Creating a will does not avoid probate!  The opposite is actually true: A will is a document that speaks directly to a probate court.  Probate is the legal process of transferring assets from your estate to your heirs.  This process is required whenever a death occurs and there is no other mechanism that automatically transfers the assets.  Those mechanisms can include beneficiary designations, “transfer on death” or “payable on death” designations, and marital property laws,…

If you have ever spun a roulette wheel, you know what it feels like as the wheel slows and the roulette ball finally comes to rest.  And you surely know that where the ball ends up is of its own making. In many cases, estate planning is like calling your color and number, then walking over and placing your ball correctly without ever spinning the wheel.  It accomplishes your goals without any stressful uncertainty. Most…

Estate planning is a series of steps and decisions.  It is a process intended to run smoothly, so that when the time comes there are no questions, no confusion about your intentions or the decisions you have made.  When your estate planning is done properly, things flow properly.  When it is not done properly, the burdens can be great and many strong relationships and fortunes have been destroyed. Is it because estate planning is too…

It’s not too late yet.  For many wealthy parents, grandparents or business owners, giving lifetime gifts is a valuable way to decrease your taxable estate.  And 2010 is a great year to give those planned lifetime gifts. Generally speaking, properly planned lifetime gifts can help lower your taxable estate over the course of years, so that your assets are distributed to whom you want with less going to the tax man.  Each year, you can…