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When Simple Really Isn’t Simple: The Dangers of DIY Estate Planning

Sometimes, something that looks simple or easy at first glance, can turn out to be quite complicated and much, much more difficult. Estate planning is one such thing. Search online, and you’ll find tons of online do-it-yourself estate planning services. On social media, you’re probably seeing ads for products such as Will & Trust, Legal Zoom, or Suze Orman’s estate planning kit. Such forms are typically Read More

4 Reasons Why You Can’t Afford to Go Without An Estate Plan

When it comes to putting off or refusing to create an estate plan, your mind can concoct all sorts of rationalizations: “I won’t care because I’ll be dead,” “I’m too young,” “That won’t happen to me,” or “My family will know what to do.” These thoughts all come from a mix of pride, denial, and above all, a lack of real education about estate planning and the consequences to your family of not planning. But, once Read More

6 Changes to Watch out For in your 2020 Taxes

Although you may have just filed your 2019 income taxes in July, now is the time to start thinking about your 2020 return, due in April. While it’s always a good idea to be proactive when it comes to tax planning, it’s particularly important this year. 

In addition to annual updates for inflation, the Coronavirus Aid, Relief, and Economic Security (CARES) Act provides individual taxpayers with several new tax Read More

National Estate Planning Awareness Week Oct 19-25, 2020

Estate planning is an often overlooked area of personal financial management. By some estimates, 70% of American parents do not have an estate plan! Most mistakenly hear the word “estate” and assume “estate planning” is just for the Bill Gates, Elon Musks, or Warren Buffets of the world. Estate planning, however, is for everyone! Estate planning is essential to protecting you, your family, your assets, and perhaps Read More

How Do Trusts Help You Save on Taxes?

Many people come to us curious (or confused) about trusts and taxes. So we’d like to sort it out and clarify things. There are two types of trusts, and each type has its own tax consequences. Revocable trusts, which are the more commonly used trusts, have no tax consequences whatsoever. A revocable trust has your social security number as it’s tax identifier, and is not a separate entity from you for tax Read More

Is your trust funded? Setting up a trust – the right way.

“The fortune is in the follow-up.” Jim Rohn “The devil is in the details.” Ludwig Mies van der Rohe I recently met with a couple who had gone several years ago to a nearby “traditional” law firm for their estate planning. The firm created separate revocable trusts for the husband and the wife, and then, once all of the documents were signed, sent the couple an email with a spreadsheet of all of their Read More

Create a Special Needs Trust to Protect the Financial Future of Your Child with Special Needs

I am always surprised when the parents of a child with special needs tell me that they were not aware of what they needed to do to ensure the future well-being and care of their child. Often, they tell me they didn’t know they needed to do anything at all. If that’s you, and you have a child with special needs at home, this is for you (or, if you have friends or family who have a child with special needs, please Read More

Don’t Let Your Kids Move Out Without This Plan

Watching your kids leave home to attend college or start their career can be an emotional time for you as a parent. On one hand, moving out on their own is a major accomplishment that should make you proud. On the other hand, having your kids leave the nest and face the world can induce anxiety and fear. 
Regardless of your feelings, once they reach age 18, your kids become legal adults, and many areas of their Read More

Online Estate Planning: When You Should, When You Shouldn’t and Where to Do It

The Parents Estate Planning Law Firm As our community continues to struggle with the impact of the COVID-19 virus, one positive that has come to light is how much we can do virtually. From essential business functions to social gatherings with friends, many of us (including our firm!) have adapted and learned how to keep calm and carry on, online. As we stay safer at home and go about much of our lives on Read More

Leaving a Legacy: A Map to Doing the Right Thing for the People You Love During the COVID-19 Pandemic

Right now, huge numbers of people are coming face-to-face with their own mortality, and realizing they need to plan for the worst, even as they hope for the best. This goes not just for those in the “senior” category, but for all of us, no matter our age. We are facing the reality of our mortality, and many of us are doing it courageously by learning and taking action on what we need to do for the people we Read More