• Why do I need to plan my estate now?

            You have probably heard the saying “why do bad things happen to good people?” The reason is because accidents happen to everyone.  It could happen to you.  The reason to plan now is to ensure that your wishes are known and followed even when you can no longer make your own decisions.

• Who should have an estate plan in place?

            It is a misconception that only the wealthy should have their estate planned. Anyone who has any assets can and probably should have their estate planned.

            Individuals interested in safeguarding their accumulated assets should consider a Trust, especially if they own real estate or have retirement accounts with a total value over $100,000.  If you do not have an estate plan in place, your estate will have to go through probate before being distributed which will be costly and could hold up the distribution of your assets for 18 months. 

            If you are married and have substantial assets, you will want to plan now to ensure you take full advantage of the tax reduction benefits of multiple trusts.

            If you have young children, you will want to plan now to ensure that your children are placed with the guardian of your choice and not left to a Judge who doesn’t know you, your family or your children.

            If you are part of a multi-level family, you will want to plan now to make sure your assets are distributed to your loved ones.

            If you are a business owner, planning now is particularly important to ensure the survival of your business and to establish an orderly transition plan to make sure your intended beneficiaries take control of your business interests. 

• What should I do now to begin planning my estate?

            You have already taken the most important step, you are thinking of planning your estate’s future.  The next steps are:

1. Gather all of your financial papers, deeds of trusts and any other documents which make up the value of your estate;
2. Decide on the person or persons who you want to name as executor, trustee, attorney-in-fact and/or guardian of your children; and
3. Call the Jordan Law Office to schedule your free consultation.

• Who should I choose to administer my estate?

            The person you choose to administer your estate should be someone you would trust to handle your financial and personal affairs.  If you are married, this person is often your spouse.  The administrator can be a parent, adult child, spouse or friend. Sometime our clients choose to utilize a corporate entity as the administrator. You may choose to have more than one administrator serve at the same time. 

            The administrator can be anyone who is an adult and competent to serve.  Before naming an administrator, though, you should discuss the election with the person of your choosing because the administrator, once appointed, has many fiduciary duties and obligations and will be monitored for his or her performance.

• Who should I choose to be guardian of my children?

            Like the administrator of your estate, the guardian can be anyone who is an adult and who you would trust your children to live with.  The guardian should be someone you trust to ensure your children are raised in the same manner and custom you would raise your children.  Before naming a guardian, it is important to discuss this election with the person of your choosing to ensure they are willing to accept this responsibility.

• Is an IRA Inheritance Trust™right for me?

            If you have over $100,000 in an employer funded retirement fund, such as a 401(k) plan, or you have an IRA account with over $100,000 invested, the IRA Inheritance Trust™is right for you.