Seth Bier · ·
The most valuable thing my aunt’s father left behind was worth exactly one dollar.
My aunt’s father was a self-made man. He came from very little and eventually opened a dry-cleaning business in South Florida. When he earned his first dollar, he did something you probably don’t see much anymore: he taped it to the cinder-block wall behind the counter.
[Read more…] about The Most Valuable Thing in His Estate Was Worth One DollarSeth Bier · ·
A widower came into my office to create his estate plan. We had a great meeting, and eventually we got to the part where we talked about who would receive his assets after he was gone.
He said something I hear all the time: “After I’m gone, my kids can just split what’s left.”
“That’s certainly one option,” I told him. “Before you decide, though, let me show you another one.”
[Read more…] about The Estate Planning Choice You Probably Don’t Know You HaveShannen Doherty spent years fighting breast cancer with courage and candor. In her final days, she also fought to finalize her divorce – signing the settlement just one day before she died. More than a year later, her estate is still fighting to enforce it. Shannen’s story is a powerful reminder that even the best-laid plans can unravel when the wrong people are involved – and that naming the right Trustee may be the most important decision you ever make. Continue reading to learn more.
Seth Bier · ·
“I’ve already taken care of that.”
I hear some version of that all the time. Sometimes it’s after one of our classes. Sometimes it’s at a community event. A person will tell me they don’t think they need an estate plan because they’ve already added one of their children to the deed of their home.
The goal is almost always the same: “I just wanted to avoid probate.”
I understand the thinking. In fact, most of the DIY estate planning decisions I see come from people who are trying to make things easier for their families.
The problem is that estate planning is a system. Changing one piece without understanding how it affects everything else can create problems you never intended.
[Read more…] about The “I Added My Kid to My Deed” Mistake (and Other Common Estate Planning Pitfalls)Seth Bier · ·
A few months ago, I was speaking with people at a local senior health fair when an older gentleman walked by our booth and said, somewhat dismissively:
“We don’t need to stop. We handled all that years ago.”
[Read more…] about “We Took Care of That Years Ago…”: 7 Reasons to Review Your Estate Plan
