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20BODYOFCHRISTNEWSSEPTEMBER2013Ithinkifanyonewasaskedtheques-tion-Doyouwanttotakecareofyourlovedonesafteryouregone-theresponsewouldbeametwitharesoundingYes.Weallwanttotakecareofourlovedones.Thememoriesandtimetogetherarecher-ished.Everyonewantstosecurethefinancialstabilityoftheirfamilybutoftentherearefearsandper-ceivedobstaclesoftenfinancialthatmakesuchplanningdifficultheresasecretestateplanningdoesnthavetobeexpenseanditsaninvestmentinyourfamilysfuture.Thisiscompletelynormal.Oncethesefearsareputasideitisparamounttostartthinkingaboutthenextgenerationtoguaranteethatyourfamilyandfinancialgoalsaremet.Aneffectiveandwell-executedestateplancanensureaprosperousandbrightfutureforallofyourlovedonesoratleastprovidethemwithalittlehelpalongtheirway.Formanyawilloranestateplanissomethingplannedforthedistantfuture.Someneverplantomakeawillagoodnumberofpeoplethinktheydontneedawillortoplantheirestate.Thisbeliefandlackofplanninginvitesunfortu-nateconsequencesincludingtheextraandunanticipatedcostsofadministratingyourestatewithoutawill.WhymakeawillWhydevelopanestateplanTherearemanyrea-sons.Butitisimportanttorealizethatalthoughindividualcircumstanc-esvaryoneofthemostvitalistohaveyourindividualwishescarriedoutuponyourdeath.Itsasimpleproposi-tionanestateplandirectsyourassetstothebeneficiarieswhoyouchoose.Wills.Everyoneshouldhaveatleastabasicone.Everyone.Mostpeoplethinkthatitisunnecessarybecausetheyhaveminimalassets.Thatassumptionisincorrect.Awillinformstheworldtowhomyouwantyourassetsdistributedafteryourdeath.Ifyouhaveyoungchildrenawillistheperfectplacetonameguardiansforthem.Dyingintestatewithoutawillmayresultinsignificantlyhigheradministrativecoststheadministra-tiveexpenseswillbepassedontoyourheirs.Rememberyourwishesanddesiresaboutwhoreceivesassetsareirrelevantshouldyounotdraftawillorexecuteaproperestateplan.Onceyoupassonyouwillhavenosayaboutwhathappenstoyourpersonalitemsfamilyheirloomsandfamilyhome.WhowillreceivetheassetsinyourestateGenerallyifyoudieandyourspousesurvivesyourspousewillinherityourproperty.Howevertherearemanyfactorsthatmayaffectandalterthisdistribution.Hereareafewofthesefactors1ifeitherspousehadchildrenfromapriormarriageoroutofwedlock2themannerinwhichpropertybothreale.g.ahouseandpersonale.g.anheirloomoracaristitled3whichrelativessurviveyouorpredeceaseyou.Likemostthingsinlifethesituationbecomesmorecom-plicateddependingonyourindividualcircumstance.WhathappensifyoudonthaveaspouseorchildrenthatsurviveyouAgainestateplanningisallaboutyourdirectivewhereyouwantassetstogo.Andremembershouldyouchangeyourmindaboutwheretheassetsshouldgoawillcanbeamendedatanytimesoatleastwhereawillisconcernedyourdesiresarenotsetinstone.Theelementsofanestateplanmayseemcomplex.Atsomeleveltheyare.Notonlydoesitinvolvedraftingawillbutitmayalsoincludethedeedingandtransferringofpropertytoanheirortoatrustcreatingpowersofattorneydraftingofalivingwillorcreatingatrust.Regardlessoftheinstrumentwhenconsideringthepropermethodtodistributeanestateyouhavetotakeaninventoryofwhatspecificallyyouwanttobequeathtofuturegenerations.ForexampledoyouwanttocreateaneducationaltrustagrandchildDoyouhaveaspecialneedsfamilymemberthatneedsadditionalassistanceWouldyouprefertoleaveyourrealestateorbusi-nessinterestswithadaughterIfyoudonthavechildrenaskyourselfsomecriticalquestionsaboutwhoinheritsyourestate.Itmaynotevenbeafam-ilymemberbutacherishedandclosefriendreligiousorganizationorcharity.Idliketomentionakeyestate-plan-ningdevicethatmanypeopleavoid.Trusts.Thereisaperceptionthattrustsareonlyforthewealthy.Thisisunfortunate.Atrustisquiteusefulintheestateplanningprocessparticu-larlyifyouhaveassetsinrealestateorfamilymemberswithspecialneeds.Basicallyatrustputsconditionsonhowassetswillbedistributedafterdeath.Forexampleyoumaywanttoleaveanheirsomethingthatisnotdirectlypayableafterdeaththissitu-ationcouldariseifyoudesireagrand-childtograduatecollegeandreceiveanassetafterfinishingtheirdegree.Trustsarehighlyeffectiveatreducingcertaintypesoftaxesandavoidingthecostofprobate.Insomesituationsitmayevenprotectyourheirsfromcredi-tors.DidyouknowthatMedicaidcanrecoverthecostsofbenefitspaidonbehalfofaMedicaidclientfromtheirestateIfthissituationarisestheassetsyouvewantedtodistributemaybesignificantlysmallerthanantici-pated.Thecreationofatrustunderacertaincircumstancescouldavoidthistroublingscenario.Ofcourseaprop-erlydraftedtrustisonlyonepotentialinstrumentusefulinprotectingyourassetsfromcreditors.Ivementionedtrustsandwills.Theseareonlyafewtoolsintheestateplan-ningtoolbox.Theproperinstrumentdependsonwhatyourgoalsarethesizeofyourestateandthetypesofassetsinyourestate.AsIstatedatthebeginningofthisarticleestateplanningdoesnthavetobeexpensiveincertainsitua-tionsitmaybeassimpleaschangingthewaythatyourpropertyisdeeded.Thiscanbedonewithoutlosingcon-trolofyourproperty.Butpleaseseekprofessionaladvice.Estateplanningisnotonesizefitsallyoumaywanttoleaveheirloomstoagranddaughteranddividethehouseamongyourchildren.Withproperplanningthedecisionisuptoyou.Properestateplanningiscomplexandtimeconsuming.Atrustedestate-planningattorneyiscrucialitisvitallyimportantthatyourplanisexecutedprofessionallyandcompetentlytoavoidunforeseendifficultiesdowntheroad.Ihavemanyclientswhocometomeaftertheyvedonealittleself-helpandtheestateisacostlymessandnotatallwhatthedecedentwishedfor.Anattorneywillgiveyouadvicestayinformedofanychangesinthelawandhelpyouprotectwhatyouhaveearned.Ofcoursetherearecheaperalterna-tivesbutasthesayinggoesyougetwhatyoupayforandyouwilllikelypayforitinthelongrun.JeremeBakerfounderandCEOofBakerLawGroupLLCearnedhisJ.D.degreefromtheUniversityofColorado.HeisthecurrentChairman-ElectoftheYoungLawyersDivisionoftheSamCaryBarAssociationColoradosAfrican-Americanlegalprofessionalassociation.BakerLawGroupLLCspracticeareasisfocusedonElderLawEstatePlanningProbateandGuardianConservatorship.Pleasevisitusatjbakerlawgroup.comDISCLAIMERThisarticleismadeavailableforeducationalpurposesonlyaswellastogiveyougeneralinformationandageneralunderstandingofthelawnottoprovidespecificlegaladvice.Inreadingthisarticleyouunderstandthatthereisnoattorney-clientrelationshipbetweenyouandtheauthor.Thisarticleshouldnotbeusedasasubstituteforcompetentlegaladvicefromalicensedprofessional.THELAWWhosGoingtoCareforYourLovedOnesByJeremeBakerEsq.LOCALEVENTSSeniorsZionStopSeniorsweneedyouattheZionSeniorCenterMonday-Thursday900a-100p5151E.33rdAve.33rdForestHeresWhatwehavetoofferEXERCISECLASSLUNCHMOVIESBLOODPRESSURECHECKCOMPUTERCLASSESBIBLESTUDYANDGAMES..formoreinformationcall303333-5746ConferenceonCommunityFaimilyMarriageSaturdayOctober12th10.a.m-4.p.mChristsChurchApostolicInc.presentsCONFERENCEONCOMMUNITYFAMILYANDMARRIAGE.Lunchisfree.ToRegistercall303340-3520www.ChristChurchApostolic.com