Living Trust: valuable tool for Disability Planning

As I mentioned before, it's my job to use whatever tools will best get the job done for the client. What will work best to build the plan the client wants?

Although it's not the client's job to understand all the tools that we use in the plan, most clients end up with a basic understanding of how a living trust works by the time we are done designing the plan.

Living Trust - not just to avoid probate

In most plans, a living trust is the most useful tool to accomplish a lot of important goals. The living trust does help a client avoid probate, if used properly. This has been a big focus over the years by both attorneys and clients. But that's only the beginning.

Disability Planning: Don't settle for a "blank check" power of attorney

The living trust is also the best vehicle to help do detailed disability planning. Powers of Attorney typically give a power as a "blank check" with no guidance, but a living trust is different. A living trust allows you to do disability planning that gives a lot of details about how you want to be cared for, who will manage the funds while you are disabled, who can they spend money on during your disability, and who decides whether you are disabled in the first place. The power of attorney simply grants raw power without much guidance about how to use it. A living trust grants similar power but then can give lots of guidance, procedures, preferences, and instructions to be used by those managing your money when you are too sick to do it.

The goal of disability planning within a living trust is to have you and your family cared for during your disability in the same way you would have done it yourself, if you had been able.


David Otis Edwards
living trust attorney
Springfield, Illinois

Estate Planning: What's in your tool box?

What tools do you want to use?

Is this the first question that your contractor asks you when you decide to
hire him to build a house?

Or, if you're car stops running and you take it to the mechanic
to be fixed, do you quiz him on which tools he plans to use in
repairing it?

When you need surgery to save your life, do you make sure you
learn all about the different scalpels and various medical instruments to be
used by the doctor?


No? You don't focus on those things?

Well, then why do people focus more on the estate planning tools than on what they want to accomplish with their plan?

Wills, Living Trusts, Powers of Attorney, various other planning or tax strategies. All of these are just tools. Tools in the tool box of an estate planning attorney who is there to help you build the kind of plan you want. If the plan looks and does what you want, then does it really matter what tools were used to get there?

The division of labor is much clearer in some of the other professions - doctor, contractor, mechanic, etc. But with law, it seems that attorneys have fed the confusion by hyping and selling certain "tools" instead of promoting their process of helping clients build a plan that works for them. Sure, some clients want to understand the tools, and that's fine.

But, remember, the tools are not what's important. What is important? Having your wishes, goals, and dreams carried out, in a way that allows your wisdom and values to be communicated as well.

My clients are already the experts on what they need to know. They know their families, values, what's important to them. I am the mechanic with the tool box, and I can use whatever tools are necessary to help you carry out your plan.

So, if you want to work with me on your planning, please keep in mind that we want to focus our energy on the house we are building, not what kind of hammer is being used to build it.

David Otis Edwards
Edwards Group LLC
estate planning attorney
Springfield, Illinois

Wealth Transfer or Wealth Reception - Part #1

Successful Planning, Successful Living

I help clients carry out the goals they have for themselves and their families. However, I always want to make sure clients have developed goals with a full understanding of what all can be accomplished with good planning. Sometimes they limit themselves and don't explore some of the most important planning issues, until I prompt them to think a little broader.

You might ask yourself:

How do you define a successful estate plan?

How do you define a successful life?

Traditionally, many planning issues have focused only on the transfer of wealth. But most of us would probably agree that just avoiding probate or saving some tax money is not all that is required to have lived a succesful life. Isn't there more to life than that? And there's more to estate planning too.

There are so many more issues that clients want to address, once they hear about the possibilities. I think a good plan will carry out the goals you would have completed during your life, with enough time and resources. But since our time on earth is limited, we plan so our influence can continue.


1. If you could plan in a way that would protect your loved ones from risk or harm, would you be interested in hearing more about it?

2. If you could plan in a way that would set up your loved ones for greater success in the future, would you be interested in hearing more about it?

3. Is the focus of a plan simply to transfer the wealth, or to help that wealth accomplish the greatest good in our families and in the community?

4. What is money worth, except for what it can accomplish?

5. What could your money accomplish in those who survive you? Those you care the most about?

6. If you could communicate your wisdom, and your loved ones would apply it, what frustrations could you spare them?

7. What if you were able to transfer both your wisdom and your wealth, in what ways could that benefit those who survive you? How would it be better than just transferring one or the other?

Do you know why I pulled you over?

Well, the so-called marketing experts say that a business owner should share who they are, stories about their life. I have tried to do that. I get ideas for newsletter topics at various times and places. Recently I pulled over with red flashing lights behind me and I thought of something to say. It actually is related to estate planning, but you will have to wait until the end for that.

---

CONFESSIONS

First, some confessions about me.

1. My mom says I have a "heavy foot". Actually, there are others who say that too.
2. There have been time periods in my life where I was happy to only get one speeding ticket a year.
3. I have been asked in court, "Mr. Edwards, what's your client's name?" And I answer "I'm here for myself, Your Honor."
4. I once was pulled over twice in the same day. Years ago (about '97?) I went to Champaign for a friend's daughter's 1st birthday party. On the way back, it was late and I was tired. Got pulled over on I-72 about 10 miles from Springfield, but the officer was nice and just gave me a warning. So I drove into Springfield. A few minutes later, guess what? I pulled over just east of downtown (thinking "you have got to be kidding!"), but the officer didn't get out. Instead, he waited for a couple other cars to come and they pulled at various angles around me (just like in the movies). See, it wasn't a great part of town and I was driving an old car with some dents in it. Of course I got a ticket.
5. I got two tickets just a couple weeks apart at the same location by the same officer. Yep. In my defense, one of the times I was driving back from Stout & Lauer Jewelers picking up Michelle's engagement ring.
6. Most of my tickets resulted in court supervision. I'm glad that attorneys get to go to the head of the line in traffic court and have their case heard first. (I shouldn't give away our secret).

ESTATE PLANNING AND SPEEDING TICKETS?

OK, I know you are thinking - get on with the estate planning discussion. Well, most of my tickets (but not all) have been when I was driving at a time and/or place where I normally wasn't. As long as I stay in my normal traffic patterns, then I (usually) know when to slow down and when and where I might get pulled over. But when I am somewhere different, I don't know what to expect. Now if I had a guide with me who could give me warnings or remind me to slow down, that is always a help. (Sometimes these guides are called a "wife.")

The last time I was pulled over (and had this newsletter idea), I was in Riverton in the middle of a weekday, which is a place and time that I rarely am. Anyway, the officer only gave me a written warning. (If you're curious, I was out to Riverton to meet with Midwest Family Broadcasting about possibly doing some radio ads for our KidSafe Legal Plan.)

GOING INTO UNKNOWN TERRITORY

Estate planning is going into unknown territory for you and your family. I mean, when you actually need the plan it will be unknown territory. When you die or face a disability, you need someone to walk through it with you and your family. I have walked with many families in those difficult situations. With proper planning, we can make the situation less stressful, less expensive, more effective. Not just proper legal documents, but also a guide (that's me) to walk along with the family. A guide who knows you, your wishes, and your loved ones. That's the way to have a plan that works. And avoid the flashing lights of family and financial messes that I see far too often.

FINAL DRIVING ADVICE

One last bit of advice. After several years of no tickets at all, last year I managed to get 3 tickets within a span of less than 6 months. (and yes, with all 3 of them, I was in a place and/or time where I normally wasn't). Thanks to the magic of court supervision, I kept my license. But I invented a tool to help keep me from speeding. Do you want to know what it was?

A post-it note next to my speedometer that said "Slow Down!" It does work. Try it.

KidSafe Legal Plan is on SpringfieldMoms.org - check out Bailey's photo (and mine!)

Have you checked out our page on www.springfieldmoms.org? Beginning June 1st, the KidSafe Legal Plan is listed as a "Mom's Choice".

Here is a link to the KidSafe Legal Plan page on the site.

11 Things Parents Should Know about naming guardians- free KidSafe Legal Plan report

It's free, just click and sign up for the free report. http://www.11thingsparentsshouldknow.com/

I'm excited to announce that as of today, June 1st, we have officially launched the KidSafe Legal Plan.

What is it? The KidSafe Legal Plan is the process created by me at Edwards Group LLC to provide the best, most accessible, easily understood education and legal advice for parents wanting to protect their children.

As I often say - a Will is NOT enough to protect your children. There are many other parts to an effective plan, and the KidSafe Legal Plan will walk parents step by step through all of it to make sure everything is covered. Our goal is to make it easy, effective, and affordable for parents to do proper planning for their kids. Don't get me wrong, we can't do it for you! Parents must take an active part with us in the planning. But our goal is to make the process as smooth and as easy as possible.

Get started with my first free report and learn more about the KidSafe Legal Plan process. Just click here:

Naming Guardians for your Kids:

11 Easy-to-Understand Facts Every Parent Should Know

Just click the title above and request the report.