What to Expect During Your First Meeting With an Estate Planning Attorney

7/28/2019 What to Expect During Your First Meeting With an Estate Planning Attorney

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Jeffrey P. Moleve

Molever Law Fir

www.Molever.co


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Statistics tell us that while the vast majority of people

understand how important it is to have an estate plan, fewer

than half of all Americans actually have one in place. Those

who have yet to create an estate plan provide numerous

reasons for their procrastination. One of the more commonexplanations centers on the fact that people naturally fear

the unknown. When the unknown involves a lawyers office,

people are even less inclined to venture into the unknown.

Add a reluctance to discuss ones own death to a perfectly

understandable fear of the unknown, and it becomes clear

why so many people have failed to create an estate plan.

As is the case with most subject matters that are unfamiliar,

taking some of the mystery out of estate planning is one way

to encourage those who have yet to create an estate plan do

so. While each initial consultation is unique to the client,

there are some common questions that you can ask yourself

ahead of time to help better prepare for your first meeting.

This may seem like an obvious question; however, estateplanning can accomplish numerous goals aside from the

primary goal of dividing your estate property. Some

additional goals that you may have for your estate plan

include:

Asset protection are you concerned that creditors ofyours, or of an intended beneficiary, may end up with

your assets? If so, there are estate planning tools that

may be able to help protect those assets.

Nursing home costs do you have a concern that youcould use up all of your assets for your healthcare

needs? If so, planning ahead may solve the problem.

What Are Your Primary Goals?

Statistics tell us that while

the vast majority of people

understand how important

it is to have an estate plan,

fewer than half of all

Americans actually have

one in place.


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Retirement planningmany estate planning tools canhelp organize your assets to provide you with

additional retirement income.

Charitable givingif philanthropy is an important partof your life, your estate plan could include charitable

gifting either during your lifetime or at death, or both.

Tax avoidancefor those with taxable estates,avoiding gift and estate taxes could be a primary

concern.

Probate avoidance a well-planned estate canminimize your estates exposure to probate, therebysaving your estate time and money.

Special needs planningif you have a special needsfamily member, you must plan ahead. Your estate plan

can help.

Incapacity planningincapacity can strike at any time.Most people choose to include at least a basic

incapacity plan within their estate plan to make sure

that a court does not end up deciding who will be in

control of healthcare and financial decisions in the

event that incapacity does strike.

You likely have a ballpark idea of what you are worth;however, the more precise you can be during your initial

consultation, the better. Putting together some relevant

records and paperwork can help you reach a more exact

figure, because people often leave assets out when they try

to arrive at a net worth in their head. Although you do not

need to bring all of these records to your initial meeting, you

What Are Your Worth?

Taking some of the

mystery out of estate

planning is one way to

encourage those who have

yet to create an estate plan

do so.

Estate planning canaccomplish numerous

goals aside from the

primary goal of dividing

your estate property.


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may eventually need them so it doesnt hurt to start

rounding them up ahead of time.

Most recent valuation for any real property you own Recent bank statements for all accounts A list of securities you own and their approximate

value

Recent statements from investment accounts A list of retirement accounts you own (401(k), IRA,

pension) with an approximate value for each

An approximate value for any interest you have in abusiness

Values for any high ticket personal property such asjewelry, artwork, or rare collections

Creditors play an important role in any estate plan. When

you die, most major creditors will be paid off before any

remaining assets can be passed down to loved ones. For this

reason, you may decide that additional life insurance is

needed at this point in your life. You may also decide to

explore some asset protection techniques with your

attorney. Your attorney cannot help you protect your assets

from creditors or ensure that there will be assets left aftercreditors are paid off if you do not provide your attorney

with all of the relevant information.

Whom Do You Owe?

Estate planning isimportant for people of all

ages. However, a significant

percentage of Americans

are in fact going throughlife without an estate plan.


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Knowing whom you wish to provide for in the event of your

death is usually the starting point for your estate plan. Thereare some common answers such as a spouse or minor

children; however, stop and think if there are others as well.

Do you have extended family who you are close to and wish

to help financially? Do you have family heirlooms that you

wish to give to specific people other than your spouse or

children? Do you want to gift to a charity that is dear to you?

You also may wish to provide for yourself during your golden

years as part of your plan. All of these goals can be

accomplished with the right estate plan.

Every estate plan includes at least one fiduciary role that of

personal representative of your last will and testament.

Many plans include others as well such the trustee of a trust,the guardian for minor children, or an agent in a power of

attorney. Each of these roles is extremely important and

requires someone whom you trust to fulfill the duties and

responsibilities of the position. Furthermore, each position

calls for someone with slightly different skills or experience.

The person you appoint as guardian for your children, for

example, might have different skills than the person you

appoint as trustee of a trust; however, they each play a

significant role in the success of your estate plan. Take some

time to choose the best candidate for each of these

positions.

15 Common Reasons

To Do Estate Planning

All responsible adults should

have an estate plan in place, butwhen you have family members

relying on you it becomes an

absolute necessity.

You never know what the future

holds, so estate planning is

important for people of all ages.

However, a significant percentage

of Americans are in fact going

through life without an estate

plan.

When you take no action to make

the appropriate provisions, you

are ignoring one of the core

responsibilities of adulthood and

placing your family at risk.

DOWNLOAD YOUR FREE

ESTATE PLANNING REPORT

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Whom Do You Trust?

Whom Do You Wish to Protect and Provide for in

Your Plan?
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No two estate plans are exactly the same, though many

include similar components. If you have any special

circumstances that may require additional consideration, be

sure to bring these up in your meeting. If you have a special

needs child, for instance, this calls for additional estate

planning techniques aimed at protecting both your assets

and your childs ability to receive much needed state and

federal assistance. Another example of a special

circumstance could be a child you gave up for adoption many

years ago who could surface at some point in the future. Do

you want to specifically include or exclude the child in yourplan?

Unfortunately, many people assume they do not have to

worry about becoming incapacitated until they reach

retirement age or beyond. The truth though is that a tragic

accident or terminal illness could leave you incapacitated at

any age. If you become incapacitated, someone will have to

make healthcare decisions for you as well as take over

control of your financial matters. Your estate plan is your

only chance to decide whom that person (or persons) will be.

If you fail to make those decisions now, a court may have to

make them later. Along with the financial cost of a protracted

court battle, the emotional toll on your family and lovedones may be great.

Do You Have Any Special Circumstances?

Who Will Have Control in the Event of Incapacity?

Unfortunately, many

people assume they do not

have to worry about

becoming incapacitateduntil they reach retirement

age or beyond. The truththough is that a tragic

accident or terminal illness

could leave you

incapacitated at any age.

About the Author

Jeffrey P. Molever has been meeting

the legal needs of clients since 1982

Mr. Molevers tax planningexperience as a CPA and as an

attorney, coupled with his Masters

Degree (LL.M.) in Taxation, helps him

provide clients with valuable

expertise in planning for their future

He believes that since, Tax issues aroften the driving force behind manyestate planning goals. An attorney

should have a strong background in

the various tax laws toprovide fullestate planning service to clients.

However,many non-tax issues arepresent in virtually every estateplanningsituation. Mr. Moleverhelps his clients avoid the time

delays and expenses of probate,

protect their assets from taxes,

creditors, andlawsuits, and providefor the security oftheir lovedones

bydesigning well-crafted estateplans.


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This is the part of an estate plan that people typically dread

discussing the most. No one wants to think about their own

funeral, yet most people have very clear opinions on the

subject. To ensure that your wishes are honored, you should

make funeral planning part of your estate plan. Simply

talking to your loved ones about your wishes may not suffice

because they will likely be grieving and not thinking clearly

when the time comes. In addition, a conversation is not

legally binding and does not prevent conflicts among loved

ones regarding what your wishes really were. By including a

funeral plan within your estate plan, you also have the

option to arrange for payment ahead of time in one of

several ways.

By asking, and answering, these questions prior to your

scheduled consultation with your estate planning attorney,

you should feel better informed and more at ease with the

subject matter at hand.

National Caregivers Library,Funeral Planning Checklist

Forbes,12 Estate Planning Questions that Might Make You

Squirm

About.com,How to Prepare for your First Meeting with an

Estate Planning Attorney

What Are Your Funeral and Burial Wishes? RECOMMENDED BOOK

Co-authored by Atty Jeffrey P Molever

Guiding Those Left Behindrefers tothe things that need to be done in

order to settle an Estate in Minnesota.The purpose of this book is to guide

the reader through the process. Itexplains:

How to tend to the funeral andburial

What agencies need to be notifiedof the death

How to locate the decedentsproperty

What bills need (and do notneed) to be paid

How to determine who is entitledto inherit the decedents property How to transfer the decedents

property to the proper

beneficiary

We devoted a chapter to each of these6 steps; and for those who are in

charge of settling an Estate, we placeda Checklist at the end of Chapter 6

summarizing the things that need to

be done.

ORDER YOUR COPY NOW

References
http://www.caregiverslibrary.org/portals/0/checklistsandforms_funeralplanningchecklist.pdfhttp://www.caregiverslibrary.org/portals/0/checklistsandforms_funeralplanningchecklist.pdfhttp://www.caregiverslibrary.org/portals/0/checklistsandforms_funeralplanningchecklist.pdfhttp://www.forbes.com/sites/deborahljacobs/2012/07/24/twelve-estate-planning-questions-that-might-make-you-squirm/http://www.forbes.com/sites/deborahljacobs/2012/07/24/twelve-estate-planning-questions-that-might-make-you-squirm/http://www.forbes.com/sites/deborahljacobs/2012/07/24/twelve-estate-planning-questions-that-might-make-you-squirm/http://www.forbes.com/sites/deborahljacobs/2012/07/24/twelve-estate-planning-questions-that-might-make-you-squirm/http://wills.about.com/b/2010/07/26/how-to-prepare-for-meeting-with-an-estate-planning-attorney.htmhttp://wills.about.com/b/2010/07/26/how-to-prepare-for-meeting-with-an-estate-planning-attorney.htmhttp://wills.about.com/b/2010/07/26/how-to-prepare-for-meeting-with-an-estate-planning-attorney.htmhttp://wills.about.com/b/2010/07/26/how-to-prepare-for-meeting-with-an-estate-planning-attorney.htmhttp://www.molever.com/our-firm/books-published-by/http://www.molever.com/our-firm/books-published-by/http://www.molever.com/our-firm/books-published-by/http://wills.about.com/b/2010/07/26/how-to-prepare-for-meeting-with-an-estate-planning-attorney.htmhttp://wills.about.com/b/2010/07/26/how-to-prepare-for-meeting-with-an-estate-planning-attorney.htmhttp://www.forbes.com/sites/deborahljacobs/2012/07/24/twelve-estate-planning-questions-that-might-make-you-squirm/http://www.forbes.com/sites/deborahljacobs/2012/07/24/twelve-estate-planning-questions-that-might-make-you-squirm/http://www.caregiverslibrary.org/portals/0/checklistsandforms_funeralplanningchecklist.pdf

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What to Expect During Your First Meeting With an Estate Planning Attorney