Robin Williams: A Lesson in Deeds, Not Words + One Error in Planning

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williams estate planning 91024One of the most eloquent responses to Robin Williams’ death came from his best friend Billy Crystal, who posted on Twitter simply: “No words.”

When someone close to us dies — especially in a sudden and tragic way — the grief is so deep that we truly don’t have words to describe it. And while Robin Williams may have lost the battle to take care of himself, it appears that he did take care of his family through various estate planning strategies that will at least spare them the pain and cost of a public probate court proceeding.

According to a Forbes article following Williams’ death, Williams had significant real estate holdings including a 653-acre Napa Valley estate and a waterfront home in Tiburon, California. The Napa Valley estate has been for sale since April with a price tag of $29.9 million; the Tiburon home has been valued at $6 million.

Both properties are held in the name of a real estate holding trust, which can remove the value of the properties from Williams’ estate and result in significant estate tax savings for his family.

Williams also set up a trust for his three children that splits the assets into equal distributions for each child once they reach the ages of 21, 25 and 30. This trust was established during his 2009 divorce from his second wife.

This is the one place Williams could have done better. Leaving assets to children outright when they reach specific ages is a common strategy of many estate planning attorneys, but it isn’t always the best strategy. Instead, Williams could have left the distributions in lifetime asset protection trusts that his children would have controlled as co-trustees, and then as they got older, sole trustees. This would have protected the trust assets from lawsuits, divorce, bankruptcy or any other type of creditor and future estate taxes, for generations to come.

While most of us do not have the wealth that Robin Williams enjoyed during his lifetime, we can all protect what we do have and ensure it passes to our loved ones using many of the same estate planning devices Williams did. For example, a trust allows our assets to pass outside of probate so our families will not have to endure a court proceeding or have assets frozen during the probate process. This can be a lifeline for grieving families in trying times.

One of the main goals of my law practice is to help families like yours plan for the safe, successful transfer of wealth to the next generations. If you’d like to give your family the gift of a lasting legacy of love and financial security, call my office today so we can schedule a time to sit down and talk about your specific situation, needs, and goals.

All the best to you and your family,
Signature - Marc

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Casey Kasem’s Estate Planning Not in Anyone’s Top 40

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Casey Kasem 91024Casey Kasem, the celebrity radio host who counted down America’s Top 40 popular songs for decades, died on June 15 at the age of 82 and left behind an estimated $80 million fortune. He also left a family feud of biblical proportions between his surviving spouse and his three children from a prior marriage. And this is exactly why I do what I do — to help keep your family connected in love, not conflict.

Kasem married his second wife, Jean, who is 22 years his junior, in 1980. Together, they had one child, Liberty Kasem. Casey also had three children from a prior marriage: Kerri, Mike and Julie. The family was apparently in discord prior to Casey’s death; in mid-May, Mike and Julie filed a missing persons case with the Santa Monica police department saying they could not locate their father. At that time, Kerri was fighting with Jean over control of his care.

After Kasem died, news broke that his body had been taken from the Washington state funeral home and a judge awarded Kerri a temporary restraining order preventing Jean from removing his remains or having him cremated before an autopsy had been performed. Kerri hired a private investigator who says the body has been moved to Montreal, the hometown of a man that Jean has allegedly been involved with for the past two years.

A mess, right? And they haven’t even gotten to the money yet!

A little advance estate planning could have helped prevent this scenario, which is not uncommon when an older man with children from a prior marriage takes a second, significantly younger wife.

A recent WSJ Marketwatch.com article outlined four estate planning tools that could have helped head off this disaster:

Revocable trust. Placing assets in a revocable trust can help protect the trust owner’s wealth transfer wishes, and provides the flexibility to make changes as long as the trust owner has the legal capacity to make those decisions. Upon the owner’s death, the assets are dispersed as outlined in the trust without having to go through probate. A trust is also more difficult to contest than a will.

Life insurance. A life insurance policy can be a good way to provide for a surviving spouse while leaving the rest of the estate to children from a previous marriage, or vice versa.

QTIP trust. A qualified terminal interest property (QTIP) trust is used to set aside assets for a surviving spouse’s benefit while that spouse is alive. After the surviving spouse passes, the remaining assets in the trust are passed on according to the trust terms.

Family meeting. Having a family meeting so that everyone knows their beneficiary status and what will happen to the estate after the estate owner dies is a good way to head off conflict. An estate planning attorney can mediate these meetings, which is usually advisable when there is a potential for conflict.

One of the main goals of my law practice is to help families like yours plan for the safe, successful transfer of wealth to the next generation without conflict or court involvement. Call my offices today to schedule a time for us to sit down and talk about your family estate planning needs so we can identify the best strategies for you and your family to ensure you provide a legacy of love and financial security.

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Before You Take Off for Summer Vacation, Take on These 5 To-Dos

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Estate Planning 91024It’s no surprise that Americans spend more time planning their summer vacations than they do planning their estate. After all, a vacation is a trip you want to go on, while the “eternal trip” is not.

However, wouldn’t you travel with more peace of mind if you knew you had taken the necessary steps to protect your family if something were to happen to you? That’s why you need to tackle these five important tasks before you go on that much-deserved summer vacation:

Guardians for minor children — if you have children under the age of 18, you MUST name a legal guardian (or guardians) to ensure that they will never be put in the hands of strangers or people you wouldn’t want raising them. If you do not name legal guardians before something happens, you give up the right to decide who will raise your children if you no longer can. You should name short-term guardians in case of emergency, and then plan for long-term guardianship. A full Kids Protection Plan® will ensure there is no gap in your children’s care, ever, no matter what happens.

Beneficiary review — if it’s been awhile since you updated your beneficiary forms for retirement accounts, life insurance or other assets, it’s time for a review — especially if there have been any major changes in your life. And keep in mind, it is generally a bad idea to list minor children as beneficiaries on insurance and retirement accounts. These should be passed to children through a Trust.

Estate plan review — if you have experienced a birth, death, marriage, divorce, property purchase, property sale, or other life-changing event since you last updated your estate plan, you need to be sure those changes are reflected by updating your plan.

Advance healthcare directive — if you become incapacitated and can’t make your own health care decisions, have you named someone who you can depend on to carry out your wishes? If not, you need to execute an advance health care directive that includes a durable power of attorney and a HIPAA release so your medical information can be shared.

Insurance update — is your life insurance still sufficient to meet the needs of your family? If not, or you’re not sure, then you should revise your policy before you hit the open road.

If you need to do any of these things, don’t procrastinate. It’s time to take care of business. We can help make it easy for you to get your plan in order so your family is protected and provided for, no matter what. Call my office to schedule a time for us to sit down and talk about your individual situation, needs, and goals.

Signature - Marc

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The Legal Planning You Need to Do for Your High School Graduate

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graduate estate planning 91024If you’re the parent of a new graduate from high school this year, congratulations! I know you’ve put a lot of time and effort toward that diploma, and whatever their next step in life will be, you surely want to protect them just as much now as you always have.

So before you pack your kid off to college or just an apartment across town, you need to know that when they leave, they will be taking along many of the legal rights you held before they turned 18.

Once a child turns 18, they are no longer considered a child in the eyes of the law. As such, you no longer have the legal right to access their medical, school, or banking records without their permission. Here are three simple steps you should take before your child leaves the nest to help ensure their safety and your peace of mind:

1. Create an advance healthcare directive. Once your child becomes a legal adult, they need to have an advance healthcare directive that will allow you to access their medical records and make medical decisions for them in case they become incapacitated. This is essential in case of an emergency. They will also need to sign a Health Insurance Portability and Accountability Act (HIPAA) form that allows medical professionals to share information with you.

2. Use technology. The American Bar Association recently released a free app for iPhone and Android that allows you to store an advance directive and other important documents on a smartphone. The app comes in two versions: the Lite version stores a PDF version of an advance healthcare directive and HIPAA form; the Pro version ($3.99) provides more functionality, including the ability to email documents. The app is called My HealthCare Wishes and is available from the iPhone App Store or Google Play for Android devices. There are also online solutions such as DocuBank.com which stores medical records and allows those to be accessed by medical professionals anywhere in the world.

3. Add an ICE app to your child’s phone. Add an ICE (In Case of Emergency) app to the home page of your child’s phone that lists your contact information and also create an ICE listing in his or her phone contacts with this information. Your child is much more likely to always have their phone with them than to carry a printed card or document.

For more information on protecting your family, call our office to schedule a time for us to sit down and talk about a Family Estate Planning Session, where we can identify the best ways for you to ensure the security of your loved ones. Be one of the first two people to mention this article and we’ll waive our $750 planning fee PLUS create a free healthcare directive for your young adult child.

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Father’s Day Reflections

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Legacy Planning 91024My daily goal is to be a better father today than I was yesterday. Some days I feel like I achieve it. Most days I don’t. But after opening my homemade Father’s Day cards and gifts this year, I decided to put pen to paper (actually, fingers to keyboard) as I reflected on the many challenges encompassed in that lofty objective, which I’m sure most other dads share.

At the top of that list would be protecting our children in every possible way, including legally. One of the most difficult things to do is think about the possibility we may die unexpectedly or too early, leaving our children without one of the most important people in their lives. But stepping up and making a legal plan to protect your children if something should happen to you is one of the best Father’s Day gifts you can give yourself and the people you love.

Here are 10 steps to help you get there:

1. List of potential guardians. Identifying the people you would like to raise your children if something should happen to you is the first step. Write down everyone you would consider, and for now, do it separately from your spouse.

2. Prioritize what’s important to you. Write down everything that is important to you when you think about how you want your kids to be raised. Do you want them to be raised with the same values you were raised with? Do you want them to live where they are living now? What about their education? List all your priorities and then rank them in order of importance.

3. Don’t make it about the money. Many people are tempted to turn to the person with the most money to be guardian, but providing for your children financially is your job. You can leave enough money behind to ensure your children are well taken care of by using life insurance, trusts, savings or a combination of all of these.

4. Compare your lists. Take your list of potential guardians and compare it with your prioritized list of what’s important to you, then rank the list of guardian candidates. You should wind up with a list of at least three good candidates that match your prioritized values.

5. List people you don’t want raising your kids. Think about all the people who may be in line for custody in case something should happen to both you and your spouse or co-parent and then create a list of those people you would never want raising your kids.

6. Exclude the people you don’t want as guardian in writing. Write a confidential letter of instruction outlining who you would never want raising your kids and why. This letter will be sealed away unless someone on the list tries to gain custody. Having that letter will make it less likely those people would want to pursue a claim in court.

7. Name temporary guardians. We all hate to think that this could happen to us, but we know it happens to others like us every day — couples leave their children with a babysitter and get into a terrible accident. The babysitter calls and calls, but there is no one to answer. The police are summoned and the children have to be placed with Child Protective Services. It’s terribly frightening. To prevent this possibility, you should name local temporary guardians who can take over in these circumstances until long-term guardians are appointed.

8. Make it all legal. Once your choices are made, you will need to legally document them. If you don’t, a judge will make these decisions for you. We can help you create a comprehensive Kids Protection Plan® as well as other estate planning essentials like a will, powers of attorney, health care directives and even a trust that will ensure your plan is done right and will last for as long as you need it.

9. Make a plan for your assets. Once you’ve taken care of your children, be sure you take care of your assets. We can explain how a trust can be used to bypass the court system and protect your assets.

10. Leave more than money. Your lasting legacy should be much more than just money; it should also be those valuable intangibles that reveal who you are through your insights, values, wisdom and experiences. We make this possible as part of your legacy planning process, helping you digitally capture and pass on your own story and your aspirations for your loved ones.

Call our office to schedule a time for us to sit down and talk about a Family Estate Planning Session, where we can identify the best ways for you to ensure your legacy of love and financial security for your family.

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Greatest Wealth Transfer in History Underway – What’s Your Plan?

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Estate Planning 91024A new study by the Boston College Center on Wealth and Philanthropy found that the greatest wealth transfer in history is currently underway, with more than $59 trillion passing to heirs, charities and Uncle Sam between now and 2061.

The majority of this wealth — $36 trillion — is passing directly to heirs and another sizeable chunk — $27 trillion – is passing to charity, either through final bequest or total lifetime gifts.

And even though the study notes that the transfer of $59 trillion is the largest in history, it goes on to estimate the final figure will likely be even higher – much higher.

So what is your plan for either transferring or receiving inherited wealth?

If you don’t have one – and far too many people don’t – I encourage you to start planning now, since in my view your estate plan is more of a process than a static document. In fact, my relationship with clients continues long after the estate planning documents have been signed.

As your life changes and your family grows, legacy planning will play an important role in how you choose to transfer wealth to future generations. The law firm you choose to work with on your legacy planning should keep all your estate planning documents accessible to you in an electronic file, and schedule timely reviews so they can furnish you with three very important services:

1. Ensuring all your assets are owned correctly so your family isn’t stuck dealing with an expensive, unnecessary, and public Probate Court process. Establishing a Trust once and then never looking at it again isn’t the answer — regular updating and assurances that all your assets are documented and owned properly, is the right way to do things.

2. Making sure the guardians you have named for your minor children, the trustees you have chosen to carry out the terms of your trust, and the agents you have designated to make health care decisions for you in case you cannot make them yourself are still the people you want in charge.

3. Helping you record your values, experiences, family history and the other important intangibles you want to pass on to future generations so they are never lost. A comprehensive estate plans should cover far more than just your money, focusing on what matters most — your values, insights, stories and experiences. The things most often lost when someone dies.

Call our office today to schedule a time for us to sit down and have a Family Estate Planning Session, so we can help you look at what would happen now if something were to happen to you and ensure everything passes to your loved ones exactly the way you want.

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I Hate Estate Planning

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estate planning 91024It sounds crazy, I know. An Estate Planning attorney who actually hates the words “estate planning”?

Just hear me out. I hate estate planning because it conjures up the image of a bunch of stuffy, old lawyers sitting around a giant conference table, scheming about who’s going to kick the bucket next and how to divvy up the inheritance they’ll leave behind.

Ugh! So let’s draw the line right now:

There are two types of ‘Estate Planning’ attorneys, and they couldn’t be more different. From the way they attract and engage clients all the way to their impact on generations yet unborn.

The type of Estate Planning attorneys most people think of belong in the same category as the stereotypical lawyers at the butt-end of jokes. The kind nobody wants to invite over for dinner. The kind nobody wants to deal with for a minute longer than absolutely necessary (because they’re nickel and diming anybody and everybody in 6-minute increments).

They eagerly take as a client, whoever walks in the door. Sell them a plan they can’t understand, and then fail to fund it, update it or ensure that it actually performs for the family in their time of greatest need.

But let me tell you about the other type. This type of attorney is a lot more like a family friend who also handles the legal technical work of ensuring the families in their community have a solid relationship with their loved ones – and their legacy – that outlasts them for generations to come.

They serve their community by freely educating families who genuinely need the planning they provide. They do a thorough job of discerning the values, vision and needs of these families and business owners. They design estate plans that get funded, are kept up-to-date, and perform as promised upon death. And I am proud to count myself as one of these types of attorneys.

Estate planning, the way my camp practices it, would better be called something like “Legal Life Design,” or “Life Consciousness Development,” or “Family Legacy Engineering.” I wish the word for this legal practice area was something profound, intriguing, complex, bold, and intense. Because it is all of those things.

Here’s a little secret: Estate planning is a deep spiritual experience for me. My life becomes more fulfilled and connected every time I support a family through the process. Participating in their growth and family harmony is extremely rewarding. Plus, it’s a service needed by every parent in our country, whether they realize it yet or not.

It helps parents become better people – which in turn makes them better parents. And that’s where the magic is.

Estate planning is really an opportunity to meet oneself at the doorway between life and death. As an attorney, I get to escort people to that doorway, help them look back so they can see their accomplishments, their losses-the legacies they’ve built. I help them see the honor and dignity in their lives and bear witness to the essence of who they are.

Then together we look toward the future; their hopes, dreams, aspirations and vision for themselves and their families. Then I interject the worst-case scenarios and help them work through it all. It’s important work because the worst things that can happen are the only things that stand between their past and their future.

Then (and this is where the lawyer in me emerges), I help them understand the legal landscape and offer perspective on how things are versus how things could be. I give my clients a chance to choose the road their family will take if they aren’t there to guide them. Consciously, thoroughly, thoughtfully.

Fear lifts. Freedom enters. Liberation of heart and mind settles in.

And my clients are no longer afraid. No longer afraid to die, no longer afraid to live.

People tell me all the time that their experience with estate planning was nothing like they expected. They say they had no idea the burden they were carrying until it was lifted. They say they feel freer, clearer, more in love, and more alive. They come away from the experience more at ease and comfortable then they’ve been in a long time.

To help liberate another human from their fears and free them to live a bigger life. How sacred, how awesome, is that?!

It’s why I love what I do. And I would be thrilled to transform the way you look at estate planning, too. To guide you along the path toward ensuring your family will be protected and provided for, no matter what. To help you secure the peace of mind knowing things will be as easy as possible for your loved ones during the worst of times. To support you in living consciously, proactively, and fully.

If that feels right to you, call my office today to schedule a time for us to sit down and talk. Because this is so important, I’ve made space for the next two people who mention this article to have a complete planning session at no charge.

If it’s something you’ve been thinking about, don’t keep putting it off. Follow your heart, take action, and change your life.
Marc Garlett 91024

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Go to Walmart for Bananas, Not Estate Planning

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Estate Planning, 91024Did you know that the best-selling item at Walmart is bananas? It’s true, and has been for several years. So the next time you need a great price on your favorite yellow fruit, go ahead and make a trip to Walmart.

But steer clear of the world’s largest retailer when you need a will or other estate planning documents.

While not available in the U.S. (yet), Walmart just started selling wills for $99 in several Canadian locations. You can also get powers of attorney at the boutique law shop called Axess Law, set up in Walmart. And in my opinion, that’s not just bananas, it’s nuts too.

Creating an estate plan is something you do to leave a legacy of care and love for the people who matter to you the most. Working with an attorney who understands your goals and wishes for your family, and can articulate those in a well-crafted estate plan, is a much better alternative than relying on a one-stop shopping experience, be it at Walmart or through online legal websites with standard forms that can’t begin to know what you truly want and deserve for your loved ones.

Having the caring guidance of a personal family attorney will ensure your estate plan takes advantage of the ever-changing state and federal laws as well as reduces the potential for family feuds.

If you’re the parent of minor children, your attorney should help you create a comprehensive Kids Protection Plan® that ensures the well-being and care of your children; without one, a judge will make guardianship and other critical decision for you (and your kids could even be taken from your home temporarily).

Even if you don’t have minor or dependent children, you have stuff that will have to be handled after you are gone and a $99 will is likely only going to make matters worse for the people left to clean up the mess.

Laws vary by state, which is another good reason to have a personal relationship with a lawyer you trust. The probate process can be lengthy and arduous; your attorney can guide you around it and help your family stay out of Court, saving time, money and stress.

Finally, many life circumstances – remarriage, divorce, new children – impact your estate plan, so be sure you review it annually and keep it updated when things change. Having trusted lawyer who knows you and your family makes it much easier to keep your plan on track, so it will always be just what your family needs, when they need it.

If you would like more information about creating or updating your estate plan, call our office today to schedule a time for us to sit down and talk. We normally charge $750 for a Family Wealth Planning Session, but because this planning is so important, I’ve made space for the next two people who mention this article to have a complete planning session at no charge. Call today and mention this article.

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7 Steps to Creating an Estate Plan That Keeps Your Family Out of Court

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Estate Planning 91024Many people fail to create an estate plan because they don’t truly understand what their family will go through without a plan in place. Creating an estate plan during your lifetime is far less complicated than what your family will deal with after you are gone, if you don’t.

1. Create a Trust. When most people think of preparing for the end of life, they think of writing a Will, but having a Will without a Trust is fast track to put your family in Probate Court after you are gone. Instead, to keep your family out of the Courthouse, you’ll want to set up a Trust and title all of your assets to be owned by that Trust. While it might feel like a lot of effort, it will save your family a LOT of trouble after you are gone.

2. Designate beneficiaries. Designating beneficiaries for your retirement accounts and insurance policies is critical because these assets do not pass through your Will or Trust. Filling out beneficiary designation forms for each of your accounts will ensure these assets pass to the people you want without Court involvement. Be sure to review your beneficiary designations periodically to ensure they align with your current circumstances. Hot tip: never name minor children as beneficiaries of your retirement account or life insurance policies AND if you have more than $150,000 in a retirement account, consider a special trust called a Retirement Trust to ensure the most beneficial tax treatment for your loved ones.

3. Avoid estate taxes. Most of us will not have to worry about estate taxes since the federal estate and gift tax exemption is $5.34 million ($10.68 million for married couples) in 2014 and indexed every year for inflation. However, if you are married and wish to take advantage of portability – where spouses are entitled to each other’s unused exemption – the surviving spouse must file the required paperwork to claim the exemption.

4. Leave a letter of instruction. Not everything you may wish to pass on to your heirs – like instructions for your funeral – should be put in your will or Trust. Leaving a letter of instruction with your family or attorney can ensure your final wishes are respected. And take it one step further with a Family Legacy CD or DVD in which you record your values, insights, stories and experiences for your loved ones to refer back to for generations to come. We provide this service at no additional charge for our clients because we know this is one of the things families value the most and is least often handled.

5. Sign a durable power of attorney. Estate planning is not just about death, but also ensuring your family can handle things in the event you become incapacitated. Signing a durable power of attorney that designates someone to handle your financial affairs will save time, money and Court hassles for your family. In fact, not having this one simple document in place could end up costing your family tens of thousands of dollars.

6. Create an Advance Healthcare Directive. This document designates a decision maker of your choosing to make sure your wishes are followed when it comes to the medical care you want – or do not want – to receive when you are incapacitated or near death. You will also need to sign a HIPAA release form so your medical records can be released to your health care agent enabling your doctors to discuss your medical care with that person.

7. Organize your paperwork and digital files. Since many of us live our lives online these days, make sure your executor has access to all your digital information, including website addresses and the log-in information for those sites. Put all your important paperwork – deeds, insurance policies, bank and brokerage statements, etc. – in one file and let your executor know where it is.

Bonus tip: If you have minor children at home (or adult children with special needs), don’t rely on naming guardians in your Will alone. Create a comprehensive Kids Protection Plan to ensure your children’s care is covered not just for the long-term, but for the short term as well and no one you don’t want raising your kids ever has a chance to take control.

Contact us about scheduling a Family Estate Planning Session so we can sit down and talk about designing a plan that fits the needs of you and your family.

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Vacations Are the Perfect Time for Families to Talk About Estate Planning

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Estate Planning 91024If you are like most Americans, you will probably be spending at least some of your vacation time this summer with older family members. While there are few perfect times to talk with parents about their estate plan, the relaxed times you spend together on vacation can be one of them.

Here are some tips on how to conduct this critical conversation:

Find a good place to start. One of the best ways to ease your parents into this type of discussion is to bring up your own planning. Tell your parents you were looking into estate planning and wondered if they had already executed a plan of their own. Sometimes you can use current events to good effect – there are lots of recent stories about celebrities or others who neglected to plan and whose families suffered the dire consequences. See my recent blog posts about Jerry Orbach, Philip Seymour Hoffman, and Paul Walker for examples.

Take it easy. If you feel your parents may need some help with organizing their financial lives, be reassuring rather than applying pressure. Let them know your goal is to make sure their financial independence is kept intact for as long as possible. Take things one step at a time, such as extending an offer to help them use online bill pay or assist them with organizing their information at tax time.

Respect boundaries. Many parents feel uncomfortable discussing their finances with their children. If you face this obstacle, let your parents know that you at least need to know where to find their important documents when it becomes necessary, but that you aren’t attempting to control them in anyway. You simply want to help and make things as easy as possible for you and your siblings when something does happen.

Sometimes initiating a conversation with parents about estate planning can be easier with the help of a trusted professional. During a Family Estate Planning Session we can guide the conversation and help you and your family take control of their affairs. Call our office today at to schedule a time for us to sit down and talk about designing an estate plan that fits the needs of you and your family.

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