09 July

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Savings Bonds – A Hidden Gem in Your Estate?

Over $9 billion worth of savings bonds and $200 million in registered Treasury securities have stopped earning interest, but haven't been cashed in by the owners,according to treasurydirect.com. Why is so much money simply in limbo? Well, the truth is that when many people hear the term “savings bonds” they conjure an image of their grandparent giving them a piece of paper for a nominal amount of money and being told to “hold onto this since it may be valuable someday.” Savings bonds are simply not considered “sexy” investments and therefore get tossed aside and forgotten by the purchasers and/or...

01 July

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Ignorance is Not Bliss – The Importance of Maintaining Your Estate Planning Documents

Posted by KarenLewis

in Bobby's Blog

In a packed auditorium for a TEDx Conference, venerated journalist and author Tom Brokaw was asked flat out by his daughter what was in his Living Will. Why? Because she had no clue. They never talked about exactly what was in his Living Will. Even more shocking was Mr. Brokaw’s admission that “unfortunately, I don’t know a lot about my living will. In fact, I’m not even sure where it is at this point.” [embed]https://www.youtube.com/watch?v=OCFwlysc56c&feature=youtu.be&t=2m15s[/embed] Think about that for a moment – Tom Brokaw, a man who has dedicated his life to investigative journalism including intense research and scouring details of high-level...

24 June

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Caring from a Distance: Tips on How to Help Aging Loved Ones When You’re Not Around the Corner

Posted by KarenLewis

in Bobby's Blog

Many years ago, it was quite common for children to live in the same city they were born and raised in. They may have even decided to purchase a home in the same neighborhood where their parents still lived. Today, such a scenario is a relic of the past. Many people do not live close to their parents and are scattered across states, and even countries. So you need to ask yourself this important question - when your parent’s health begins to fail, what will happen? Do you know who will care for them if they can’t take care of themselves?...

19 May

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3 Common Mistakes Executors Make and How to Avoid Them

Posted by KarenLewis

in Bobby's Blog

Many people are suddenly thrust into the position of being the executor of a loved one’s estate, and have no idea what to do or how to best proceed. It can be overwhelming. I want to share with you some common mistakes that I’ve encountered with executors in the hopes that you can learn what not to do. Please note, the concerns below are for people that have not done proper trust based planning. Properly drafted and maintained trust based planning (which we recommend for all of our clients) avoids many of the pitfalls below by allowing your trustees to...

06 May

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The Williams Family Feud – Lessons for Estate Planning

Posted by KarenLewis

in Bobby's Blog

Back in November 2014, I blogged about Robin Williams’ estate plan and his use of a living trust as a vehicle for distributing assets to his children. Unfortunately, despite what appears to be a thoughtfully crafted plan for who receives which assets, members of Williams’ immediate family have opted to litigate a dispute over his estate. The dispute focuses on an array of Mr. Williams’ personal items including his a tuxedo Mr. Williams wore, a promise ring, photographs and awards at his Tiburon, California home. The rivaling family members include Mr. Williams’ wife and three children from previous marriages. ...

29 April

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Naming a Guardian – Do You Need Court Approval?

Posted by KarenLewis

in Bobby's Blog

If you have minor a child, or children, an important issue you’ll need to address in your estate plan is determining who will take care of your children if you suddenly pass away. This person would serve as a “guardian” for your children until they become legal adults. A question I routinely get asked by clients is whether the guardian they prefer to name will need to be approved by a court. Here’s the answer: it depends. A major factor that will influence a guardianship issue is where you reside. If you live in Maryland, you can actually...

18 April

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Proper Medicaid Planning Is Essential for Long-Term Care

Posted by KarenLewis

in Bobby's Blog

The National Institute on Aging reports that roughly 70 percent of American over the age of 65 will need some type of long-term care. If that isn’t shocking enough, the NIA reports that over 40 percent of Americans will need some type of nursing home care at some point in their life. You may be thinking, “What’s the big deal?” Well, considering the fact that the annual cost of long-term care at a nursing home is over $100,000 per year, the “big deal” is financial – the cost of care could quickly wipe out your savings leaving you with very...

07 April

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No Children? The Challenge of Deciding Who Receives Your Estate’s Assets

Posted by KarenLewis

in Bobby's Blog

Most people with adult children include them in their estate plan by giving them authority to make decisions on their behalf, and to ultimately inherit their assets. But what about couples who have no children? Estate planning for childless couples can actually be more challenging than for couples with children. How is it more difficult? Well, because there’s probably no default individual to empower to make decisions on your behalf, administer your estate, and determine who will inherit your assets. Childless couples usually look to siblings, extended relatives, charities, or close friends. Another issue for childless couples is the tendency...

25 March

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Turning Your HSA Into an Estate Planning Tool

Posted by KarenLewis

in Bobby's Blog

In a prime example of how estate planning is an ever-evolving area of law, there are some articles published recently discussing how you can utilize a health savings account (“HSA”) for estate planning purposes. Why should you consider an HSA as an investment vehicle? Well, consider the fact that this type of account has a rather tempting trifecta of features: (1) tax-deductible contributions (2) tax-free growth (3) tax-free distributions. These features offer major income tax advantages, according to an article published by Steven Latterell on Lexology.com. Along with the financial benefits, there is the simple fact that more people are going...

24 March

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Estate Planning – Hard Truths

Posted by KarenLewis

in Bobby's Blog

Richard Randall, the Chairman and CEO of the National Network of Estate Planning Attorneys, recently published a great article highlighting some hard truths about estate planning. Richard points out some serious flaws with how most people approach the estate planning process. Unfortunately, it's viewed as a "one and done" event without much discussion about proper maintenance and disclosures necessary to create a thorough estate plan. Check out the full article here: The Truth About Estate Planning ...