Robin Williams' Estate: Example of Using a Living Trust

Robin Williams didn't rely exclusively on a will for his estate. He decided to use a living trust and put in place specific provisions to ensure his money isn't squandered by grieving beneficiaries who may not make the best financial decisions during this tough time.

To learn more, check out my blog here:

http://insightlaw.net/bobbys-blog/no-will-hunting-robin-williams-used-a-living-trust

Unintended Beneficiaries - How to Make Sure Your Estate is Protected

Don't let an ex-son-in-law or ex-daughter-in-law get a portion of your hard-earned assets. Unfortunately, a traditional will exposes your assets to such a scenario.

A simple strategy to avoid this from happening is setting up a revocable living trust. One of the most attractive features of trusts is that they can be set up to serve a variety of different circumstances and achieve different objectives. In fact, trusts are routinely utilized for gifting, asset management, tax protection, and as a shield against creditors and/or civil lawsuits. Trusts can be established while you are living, or they can be included in a will with a stipulation that the trust is to be established after your passing.

To learn more, read the full article here:
http://insightlaw.net/bobbys-blog/protecting-your-assets-from-unintended-beneficiaries

The Awkward Convo You Need to Have With Your Loved Ones

It's not easy and can be extremely uncomfortable, but you need to approach your parents about the subject of inheritance. Also, if you have children, you need to sit down and talk to them about your estate plan. Why? Because having your loved ones on the same page when it comes to how your estate (or your parent's estate) will be distributed will reduce the risk of litigation, agitation, and stress. To learn more, check out this article:

http://insightlaw.net/bobbys-blog/having-that-awkward-conversation-family-inheritance

LegalZoom Embroiled in Lawsuit Over Flawed Documents

LegalZoom has grown in popularity over the years by offering cheap, stock legal documents. They sell their services as being just as effective as hiring a lawyer. Well, turns out that really isn't the case. The company is now embroiled in a lawsuit because of preventable flaws in some of their documents. To learn more, check out this article:

http://insightlaw.net/current-events/legaldoom-cookie-cutter-estate-planning-site-legalzoom-being-sued-for-flawed-documents

5 Important Estate Planning Tips

Drafting an estate plan from scratch can be a daunting task. That's why I published an article with 5 important tips on how to get the process started. I targeted people under 40 since so many young people neglect getting their estate in order until they're much older. You're putting yourself at risk if you don't sit down and take the time to plan your estate. Having a well-crafted estate plan will help your family and loved ones when the time comes to use it.

Here's a link to the article:
http://insightlaw.net/bobbys-blog/under-40-top-5-tips-for-getting-a-jump-on-estate-planning?doing_wp_cron=1405706402.3413279056549072265625

Estate Planning Tip - Where To Add Your Burial Rites

It's something many people don't think a lot about - how and where they will be buried. Even if they do think about this issue when drafting their estate plan, the issue of where to place such information is not very clear. I wrote a blog about this topic. Check it out here...

http://insightlaw.net/bobbys-blog/burial-rites-add-to-your-health-care-proxy-will-or-both

Great Summary of the Virginia Real Property Transfer on Death Act

A new estate planning tool went into effect on July 1, 2013 under the Virginia Real Property Transfer on Death Act. This law allows an owner of real estate to make a Transfer on Death designation by recording a Revocable Transfer on Death Deed in public land records. This article below features 8 important developments in this recently enacted Virginia law:

http://wordsofconveyance.com/2014/05/29/revocable-transfer-on-death-deed/#comment-156

Planning for Possible Mental Incapacity is Important

I published an article recently about the heartbreaking state of affairs for Casey Kasem and his family. Mr. Kasem is struggling with a form of dementia and his loved ones are embroiled in a legal battle over who should take care of him. Learn more here:

http://insightlaw.net/current-events/casey-kasem-legal-battle-illustrates-the-importance-of-preparing-for-a-loved-ones-incapacitated-state

Facebook Account, Amazon Prime, Etc - Your Digital Assets Matter

Do you have a plan that effectively organizes and manages your digital assets? If not, don't feel bad. You're not alone. However, it's vitally important. Why? Because the average internet user has nearly $40,000 in unprotected digital assets. To learn more, check out this blog:

http://insightlaw.net/bobbys-blog/dealing-with-digital-assets-a-growing-need

Important Info About UGMA/UTMA Accounts

What's an UGMA/UTMA account? Well, UGMA stands for the "Uniform Gifts to Minors Act" (or Uniform Transfers to Minors Act, in some states). The difference between UGMA and UTMA is that an UTMA allows almost any kind of asset to be transferred to a minor. An UGMA law limits gifts/transfers to the following: bank deposits, securities (including mutual funds), and insurance policies.

UGMA/UTMA allows a minor to own securities in an account without having to establish a special trust. The assets become available to the minor when they reach the age of majority. The age of majority is usually 18 years of age (it’s 18 in Virginia, Maryland, and the District of Columbia). Though, it varies in other states (for example, it’s 19 in Delaware and Alabama).

To learn more, check out the full-length article here:

http://insightlaw.net/bobbys-blog/ugmautma-accounts-pros-and-cons

Avoidable Estate Planning Mistakes

Call me biased, but I think every functioning adult should have an estate plan. However, just throwing together an estate plan without thinking it through can result in more problems than solutions. Below is a blog I wrote about some of the most common estate planning mistakes that far too many people make (and can be avoided):

Big Estate Planning Mistakes Many People Make (But Can Easily Be Avoided)

The moral of the story? Take the time to sit down with an estate planning attorney to properly draft your estate plan.

Gen X Needs to Step Up When It Comes to Financial Planning

A recent study by the Insured Reitrement Institute found that over 75 percent of individuals categorized as “Generation X” (i.e. people with birth dates from the early 1960s to the early 1980s) do not consult with a financial advisor to help plan for retirement. Furthermore, 65 percent of people in Generation X who make $75,000 or more in income, do not have a financial advisor.

These are disturbing numbers, especially since we have data indicating the benefits of working with a financial advisor. The study found that, for Gen Xers working with a financial advisor, 23% had $200,000 or more saved for retirement, compared with 12% among those not working with a financial advisor.

To learn more, check out my full article on this issue here:
http://insightlaw.net/bobbys-blog/generation-x-missing-the-financial-boat-by-not-working-with-an-advisor

Mythbuster - You Still Own the Assets in a Revocable Trust

Some people have the mistaken belief that if they set up a revocable trust and place assets in that trust, you can't touch those assets going forward. This is simply not true. One of the biggest benefits of a revocable trust is that you have just as much control – if not more – when you create a revocable trust and transfer assets to the trust.

To learn more, check out my full-length article on this topic:

Bobby’s Estate Planning Mythbuster: Access to Assets Held in a Revocable Trust