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American Academy of Estate Planning Attorneys

The American Academy of Estate Planning Attorneys was established in 1992. Mr. Holmgren has been an active member since 1995. Click here to visit his Academy website.

Long Life in Okinawa

Take a moment to watch this video from CNN on the amazing health and long life of Okinawans.

Seinfeld Has An Answer for Everything

In this classic Seinfeld episode, Jerry and Kramer discuss living wills. Although humorous, it makes a great point about the importance of this key document.

 

DocuBank
Utah's New Domestic Asset Protection Trust (DAPT)

Effective May 2013, the DAPT statute (or DAPT law) provides a powerful way to protect assets from various creditors and especially from lawsuits.

CLICK HERE for full, printable article.

Wills and Trusts Update Checklist
Posted on Apr. 4, 2013

Spring is the perfect time to review your wills and trusts. This checklist will help remind you of aspects of your wills and/or trusts that need to be reviewed by your estate planning attorney and, where necessary, updated:

  • Is the person or institution that you named to serve as trustee and/or executor still the right choice?  How will she interact with your family to prevent “family feuds?”
  • Are those you chose to serve as trustee and/or executor still the right choice?  If you have chosen friends or relatives for that purpose, have you given consideration to whether a professional might be a better choice?  Let’s face it: high school and college courses don’t include “How to be the executor or trustee of someone’s estate.”  Professionals have the knowledge and experience – amateurs do not.
  • If you die unexpectedly, are your children or grandchildren old enough and mature enough to receive their inheritance with no strings attached? Some of my clients keep the inheritance in trust for the lifetime of the children so the children can access what they need but not expose all of the inheritance to divorce, lawsuits, bankruptcies, creditor claims, etc..
  • If you die unexpectedly, is there a good, current, up-to-date inventory of all of the assets that you own individually or that your trust owns – or is that information “buried” somewhere in boxes, drawers, filing cabinets, or on your computer?
  • Concerning the asset inventory, is it complete with names, addresses, and telephone numbers of financial institutions as well as account numbers?  What about PIN numbers, user names, and passwords that you have given to financial institutions to ensure your security?  Does your trustee and/or executor have access to that information for “digital assets”?
  • Should their access to that information be provided now or delayed until such time as you are gone?  What are the consequences of waiting or not waiting?
  • Do you want your trustee and/or executor to have access to that information after you are gone, or do you want it to be held by a third party or in a safe place such as a safe deposit box?
  • Are online vaults and other forms of maintaining PINs, passwords, and user names safe and reliable?
  • Does your trust provide “special needs” protection for any of your beneficiaries who might, in the future, have their disability-based government benefits terminated because of the inheritance you leave to them?
  • Are there possibilities of family feuds within your family concerning the content of your wills and/or trusts?  There are ways to minimize or eliminate that risk.
  • Have you given some thought to the advisability of having a family meeting to get “all the cards on the table”?  Would it be best to have a family meeting now or sometime in the future?
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About Randy

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I help clients prepare for their unexpected death or disability. Using legal documents such as Wills, Trusts, Power of Attorney, LLCs and more, we can ensure that your hard-earned assets go to the right people, at the right time, and in the right way–and are managed by someone who is competent, skilled and trustworthy.

I also help clients identify their non-monetary legacy (values, wisdom, principles, beliefs, life experiences, family name and a commitment to certain charitable causes) and how to effectively pass that legacy on to family and others.

Take time to consider the value of your life to others. Don't miss opportunities to leave a greater legacy than just money.

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