Kirk Estate Planning

  Most of my clients breathe a sigh of relief once their estate planning is complete.   All of us know that wonderful feeling when a daunting task we’ve been thinking about for a while is finally finished.   However, there a few additional steps that can truly wind up the process and offer complete peace of mind.   1.       Fund your trust.   “Funding” a trust means either transferring ownership of assets to your trust during your lifetime, or designating the trust as beneficiary upon your death (also known as “Pay on Death” or “Transfer on Death” designations).   If you fail to fund your trust, your assets may have to go through the probate process using your “pourover” will.   In that case, the assets will eventually reach the trust, but the trust’s advantage of avoiding probate court, with its associated expenses and delays, would be lost.   In addition, if your assets do not pass through your trust, they can lose a...

  Especially during this difficult year, many people are thinking about writing a will or creating a trust.   It’s a good instinct because estate plans are truly a gift for you and your loved ones, contributing to family harmony and peace of mind. But a few hurdles can stand in the way of completing this important work, such as uncertainty about which attorney to hire, how much it will cost, or concern that it will be a difficult, complicated process.   While estate plans definitely help maximize the preservation of assets and property for the next generation, it’s good to remember that an estate plan is about more than just money.  Even if you don’t feel like you're "rich," your estate plan serves many other purposes. A complete estate plan allows you to accomplish important goals, for example:    1. Offering guidance to your loved ones during a difficult time. An estate plan will record your wishes in black and white, so that your family membe...

As the school year approaches, it’s important to complete financial and medical powers of attorney (with HIPAA waivers) for your college-aged children. Once a child turns 18, privacy laws prevent parents from accessing that child’s health, education, or financial information unless the child has consented in writing. Amid our current pandemic, this preparation is even more essential. This article has a good breakdown of why these documents are necessary.   I’m happy to discuss it with you if you’d like more information. https://www.consumerreports.org/health-privacy/help-your-college-age-child-in-a-medical-emergency/