Building Legacies that Last Estate Planning and Elder Law

How Michael Jackson’s Estate Plan Was A Success

Michelle ProfitMichael Jackson, the King of Pop culture, not only left behind such a legacy but also left behind a great estate plan. He made the sensible choice unlike Prince, Aretha Franklin, and Whitney Houston. With the help of his chief executor of his estate both his entertainment attorney John Branca and his music executive John McClain, he left an estimated over $500 million value of assets to his heirs. By having this money, his heirs, under Jackson’s will, his legacy be protected. In order for him to create this smart and sensible estate plan, he had to follow the steps which include: Writing A Will, Considering A Living Trust, Naming A Guardian, and Assembling A Good Team.

By Writing A Will, without confrontation between siblings, he ensured that his instruction for dividing his property were followed after he died. By Considering A Living Trust, it spared his heirs the hastle of going through probate court- an expensive and prolonged legal process.

By Naming A Guardian, for his kids, he ensured the right people would protect them.

By Assembling A Good Team, he was able to make sure his heirs got what he wanted them to have instead of setting a prolonged, expensive family fight in court. According to a close correspondent to the King of Pop, “He put two people in charge of the will and trust who he felt were sage, mature, and had a great deal of expertise in how to handle what are probably considerable assets. He couldn’t have put his estate in a better position.”

If you follow these steps, you will be able to achieve what Michael Jackson did, which is a “Good Estate Plan.” Overall, the bottom line is that Estate Planning is important and you should have one in place, just like Michael Jackson did. It will serve you well in the future and protect your family, future heirs and your business.

Michelle Profit is an estate planning attorney serving Maryland and the District of Columbia. A Harvard Law School graduate, she has worked in the financial services industry for over 20 years. A dedicated advocate for all of her clients, Michelle Q. Profit personally handles each client case from start to finish to meet the client’s needs and objectives. Michelle listens in the consultation sessions and works with any other client accountants or financial planners to create a comprehensive estate plan.

Overlooked Estate Planning Concerns

Business meetingWhen people are planning for their estates there are a few often important items that they tend to overlook.

Planning for an estate can be complicated. You need to take stock of all of your assets, figure out what should be done with them, and talk to an estate planning attorney to discuss the best way to make sure those assets are distributed as you desire. When doing that, do not overlook other estate planning issues you might want to address. Otherwise your estate plan may be less effective and comprehensive as it could be.  Check out our website for estate planning fundamentals.

If the attorney does not know about certain issues important to you, then the attorney cannot help you plan for them.

Recently, the Lake County News listed some commonly overlooked issues in “Estate Planning: Important but sometimes unaddressed estate planning issues,” including:

  • It is important to decide what should happen with any digital assets you have. State laws differ about how digital accounts should be handled and who can have access to them. Make sure your attorney knows what digital accounts you have.
  • If you want to make sure your pets are taken care of after you pass away, then you need to let your estate planning attorney know that.
  • If you have any dependent adult children still living at home, then you might need to make special plans for them if they are not able to care for themselves.
  • You need to make sure that any life insurance policies and retirement accounts have alternate beneficiaries listed in case the first beneficiary predeceases you.

Schedule a consultation with Profit Law Firm to create an estate plan that covers the basics.

Reference: Lake County News (Nov. 12, 2016) “Estate Planning: Important but sometimes unaddressed estate planning issues.”

 

Two Basic Types of Estate Planning Documents

Elder Couple With BillsEstate planning can sometimes seem like it requires a long, complicated list of different documents. It can be helpful to break those documents down into two basic categories.

Once you start planning for your estate you can quickly get bogged down trying to figure out what all of the different estate planning documents are. There are all sorts of different legal documents that are not familiar to most non-attorneys. This often confuses people enough that they give up and delay getting an estate plan.

However, it does not have to be that complicated.

A good way to think about the different documents is to put them into two basic categories, as the Motley Fool discusses in “The Estate-Planning Documents Everyone Needs.”

The first type of estate planning document determines what happens to your belongings after you pass away. This category includes wills, most trusts and even things like a retirement account that has a beneficiary designation.

The second type of estate planning document determines who takes care of your affairs if you are not able to do so. This category includes powers of attorney and advanced health care directives.

Who do you want to have your possessions after you pass away and who would you like to take care of your affairs if you cannot? Answer these questions, and then go to an experienced estate planning attorney. Schedule a consultation with Profit Law Firm, LLC. Tell the attorney your answers, and let the attorney figure out the documents you need to give your answers legal effect.

Reference: Motley Fool (Nov. 7, 2016) “The Estate-Planning Documents Everyone Needs.”