Why There Really Is No Such Thing as a Simple Will

Yes, it's true, there is no such thing as a simple will. Here's why:

As a wills and trusts lawyer, I am asked every day about "simple wills". The interesting fact is that there is no such thing.

As is discussed below, when most clients ask for a "simple will" they believe they will save money, time and complexity. Unfortunately, the opposite is usually true. Simple wills are a misnomer because they simply don't exist once EVERY client asks themselves several questions. More on those later.

The most important that there are no "simple wills" is the differences between families. While this should be evident, many people pretend there are no differences. Let's start with just two families which appear below.

Especially today, family has an expanded meaning. EVERY family is different from every other family. In the first picture, our family includes the parents of one spouse while in our second picture, the family structure is different. Your takeaway is that every family is different, every client is different meaning that every family's estate plan will be different.

Here are the questions to ask to see if your will should be like your neighbor's will:

1. Are you married to the same person?
2. Are your medical situations identical?
3. Do you have the same children with the same needs and medical histories?

As you can see, it is impossible for different families to be the same.

To an estate planning attorney like myself, this concept is fundamental. However, I can't tell you how many wills I have had to fix when a client tried to copy a friend's will or one from the internet. If your family's individuality is not considered in your will or estate plan, how do you know that plan will work? The answer is that you cannot.

The essence of estate planning is the uniqueness of your family and this is why your will, your trust and your estate plan will not look like your friend's or neighbor's. In the article below by attorney, Robert Fleming, these concepts are discussed as Fleming explains why there is no such thing as a "simple will".

The Myth of the Simple Will

Let me know if you agree or if you have any questions about this or any of our articles as we explore the world of wills and trusts and estate planning. Thank you.

Bernie Greenberg

Estate And Gift Tax Exemption Announced For 2015

The government has announced the exemptions for gift, estate and generation skipping taxes for 2015. Under our current tax system, these exemptions are indexed and will increase each year. Take note, the exemptions for 2015 are set at $5,430,000. This means that even fewer people than ever will be subject to the federal estate or generation skipping transfer taxes.



Unfortunately, the present interest gift tax exclusion remains at $14,000 for 2015.

Here is an excellent article that discusses the 2015 numbers:



Estate And Gift Tax Exemption Announced For 2015 Gift Tax Annual Exclusion Remains Unchanged | Mitchell Silberberg:



'via Blog this'



Here are your takeaways from these 2015 exemption numbers:



1. The focus in estate planning will be less on estate tax reduction and on income tax and asset protection planning.


2. With the exemptions so high, your focus should be specifically on family issues and concerns. There is NO reason now to let the tax tail wag the family dog.


3. The high exemptions permit you to be creative and intuitive with your estate plan. No longer will what 'feels right for the family" be in conflict with sound estate tax planning.



4. Focus on protecting spouse and children and discuss with your estate planner how those protections work. Select the right mix of protections for your family.


These high exemptions are unprecedented in U.S. tax history. Will they be around permanently? That will entirely depend on politics as always. Stay tuned for more as any news develops on the federal tax exemption numbers.

Let us know your thoughts on this or any other estate planning issues of interest. Your contributions are always welcome. If you prefer to respond more privately, please send me an email. Thank you.



Bernie Greenberg