09 August

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Another Celebrity Leaves Sizable Estate, But No Will

Actor Anton Yelchin, best known for his role as Chekov in the revamped Stark Trek movies, died tragically in an accident on June 19, 2016. Mr. Yelchin, left behind a sizable $1.4 million estate and no will. He follows other notable celebrities like Prince and Amy Winehouse who suddenly passed on leaving substantial estates, but no estate plan. Mr. Yelchin was only 27 years old, but he had at least $641,000 in personal property and had $731,000 in equity in his home, according to the Associated Press. His parents filed to become administrators of his estate in Los Angeles Superior Court. Our deepest sympathies go out to Mr. Yelchin’s parents. Losing a child is a gut-wrenching experience no child should have to endure. Unfortunately, their stress was likely exacerbated learning that there was no will, trust, or any other estate plan for their son. Mr. Yelchin was not married and had no...

24 June

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Mandatory IRA Withdrawals May Create Unforeseen Problems for Retirees

Posted by Bobby Feisee

in Bobby's Blog

2016 is a big year for individual retirement accounts (IRA). Why? Because the first wave of U.S. baby boomers are turning 70 this year. That means they can begin taking mandatory withdrawals from their IRAs. Laura Sanders wrote a fantastic article for the Wall Street Journal about the complexities and tricky issues associated with mandatory withdrawals. She highlighted these challenges by following the withdrawal adventures of Natalie Choate, a Harvard Law graduate who literally wrote a book about IRAs and estate planning. Ms. Choate became eligible for her first mandatory withdrawal from her IRA and realized it was not as simple as she was anticipating. “Now I have sympathy for average people facing these decisions,” she says. We recommend you discuss your options with your financial advisor and ensure you have the best plan in place to meet your retirement goals. However, here are some important questions that you and your loved ones...

20 June

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Baby on Board, Part 2 – I Care…Therefore, I Plan

Posted by Bobby Feisee

in Bobby's Blog

Many of us lead incredibly busy lives. Work, social events with friends and family, taking the kids from one place to another, trying to make a better life for my family, and so forth. Who has time to think about estate planning? That is something far down on the list for most people because they just don’t have time for it and don’t want to think about it. I always wondered why people would not take the time to make sure they have a plan in place for their family, but now I get it. I found myself, an estate planning attorney, putting off updating my own estate plan, even with the birth of my daughter. Like most people I have found myself making excuses so I can spend time on other supposedly more important daily tasks. Then, it hit me – I was looking at the estate planning process all wrong. I viewed estate...

20 June

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The Benefits of a Docubank Card

Posted by Bobby Feisee

in Bobby's Blog

Modern medicine requires the use of medical directives, but having instant and easy access to them is equally important. As clients of the InSight Law Maintenance Plan, Docubank provides a wonderful service to you at no additional charge. Docubank provides immediate access to your healthcare directives and emergency medical information anywhere at anytime. This can be useful in an emergency situation, or even if you are going in for a scheduled procedure. You should have received a Docubank card shortly after we delivered your estate planning documents to you. We suggest you place this card next to your insurance card in your wallet so hospitals and helpers have easy access to this information. This card gives your provider the information they need to contact Docubank and get a copy of your Medical Directives and healthcare checklists and instructions you have completed. It is important you let your provider know about this...

20 June

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Watch Out for a Potential Auto-Pay Pitfall

Posted by Bobby Feisee

in Bobby's Blog

With the prevalence of automated bill payments options, many people have set up online accounts for the seamless payment of all the common household bills. Paperless options can streamline and simplify those recurring monthly bills. However, it is important for married couples to analyze how these payments and notifications are sent in the event a spouse suddenly passes away. For example, let’s look at a common scenario. Bill and Mary Sample have been married for 40 years. Everything they own is jointly titled, or so they believe. Bill has set up all the monthly household bills to be automatically paid through his VISA credit card. Mary also has a linked VISA credit card under the same account but with a different number. Bill has also selected the paperless option to reduce wasteful paper usage. Bill passes away unexpectedly. Mary has never paid the monthly bills because Bill told her it was set up...

15 May

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Baby on Board – Birth of New Child Spurs Estate Planning Attorney to Get His Estate in Order

Posted by Bobby Feisee

in Bobby's Blog

My wife and I celebrated the birth of our first child in March 2016 and I thought it would be a good idea to discuss how I, an estate planning attorney, would start getting my estate in order. I can tell you that having your first child is definitely a strong motivating factor to get your affairs in order. Many people in this situation are spurred by a fundamental question - who will take care of my child and my financial assets if something happens to me and/or my wife? However, that is not where I am starting. Rather, I want to start with love and I want this to be the driving force behind my estate plan. I want to make sure I capture certain memories so that I can pass them on and share them with my daughter, Nava (picture right). Why not start from the beginning? As I anticipated...

05 May

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Neglected Estate Planning By Prince Will Cost Loved Ones

Posted by Bobby Feisee

in Bobby's Blog

World famous music star Prince reportedly died without leaving a will, trust, or any other estate planning documents for his friends and family. The consequence? His loved ones and business contacts will likely be fighting in court for years to settle an estate estimated to be worth between $150 million to $300 million, according to the Chicago Tribune. To complicate matters even further, Prince was not married and had no children. This means there is not a clear beneficiary who will inherit the bulk of his estate. Instead, Prince left behind six siblings. Here is an ABC News report on the estate controversy: https://www.youtube.com/watch?v=VsiJxpRvAw4 When someone dies without a will, it means they died “intestate.” The result is that your assets will be divided according to statutory law. For Prince’s estate, it is likely that each of his siblings will receive an equal share of the overall estate. This division applies even if Prince...

02 May

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Essential Small Business Advice – Follow Formalities

Posted by Bobby Feisee

in Bobby's Blog

Many small business owners think that if they set up an LLC or corporation, they are fully protected from individual liability. Not true. While setting up the company structure is a critical first step, it is imperative that you perform certain formalities throughout the year to maintain your liability protections. Annual Meetings Corporations are required to hold an annual meeting every year and maintain a record book of the meeting minutes. While LLC’s are often not required to hold an Annual Meeting, we recommend that the members and managers of the LLC still hold a formal meeting on a yearly basis. The meetings are an opportunity to discuss and document important business decisions made throughout the year. Including your CPA, attorney, and other business advisors in the meeting will make the meeting even more productive. You can review tax planning for the year and make sure your legal documents are up...

22 April

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Every Bit Counts – Estate Planning and Your Bitcoin Assets

Posted by Bobby Feisee

in Bobby's Blog

Our firm has written extensively about the shifting dynamics of estate planning and ensuring that digital assets are properly accounted and managed. Bitcoin certainly falls under that category. Why? Because the IRS announced in 2014 that Bitcoin will be treated as property for U.S. tax purposes. That means if you buy or sell bitcoin currency, you will need to report either gains or losses on the transactions, and if you received bitcoin as payment for goods and services, you will have to report those receipts as gross income. Also, if you have a substantial amount of bitcoin currency, who receives that asset when you pass on? But first, let’s do a quick overview of bitcoin. Bitcoin is a form of "cryptocurrrency," meaning that you can exchange value anonymously, quickly, and without the intervention of a third-party intermediary (e.g., a bank) meaning there are no transactions costs. A bitcoin owner is issued a...

04 April

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10 Key Tips for a Smooth Settlement

Posted by Bobby Feisee

in Bobby's Blog

When a loved one passes away, family members can often feel overwhelmed by the seemingly endless list of things to take care of. An up-to-date estate plan and an educated family can help ease this feeling. Unfortunately, if the family was not prepared, there can be significant confusion over who is in charge and what needs to be done. If you find yourself in this position, here are some tips to help you get started: Take care of the final arrangements. Even more important initially than the estate planning documents is to locate any funeral or burial instructions. Your loved one may have written out his or her preferences, obtained a funeral insurance policy, or purchased a burial plot. The funeral director will ask how many copies of the death certificate you would like. We recommend requesting at least 10 to 15 death certificates. Locate the decedent’s important paperwork. This can require investigation...