Strub Law LLC

Planning for the Care & Protection of You & Yours ~ Your Family - Your Wealth - Your Legacy

YOUR FAMILY - YOUR WEALTH - YOUR LEGACY
Planning for the Care & Protection of You & Yours
(732) 743-5120 | rebecca@strublaw.com

Thinking You Don’t Need an Estate Plan?

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Recently, an individual got in touch with me and said he did not need an estate plan, but wanted to make changes to his Power of Attorney.

When he came in to talk to me he showed me his documents that were more than five years old. We discussed what he said he wanted: making changes to his Power of Attorney. Then, I asked if, while he was there, he would like to go over what would happen if he became incapacitated or passed away with his current set of documents.

As we looked at how things would play out with his current documents, he had a number of concerns. Laws have changed and the way Attorneys/Counselors-at-law address certain concerns has evolved. I was able to show him how updated documents would address his concerns – and create a plan that would help to ensure that his vision of how his incapacity and death played out would come to pass.

Even though he thought he did not need an estate plan, he DID.  Like many, he probably thought an “estate plan” meant something else. He doesn’t have an estate large enough to be affected by the estate tax. He doesn’t want to do anything fancy with his assets.

He wants a plan for who will make healthcare and financial decisions for him. He also wants to provide guidance to them about the choices they may need to make on his behalf. In addition, he wants his beneficiaries to inherit his assets in a way that supports their best selves (and not have his beneficiaries get their share when they turn 18 or are not financially mature enough to make good choices).

Estate planning is also about facing our fears of death, showing our love for our families, having the peace of mind that our death will not cause conflict in our families, and will not leave our loved ones a messy burden. Rather, we can leave a legacy of love, a legacy of having mattered, a legacy of responsibility and kindness to our loved ones who carry on after us.

Mistakes Parents Make When Naming Guardians – MISTAKE #4

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MISTAKE #4 — Not considering how you want your money distributed to your kids. If you’ve made this mistake, the money you are leaving to your kids may be at risk. You’ve worked hard for your money, take one more step and make sure it goes to each child in a way that helps become their best selves.

If you have a simple Will or nothing at all, the Court will have control of money that goes to children under the age of 18. The money will be put in a collective trust fund (Minors’ Intermingled Trust Fund) or someone you wouldn’t choose may handle it for your kids. Your guardians will have to request money from the trust fund to be reimbursed for expenses for raising your children.

And then, it’s possible that they may receive what is left it at 18 with no supervision. How many 18 year olds do you know who are good with money?

Instead, you can choose who you want to manage your money for the benefit of your children and even protect your money from your children’s future divorces or lawsuits. You can do this with either a Will that contains language creating a trust when you die or a trust that you create now. If you value privacy and confidentiality, creating a trust now may be preferable because wills are public documents.

Make sure you get the assets you are leaving behind for your kids handled.

Mistakes Parents Make When Naming Guardians – MISTAKE #3

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MISTAKE #3 — Have considered financial resources when deciding who should raise your children. Your guardians do not have to (and often should not) be financial decision makers for your kids.

No, that’s not a typo. The mistake IS considering financial resources when deciding who should care for your kids. Your guardians don’t have to provide the financial resources, you do. And you can appoint someone other than the guardians to oversee the money, if you choose.

I see this one so often that I just had to write to you about it. Parents come into my office and sit across from me considering all of the possible people who could raise their kids if something happens to them and invariably someone will say …

“I just love Bob and Mary, but they really don’t have enough money.”

Stop right there. Bob and Mary don’t have to have enough money to raise your kids, they just have to have enough love to love them the way you would.

It’s up to you to leave enough financial resources behind for your version of Bob and Mary to comfortably care for your children with all the love they can. If you aren’t sure you’ve got this covered or want to make sure the money you are leaving behind is cared for the way you want, by the people you want, so the guardians you choose can just love up your kids, contact me and get on my calendar. I’m here to help.

"We engaged Rebecca in early 2015 to create an estate plan for our family and we were very pleased with her services. Rebecca asked the right questions and her willingness to meet at our home was greatly appreciated! Rebecca made the process quite simple and we would definitely refer her to our family and friends as well as hire her in the future should the need arise." ~ Steven L.

"After each time we meet,

I have such a good night's sleep!"

~ Caia S.

“Rebecca worked with us to draw up wills and guardianship papers for our children. She made a ‘house call’ which is very helpful with two small children at home. She sat with us and went over exactly what we needed and helped us sort out all the details to assure that, in case we need it, our children will be taken care of. I completely recommend Rebecca as an estate planner, she is thorough, flexible and easy to work with.” ~ Zippy S.