Unitrust This allows your children to with draw on an annual basis a stated amount or percentage of the trust assets. Something like 5% or $5,000.00 5. Bonus Method Any combination of the four methods above. How you leave your assets to your children is very flexible. Often blending these methods together is the only way to reach your desired goal - this is one of the benefits of working with an estate planning attorney. If you'd like to learn more about leaving assets to your children, please <a href="https://www.nwlplanning.com/schedule-consulatation/" rel="noopener nofollow" target="_blank">schedule a complimentary Strategy Session with me</a>.

4 Ways To Leave Assets To Your Children | Estate Planning Weekly 008

Great question that was recently asked by a potential client. She got bad advice...always double check any advice you get. www.myestateplanmeeting.com

Great question that was recently asked by a potential client. She got bad advice...always double check any advice you get. <a href="http://www.myestateplanmeeting.com" rel="nofollow" target="_blank">www.myestateplanmeeting.com</a>

When Does A Will Expire? | Bonus Episode

As parents we all worry in the back of our heads about our children being cared for after we are gone. Hopefully we all get to see our children grow into adulthood and never have to worry about guardians and leaving money to minor children. As the saying goes, "hope for the best, plan for the worst."   Minors Cannot Directly Inherit Money &amp; Assets In most states a person under the age of 18 cannot directly inherit money &amp; property and be in control of it. Rather, the laws require that a third party be appointed to manage and care for the minor's assets.  This third party can be a custodian or a trustee depending on the type of Estate Plan involved.  In the event you have a Will based Estate Plan, or no Estate Plan at all, the third party will mostly likely be referred to as a custodian. You can name a custodian in your Will. If you have no Will a judge will appoint a custodian. In either case, the custodian must be approved and appointed by a judge. In the event that you have a Trust based Estate Plan, you can leave your children's inheritance to them in a Trust and select the Trustee for that Trust. Absent some unforeseen turn of events, there is no need for a judge to get involved.  Also, the people you choose as guardians for your children can, and often should, be different than the person you name as Trustee or Custodian. That way your children can have the best of both world after losing everything; the right people raising them and the right people looking after their inheritance.  If you'd like to learn more about leaving money and property to minors, please schedule a complimentary Strategy Session with me. 

As parents we all worry in the back of our heads about our children being cared for after we are gone. Hopefully we all get to see our children grow into adulthood and never have to worry about guardians and leaving money to minor children. As the saying goes, "hope for the best, plan for the worst." Minors Cannot Directly Inherit Money &amp; Assets In most states a person under the age of 18 cannot directly inherit money &amp; property and be in control of it. Rather, the laws require that a third party be appointed to manage and care for the minor's assets.  This third party can be a custodian or a trustee depending on the type of Estate Plan involved.  In the event you have a Will based Estate Plan, or no Estate Plan at all, the third party will mostly likely be referred to as a custodian. You can name a custodian in your Will. If you have no Will a judge will appoint a custodian. In either case, the custodian must be approved and appointed by a judge. In the event that you have a Trust based Estate Plan, you can leave your children's inheritance to them in a Trust and select the Trustee for that Trust. Absent some unforeseen turn of events, there is no need for a judge to get involved.  Also, the people you choose as guardians for your children can, and often should, be different than the person you name as Trustee or Custodian. That way your children can have the best of both world after losing everything; the right people raising them and the right people looking after their inheritance.  If you'd like to learn more about leaving money and property to minors, please <a href="https://www.nwlplanning.com/schedule-consulatation/" rel="noopener nofollow" target="_blank">schedule a complimentary Strategy Session with me</a>.

How To Leave Money To Minors | Estate Planning Weekly 005

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

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. <a href="https://www.myestateplan" rel="nofollow" target="_blank">https://www.myestateplanmeeting.com</a>

3 Things To Do Before Meeting With An Estate Planning Attorney | Bonus Episode

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

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. <a href="https://www.myestateplanmeeting.com" rel="nofollow" target="_blank">https://www.myestateplanmeeting.com</a>

Number 1 Estate Planning Mistake | Bonus Episode

It's nobody's business what's in your Trust. This is how it stays private. www.myestateplanmeeting.com

It's nobody's business what's in your Trust. This is how it stays private. <a href="http://www.myestateplanmeeting.com" rel="nofollow" target="_blank">www.myestateplanmeeting.com</a>

How Can A Trust Be Private & Still Work? | Estate Planning Weekly Episode 38

If you are leaving an inheritance in trust, or you're the beneficiary of a trust, you need to know what a Power of Appointment is. www.myestateplanmeeting.com 

If you are leaving an inheritance in trust, or you're the beneficiary of a trust, you need to know what a Power of Appointment is. <a href="http://www.myestateplanmeeting.com" rel="nofollow" target="_blank">www.myestateplanmeeting.com</a>

What Is A Power Of Appointment? | Estate Planning Weekly Episode 26

Leaving your final wishes to someone else can be a daunting prospect. Your Personal Representative or Successor Trustee could steal it all, but it is very unlikely if you plan correctly. Technically...They Could Take It All Just a likely they could rob a bank. In reality is Personal Representative and Successor Trustees don't steal from estates. Most often your estate is protected because you picked a trustworthy person. In Oregon, the Probate Court will keep an eye on your estate. Beneficiaries will also keep a close eye on the Personal Representative or Successor Trustee. If they smell anything fishy, they have options for correcting the situation. The Powers They Do Have Personal Representatives and Successor Trustees have lots of power. Their power comes from your Will or Trust and the State Laws. Generally, they can do most anything that achieves your wishes and desires. However, they can't do anything illegal. Personal Representatives and Successor Trustees Have Similar Duties There are really four main duties for both Personal Representative and Successor Trustees.  Gather all of your assets. Pay creditors. Disburse your assets pursuant to your wishes, or the State Laws if you don't have an Estate Plan. Close your Estate.  If you'd like to learn more or have any other Estate Planning questions, please schedule a complimentary Estate Planning Strategy Session - https://www.nwlplanning.com/schedule-consulatation/

Leaving your final wishes to someone else can be a daunting prospect. Your Personal Representative or Successor Trustee could steal it all, but it is very unlikely if you plan correctly. Technically...They Could Take It All Just a likely they could rob a bank. In reality is Personal Representative and Successor Trustees don't steal from estates. Most often your estate is protected because you picked a trustworthy person. In Oregon, the Probate Court will keep an eye on your estate. Beneficiaries will also keep a close eye on the Personal Representative or Successor Trustee. If they smell anything fishy, they have options for correcting the situation. The Powers They Do Have Personal Representatives and Successor Trustees have lots of power. Their power comes from your Will or Trust and the State Laws. Generally, they can do most anything that achieves your wishes and desires. However, they can't do anything illegal. Personal Representatives and Successor Trustees Have Similar Duties There are really four main duties for both Personal Representative and Successor Trustees. <ol> <li>Gather all of your assets.</li> <li>Pay creditors.</li> <li>Disburse your assets pursuant to your wishes, or the State Laws if you don't have an Estate Plan.</li> <li>Close your Estate.</li> </ol> If you'd like to learn more or have any other Estate Planning questions, please schedule a complimentary Estate Planning Strategy Session - <a href="https://www.nwlplanning.com/schedule-consulatation/" rel="nofollow" target="_blank">https://www.nwlplanning.com/schedule-consulatation/</a>

Can A Personal Representative or Trustee Steal Your Assets? | Estate Planning Weekly Episode 15

Trusts offer many, many benefits...and those benefits are not only for the wealthy. www.myestateplanmeeting.com

Trusts offer many, many benefits...and those benefits are not only for the wealthy. <a href="http://www.myestate" rel="nofollow" target="_blank">www.myestateplanmeeting.com</a>

Are trusts only for the wealthy? | Bonus Episode

Disinheriting someone is a difficult choice to make, but a simple thing to make happen. www.myestateplanmeeting.com

Disinheriting someone is a difficult choice to make, but a simple thing to make happen. <a href="http://www.myestateplanmeeting.com" rel="nofollow" target="_blank">www.myestateplanmeeting.com</a>

How Do I Disinherit A Child? | Bonus Episode

In an ideal world we would always agree with our spouse...that is not the world that we live in. When it comes to the very important decision of choosing guardians for your children - you are not alone if you and your spouse don't agree. I don't have a magic formula for making the correct decision, but here are three strategies that should make the decision easier. Separate The Roles Instead of thinking that you are naming a guardian that will handle everything, think of it as naming people to two positions. The first is the role of physical custodian. These are the people that your children will live with, learn from, and love. Here you need to think about who shares your values and is capable of instilling them in your children. The second role is the financial role. These people will manage the money and assets you leave for your children. While it's important that they have your children's best interest at heart, they are not the people that will raise your children. Don't Only Think Of Couples My clients often have it set in their minds that they must name a couple as guardians. That is not completely necessary. You should consider single people as well. Further, even if you do name a couple, there is no guarantee that they will always be a couple. Things happen. People get divorced and people die. Consider The Relationship Your Children Have With Potential Guardians It is important that you like the people you name as guardians for you children. It is even more important that your children like the people you names a guardians. The guardians you name must be people that your children know, like, and trust. Keep the relationships your children have with potential guardians in the forefront of your mind when making your decision. If you'd like to learn more about Naming Guardians for Your Minor Children or have any other Estate Planning questions, please schedule a complimentary Estate Planning Strategy Session.

In an ideal world we would always agree with our spouse...that is not the world that we live in. When it comes to the very important decision of choosing guardians for your children - you are not alone if you and your spouse don't agree. I don't have a magic formula for making the correct decision, but here are three strategies that should make the decision easier. Separate The Roles Instead of thinking that you are naming a guardian that will handle everything, think of it as naming people to two positions. The first is the role of physical custodian. These are the people that your children will live with, learn from, and love. Here you need to think about who shares your values and is capable of instilling them in your children. The second role is the financial role. These people will manage the money and assets you leave for your children. While it's important that they have your children's best interest at heart, they are not the people that will raise your children. Don't Only Think Of Couples My clients often have it set in their minds that they must name a couple as guardians. That is not completely necessary. You should consider single people as well. Further, even if you do name a couple, there is no guarantee that they will always be a couple. Things happen. People get divorced and people die. Consider The Relationship Your Children Have With Potential Guardians It is important that you like the people you name as guardians for you children. It is even more important that your children like the people you names a guardians. The guardians you name must be people that your children know, like, and trust. Keep the relationships your children have with potential guardians in the forefront of your mind when making your decision. If you'd like to learn more about Naming Guardians for Your Minor Children or have any other Estate Planning questions, please <a href="https://www.nwlplanning.com/schedule-consulatation/" rel="nofollow noopener" target="_blank">schedule a complimentary Estate Planning Strategy Session</a>.

Choosing Guardians For Your Children When You Don't Agree | Estate Planning Weekly 013

Hiring an Estate Planning Attorney should be a good experience. These are three considerations to keep in mind to help make sure that you have a good experience. Compatibility You and the estate planning attorney that you hire should be compatible with each other. I want to work with clients that I get along with and you should want to work with an attorney that you get along with. Many people think of attorneys as adversarial...and they aren't wrong, they can be. However, the attorney-client relationship shouldn't be adversarial.  When I meet with a potential client an we don't click, there are no hard feelings. I'm not the attorney for everyone and not everyone is the client for me. If we don't click I am happy to refer any potential client to an estate planning colleague. Practice Areas I am not a jack of all trades. I practice Estate Planning, Estate Administration, Probate; three related practice areas.  I limit myself to these practice areas to make sure I know what I am doing for my clients.  Ask any attorney that you meet with how much of their practice is focused on Estate Planning. Hiring an attorney that does everything, may mean that they don't do any one thing really well. Attorney's Fees All of my Estate Planning work is done on a Flat Fee Basis. Before I start work for an estate planning client they know exactly what my fee is. I do not bill by the hour for estate planning work. I am able to do this because estate planning is all that I do. I know that it take to get the work done. I don't have to rely on billing my clients by the hour. If you like to find out if I'm the right Estate Planning Attorney for you, or if you have any estate planning questions, please schedule a complimentary Estate Planning Strategy Session.

Hiring an Estate Planning Attorney should be a good experience. These are three considerations to keep in mind to help make sure that you have a good experience. Compatibility You and the estate planning attorney that you hire should be compatible with each other. I want to work with clients that I get along with and you should want to work with an attorney that you get along with. Many people think of attorneys as adversarial...and they aren't wrong, they can be. However, the attorney-client relationship shouldn't be adversarial.  When I meet with a potential client an we don't click, there are no hard feelings. I'm not the attorney for everyone and not everyone is the client for me. If we don't click I am happy to refer any potential client to an estate planning colleague. Practice Areas I am not a jack of all trades. I practice Estate Planning, Estate Administration, Probate; three related practice areas.  I limit myself to these practice areas to make sure I know what I am doing for my clients.  Ask any attorney that you meet with how much of their practice is focused on Estate Planning. Hiring an attorney that does everything, may mean that they don't do any one thing really well. Attorney's Fees All of my Estate Planning work is done on a Flat Fee Basis. Before I start work for an estate planning client they know exactly what my fee is. I do not bill by the hour for estate planning work. I am able to do this because estate planning is all that I do. I know that it take to get the work done. I don't have to rely on billing my clients by the hour. If you like to find out if I'm the right Estate Planning Attorney for you, or if you have any estate planning questions, please schedule a complimentary <a href="https://www.nwlplanning.com/schedule-consulatation/" rel="noopener nofollow" target="_blank">Estate Planning Strategy Session</a>.

3 Considerations When Hiring An Estate Planning Attorney | Estate Planning Weekly Episode 20

Qualified retirement accounts are generally protected from creditors and bankruptcy. However, that protection usually only applies to you and your spouse.  When you leave a retirement account to a non-spouse, the protection from creditors and bankruptcy generally disappears. Some states do extend these protections to inherited retirement accounts...Oregon is not one of them. There is a simple solution to this issue. Retirement Plan Trust This a special trust designed to serve as a firewall between creditors and inherited retirement accounts. Using a trust like with will allow an independent trustee to stop creditors from getting to the retirement accounts.  You can learn more about planning with retirement accounts here. Revocable Living Trust You can do the same type of planning for retirement accounts using your revocable living trust. This requires that we setup separate trusts inside of your revocable living trust for each of the people you want to name as beneficiaries of your retirement plans. It also requires the addition of "conduit provision" for the payment of required minimum distributions. If you have any questions about protecting retirement accounts, or any other estate planning questions, please schedule your Complimentary Estate Planning Strategy Session.

Qualified retirement accounts are generally protected from creditors and bankruptcy. However, that protection usually only applies to you and your spouse.  When you leave a retirement account to a non-spouse, the protection from creditors and bankruptcy generally disappears. Some states do extend these protections to inherited retirement accounts...Oregon is not one of them. There is a simple solution to this issue. Retirement Plan Trust This a special trust designed to serve as a firewall between creditors and inherited retirement accounts. Using a trust like with will allow an independent trustee to stop creditors from getting to the retirement accounts.  You can learn more about <a href="https://www.nwlplanning.com/how-to-incorporate-retirement-accounts-into-your-estate-plan/" rel="nofollow noopener" target="_blank">planning with retirement accounts here</a>. Revocable Living Trust You can do the same type of planning for retirement accounts using your revocable living trust. This requires that we setup separate trusts inside of your revocable living trust for each of the people you want to name as beneficiaries of your retirement plans. It also requires the addition of "conduit provision" for the payment of required minimum distributions. If you have any questions about protecting retirement accounts, or any other estate planning questions, please schedule your <a href="https://www.nwlplanning.com/schedule-consulatation/" rel="nofollow noopener" target="_blank">Complimentary Estate Planning Strategy Session</a>.

Asset Protection: Retirement Accounts | Estate Planning Weekly Episode 19

You - During your life. Your Loved Ones - After you are gone. www.myestateplanmeeting.com

You - During your life. Your Loved Ones - After you are gone. <a href="http://www.myestateplanmeeting.com" rel="nofollow" target="_blank">www.myestateplanmeeting.com</a>

Who Will My Estate Plan Benefit? | Bonus Episode

Worried about leaving money to an heir that couldn't handle it? Someone with drug, alcohol, or gambling problems? Here are two ways to deal with those heirs in your Estate Plan. Disinherit The Heir Some of my clients decide that their heir is beyond help, and they simply don't leave them anything. This is the most extreme option. However, depending upon the circumstances it is sometime the best solution.  This options saves other heirs or family members from having to manage an inheritance for the problem heir. Leave Their Inheritance In A Spendthrift Trust A Spendthrift Trust is a trust that gives the problem heir ZERO control over their inheritance. They are still the beneficiary of the trust, just without any control. Instead, another person is made trustee and given complete authority and control over how the inheritance is distributed.  Creating a Spendthrift Trust for a problem heir makes sure that their inheritance is there to help them, but not there to support their additions. For a Spendthrift Trust to work, you must have a reliable, and willing, trustee.  These are just two options available. Depending upon the circumstance one of these options might work great, or one of several other options might be better. If you'd like to learn more about leaving an inheritance to a problem heir or have any other Estate Planning questions, please schedule a complimentary Estate Planning Strategy Session.

Worried about leaving money to an heir that couldn't handle it? Someone with drug, alcohol, or gambling problems? Here are two ways to deal with those heirs in your Estate Plan. Disinherit The Heir Some of my clients decide that their heir is beyond help, and they simply don't leave them anything. This is the most extreme option. However, depending upon the circumstances it is sometime the best solution.  This options saves other heirs or family members from having to manage an inheritance for the problem heir. Leave Their Inheritance In A Spendthrift Trust A Spendthrift Trust is a trust that gives the problem heir ZERO control over their inheritance. They are still the beneficiary of the trust, just without any control. Instead, another person is made trustee and given complete authority and control over how the inheritance is distributed.  Creating a Spendthrift Trust for a problem heir makes sure that their inheritance is there to help them, but not there to support their additions. For a Spendthrift Trust to work, you must have a reliable, and willing, trustee.  These are just two options available. Depending upon the circumstance one of these options might work great, or one of several other options might be better. If you'd like to learn more about leaving an inheritance to a problem heir or have any other Estate Planning questions, please <a href="https://www.nwlplanning.com/schedule-consulatation/" rel="nofollow noopener" target="_blank">schedule a complimentary Estate Planning Strategy Session</a>.

Dealing With A Problem Heir | Estate Planning Weekly Episode 18

You've heard that adding a Joint Owner or Pay On Death designation to your bank account is much easier than creating an Estate Plan. Right...and wrong. There are several reasons that "planning" this way can cause trouble. Here are a few ways issues can arise. Nothing Left To Pay Your Final Expenses Your estate is responsible for payment of your final expenses. This can include medical bills, funeral expenses, burial / cremation costs, etc.  With Joint Ownership or Pay On Death ("POD") accounts, your assets with transfer immediately as the time of your death by operation of law. If all of your assets are then out of your estate, nothing is left to pay your final expenses. Your Joint Owner May No Follow Your Wishes You think that you have found a trust person to add as a joint owner of your accounts. You've made an agreement with them that when you pass they will split everything up between your children. This is a twofold issue:  That trusted person might decide to keep everything for themselves. Or maybe not everything, but they may decide they are owed a "finders fee." That trusted person, even if they wanted to, may not be able to disburse everything that you have left. If the amount they need to give to your children is more than the annual gift exclusion amount they would either have to do the gifting over more than one year, or would have to deal with gift tax issues.    Adding Joint Owners Could Cause Gift Tax Issues For You Adding anyone as a joint owner of an account or other property could trigger gift taxes for you.  For instance, if you added your child as a joint owner of your $500,000.00, that could be considered a $250,000.00 gift. A $250,000.00 gift is a taxable event that you would have to address. If you'd like to learn more about Joint Ownership and POD's or have any other Estate Planning questions, please schedule a complimentary Estate Planning Strategy Session.

You've heard that adding a Joint Owner or Pay On Death designation to your bank account is much easier than creating an Estate Plan. Right...and wrong. There are several reasons that "planning" this way can cause trouble. Here are a few ways issues can arise. Nothing Left To Pay Your Final Expenses Your estate is responsible for payment of your final expenses. This can include medical bills, funeral expenses, burial / cremation costs, etc.  With Joint Ownership or Pay On Death ("POD") accounts, your assets with transfer immediately as the time of your death by operation of law. If all of your assets are then out of your estate, nothing is left to pay your final expenses. Your Joint Owner May No Follow Your Wishes You think that you have found a trust person to add as a joint owner of your accounts. You've made an agreement with them that when you pass they will split everything up between your children. This is a twofold issue: <ol> <li>That trusted person might decide to keep everything for themselves. Or maybe not everything, but they may decide they are owed a "finders fee."</li> <li>That trusted person, even if they wanted to, may not be able to disburse everything that you have left. If the amount they need to give to your children is more than the annual gift exclusion amount they would either have to do the gifting over more than one year, or would have to deal with gift tax issues.  </li> </ol> Adding Joint Owners Could Cause Gift Tax Issues For You Adding anyone as a joint owner of an account or other property could trigger gift taxes for you.  For instance, if you added your child as a joint owner of your $500,000.00, that could be considered a $250,000.00 gift. A $250,000.00 gift is a taxable event that you would have to address. If you'd like to learn more about Joint Ownership and POD's or have any other Estate Planning questions, please <a href="https://www.nwlplanning.com/schedule-consulatation/" rel="nofollow noopener" target="_blank">schedule a complimentary Estate Planning Strategy Session</a>.

Joint Ownership & POD's Are Not An Estate Plan | Estate Planning Weekly Episode 17

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