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  • Home
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      • Community Outreach Program
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    • Estate Planning Basics
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    • Medical Power of Attorney
    • Living Will
    • Family Estate Planning
    • LGBTQ Estate Planning & Asset Protection
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      • Guardianship Planning
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    • Pet Trusts
    • Gun Trusts
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    • Texas Probate Guide
    • Probate of a Will
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    • Texas Small Estate Affidavit
    • Texas Heirship Determination
    • Texas Muniment of Title
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  • Family Law
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Pet Trust

What Estate Planning Awareness Means For You

The third week of October is National Estate Planning Awareness Week (Oct. 15-21, 2018). Estate planning is important for everyone regardless of wealth or family status because if you become incapacity or pass away without an estate plan, you are leaving the distribution of your assets subject to state law – and the results may not be what you want or expect.

Estate Planning ExplainedThings to Know About Estate Planning

Estate planning includes the growth, protection, and transfer of a person’s wealth through the creation and maintenance of an estate plan. The concept of estate planning is important and twofold: (1) to have a strategy that will maintain your financial security during your lifetime, and (2) to ensure that your intended transfer of property and assets occurs upon your death. Both of these issues are analyzed through the lens of the unique situation of the family and the possible expense of different methods used in the estate plan.

Benefits of Estate Planning

There are several benefits to having an estate plan. At a minimum, an estate plan provides clear written guidance to your loved ones on what to do with your assets when you are deceased. But perhaps the most important reason is to be in control of how your family is provided for in the event of your death or incapacity. Estate planning can address several issues including:

  • Who will raise your minor children,
  • Who will inherit your assets and how they will be distributed,
  • Who will care for loved ones who are unable to care for themselves,
  • Who will care for your pets, and
  • Who will receive your life insurance and other insurance proceeds.

Finally, good estate planning can ease the time-consuming, administrative strain placed on your family during an already difficult time.

Estate Planning Statistics

According to studies[1], 6 in 10 adults have not put a will in place. And, while many have likely heard that it is wise to avoid probate – the legal process by which the assets of a deceased are disposed of under court supervision – many do not understand why probate should be avoided. Three main issues with probate include: (1) the tying up of the decedent’s assets for months or even years while the probate is open, (2) the cost, sometimes as much as 5 percent of the estate’s value is spent on attorney and court fees alone, and (3) the loss of privacy in the probate process when it comes to the decedent’s financial information.

There are many financial and legal tools that may be used in the estate planning process. Contact us today to discuss your situation and learn about your specific options.

[1] https://www.aarp.org/money/investing/info-2017/half-of-adults-do-not-have-wills.html

Another 3 Famous Pet Trust Cases and the Lessons We Can Learn from Them

Things don’t always go according to plan.  On the other hand, sometimes pet owners can get a bit creative when providing for their pets.  Let’s take a look now at 3 famous cases involving pet trusts and distill important lessons from them.Pet Trusts

David Harper and Red

David Harper, a wealthy, reclusive bachelor in Ottawa, Canada, wasn’t exactly famous during his life.  In his death, however, he made headlines by reportedly leaving his entire $1.1 million dollar estate to his tabby cat, Red.  Just to make sure his wishes were carried out, Harper actually bequeathed the fortune to the United Church of Canada under the stipulation that they take care of Red for him!  The ploy worked.

Lesson learned: You can be creative in your approach to making sure your pets receive proper care after you’re gone.  Let’s chat about your goals and wishes when it comes to your pets.

Maria Assunta and Tommaso

In a four-legged and furry version of the classic rags-to-riches story, wealthy Italian widow Maria Assunta rescued a stray cat from the streets of Rome and gave him a proper home and name: Tommaso.  As Assunta’s health failed, she tried for several years to find an animal organization to entrust Tommaso.  When no suitable organization was found, Assunta left the estate valued at $13 million directly to the cat in her will and named her own nurse as the caretaker.  She passed away in 2011 at the ripe old age of 94, knowing her beloved Tommaso would be well taken care of.

Lesson learned: The best way to ensure the care of your pet is in writing, with a proper estate plan.

Patricia O’Neill and Kalu

Patricia O’Neill, daughter of British nobility and ex-spouse of Olympian Frank O’Neill, had designated a fortune worth $70 million to her chimpanzee, Kalu, and other pets, in her will – or so she thought.  It was discovered in 2010 that the heiress herself was virtually broke, thanks to the shady dealings of a dishonest financial advisor.  This story provides perhaps the most famous example of a pet trust gone dry while the owner is still living.

Lessons learned: You can only give away what you have.  If caring for your pets after your death is important to you, make sure your financial plan is in line with your estate plan and that you’ve taken appropriate steps to oversee your advisors.

Establishing a pet trust is the best way to ensure that your beloved pets receive the care they deserve after you pass on.  To learn more about your options, contact us or give us a call today.

This article is the second in a series of articles.  Read the first article in this series.

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