3 Ways to Protect Your Family

 3 Ways to Protect your Family!

1. Have Clear Objectives

2.  Deal with Real Experts and Specialists

3. Make Measured and Reasoned Decisions

Have Clear Objectives

Be crystal clear about what you are setting out to accomplish. Since this blog is about estate planning my comments focus on that topic. Many who visit someone like, an estate planning attorney have no clear objectives. They say, " I want a will", "I don't like probate", or "I want to make it easy for my kids".

None of these are clear goals. They are important emotional reasons for planning but not precise objectives. Here is how to turn each of those into a claar objective:

1. I want clear, written instructions in legal form detailing how my assets will administered and distributed and here is who I want to protect and from what risks.

2. I want everything during my life  and at my death to occur without any court involvement with the greatest degree of privacy the law permits.

3. I want each legal document and arrangement established so my goals can be carried out without resorting to asking a judge or court to get involved.

These three goals are clear and precise. They repesent each of the emotional motivations listed first and include specific guidance about what the client is seeking. See if you can write out your goals in the same way.

Deal with Real Experts and Specialists

In the age of the internet and tech anyone can say that they do certain things. Anyone can go on facebook and offer you a will or other document. How can you ensure you are dealing with a real expert? Here are some good guidelines to protect your family:

1. Ask the person offering services what else they do. Your goal is to only work with a specialist who only does estate planning. Remember these guidelines will apply to any other need you may have. If the person does other things, they are not an expert.

2. Ask to see degrees and certifications in the particular specialty area. Also ask how much of their time is spent in the specialty. Ask if they practice estate planning and estate law 24-7. If not avoid them.

3. Ask to see awards from third party sources granted to the person claiming to be the expert you need. For example you want an AV rated attorney specializing in estate planning.

4. While reviews are great do not rely on recommendations on facebook or other social media. If you post a question on social media remember that a real specialist lawyer will NOT respond by calling or messaging you as that may violate the rules against solicitation.

5. Get a referral from another expert you trust. For example, a referral from your acconntant or financial advisor is worth much more than something on facebook.

Make Measured and Reasoned Decisions

This is a difficult skill to practice. Many people react emotionally or impulsively. When choosing any expert, take your time, do your research and give the decision some thought and analysis. Even in emergencies it is always better to make careful decisions. This is critical to protect your family and property.

Let's review the three ways to protect your family:

1. Have clear goals and objectives.

2. Deal only with real experts and specialists.

3. Make measured and reasoned decisions.

Good luck!

Why Estate Planning Matters in 2022 and Beyond

With large estate tax exemptions (in excess of $12 million) some suggest estate planning is no longer matters. Since estate planning was never just about estate taxes this is false. In fact, estate planning is more important now than ever. Here are several reasons why:

Estate planning protects your family and beneficiaries.

Normal people care about their families. They care about their spouse, kids, grandchildren and other family members.  Protecting family from risk, expense, probate, predators, creditors and taxes has always driven estate planning. When you drop estate taxes from that list, there are still many risks to protect against.

Where clients have no family they seek to protect their causes and charities. In over 45 years of being an estate planning attorney, I have never had a client who asked to give their estate to the government.

Estate planning protects you.

Any proper estate plan contains protections for you. Whether in a trust, financial power of attorney, health care power of attorney, HIPAA authorization or final disposition instruction, it is you being protected. The wisdom of this is unaffected by tax exemptions and has increased as a result of the pandemic.

Estate planning protects your voice.

Your estate plan speaks for you. It represents how you want to be treated during illness, incapacity and your death. Your plan is your voice protecting your loved ones to the extent you deem appropriate.

Your estate plan represents your voice in legal form, making sure that what you want to happen does. Your plan cannot vote for you but does speak for you in other respects.

Proper estate planning will always matter.

The discussion above shows the importance of estate planning in 2022 and beyond. Here is how we describe it to clients: if you or your family are important than you protect them and yourself with an estate plan.

Note: this article is general information about estate planning. Every client's estate plan is different. Reading this article does not make you a client of our firm. To learn about estate planning or how to become a client of our firm, call 303-688-3535 for further information.

The Top Reason to Avoid DIY Estate Planning

DIY is popular these days. There are YouTube videos showing you how to do just about everything including your own will and estate plan. Is this approach wise?

As you read through articles here you will find a common thread that is always repeated. The answer to the above question is always NO!

Instead of repeating the numerous reasons  that DIY planning is bad let's just focus on the top reason you should always avoid this approach.

DIY ESTATE PLANNING IS ALWAYS MORE EXPENSIVE!

That's right. Whether you write it yourself, use legal zoom or just grab a form off the internet your DIY plan will always cost more than working with an estate planning specialist. Because DIY plans don't work and are filled with mistakes and hidden traps it will cost you and your family more to fix that disaster than to do it right the first time.

Read the articles below for more reasons to avoid DIY estate planning and be careful out there!

Lessons from the Front Lines: Specialization Matters. 3 Things You Need to Know

When it comes to your family, your money, your property and your life specialization really does matter. Here are three things you must know to protect yourself, family and property.

1. Estate Planning Should be Left to the Specialists.

The field of estate planning is deceptive. It seems simple to those unfamiliar with its intricacies. Many non-specialists believe they can just copy a form or fill one in and then sell it to you as an estate plan. Others take a DIY approach and believe the internet can be their source of estate planning documents.

Nothing could be further from the truth. Here are examples of actual cases where clients lost significant property and money by not using a specialist.

A. Man does his own trust, names children from a prior marriage as trustee for a child from a later marriage. Result: court case and thousands of dollars in legal fees. In this case, an estate planning specialist would have not drafted this trustee provision or created a safety valve to eliminate the problem.

B. Woman hand writes her own will in writing that no one can read. Result: a court has to decide the terms of the handwritten will and after long court battle the entire will is thrown out by the judge. Again, an estate planning specialist would have saved the family thousands of dollars.

C. Man owns farm property with his sister in a corporation. Man dies with a will created by his attorney friend who is not a specialist. This simple form (which should never had been used) meant his surviving spouse inherits his share of the farm corporation even though  surviving sister thought she would own the farm. Result: surviving wife wins after protracted court battle.

There are many other examples of this same principle. Either pay at the beginning to do things right or pay us later to go to court and solve the problems created by the DIY solution.

2. Check and Recheck Beneficiary Designations.

Even a properly designed and drafted estate plan can be derailed by not reviewing and revising old beneficiary designations. Here is an example:

Woman creates a trust to protect her husband and children. She fails to change a prior beneficiary designation that left a Fidelity account to her children outright. Result: Her trust fails since NONE of the Fidelity account will pass to her trust.

An estate planning specialist would have advised this woman to revise the beneficiary designation on this account so her trust would have received the account proceeds.

3. Be Cautious of Family Member Trustees.

In example A above naming a family member trustee was a disaster. Whenever a client considers a family member trustee it is necessary to pressure test that provision under a variety of possible scenarios. Here are the issues family members can create:

A. Not knowing what their job is.

Most family member PR's and trustees do not understand their fiduciary duties and responsibilities. This can lead to numerous inadvertent violations.

B. Failing to act where action is required.

Often a family member is reluctant to act as a fiduciary out of ignorance or fear. Failing to act when action is required is as much a violation as taking the wrong action.

C. Family members are difficult to sue.

When a PR or trustee messes up sometimes a court can make them answer for their conduct. However beneficiaries are often reluctant to sue a family member costing themselves benefits they are rightfully entitled to.

The lesson here is to exercise caution before naming a family member as PR or trustee.

Here are the three lessons from the front lines that can help you protect yourself and your family:

1. Leave estate planning to the experts.

2. Check and recheck your beneficiary designations.

3. Exercise caution in naming a family member as a PR or trustee.

Estate Planning Awareness Week 2018

Each year we celebrate National Estate Planning Awareness Week to help spread attention and aware ness of the importance of estate planning.

Do you have all your ducks in a row?

Estate planning is not about how much money or property you have. It is actually about how much you care for your family. Doing a proper estate plan is a reflection of the legacy you leave, how you will be remembered and whether you helped your family achieve success, not monetarily but in life.

Help celebrate National Estate Planning Awareness Week by making sure your ducks are in a row and encourage your family and friends to do the same.

Bernie Greenberg
kgattys.com

Trusts Equal Protection

As an estate planning attorney I am asked every day about trusts. Why should I use a trust? What is a trust? What do trusts do? Are trusts about trust?

All these questions are interesting as are the answers. However neither the question nor answer get to the essence of why we use trusts and their ultimate purpose--protection.

Trusts are used to protect someone or something (property) from someone or something (taxes). As examples think about protecting these folks:

1. Your spouse.
2. Your kids.
3. An elderly loved one.
4. Someone at risk.
5. Someone with a disability.

Things we might protect against include:

1. Poor money management.
2. Creditors.
3. Predators.
4. Taxes.
5. Addictive behavior or drug addiction.

So when you ask a question about whether a trust might fit into your planning ask if there is someone you want to protect, something you want to protect and what risks you want to protect against.

Bernie Greenberg

3 Steps to Protect Yourself from Tax Scams

Today is that day, tax day when, if you haven't already, it's time to get your taxes or extension files and taxes paid. Tax day always brings some stress, some angst and the scammers. Con artists constantly look for new ways into your wallet and accounts. Your job is to be ever vigilent and protect yourself.

1. The IRS does not call on the phone or email ANYONE!

This is an old trick used by con artists--imitating people you are already afraid of--like the taxman. Be aware that the IRS does not call, text or email. Also, if you take a call, all IRS personnel must identify themselves by name and identification number. Scammers will not.

2. The IRS and states do not contact you via social media or text.

As tempting as it might be to respond bear in mind that you are receiving a message from a con artist and not from the IRS. Your best course of action is to use your delete key.

3. Do not post your financial information online or on ANY social media site.

Does this require explanation? No. Just don't do it. Ever.

The only person who can prevent a con artist from scamming you is you. Always apply these 3 simple steps as your first line of defense. For further information refer to articles and FAQ sections of the IRS, State of Colorado and Colorado Attorney General's websites.

Don't Let Hackers and Predators Prepare Your Will: 3 Steps to Protect Yourself and Your Family

Social media and internet have many benefits. They also are traps for the unwary and unprepared. Don't let hackers and predators on the internet get your personal, financial and family information and data.

In my world of estate planning this is critical. If you are considering doing your will and estate plan the last place to look for advice is social media. You could subject yourself to foreign hackers and predators who fish for unsuspecting people 24/7 on social media sites like facebook. We hear everyday how foreign agents are using facebook to influence your every day decisions.

Here are the ways you can protect yourself, your family and your property:

1. Never reveal personal information online to anyone, anytime.

Trusted websites like your bank, brokerage firm etc. are acceptable places to use their secure tools for doing this. Never reveal your personal information on any social media site. Ever.

Also to be avoided are chat sites for your personal information. These sites are not secure and frequently mined by hackers to steal your information.

2. Don't post pictures of your property, home, young children, cars or accounts on any social media site.

If you are inclined to post the pictures of your trip or vacation do so after you have returned to avoid providing the robbers the information about when they can go to your home and steal your stuff.

3. Do not rely on legal, accounting or tax advice you receive online or social media.

You would never ask how to do surgery on your knee or ankle on facebook and you should act the same about your property and money. Use social media to get referrals to competent specialists and professionals and go meet with them in person.

Doing your will and estate plan requires the assistance of qualified specialists just like an operation or surgery. Protect yourself and family by avoiding providing the means to hackers and predators to steal from you. Remember: You are the first and best means of protecting yourself and family.

How the New Tax Law Impacts You!

Hopefully you have heard that we have a new tax law. This new law is called: The Tax Cuts and Jobs Act of 2018. It is a major redo of the tax code and extends the impacts of the 2010 tax re-write into your estate planning.

Here is what you need to know now:

1. Run don't walk to your estate planning attorney's office to amend your plan if you have an old style A-B trust or marital trust plan. If you don't know, then find out immediately. The doubling of the estate, gift and generation skipping tax exemptions are the reason this is so critical.

Just like in 2010 and after, if you die with an old plan with these old formula provisions you will wreak financial havoc on your family and create results you never expected and your family will hate you for forever.

2. While you are in your estate planning attorney's office make sure your beneficiary designations and titling are properly coordinated with your revised estate plan.

3. Next schedule a meeting with your accountant and income tax advisor and learn just how much the new tax law changes your income tax situation. Again, you will be surprised just how significant the changes might be to you and your family.

No matter how you feel about politicians, their involvement in your money and estate plan can be minimized or eliminated. Make sure you discuss how you can do that with your estate planning attorney.

Don't delay, make sure you take these actions immediately or sooner.

4 Reasons that Estate Planning Makes a Great Gift this Season

Giving the gift of estate planning can be one of the best gifts this holiday season!

Let's look at why estate planning is such a great gift.

1. Unlike a new phone or electronic device your estate plan does not expire or go out of fashion. Your estate plan is one of those forever things that is always there for you and is always protecting your loved ones. No phone can do that!

2. Your estate plan not only protects you but also your loved ones. It is inherently a gift of sharing. You don't have to loan out your estate plan like you would a phone or other device, it just sits in the background and is there when it is needed.

3. Your estate plan can be made private. Unlike a new device the government or other hackers cannot snoop on your estate plan. If you like privacy your estate planning is much better than dropping out of society and living in a cave forever.

4. Many clients have given the gift of estate planning for the holidays and told me that the peace of mind they have gained knowing that their families and property are protected is priceless. That makes estate planning not only a great gift but worth more than any other gift out there.

Consider taking the advice of these folks and give the gift of estate planning to your family this holiday season. You'll be glad you did!

Bernie Greenberg

How Proposed Tax Reform Impacts Your Estate Plan

As you may have heard, President Trump and the Congress have proposed a major revision to our tax system. This tax reform contains major changes to the estate tax arena which also involves estate, gift and generation skipping taxes.

In the article link below, these changes are discussed in detail and that's good because I don't believe you want to read a 770 page article from me. Here is the article:

Wealth Management Article on Estate Tax Changes

As you can see the changes to the estate tax system are significant! Here is a short list:

1. Immediate increase in the exemptions to $22 million.

2. Repeal of the death tax in the year 2024.

3. Other changes too numerous to list here. Please read and print the article to have for reference.

If you read that entire article I will buy you a cup of coffee! Congratulations. Suffice it to say that this proposal has not passed yet and my never do so. Watch for more news about this. I view this as a continuation of the trend started in 2010 to remove the tax overlay from your estate planning. Whether this will pass is a question not addressed here.

Thank you for your attention and interest in estate planning.

Bernie Greenberg

6 Estate Planning Steps to Take Right Now

More than 70% of folks who should have some plan in place do not. No will, power of attorney, HIPAA documents or living will. Numerous sources report this has stayed consistently high for almost 30 years.

Not having any plan is hazardous to you and your family in these ways:

1. No plan = undesired results.

2. No plan = no choice of decision makers.

3. No plan = no protections in place for you, your loved ones and your property.

Everyone seems to agree on the merits of having some plan in place yet an alarming number of folks still have no plan. Here are six simple steps you can take today to protect yourself and family:

1. Think about what is important to you and decide if you want to protect your spouse and children.

2. With the large federal estate and gift tax exemptions planning today is about protecting family members and income tax savings. Gather together your asset information: titles and beneficiary designations.

3. Schedule an estate planning meeting with a qualified estate planning attorney; one who actually specializes in estate planning.

4. Discuss your goals, assets and beneficiary designations with your estate planning attorney.

5. Implement the plan by signing all of the estate planning documents you work out; will, trust, powers of attorney, living will and health care documents.

6. Make sure each asset is titled properly and the beneficiary designations are ALL coordinated with your estate plan.

Estate planning is all about family!

Six simple steps to estate planning success and to get on the road to protecting yourself, your family and your property.

3 Steps To Finding a Qualified Estate Planning Attorney

When you decide to get your will and estate planning started one of your first  steps is selecting the right estate planner. Difficulty with this alone stops many from completing their will and plan. Here are three sure-fire steps to follow to make sure you have the best and right assistance.

1.  Avoid the DYI Route

It's so tempting, do it yourself, save money and cut out the lawyers. With all those home fix up shows on TV and all the youtube videos how hard could it be right? Wrong! DYI estate planning is risky for you and a certain way to force your family into probate court. Read the many articles below on the specific risks of DYI estate planning.

2. Avoid the Internet Route

Also tempting is to find an online form and fill that out. Even websites like Legal Zoom should be avoided. There are several articles below discussing why the internet approach is also doomed to fail. Besides, who wants OJ's lawyer preparing their will and health care documents?

3. Make sure the lawyer you work with has these qualifications

• Minimum of 7 consecutive years as a full time estate planning specialist or is an associate in a firm that has at least one attorney who meets this criteria.
• Peer review rating from Martindale-Hubbell of AV or is an associate in a law firm where the director of the estate planning department has this rating.

Now you have three simple steps to finding the right estate planning attorney for you and your family. Remember to use all three steps and to insist on the two requirements from the lawyer you choose. Not all attorneys are qualified to practice estate planning law and you are the only person who can protect yourself.

Thank you for your interest in wills and estate planning. Feel free to join the conversation by commenting below or sending me an email.

Bernie Greenberg

How Often to Review Your Estate Plan

If you already have an estate plan, that's great! Your next question is how often should you review that plan. More on that below. If you are like the almost 70% of folks who don't have a plan yet, now is the time to take care of that for yourself and family.

Here are the rules on how often to review your estate plan:

1. Every 2-3 years if nothing has happened.

2. Sooner than that interval if one of the following has occurred in your life:

• Significant change in health of you, your spouse or a child.
• Significant change in your net worth such as winning a lotto or inheriting.
• A change in your family structure such as divorce, separation, marriage, living together, or birth of a child.
• Becoming responsible for an elderly relative or parent.
• Any other life event that is significant to you.
• You learn of changes in the law and tax code that may impact you.

By following these simple guidelines you will keep your estate plan up to date, current and synced with your goals and objectives.

Fraud Alert! 2017 Scams and Cons to Watch For

An unfortunate side effect of economic prosperity is the proliferation of scams, cons and con artists. The best way to protect yourself is to be armed with information and the discipline to say no.

Con artists seek to separate you from your money and property either directly or these days by stealing your identity. Here is a list of known frauds, scams and cons in Colorado, Douglas County and the Castle Rock area.

Let's start with the nationally publicized scams for 2017. Here is the current list from AARP:

AARP 2017 Scams

Next with tax season upon us, here are the current tax scams:

2017 Tax Scams

Credit and Money for Sex Scams. These are generally online and can involve offers of favors or even free rent and other products in exchange. Here's an interesting article:

Money or Credit for Sex Scams

Good Weather Scams. Good weather brings our the con artists who rely on good weather or even hail damage to try and steal your money. Good weather also brings out the door to door sales cons as well as ramping up internet cons. Here is a list of spring and summer scams:

1. Roofing scams. Protect yourself by dealing only with licensed roofing contractors from a list provided by your insurance company or local chamber of commerce.

2. Yard scams. Having someone else do the lawn work is inviting, but don't select someone who contacts via door to door, internet or phone.

3. Real estate advisors. There is NO such thing as a real estate advisor. People who are experts in real estate are tested and licensed by the state and are called realtors. Either deal with a licensed realtor or say goodbye to your money as it disappears into the pocket of a con artist.

4. The jobs scam. Someone promises you a job making calls or sending emails from home and they'll pay you for it. It's a scam called the "job scam" and now that you know about it you won't fall for it.

5. Sprinkler system repair scams. If someone comes to your home and tells you about your faulty sprinkler system, close the door. If you suspect issues with your plumbing or sprinkler system call your local water provider. They offer analysis and help to help you isolate what the actual problem may be.

6. Do we still need to mention internet scams? Yes we do as they represent one of the largest source of scams in America. As the graphic above says, if it sounds too good to be true it is. The internet is a wonderful place to send email, interact on social media, buy products from reputable companies and read the news. If your internet activity involves looking at and falling for things that sound too good to be true, you are asking to be scammed.

As new scams are reported on we will bring them to you. Help shine the light on scams and con artists and share this article with family and friends.

The Wonder of Thanksgiving

Thanksgiving is a wonderful holiday because it is diverse--it means so many different things to different people. What does it mean to you?

As an estate planning attorney working with clients for the last 38 years on their wills and trusts Thanksgiving is often a motivator to many to accomplish their plans. Do you know why this is?

In my experience the holidays motiviate us to think about our families and being thankful for family is often a feature of the holidays.

As clients think about their family they are motivated to protect them. This motivation is the top reason that clients seek to have a will, trust and estate plan. In fact, here are the top reasons cited by clients for doing their estate planning:

1. Protection of family members such as spouse, children and grandchildren.

2. Protection of oneself. Many clients seek to protect against illness and disability and this is considered in every estate plan.

3. Protection of property, money or wealth. This is always an interesting factor since the amount of what someone has is irrelevant. While the current definition of a taxable estate for 2016 is $5,450,000 and for 2017 $5,490,000 many people do not have estates that large. What amount would you have to make you want to protect it? Many clients seek to protect the property they have regardless of the amount.

Whatever your reason for doing your will, trust and estate plan your reason is the best for you. I always recommend that clients consider the three areas listed above as they decide what is important to them and what to protect in their plan. As has been stated for generations, estate planning is one of the best gifts you can leave for your loved ones. Estate planning is never about how much you have, and always about how much you care for those you care for.

This Thanksgiving I am thankful for my family, my friends, my law firm and the wonderful town I live in. I wish to you and yours a very Happy Thanksgiving!

Bernie Greenberg

Are You One?

It is alarming to learn just how few adults in America have done anything about their estate plans, no wills, trusts, powers of attorney--nothing!

In this recent article in Wealth Management, this issue is explored:

Less than 50% of Americans have an Estate Plan

 This statistic is shocking for several reasons:

1. The large number of unprotected families.
2. That so many have failed to plan even in the face of constant publicity.
3. That so many fail to plan when it is easier than ever to provide a plan for your family.

Since protecting family and then property and assets are the reasons for estate planning, what do you believe are the reasons so many families are not protected?

Please let me know your thoughts in the comments below. Your comments could be useful in helping others move forward with their estate plan.

Bernie Greenberg

Estate Planning for Children with Disabilities

Having a child with disabilities creates enormous challenges and rewards for parents. An important aspect of caring for a child with these challenges is what to say in your will, trust and estate plan for your child.

As discussed in the article below, there are numerous issues when planning for a child with disabilities and in learning how to address these in your estate planning. Here is the article:

Estate Planning for Children with Disabilities - :

A frequently used planning technique that helps parents plan for a disabled child is known as a Special Needs Trust. Please consider this type of trust to protect your child.

For more information on this type of trust or to discuss planning your estate to protect a child with disabilities, please contact our office with your questions at: 303-688-3535.

Bernie Greenberg

How To Prepare A Will - The Onion - America's Finest News Source

This is not the recommended way to proceed with your estate planning! It does match the Onion's unique approach to everything.



How To Prepare A Will - The Onion - America's Finest News Source:



There are other articles here which provide you a more effective road map for your estate planning. For humor it's hard to beat the Onion!

The Top Reason People Don't Plan: Procrastination!

As a wills and trusts lawyer specializing in estate planning I can confirm that there are many reasons folks have not completed their plan. Interestingly the number reason is the easiest one to fix--procrastination.

In the article below that road block is discussed further:

Top Enemy of Estate Planning Article

We all know about procrastination and we all know what it does: nothing. In my field of wills and trusts it has disastrous results. When you procrastinate about your estate plan you place at risk not just yourself but your entire family.

By not planning you have no protection against any risk. Not just the bad risks, death or total disability, but ANY risk. One of the most important reasons to do your will and estate plan is reduce or eliminate risk. Advantages of planning with urgency-planning NOW include:

We face each day a decision point. Will we take positive action today or will we put it off, sometimes putting it off multiple times or days. The thing about estate planning is that you will never know if you waited too long. Well, maybe you will as you lie in the bed in the hospital or rest home. Certainly your family will know and they are the reasons that most clients get started and finish their will and estate plan.

Decide today that it is time to move from being unprepared to having yourself and your family protected.

Let us help you today. Please join our conversation. Let me know if you have questions or comments.

Bernie Greenberg