Joe Volin has been practicing law for over 35 years. His clients often say he has a knack for explaining complex legal problems and their solutions in Plain English. He regularly helps people with Estate Planning, Wills and Trusts, Revocable Living Trusts, Elder Law, and Long-Term Care Planning. Benjamin Franklin said, "If you fail to plan, you are planning to fail."
Although he wasn't talking about estate planning, the advice is worth heeding. Congratulations! for taking steps to protect your spouse and family from the costly, time-consuming, stressful problems that arise from poor planning. I've dedicated my law practice to helping consumers protect their assets and plan their estates so they don't become a burden to their children.
I do this by helping you develop a competent plan that protects you while you're alive - and protects your spouse and family after you're gone. When you read my articles, you'll discover. What is Estate Planning? How can an estate planning lawyer make sure that the right people will be in charge to care for you if you are disabled and make sure that your property goes to the right people, at the right time and in the right way when you are gone.
Although he wasn't talking about estate planning, the advice is worth heeding. Congratulations! for taking steps to protect your spouse and family from the costly, time-consuming, stressful problems that arise from poor planning. I've dedicated my law practice to helping consumers protect their assets and plan their estates so they don't become a burden to their children.
I do this by helping you develop a competent plan that protects you while you're alive - and protects your spouse and family after you're gone. When you read my articles, you'll discover. What is Estate Planning? How can an estate planning lawyer make sure that the right people will be in charge to care for you if you are disabled and make sure that your property goes to the right people, at the right time and in the right way when you are gone.
Services
Thousands of clients have hired me for estate planning services over the past 35 years partly because of my personal guarantee.
When you hire my estate planning services, I promise you will receive.
I promise I will answer all your questions, meet with you as often as you wish, and do everything possible to treat you the way I like to be treated when I'm the client.
If I'm in the office and available when you call, I promise I will speak with you immediately.
If I'm out of the office or with a client, I will return your call as soon as I finish.
When you hire my estate planning services, I promise you will receive.
I promise I will answer all your questions, meet with you as often as you wish, and do everything possible to treat you the way I like to be treated when I'm the client.
If I'm in the office and available when you call, I promise I will speak with you immediately.
If I'm out of the office or with a client, I will return your call as soon as I finish.
Problem #1: Choosing the wrong trustee.
Many people believe that you must name your bank as your trustee, but this is not the case.
I recommend you act as your own trustee so you continue to manage and invest your assets, just as you do now.
Problem #2: Leaving your trust empty.
A living trust is like a safety deposit box.
It's a good place to put your valuables, but it won't do any good if you leave it empty.
It's not uncommon for people to have a lawyer draw up their trust and then, years later, still have to go through probate.
Many people believe that you must name your bank as your trustee, but this is not the case.
I recommend you act as your own trustee so you continue to manage and invest your assets, just as you do now.
Problem #2: Leaving your trust empty.
A living trust is like a safety deposit box.
It's a good place to put your valuables, but it won't do any good if you leave it empty.
It's not uncommon for people to have a lawyer draw up their trust and then, years later, still have to go through probate.
Mistake #1: Relying on the government's estate plan.
If you do not set up an estate plan, your property will be distributed according to the laws of the state where you live.
The law may require the probate judge to give your property to someone other than the person(s) you would have chosen.
Mistake #2: Relying on a will.
If your estate plan consists only of a will, your heirs will face many costly problems, such as probate and/or guardianship proceedings.
True, a will is the most common estate planning tool, but it is not a good tool for you to use.
If you do not set up an estate plan, your property will be distributed according to the laws of the state where you live.
The law may require the probate judge to give your property to someone other than the person(s) you would have chosen.
Mistake #2: Relying on a will.
If your estate plan consists only of a will, your heirs will face many costly problems, such as probate and/or guardianship proceedings.
True, a will is the most common estate planning tool, but it is not a good tool for you to use.
When one owner dies, that person's share immediately passes to the other owner(s) in equal shares, without going through probate.
We've all be told that joint tenancy is a simple and inexpensive way to avoid probate, and this is sometimes true.
But the tax and legal problems of joint tenancy ownership can be mind-boggling.
Danger #1: Only delays probate.
When either joint tenant dies, the survivor - usually a spouse or child - immediately becomes the owner of the entire property.
But when the survivor dies, the property still must go through probate.
We've all be told that joint tenancy is a simple and inexpensive way to avoid probate, and this is sometimes true.
But the tax and legal problems of joint tenancy ownership can be mind-boggling.
Danger #1: Only delays probate.
When either joint tenant dies, the survivor - usually a spouse or child - immediately becomes the owner of the entire property.
But when the survivor dies, the property still must go through probate.
What happens if you don't maintain your car?
Your engine could burn up.
Your transmission could fail.
Your car could overheat.
Your battery could go dead.
All of which means you're stuck on the side of the road trying to hitchhike to the nearest town.
Your estate plan is like your car.
When you set it up, everything is current and accurate.
But you need to keep your eye on your assets, insurance, powers of attorney, gifting program, distribution plan, successor trustees, beneficiaries, and so much more.
Your engine could burn up.
Your transmission could fail.
Your car could overheat.
Your battery could go dead.
All of which means you're stuck on the side of the road trying to hitchhike to the nearest town.
Your estate plan is like your car.
When you set it up, everything is current and accurate.
But you need to keep your eye on your assets, insurance, powers of attorney, gifting program, distribution plan, successor trustees, beneficiaries, and so much more.
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