Brent Ripley Planning

07/26/2024

There's a fake profile of me out there - Brent Ripley Ripley. Please ignore it.

01/11/2024

https://www.brentripleyplanning.com/articles/2024/1/9/ira-accounts-tax-treasures-with-estate-planning-thorns

IRA Accounts: Tax Treasures with Estate Planning Thorns Individual Retirement Accounts (IRAs) are lauded for their tax-deferred growth potential. But their allure fades when it comes to estate planning. Here's why IRAs can complicate things at this crucial stage: Tax Torpedoes: Income

08/28/2012

The probate system isn't always the nightmare some people would have you believe it is. But even a best case scenario will involve public filings, notices to potential creditors, and seeking the permission of someone who isn't part of your family to dispose of property that belongs to your family. Delays are common, and litigation is more likely when a court case has already been opened - all it takes is a letter from an angry person to require an extra hearing. Given a choice, why wouldn't you opt out?

08/22/2012

On this page we are trying to educate the public with short informative paragraphs about estate planning basics. We don't give sales pitches or calls to action, rather we hope to explain things that we think you would like to understand. If this information is helpful or interesting, please invite your friends to like us.

08/22/2012

Probate is the legal process of changing property ownership from someone who is dead (and who therefore can't transfer property) to someone who is alive - an heir. This is is done through a will or through the laws of intestacy (dying without a will), and is necessarily a court-supervised process that includes public filings and invitations to litigate. Many people try to avoid placing their assets in the probate system. Should you? We will explore that question the rest of this week.

08/21/2012

Why do people fight over their inheritances? It's been suggested there are five main reasons: 1. People are predisposed to argue; 2. Our self worth is tied to what we receive from our parents; 3. We look for exclusion, making up offenses; 4. Anxiety over the death of a loved one; and 5. Full blown personality disorders. There are other reasons I'm sure, but having seen some of the best families deal with death over many years and with many different estate sizes, I can say that a well thought out, well drafted estate plan ends most arguments before they start. To quote an old proverb that is certainly true with estate planning, "Good fences make good neighbors."

08/17/2012

As you consider who will be permanent guardians for your minor children if the unthinkable happens to you and your spouse, please also consider establishing a short term guardian. Sometimes your permanent guardian is away or cannot be reached right away. Establishing a neighbor or close friend who lives near you as a temporary guardian may help ensure your children don't find themselves in a state approved foster home (who won't know your children) while the authorities try to find your permanent guardian.

08/16/2012

Sometimes the family of a person who died cannot find their will or trust, or they are not sure if the document they found is the most recent document. How can you make sure your family doesn't have to go on a treasure hunt when you die? Here are some ideas: 1. If the contents aren't secret, give your trustee or personal representative a copy of the documents; 2. Keep the documents in a conspicuous binder on a shelf, not tucked away in a manila folder deep in your filing cabinet; 3. If you don't want anyone to read your will until after you're dead, consider leaving it with the attorney who drafted it, and make sure your family knows how to contact him or her; 4. if you keep it in a safe, or a safety deposit box, make sure combination or key is somewhere easily accessed;

08/15/2012

Planning and enforcing who will inherit your property can be difficult. Planning to disinherit family members can be even more difficult. Here's a great article about the reasons family members are disinherited - http://thetrustadvisor.com/news/disinherit. its a complex topic, and may be even more complex to execute, especially with regard to a spouse.

08/14/2012

People are often frightened by the fact that the state will dispose of your property if you die "intestate", which is the legal terminology for dying without a will. Here's what really happens: if you die without a will, your spouse will inherit all your property as long as you either have no descendants or all your descendants are also descendants of your spouse. If you and your spouse have different descendants (such as in a step-family or blended family scenario) and you die without a will, your spouse gets the first $50,000 and then half of what's left. Sometimes this works just fine, but more often it causes many problems.