Estate Planning

When a person passes away there is usually a large amount of emotional stress and difficulty in the family. Once the first few days and weeks pass then the attention turns to the settling of the estate.  Many times there are questions about the settlement of accounts that have a listed beneficiary. Parents or loved ones may list a beneficiary and expect that person to distribute the assets evenly among others or they may want that beneficiary to have the assets entirely. It is good to have this decision in writing so there is no confusion with the other potential beneficiaries that might be involved in the estate settlement.  A person who is listed as a beneficiary generally has no responsibility to share the account assets and can be conflicted on whether or not the deceased loved one intended for them to have the assets entirely or to distribute the assets to other beneficiaries. If this confusion is not settled then a lot of friction can develop.  When it does, litigation usually results, pulling the family into a long drawn out affair in court proceedings that can last for many years. I have been in many and always have 3 or 4 cases where this exact situation is happening. The best way to avoid such a situation is to have some good estate planning and then to have some good conversations on what will happen in the days and weeks post death. For this to happen it’s best to work with a good attorney who can walk you through the problem areas.

Todd Courser  810-245-0813

Just a note on this given the complexity of the situations and combinations that can be present in any situation where death is imminent.  If you or a loved one is in this situation, make sure to retain counsel immediately to make sure that the entire picture for the person is reviewed and what claims will be present from creditors post death.  Many times the assets from qualified funds (401ks and 403bs and IRAs) will be withdrawn to pay these debts in last minute moves to “clean up an estate” before death.  This can create IRS debt that is less flexible and can be a high priority in probate.  So you need to be careful before making moves to pay-down debt within the the tightened timeline that is present in an imminent death situation.  The best thing to do is get good counsel.  It is als0 important to include the person who will be in charge of handling the affairs post death to be involved in the processes leading up to death.  Need help?  Call my office for a consultation.

Todd Courser 810-245-0813

There are three types of situations that might develop during a probate trust administration case.  First, the people all work well together and the assets are distributed rather easily.  The second way is that the parties have some difficulty working through the issues; there is a fair amount of friction but in the end it all gets divided without too much trouble.  The third way is when there is a knockdown drag out fight that would make “Rocky” blush.  When this happens the person who is put in charge, immediately takes on the role of dropping an iron curtain around the assets and information surrounding the assets and their intended distribution.  These people will sometimes act alone or in concert with the parties who favor them.  They will then move to take what they want and empty the trust with little or no regard to those who were the intended beneficiaries of the assets.  When this happens, I have been asked by the court to step in and have been asked by the beneficiaries that have been kept from the trust assets to help.  These cases are not simple and they can run well on past the money that would have been garnered by the beneficiaries.  Many times I have been retained to represent these beneficiaries only after the “bad actors” have removed all the assets and sold or donated them without so much as a funeral being done for the decedent.

When there is a high likelihood of a fight, it is best to get good information beforehand about the way the assets are to be distributed and what the intentions of the trust creator were when the trust was created.  It is not best to wait until after there is a problem.  If you have a concern, come in for a consultation, so that you may benefit from our years of handling these types of cases.

If you have benefited from these posts please feel free to write a comment.

Todd Courser 810-245-0813

I have had a lot of clients who have been denied Social Security Disability lately and I thought I would begin a few posts on the subject by cutting a piece from the Social Security Website.

Most people will first apply without the aid of an attorney and if their claim is rejected then the will seek counsel to assist with the appeal process.

http://www.ssa.gov/dibplan/index.htm

Disability is a subject you may read about in the newspaper, but not think of as something that might actually happen to you. But your chances of becoming disabled are probably greater than you realize.

Studies show that a 20-year-old worker has a 3-in-10 chance of becoming disabled before reaching retirement age.

While we spend a great deal of time working to succeed in our jobs and careers, few of us think about ensuring that we have a safety net to fall back on should we become disabled. This is an area where Social Security can provide valuable help to you.

The disability planner will help you find out:

• How you can qualify and apply for benefits,
• What happens if your application is approved,
• Who can receive benefits on your earnings record,
• What you need to know about receiving disability benefits, and
• When Medicare coverage starts for Social Security disability beneficiaries.

Many people find themselves in blended families nowadays.  When clients, from blended families, come to me to do their estate planning, they are encountering different issues than those found with a traditional family.  I have worked with many clients who have had blended family issues.  If you are in this situation then make sure to work with an attorney who is very experienced in dealing with such issues. It can be complicated, take time and it will not be as cheap to do as a traditional estate plan.  However, if the proper steps are taken before the passing of the loved one in the blended family occurs, the transfer of assets to a set of beneficiaries can be seamless.   Call my office to set up your consultation today.  Todd Courser 810-245-0813

I have just been hired to take a look at a trust document and the related issues surrounding the family as it now exists. The father passed away leaving an estate that was valued only 6 years ago at 5 million dollars but now is worth a little less than 1 million dollars. He left the trust with enough funds to only fulfill part of his wishes and so the trustee is now put in the most precarious of positions and will have to make some very tough choices. The father wanted the funds in the trust to provide for the well being of his 2nd wife and also to preserve the family estate which is over 900 acres. He wanted the children to be unable to dispose of the property for 25 years. The problem is that he left the trust with only enough assets to accomplish this goal for 2-3 years.

The father used a “free legal service” and paid nothing to have the documents drafted.  The children and their stepmother will now get the unfortunate opportunity to find out how little he got for his money. I will be one of several lawyers for the 5 children, their stepmother, and her children who work to find a compromise to this situation. The cost on this end of settling the estate will be much higher than it would have been if the father had retained better counsel for his situation.  The documents contain boilerplate language and will provide for plenty of arguments on all sides.

A good plan on the front side of things is well worth the cost of such counsel. Make sure you are working with an attorney who is well equipped and for whom your estate is really more routine for their practice. If  you go to “free legal” then expect to get what you pay for. If you go to an attorney that says they specialize in 50 different things then expect that they are really a generalist and have little in the way of experience in specialized situations. As an attorney it is not unusual for me to work on, draft and litigate 150 estate plans a year. From this experience/knowledge bank I still have to bring in other more specialized attorneys to work on odd or unusual areas that will make or break the success of an estate plan. My best advice is to work with an attorney who is willing to go the extra mile and to be the client that is willing to pay the long dollar for them to do so. It is honestly one of the best investments you can make for your children and grandchildren. Todd Courser 810-245-0813

Most people don’t think about Estate Planning until some event triggers the fear of dying.  It usually isn’t until then that they start thinking about getting their affairs in order.  The triggers can be the birth of a child, the death of a loved one, a new job, a divorce or just about any change.  An estate plan is necessary if you want to leave a well organized plan for those who will administer your final wishes.  Your plan should include a will/trust, funeral arrangements and specific plans for those who will administer your final wishes.  Estate plans are living documents which need to be attended to as your life or wishes change.  It should be continuously updated to reflect these changes.  It is best to consult an attorney, who specializes in estate plans, to offer you advice and guide you through this journey, so that nothing gets missed or forgotten.  It is also best to find an attorney who is likely to outlive you and still be practicing in order to carry out your plan in the way that you want and to follow the steps that are required.  I had a client in his 80’s come to me to update his estate plan.  I asked why he had come to me instead of the attorney who did his original estate plan.  He said, ” Todd, you are young enough to be here when I am dead and all the people I know that were in this line of work are dead!”  If you pay little to nothing for someone to do your estate plan, who is simply a scribe who fills in data on a screen, then you will get that level of commitment and service.  Your documents may or may not be enough to carry the day when they are needed.  It is part of my normal practice to be a part of the settling of the estate once my client passes away.  I have been to many client funerals and assisted in the settling of remaining issues of estates for my clients.  Call my office today to set up a free initial consultation on beginning your estate planning process or to set up a meeting to update your current estate plan- Todd Courser 810-245-0813.