Life Counsel and Planning

04/28/2020

The independence of do it yourself, or “DIY,” is a point of pride for some people and keeps businesses like Home Depot and Lowes profitable. While some home improvement activities can safely be done by the average person, others, such as plumbing and electrical work, really need professional expertise.

Without that expertise, you may spend more fixing the problems caused by DIY efforts than you would have spent if you had hired a professional from the beginning.

The same is true for estate planning.

https://www.lifecounselplanning.com/the-pitfalls-of-diy-estate-planning/

04/24/2020

The COVID-19 pandemic has forced us to slow down and self-quarantine. Some people are using this time to connect with family, clean closets or binge-watch a television show. However, this health crisis also provides time that can be used to determine what is best for your future. In other words, this is a great time to get your affairs in order by creating an estate plan.

https://www.lifecounselplanning.com/theres-no-better-time-than-now-to-get-your-affairs-in-order/

04/20/2020

At Life Counsel & Planning, we offer a free initial in-person or online consultation to provide you with a basic understanding of our services while giving us a chance to meet you and review your goals. This meeting is simply a conversation that provides the framework for tailoring the estate plan that addresses your unique needs.

https://www.lifecounselplanning.com/what-to-expect-during-your-free-consultation-with-life-counsel-planning/

04/06/2020

Co-parenting may become a whole new ballgame during the Coronavirus (COVID-19) epidemic. For divorced couples who are already struggling with a range of financial, emotional, and logistical stresses, the disruption the coronavirus is bringing to our communities and families will likely present a huge challenge.

In this situation, each parent has a choice: to rise to the occasion, and model constructive, respectful problem-solving for their children to observe and hopefully emulate, or to give in to the inclination of falling into familiar patterns of unhealthy, non-productive communication.

https://www.feldesmantucker.com/co-parenting-during-the-coronavirus-crisis/

Co-parenting may become a whole new ballgame during the Coronavirus (COVID-19) epidemic. For divorced couples who are already struggling with a range of financial, emotional, and logistical stresses, the disruption the coronavirus is bringing to our communities and families will likely present a hug...

04/03/2020

The COVID-19 pandemic demonstrates just how quickly and unexpectedly life can change. In addition to unanticipated upheavals that may occur, many choices we make also have significant impacts on our lives. There is a tendency of people who have created estate plans to let them run on autopilot rather than modifying them to reflect intended or unexpected life changes.

This inattention to an estate plan can have serious consequences, including having assets go through probate or be inherited by an unintended beneficiary.

https://www.lifecounselplanning.com/big-life-changes-prepare-for-big-estate-plan-changes/

03/31/2020

We are living in the midst of a pandemic on a scale not experienced since the Spanish flu pandemic in 1918, and it is impacting every aspect of our lives including estate planning.

There are some core estate planning tasks that you should address now, and additional opportunities created by the current volatility of the financial markets that could create transfer tax free asset distributions.

https://www.lifecounselplanning.com/how-covid-19-affects-estate-planning/

03/26/2020

Estate planning conversations are tricky. Most people don’t want to discuss end-of-life issues or money, and estate planning encompasses both. While these conversations are uncomfortable, they are necessary so that adult children understand their parents’ expectations and decisions regarding long term care, asset distribution, and more.

Now is an especially good time to have a conversation about estate planning because the coronavirus is removing day-to-day distractions from people’s lives, giving you and your family the time needed to have detailed and uninterrupted discussions.

https://www.lifecounselplanning.com/tips-for-adults-speaking-with-their-parents-about-estate-planning/

03/20/2020

The global COVID-19 outbreak has everyone thinking about what could happen if the disease spreads more fully across the general population. Despite best efforts to contain the outbreak, people in dozens of countries around the world have contracted the virus. That points to the need for people to plan for whatever could possibly happen.

Nobody likes to think about their own mortality, and that's why so many people go without basic estate planning documents. Often, an event like the coronavirus can be the kick in the pants you need to get your affairs in order. To protect yourself and your loved ones, now's a good time to make sure that you have the following four documents prepared and updated.

Don't leave yourself and your family without what they need to get by.

03/03/2020

Whether widowed, divorced, or never married, estate planning is something that is rarely on the mind of a person who is legally single. Even when single people consider this process, many don’t believe that the value of their assets is worth the trouble of creating a will and think that just naming a beneficiary on their life insurance policy is enough.

These perspectives are problematic at best and could lead to significant problems later, both for the single person and his or her family.

https://www.lifecounselplanning.com/estate-planning-for-singles/

02/28/2020

There are many ways to structure an estate plan but there is only one key rule: Don’t wait. Too many people delay creating an estate plan until there is a medical emergency or devastating diagnosis, which makes the process rushed.

Even worse, they don’t make an estate plan at all and unforeseen circumstances leave their children and other loved ones with no guidance regarding the care and financial support of their children, or any information about how to distribute their assets.

An estate plan addresses these issues, and more.

https://www.lifecounselplanning.com/dont-wait-plan-your-estate/

02/24/2020

Everyone’s estate is unique but family dynamics, especially around money, often follow known patterns that can create resentments or devolve into broken relationships.

Speaking frankly with your children about the estate plan now and structuring the plan to be fair and equitable can avoid anger and needless complications after you are gone.

Speaking frankly with your children about the estate plan now and structuring the plan to be fair and equitable can avoid anger and needless complications.

02/19/2020

If you pass away with funds remaining in your retirement accounts—like a pension, IRA, or a 401k—those funds normally pass to named beneficiaries without probate. But complications can occur, and if you don’t keep your beneficiary designations up-to-date, those accounts could end up in probate, or worse.

Trusts and Estates Wills And Probate Do Retirement Benefits Go Through Probate? By Betsy Simmons Hannibal, Attorney If you want to keep your retirement accounts out of probate, keep your beneficiary designations up-to-date. If you don’t name a beneficiary for your retirement account, the funds wil...