Common Estate Planning Mistakes Regarding Individual Retirement Accounts (IRAs)

By Roy Schneider, Esq.

For many people, retirement savings accounts are among the largest assets they have to bequeath to their children and grandchildren in their estate plans.  Sadly, without professional and personally tailored advice about how best to include IRAs in one’s estate plan, there may be a failure to take advantage of techniques that will maximize the amount of assets that will be available for future generations.

Failure to Update Contingent Beneficiaries

Assets in an IRA account usually transfer automatically to the named beneficiaries upon the death of the account holder, outside of the probate process.  If the account holder’s desired beneficiaries change, due to marriage, divorce, or other major life events, it is critically important to update the named beneficiaries as quickly as possible to prevent the asset from passing to an outdated beneficiary.  When updating beneficiaries, account holders should not neglect contingent beneficiaries – those individuals named to receive the asset if the primary named beneficiary is already deceased when the account holder dies.

Example:  Sarah’s IRA documents name her husband, Harold, as the primary beneficiary of her IRA.  The contingent beneficiary is Harold’s son, George, from Harold’s first marriage.  Sarah and Harold divorce.  Harold dies.  If Sarah dies before changing her IRA beneficiaries, George will receive the IRA.  This may no longer be the result Sarah would have wanted.

Failure to Consider a Trust as the Contingent Beneficiary of an IRA

There are three main advantages of naming a trust as the contingent beneficiary of your IRA:

  1. It avoids the problem described above of having incorrect contingent beneficiaries named at death.
  2. It protects the IRA if the desired beneficiary is a minor, has debt or marital troubles, or is irresponsible with money.
  3. It protects the IRA from intentional or unintentional withdrawal.

Since 2005, the IRS has allowed a type of trust created specifically to be the beneficiary of an IRA.  The IRA Beneficiary Trust is also known as an IRA trust, an IRA stretch trust, an IRA protection trust, or a standalone IRA trust.

The main advantage of using an IRA Beneficiary Trust instead of a standard revocable living trust is that the IRA trust can restrict distributions to ensure compliance with tax rules and minimum distribution requirements – thus maximizing the amount of tax-free growth of the investments.

Another advantage is that the IRA stretch trust has a framework that allows it to be structured in a way that guarantees protection of the distributions from the IRA as well as protection of the principal of the IRA.  When you first establish the IRA protection trust, you structure the trust as either a conduit trust or an accumulation trust.  A conduit trust will pass the required minimum distributions directly to your named beneficiaries, maximizing the tax deferral benefits.  An accumulation trust passes the required minimum distributions into another trust over which a named trustee has discretion to accumulate the funds, resulting in greater asset protection for the benefit of the beneficiary. At Schneiders & Associates, L.L.P., we often combine the IRA Beneficiary Trust with the family revocable trust for ease of administration.

During your lifetime, the IRS allows you to switch between the conduit trust and accumulation trust for each of your beneficiaries, as circumstances change.  Furthermore, you may name a “trust protector” who may change the type of trust one last time after your death.  This change may be made on a beneficiary-by-beneficiary basis, so that some of your intended heirs have accumulation trusts for their portion of the IRA and others have conduit trusts.

IRA Beneficiary Trusts are complicated legal documents with intricate IRS rules and tremendous implications for your family’s wealth accumulation for future generations.  It is wise to seek advice specific to your family’s unique circumstances when considering the establishment of this powerful type of trust.

When Will I Receive My Inheritance?

By Roy Schneider, Esq. 

If you have been named a beneficiary in a loved one’s estate plan, you have likely wondered how long it will take to receive your share of the inheritance after his or her passing.  Unfortunately, there is no hard or and fast rule that allows an estate planning attorney to answer this question. The length of time it takes to distribute assets in an estate can vary widely depending upon the particular situation.

Some of the factors that will be involved in determining how long it takes to fully administer an estate include whether the estate must be probated with the court, whether assets are difficult to value, whether the decedent had an ownership interest in real estate located in a state other than California, whether the estate must file a federal estate tax return, whether there are a number of creditors that must be dealt with, and of course, whether there are any disputes about the will or trust and if there may be disagreements among the beneficiaries about how things are being handled by the executor or trustee.

Before the distribution of assets to beneficiaries, the executor and trustee must also make certain to identify any creditors because they have an obligation to pay any legally enforceable debts of the decedent with those assets. If there must be a court filed probate action there may be certain waiting periods, or creditor periods, prescribed by state law that may delay things as well and which are out of the control of the executor of the estate.

In some cases, the executor or trustee may make a partial distribution to the beneficiaries during the pending administration but still hold back sufficient assets to cover any income or estate taxes and other administrative fees. That way the beneficiaries can get some benefit but the executor is assured there are assets still in his or her control to pay those final taxes and expenses. Then, once those are fully paid, a final distribution can be made. It is not unusual for the entire process to take 9 months to 18 months (sometime more) to fully complete.

If you have been named a beneficiary and are dealing with a trustee or executor who is not properly handling the estate and you have yet to receive your inheritance, you should contact a qualified estate planning attorney at Schneiders & Associates, L.L.P. for knowledgeable legal counsel.

Testamentary vs. Inter Vivos Trusts

By Roy Scneider, Esq.

The world of estate planning can be complex. If you have just started your research or are in the process of setting up your estate plan, you’ve likely encountered discussions of wills and trusts. While most people have a very basic understanding of a last will and testament, trusts are often foreign concepts. Two of the most common types of trusts used in estate planning are testamentary trusts and inter vivos trusts.

A testamentary trust refers to a trust that is established after your death from instructions set forth in your will. Because a will only has legal effect upon your death, such a trust has no existence until that time. In other words, at your death your will provides that the trusts be created for your loved ones whether that be a spouse, a child, a grandchild or someone else.  This type of trust does not avoid having to go through a probate proceeding in court.

An inter vivos trust, also known as a revocable living trust, is created by you while you are living. It also may provide for ongoing trusts for your loved ones upon your death. One benefit of a revocable trust, versus simply using a will, is that the revocable trust plan may allow your estate to avoid a court-administered probate process upon your death. However, to take advantage this benefit you must “fund” your revocable trust with your assets while you are still living. To do so you would need to retitle most assets such as real estate, bank accounts, brokerage accounts, CDs, and other assets into the name of the trust.  Another advantage to inter vivos trusts is that they can often help in situations of incapacity.  If your inter vivos trust provides care to you during our lifetime if you become incapacitated, you might be able to avoid having to do a costly and comprehensive probate conservatorship.

Since one size doesn’t fit all in estate planning, you should contact a qualified estate planning attorney at Schneiders & Associates, L.L.P. who can assess your goals and family situation, and work with you to devise a personalized strategy that helps to protect your loved ones, wealth and legacy.

Estate Planning: How Certificates of Shares Are Passed Down

By Roy Schneider, Esq.

How is the funding handled if you decide to use a living trust?

Certificates represent shares of a company. There are generally two types of company shares: those for a publicly traded company, and those for a privately held company, which is not traded on one of the stock exchanges.

Let’s assume you hold the physical share certificates of a publicly held company and the shares are not held in a brokerage account. If, upon your death, you own shares of that company’s stock in certificated form, the first step is to have the court appoint an executor of your estate.

Once appointed, the executor would write to the transfer agent for the company, fill out some forms, present copies of the court documents showing their authority to act for your estate, and request that the stock certificates be re-issued to the estate beneficiaries.

There could also be an option to have the stock sold and then add the proceeds to the estate account that later would be divided among the beneficiaries. If the stock is in a privately held company there would still be the need for an executor to be appointed to have authority. However, the executor would then typically contact the secretary or other officers of the company to inquire about the existence of a shareholder agreement that specifies how a transfer is to take place after the death of a shareholder.  Depending on the nature of the agreement, the company might reissue the stock in the name(s) of the beneficiaries, buy out the deceased shareholder’s shares (usually at some pre-determined formula) or other mechanism.

If you set up a revocable living trust while you are alive you could request the transfer agent to reissue the stock titled into the name of the trust. However, once you die, the “trustee” would still have to take similar steps to get the stock re-issued to the trust beneficiaries.

If you open a brokerage account with a financial advisor, the advisor could assist you in getting the account in the name of your trust, and the process after death would be easier than if you still held the actual stock certificate.

The estate planning attorneys at Schneiders & Associates have the expertise and experience to assist you in devising and implementing the most suitable plan.  Please contact our office and ask for an Estate Planning Questionnaire for you to complete.  Once completed, you are invited to make a no-charge consultation with one of our knowledgeable estate planning attorneys to go over the Questionnaire and advise you of the best plan for you and an estimate of the cost.  Planning your estate is an important step in assuring your future and the future of your family, so don’t delay and please call today for your Estate Planning Questionnaire.

Estate Planning Don’ts

By Roy Schneider, Esq.

Preparing for the future is an uncertain business, but there are steps you can take during your lifetime to simplify matters for your loved ones after you pass, and to ensure your final wishes are carried out. Planning for what happens to your property, or who cares for your family members, upon your death can be a complicated process. To simplify things, we’ve created the following list to help you avoid some of the pitfalls you may encounter before, or even long after, you create your estate plan.

Don’t assume you can plan your estate by yourself. Creating an estate plan from an online source or “estate planning kit” may not result in the plan you thought you were getting. Estate planning involves rather complex legal issues and a simple misplaced word may completely invalidate the plan or have totally unintended consequences. Get help from an estate planning attorney whose training and experience can ensure that you minimize tax implications and simplify the process of settling your estate.

Don’t put off your estate planning needs because of finances. To be sure, there are upfront costs for establishing the estate plan; however establishing your estate plan is an investment in the future well-being of your family, and one which will result in a far greater cash savings over the long term.

Don’t make changes to your estate plan without consulting your attorney. Changes in one area of your estate plan could impact other provisions you have made, triggering legal or tax implications you never intended.

Don’t assume your children will intuitively know your wishes, and handle the situation appropriately upon your death. Money and sentimental items can cause a rift between even the most agreeable siblings, and they will be especially vulnerable as they deal with the emotional impact of your passing.

Don’t assume that once you’ve prepared your estate plan it’s set in stone. Estate planning documents regularly need to be revised, often due to a change in marital status, birth or death of a family member, or a significant change in the value of your estate. Beneficiary designations should be periodically reviewed to ensure they are up to date.

Don’t forget to notify your family members, friends or other beneficiaries of your estate plan. Make sure your executor and successor trustee have access to your end-of-life documents.

Don’t assume your spouse will handle everything if something happens to you. It’s possible your spouse may be incapacitated at the same time, for example if you both are injured in the same accident. A proper estate plan appoints alternate representatives to handle your affairs if both you and your spouse are unable to do so.

Don’t automatically use the same person as your agent under both the financial and healthcare powers of attorney. Using the same individual gives that person an incredible amount of influence over your future and it may be a good idea to split up the decision-making authority.

Don’t forget to name alternate agents, executors or successor trustees. You may name a family member to fill one of these roles, and forget to revise the document if that person dies or becomes incapacitated. By adding alternates, you ensure there is no question regarding who has the authority to act on your or the estate’s behalf.

Generally, a well devised estate plan will include a Family Revocable Trust, Pour-Over Will, Powers of Attorneys for Financial Matters and for Health Care, and Assignments of Assets. Also, an estate plan must be funded with your assets. Therefore, deeds may need to be prepared as well to transfer real estate to the Trust. The estate planning attorneys at Schneiders & Associates have the expertise and experience to assist any family situation in devising and implementing the most suitable plan. Please contact our office and ask for an Estate Planning Questionnaire for you to complete. Once completed, you are invited to make a no-charge consultation with one of our knowledgeable estate planning attorneys to go over the Questionnaire and advise you of the best plan for you and an estimate of the cost. Planning your estate is an important step in assuring your future and the future of your family, so don’t delay and please call today for your Estate Planning Questionnaire.

Paying for Your Grandchildren’s Education

By Roy Schneider, Esq.

The bond between a grandparent and grandchild is a very special one based on respect, trust and unbounding love. When preparing one’s estate plan, it’s not at all uncommon to find grandparents who want to leave much or all of their fortune to their grandchildren. With college tuition costs on the rise, many seniors are looking for ways to help their grandchildren with these costs long before they pass away. Fortunately, there are ways to “gift” an education with minimal consequences for your estate and your loved ones.

The options for your financial support of your heirs’ education may vary depending upon the age of the grandchild and how close they are to actually entering college. If your grandchild is still quite young, one of the best methods to save for college may be to make a gift into a 529 college savings plan. This type of plan was approved by the IRS in Section 529 of the Internal Revenue Code. It functions much like an IRA in that the appreciation of the investments grows tax deferred within the 529 account. In fact, it is likely to be “tax free” if the money is eventually used to pay for the college expenses. Another possible bonus is that you may get a tax deduction or tax credit on your state income tax return for making such an investment. You should consult your own tax advisor and your state’s rules and restrictions.

If your granddaughter or grandson is already in college, the best way to cover their expenses would be to make a payment directly to the college or university that your grandchild attends. Such a “gift” would not be subject to the annual gift tax exemption limits of $14,000 which would otherwise apply if you gave the money directly to the grandchild. Thus, as long as the gift is for education expenses such as tuition, and if the payment is made directly to the college or university, the annual gift tax limits will not apply.

As with all financial gifts, it’s important to consult with your estate planning attorney who can help you look at the big picture and identify strategies which will best serve your loved ones now and well into the future. Gifts can be very beneficial for your estate, and for your loved ones. Contact the estate planning attorneys at Schneiders & Associates, L.L.P. today if you would like to discuss your estate and how gifting can benefit you.

What Does the Term “Funding the Trust” Mean in Estate Planning?

by Roy Schneider, Esq.

I am about to start the estate planning process and have heard the term “funding the trust” thrown around a great deal. What does this mean? And what will happen if I fail to fund the trust?

The phrase, or term, “funding the trust” refers to the process of titling your assets into your revocable living trust.  A revocable living trust is a common estate planning document and one which you may choose to incorporate into your own estate planning. Sometimes such a trust may be referred to as a “will substitute” because the dispositive terms of your estate plan will be contained within the trust instead of the will.  A revocable living trust will allow you to have your affairs bypass the probate court upon your death, using a revocable living trust will help accomplish that goal.

Upon your death, only assets titled in your name alone will have to pass through the court probate process.  Therefore, if you create a trust, and if you take the steps to title all of your assets in the name of the trust, there would be no need for a court probate because no assets would remain in your name. This step is generally referred to as “funding the trust” and is often overlooked. Many people create the trust but yet they fail to take the step of re-titling assets in the trust name. If you do not title your trust assets into the name of the trust, then your estate will still require a court probate.

A proper trust-based estate plan would still include a will that is sometimes referred to as a “pour-over” will.  The will acts as a backstop to the trust so that any asset that is in your name upon your death (instead of the trust) will still get into the trust. The will names the trust as the beneficiary. It is not as efficient to do this because your estate will still require a probate, but all assets will then flow into the trust.

Another option: You can also name your trust as beneficiary of life insurance and retirement assets. However, retirement assets are special in that there is an “income” tax issue. Be sure to seek competent tax and legal advice before deciding who to name as beneficiary on those retirement assets.

A number of estate planning attorneys, set up the plan, but leave the client hanging when it comes to funding the trust. As part of its estate planning services, the attorneys at Schneiders & Associates, L.L.P., assist their clients with the trust funding process and actually handles some transfers, such as real estate transfers, for the their clients. If you are contemplating your estate plan or have a trust but have questions or concerns about its proper funding, please feel free to call the estate planning attorneys at Schneiders & Associates, L.L.P., for a consultation.

Overview of the Ways to Hold Title to Property

 

By Roy Schneider, Esq.

You are purchasing a home, and the escrow officer asks, “How do you want to hold title to the property?” In the context of your overall home purchase, this may seem like a small, inconsequential detail; however nothing could be further from the truth. A property can be owned by the same people, yet the manner in which title is held can drastically affect each owner’s rights during their lifetime and upon their death. Below is an overview of the common ways to hold title to real estate:

 

Tenancy in Common

Tenants in common are two or more owners, who may own equal or unequal percentages of the property as specified on the deed. Any co-owner may transfer his or her interest in the property to another individual. Upon a co-owner’s death, his or her interest in the property passes to the heirs or beneficiaries of that co-owner; the remaining co-owners retain their same percentage of ownership. Transferring property upon the death of a co-tenant requires a probate proceeding or another post-death transfer.

Tenancy in common is generally appropriate when the co-owners want to leave their share of the property to someone other than the other co-tenants, or want to own the property in unequal shares.

Joint Tenancy

Joint tenants are two or more owners who must own equal shares of the property. Upon a co-owner’s death, the decedent’s share of the property transfers to the surviving joint tenants, not to his or her heirs or beneficiaries. Transferring property upon the death of a joint tenant does not require a probate proceeding, but will require certain forms to be filed and a new deed to be recorded.

Joint tenancy is generally favored when owners want the property to transfer automatically to the remaining co-owners upon death, and want to own the property in equal shares.

Community Property

Community property exists for married couples or registered domestic partners, and only exists in some states.  With community property, the surviving spouse receives a “step-up in basis” when the first spouse dies. This means that the basis value of the property is raised to the fair market value on the date of death of the first spouse. This can be a huge advantage to couples who may have bought their property for a much lower value than present values.

Holding property as community property does not guarantee the property to be distributed to the surviving spouse or partner however. A person can transfer their half of community property to someone else. To avoid that, property can be held as “Community Property With Right of Survivorship”, which not only allows for a step-up in basis, but also acts like a joint tenancy with an automatic right of survivorship between spouses or partners.

Community property is only accumulated after the date of marriage, therefore all property acquired after marriage is presumed to be community property in California. All property acquired by a spouse before marriage is the separate property of that spouse. If a spouse owning separate property wants to keep it as separate property, a Prenuptial Agreement would be best. The Prenuptial Agreement can set forth the couple’s property and what will stay separate property during, or after, the marriage. Alternatively, a couple can execute a Marital Property Agreement, which transmutes property from separate property to community property.  Either way, a written agreement with the property details, signed by both spouses, is the best way to make sure that the couple’s property is treated correctly.

Living Trusts

The above methods of taking title apply to properties with multiple owners. However, even sole owners, for whom the above methods are inapplicable, face an important choice when purchasing property. Whether a sole owner, or multiple co-owners, everyone has the option of holding title through a living trust, which avoids probate upon the property owner’s death. Once your living trust is established, the property can be transferred to you, as trustee of the living trust. The trust document names the successor trustee, who will manage your affairs upon your death, and beneficiaries who will receive the property. With a living trust, the property can be transferred to your beneficiaries quickly and economically, by avoiding the probate courts altogether. Because you remain as trustee of your living trust during your lifetime, you retain sole control of your property.

Use of LLCs for Property

Holding title to a property within a Limited Liability Company can provide an extra layer of liability protection for the owners. When combined with proper insurance, such an entity can prove very beneficial for property owners with multiple assets.

LLCs can be especially helpful for non-married persons owning property together for other reasons. The LLC Operating Agreement can set forth a sort of “tenancy agreement” for the parties, including agreements concerning paying for repairs, choosing to do maintenance, and determining what happens if one of the owners passes away. These agreements – whether within an LLC or just a written agreement between owners – are very advantageous, as they can avoid arguments between the owners and can save time and money down the road.

How you hold title has lasting ramifications on you, your family and the co-owners of the property. Title transfers can affect property taxes, capital gains taxes and estate taxes. If the property is not titled in such a way that probate can be avoided, your heirs will be subject to a lengthy, costly, and very public probate court proceeding. By consulting an experienced real estate attorney, you can ensure your rights – and those of your loved ones – are fully protected.

Pet Trusts – Estate Planning and Your Pets

By Roy Schneider, Esq.

If your household includes animal companions, be they dogs, cats, horses, rabbits or mice, you may want to include a pet trust in your estate plan. A pet trust is a legally enforceable document whose purpose is to insure that your pet receives the sort of care you would have provided had you not died or become disabled. In order to accomplish this, you name one or more persons to act as a trustee – the person who will use the money or property you put in the trust for your animal companion’s benefit. You also name a caregiver who will care for your animal companion; their expenses will be paid by the trustee out of the pet trust. The trustee will check periodically on your animal companion to make sure it is receiving the level of care specified in the trust instrument.

A pet trust is best created in your living trust or your will. When created this way, the trustee that you choose is required to honor all the terms of trust. These could include what type of food your animal companion likes, who your veterinarian is, and specific ways you would like your animal companion to be cared for after your passing. Your trust can be general, or very specific, whatever you prefer. It also gives third parties the right to initiate court proceedings to further the interests of the trust. Probate Code Section 15212 gives the court the authority to appoint a new trustee and further empowers it to “. . . make all other orders and determinations as it shall deem advisable to carry out the intent of the settlor . . . .”  

In order to fund the trust, you should ask your drafting attorney to give a specific monetary gift or a percentage of your estate to the pet trust. These funds will be used to care for, feed, and provide for your animal companion. In order to decide how much money to fund your pet trust with, keep in mind the age of your animal companion(s), how many companions you have, what health issues they may have, and how richly you would like them to live.

You may designate residuary beneficiaries of the pet trust, who will receive the surplus, if there is any. You may leave the remainder to relatives, friends or to organizations like the Humane Society, the SPCA or local animal rescue groups. You should be very careful about leaving the surplus to the caregiver as that person may be tempted to put his or her financial interests ahead of the welfare of your animal companion. If you would like to leave it to your caregiver, it is highly recommend to have your attorney add conditional language to the trust so that they caregiver only receives the surplus if the animal dies of natural causes.

If your pet trust assets run out before the animal companions die, then you are dependent upon the good will and financial circumstances of your caregiver. It is for this reason that you should use great care in choosing this person and his or her successors. The trust instrument should contain a provision naming a person or organization you want your animal companion to go when all else fails. However, it is recommended to name two or three alternate successors so that your companion does not have a risk of being put in a shelter.

If you wish to provide for the care of a valued pet should you predecease your companion, you can do so with proper instructions to your trustee. Contact the estate planning attorneys at Schneiders & Associates, L.L.P. to discuss how to protect your pet’s future through a pet trust. The initial consultation is free.

Avoid Family Feuds through Proper Estate Planning

By Roy Schneider, Esq.

A family feud over an inheritance is not a game and there is no prize package at the end of the show. Rather, disputes over who gets your property after your death can drag on for years, ruin family relationships, and deplete your entire estate. When most people are preparing their estate plans, they execute wills and living trusts that focus on minimizing taxes or avoiding probate. However, this process should also involve laying the groundwork for your estate to be settled amicably and according to your wishes. Communication with your loved ones is key to accomplishing this goal.

Feuds can erupt when parents fail to plan, or make assumptions that prove to be untrue. Such disputes may evolve out of a long-standing sibling rivalry; however, even the most agreeable family members can turn into green-eyed monsters when it comes time to divide up the family china or decide who gets the vacation home at the lake.

Avoid assumptions. Unfortunately, you cannot presume that any of your children will look out for the interests of your other children. To ensure your property is distributed to the heirs, persons, or charities you select, and to protect the integrity of the family unit, you must establish a clear estate plan and communicate that plan – and the rationale behind certain decisions – to your loved ones.

In most cases, when formulating your estate plan, you should have a conversation with your children to discuss who will be the executor of your estate, or who wants to inherit a specific personal item. Ask them who is willing to be the executor, or consider the abilities of each child in selecting who will settle your estate, rather than just defaulting to the eldest child. If asking your children for their opinion or willingness to be executor or trustee, you should explain to them that it is a difficult job, takes time, and can be emotionally draining. This discussion should also include provisions for your potential incapacity, and address who has the power of attorney and who is the agent for healthcare decisions.

Do not assume any of your children want to inherit specific items. Many heirs fight as much over sentimental value as they do monetary items. Cash and investments are easily divided, but how do you split up Mom’s engagement ring or the table Dad built in his woodshop? By establishing a will or trust that clearly states who is to receive such special items, you avoid the risk that your estate will be depleted through costly legal proceedings as your children fight over who is entitled to such items. You may also want to keep your pets in mind.  Who will take care of them if something happens to you? Who will take them in and treat them as well as you treat them?

Take the following steps to ensure your wishes are carried out:

  • Discuss your estate planning with your family. Ask for their input and explain anything “unusual,” such as special gifts of property or if the heirs are not inheriting an equal amount. Keep in mind that this may not be the best approach, and only discuss those topics for which you are unsure (i.e. personal effects, willingness to be executor, etc.). If you want a charity to receive a part of your estate, or one child to receive more than another because they helped you in the past, you may not want to ask your children for their input as they will likely disagree. Remember that this is YOUR estate plan, not theirs.
  • Name guardians for your minor children and caregivers for your pets.
  • Write a letter, outside of your will or trust, that shares your thoughts, values, stories, love, dreams and hopes for your loved ones.

If your children are receiving unequal gifts from you, make and keep notes as to why, i.e. loans made during your lifetime, unequal caregiving services, lack of communication for years, etc.

  • Explain to your children why you have appointed a particular person to serve as your trustee, executor, agent or guardian of your children.
  • If you are in a second marriage, make sure your children from a prior marriage and your current spouse know that you have established an estate plan that protects their interests.

The estate planning attorneys at Schneiders & Associates, L.L.P. are ready to assist you in planning your estate and in making sure that your exact wishes are lawfully carried out so that your heirs and beneficiaries fully understand what it is you wish to provide for them.  Contact us today for your estate planning questionnaire and to schedule your complimentary consultation.