Common Estate Planning Mistakes

This article from the Wall Street Journal Blog is excellent.

We all know that having an estate plan is good for our finances and for our heirs. But many of us fail to put a plan in place—for fear of facing our own mortality, among other reasons. And those who do have a plan often make mistakes that can lead to familial and financial problems down the road. The Experts, a group of finance professionals and academics, weigh in on what they see as the biggest mistakes people make with estate planning.

Read the rest by clicking here…

from DeWitt Law Firm, PLLC http://ift.tt/1WURsXi


from DeWitt Law Firm, PLLC

Frequently Asked Question: Why does it cost so much?

GET ALL the ANSWERS NOW by CLICKING HERE.

Less than a cup of convenience store coffee every day.

You are getting a well thought out, custom, individualized plan, not a “box” plan from the office supply store or online.

There is something to the saying “you get what you pay for.” Lisa did an online will but did not get part of it notarized. This could have caused a big problem later if it was not caught during other work being done. The overall cost would have been much greater than having a custom plan done.

Asset transfers will add to the base price. Any Supplemental Needs Trusts will add to the price.

If the attorney has to go to your location, then travel time at the hourly rate will typically be added.

Breaking this down by a minimum every 5 year review, you are looking at $1.21 per day. That is less than the cost of a cup of convenience store coffee.

Finally, don’t expect bargain prices if you just need a single document. An attorney, like a CPA or doctor’s office, has an overhead to open the file, make notes, do the work, and close the file.

from DeWitt Law Firm, PLLC http://ift.tt/1QKk1X5


from DeWitt Law Firm, PLLC

Bride Brought Wedding To Alzheimer’s Home So Her Mom Could Be There

Poor Sleep May Actually Set The Stage For Alzheimer’s

Numerous studies have tied sleep to Alzheimer’s disease, but the link hasn’t yet been well-defined.

Now a new study led by Oregon Health and Science University hopes to clearly determine the relationship between a lack of shuteye and the memory-robbing disease. University researcher Jeffrey Iliff recently spoke with NPR about the upcoming study and the importance of adequate sleep.

“Changes in sleep habits may actually be setting the stage [for dementia],” Iliff told NPR. 

Researchers have known for decades that there was a link between Alzheimer’s and sleep but they might have had it all wrong. It’s common for Alzheimer’s patients to have sleep disorders, which researchers thought was a result of the disease and the way it disturbs the brain’s ability to regulate rest.

Iliff and his team believe that it might be the other way around. It’s during deep sleep that our brain is able to rid itself of harmful toxins, including amyloid commonly associated with Alzheimer’s disease. Researchers now believe that if we don’t get adequate sleep, the brain might not be able to carry out this function, causing amyloid to accumulate. This, in turn, potentially increases the risk for Alzheimer’s disease.

The new study will hopefully determine the exact link. They plan to use highly sensitive MRIs that can sense when the brain’s glymphatic system is activated to clear away toxins. 

Other research in this area has shown similar findings. One 2014 study of mice found that lack of sleep can lead to memory problems and brain tangles in just eight weeks. And a study from 2015 found that lack of sleep might speed up biological aging. 

Iliff and his fellow researchers hope their study will provide answers that could confirm their theory and also help pinpoint people who might be at risk. 

h/t NPR

Read more: http://ift.tt/1O45B13

from DeWitt Law Firm, PLLC http://ift.tt/200Wp6d


from DeWitt Law Firm, PLLC

Immediate Benefits of Estate Planning

Many people think that estate planning only has benefits far in the future.

That is wrong.

Here are some of the immediate benefits:

The satisfaction of a job well done.

You will learn how much equity you have, how much cash is coming in, and how much cash is going out each and every month.  Just like a business, you will have a cash flow analysis and a balance sheet.

Your unease of what may happen in the future will evaporate.  You will know that plans have been made.

You are being proactive, not reactive.  You have the right to know what will happen and the order it will happen in.  You should know who will be in charge of the finances and medical decisions.

You make sure your values will continue and are known to your family now.  If you don’t then your family may regret that you never shared family stories, history, and values.

Estate planning can open up new lines of communication for a family that you didn’t even know existed.  Just the process of creating a plan makes families communicate in new ways about new things.

You have the freedom to express yourself and make sure your views and values are expressed.

from DeWitt Law Firm, PLLC http://ift.tt/1njiiMv


from DeWitt Law Firm, PLLC

Shorter Posts

After looking back on past posts, they are really long and hard to read.  They take too much time out of a busy person’s day.

In the future, I will break things up into series, keeping each one to no more than a 5 minute read.

-G-

from DeWitt Law Firm, PLLC http://ift.tt/1NuNcqp


from DeWitt Law Firm, PLLC

Blocking brain inflammation ‘halts Alzheimer’s disease’ – BBC News

Star Wars Characters Reimagined As Winnie The Pooh And Friends

Florida based illustrator and artist James Hance just combined Star Wars with Winnie the Pooh. Titled “Wookie the Chew,” Hance’s illustrations reimagine Chewbacca as Pooh Bear and Eeyore as an Imperial Walker, along other crossovers.

But that’s not all. Hance has also just released an audio book of the story! Be sure to check out his website to see more of his work, or Etsy, where you can buy some of these unique, “Wookie the Chew” prints.

Read more: http://ift.tt/1N9A3Tv

from DeWitt Law Firm, PLLC http://ift.tt/1ZyB3rk


from DeWitt Law Firm, PLLC

Keeping your estate plan up-to-date

You need to have the Adobe Flash Player to view this content. Please click here to continue. Attorney Misty Watson of the Danna McKitrick law firm stopped by Fox 2 today to give people vital information in planning their estate in case of emergency. Many people wait until the last minute to update documents such as their will, or not at all. When updating your documents, you should consider not only the property and assets that are being distributed, but also the people involved. Carefully consider beneficiaries as well as people with whom you have entrusted other responsibilities. These responsibilities include the executor of your will, trustee of a trust, power of attorney and guardian of your children. Below are possible events and circumstances that may require changes in your will or other estate planning documents: Marriage Divorce New baby/child Family member gets a diagnosis Death of a family member or beneficiary Change of guardians Reasons to do your estate plan in 2016: Substantial savings for probate fees Control of who makes decisions on your behalf Naming guardian for children A will is the only place you can name a legal guardian Reduce future taxes Recognized charities important to you (tax benefit as well)

Click here to view original web page at fox2now.com

from DeWitt Law Firm, PLLC http://ift.tt/1OtTj26


from DeWitt Law Firm, PLLC

Disrupting Alzheimer’s And Us

The 2016 International Consumer Electronics Show is underway in Las Vegas, and tens of thousands have gathered to gawk at the latest gadgets and speculate about the wild possibilities of futuristic technologies. But while throngs of youngsters compare notes on smell-based alarm clocks and video conferencing for their pets, the most interesting stuff is happening at the Venetian, where the Digital Health Summit is taking place. Of the many provocative panels – on genomics, maternal health, big data – one stood out in particular. It was called “Disrupting Dementia,” and it asked the tech-savvy CES audience to help join the fight against Alzheimer’s. According to the panel, the first wave of technologies that have been designed to help those with Alzheimer’s and their caregivers have flopped. Technologies haven’t yet understood the real problems that people confront when they are on their Alzheimer’s journeys, and so they are of limited use. This panel tried to teach the pain-points of Alzheimer’s to the tech audience so they could understand the problems that need solving. The panel collected an impressive group of thought leaders, with Dr. Jeff Cummings from the Cleveland Clinic, Professor Alex Mihailidis from the University of Toronto, and Terry Bradwell from AARP. It was also moderated by Andrew Wright from Otsuka Pharmaceuticals, who oversees their Digital Medicines. As the next step of this critical work, the organizers of the panel announced a pitch session at 2016’s Alzheimer’s Association International Conference, where tech entrepreneurs will be able to present their […]

Click here to view original web page at http://ift.tt/hFWySe

from DeWitt Law Firm, PLLC http://ift.tt/1PhM8Y3


from DeWitt Law Firm, PLLC

Money Matters: Estate planning advice for couple worried about taxes

Q. We have a POD clause on our savings and checking accounts and a TOD on our brokerage accounts. We did this to make funds immediately available to our two children upon our death. Now we are wondering what the tax consequences of this action might be. (Will they be subject to a gift tax for amounts over $14,000 or will the amounts be added to the estate total, etc.) We didn’t check per stirpes because we weren’t sure what that meant. If we want to gift some money now to our children how much can we gift without presenting them with a tax liability? Hope you can help us sort through this. A. Just so other readers know what we are talking about, the forms you are referring to allow the assets in the accounts to pass to the named beneficiaries and these designations take precedence over any estate plans established by will or trust. A POD, or payable on death, form is used for accounts held at financial institutions such savings and CDs. For brokerage accounts you would use a TOD, or transfer on death, form. The assets transferred via a POD or TOD are usually non-probate transfers. If your accounts are held jointly, the named beneficiaries are entitled to the assets upon the death of the last surviving account holder. These are very useful forms but you need to be careful that they fit into your overall estate plan. A discussion about how these forms impact […]

Click here to view original web page at www.newsobserver.com

from DeWitt Law Firm, PLLC http://ift.tt/1lh2ckU


from DeWitt Law Firm, PLLC