Starting in October., our Truth about Estate Planning Workshop is the best first step for anyone who wants to explore planning options. Learn about the pitfalls to a successful plan and understand whether you need to give more attention to your planning. Anyone who already has a will or trust (that may need updating) as well as someone with no plan at all will find this workshop to be just the thing to get them started thinking about options. This workshop is done informally, with a maximum of 12 people per session, and leaves plenty of time for questions.
Thursday, Oct. 1
1:30 to 3 pm
Tuesday, Oct. 6
4:30 to 6 pm
Monday, Oct. 12
9 to 10:30 am
Friday, Oct. 30
1:30 to 3 pm
Thursday, Nov. 5
9 to 10:30 am
Tuesday, Nov. 10
4:30 to 6 pm
Thursday, Nov. 19
1:30 to 3 pm
All workshops are held in the Community Room at Edwards Group LLC, 4340 Acer Grove, Springfield, Illinois. RSVP required. Space limited. Contact Lynn Hanson, Client Coordinator at 217-726-9200 or lynn@edwardsgroupllc.com.
Example of topics covered: how to protect your family's wealth from threats of probate expenses, taxes, nursing home costs, lawsuits, divorces; how to protect your independence as you face aging and disability; common mistakes made in leaving an inheritance; why your will or living trust may not do what you think it does.
Showing posts with label powers of attorney. Show all posts
Showing posts with label powers of attorney. Show all posts
Tuesday, September 22, 2009
Friday, June 26, 2009
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
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
Wednesday, June 24, 2009
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
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
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