It goes without saying that nobody wants to give up control of their finances and put themselves at the mercy of someone else’s decisions; which is why most people spend hours and hours considering who to name as their agent when they sign a power of attorney. But what happens if you pick the wrong person? This article about an elderly mother and the daughter who stole from her is a sad example of just how important it is not only to choose your agents wisely, but also to relinquish control wisely as well.

It is commonly believed that simply adding your “agent” as a joint owner on your bank accounts is the easiest (or cheapest) way to gradually “hand over the reins”; but giving someone else unfettered access to your bank accounts is a dangerous risk in the best of circumstances—all too often it leads to the tragic exploitation and abuse mentioned in the article above.

he good news is that there are safer ways to give your agents the powers and access they need without completely handing over the keys to your kingdom:

• A Durable Power of Attorney that goes into effect when two doctors have declared you incapacitated
• Naming more than one person as your agent (This can lead to a slower decision-making process, but it does provide you with checks and balances and oversight. If you’re worried about disagreements between agents, name a third party to serve as a mediator or tie-breaker.)
• Naming a financial institution as your financial agent
• Choose a professional advisor or overseer through whom all decisions must be approved. This has the added benefit of giving your agents someone to whom they can go for advice in a tough situation.

Any of these options may be safer than joint ownership of your bank accounts, but every family and financial situation is unique, so ask your trusted attorney about which options may be best for you.

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Do you have an e-mail account?

Do you participate in Facebook or other Social Networking sites?

Do you do any of your banking, bill paying or investing online?

If you answered yes to any of these questions then you might want to think about this next question… what will happen to all of your online assets and accounts when you die?

As we move further into the 21^st century more and more of our lives are moving into the digital realm. This includes friendships, networking, business and banking. The beauty of this is that it gives us unprecedented freedom and global access; the downside is that huge portions of our lives are locked away behind password protected accounts, many of which our friends and relatives aren’t even aware of. Online accounts are incredibly convenient, but they can create huge problems if your executor or agent has no way to retrieve your online passwords, assets or contacts after you die.

Some large online service providers are developing policies to deal with the transfer of accounts upon the death of the user, as noted in this article by Alejandro Martínez-Cabrera, “but the process is rarely a simple one.” Some companies require a death certificate before they will agree to shut down an account or turn over the contents, but rarely will an online company transfer actual ownership. It could take months or years of headaches and frustration before your heirs have access to any assets or information locked behind these online protections.

What this means for estate planning is that when you talk to your attorney about your will or your trust it’s not just about physical assets anymore; digital and online accounts and assets must be part of the conversation.

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Everyone knows that the estate tax is also sometimes known as “the death tax”; similarly, estate planning attorneys are also sometimes known as “those death lawyers.” This is something most of us have learned to good-naturedly roll our eyes at; but eye-rolling aside, the worst thing about the “death lawyer” assumption is the disservice it does to you—our clients. You see, as estate planning attorneys our role is to help you protect your family and your assets, both of which exist in the here and now, not in some ethereal “someday”. What follows are only a few of the things we can help you with right now:

Retirement planning: Ask about the recently developed Retirement Trust, which not only extends your retirement fund past its initial payout date, but gives you more options for distributions.

Saving for college: If you have children who will one day be in college, we can help you make sure they will have the wherewithal to follow their (and your) dreams for education in the event that anything happens to you. An education trust is the perfect way to provide for your children’s schooling.

Investing for the future by laying a foundation NOW: The future is the business of an estate planning attorney, whether it be protecting your life insurance policy for your family, saving your property from probate fees, or minimizing your taxes; but neglecting to prepare now means it may be too late when the time comes.

Yes, as estate planning attorneys our specialty is going to be helping you prepare for your inevitable death (which will take place sometime far in the future, of course) but one thing we know for sure is that the best way to prepare for the future is by taking action in the present. Family, finances, health and education—all of these are within the realm of the “death lawyer’s” expertise, and all of these need your attention today. Let us help you with the things that are important to you and your family right now.

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Forget silver, china, or linens; the best gift you can give a newly married couple is an estate plan! This is especially true if the marriage is a second marriage for either of them. Marrying a person means marrying their financial issues as well; this may include children or responsibilities from a previous marriage, a family business, or wealthy and suspicious parents who still control the purse strings. As this article in CNN Money illustrates, the best way to deal with financial issues is to meet the challenge head on, and to do it as soon as possible—preferably before you walk down the aisle.

There will always be challenges when two people merge their finances, but in the case of a second (or third, or fourth) marriage the issues can be particularly delicate. Will it cause hard feelings if part of one spouse’s income goes to pay child or spousal support? Are college savings for step-children the responsibility of both partners, or only the biological parent? And what happens to joint property if one of you passes away—does it belong to the surviving spouse or to the children of the previous marriage?

One of the biggest steps along the path to financial marital bliss is the creation of a clear plan to ensure that the needs of both the new spouse and the children or obligations from a previous marriage are met. This includes an estate plan to provide for their needs if the unthinkable should happen. If you are coming into a relationship with assets and children from a previous marriage, a trust can be written to ensure that your spouse will be cared for financially but that your children remain the ultimate beneficiaries of your estate.

Discussion and planning early on will set clear boundaries and priorities for everybody, and can go a long way toward easing tensions between two merging families.

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Losing a spouse is one of the most difficult experiences life has to offer. Even continuing to take one day at a time seems almost impossible when you’ve lost your partner, your mate, the love of your life. Many people who have lost a spouse describe feeling as though the rug has been pulled out from under their feet; they feel like a child again, having to re-learn how to interact in the world without their other half.

The emotional loss is only part of this confusion, especially if—like most partnerships—you and your spouse ran your household and finances with a division of labor, each partner taking on the responsibilities that they most enjoyed and were most suited to perform… this includes the financial responsibility. The emotional impact of losing a spouse is hard enough, but in today’s complex financial world what do you do if the spouse you’ve lost was the family CFO?

The first and most important step, according to this article from the Chicago Tribune, is organization. Knowing what your balance is, what your expenses are, and where important documents are located is absolutely key to getting through the rough patches. The second step—and this one may be the hardest—is taking stock of your new financial situation and adjusting your lifestyle and spending. Losing a portion of your family’s income is a shock, and people often go through the motions of their previous lives because they simply can’t yet face the reality of their loss. In addition, death comes with its own set of expenses which can make a substantial dent in your savings.

If you feel you just don’t have the strength or focus to deal with financial issues immediately following the death of your spouse ask someone to help you temporarily. Eventually, when the grieving process has run its course, you will surface again; and when that happens you don’t want to find that the life you knew has been buried under debt.

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Many people think that owning property in joint tenancy means they don’t have to create a will or estate plan. Why bother with a will when all the property is going to your joint tenancy partner anyway? In fact (some people may ask) why not do away with the need for a will altogether and hold property in joint tenancy with my children? The answer to that question is that although joint tenancy may allow your heirs to avoid probate, it carries with it a number of problems and is NOT a replacement for a well-executed will or estate plan.

One of the primary problems with owning property in joint tenancy with your children is that, in the words of Phil Craig in his article Joint Tenancy: How Not to Avoid Probate, “Joint tenancy sure is easy to create, but sure is hard to end.” As Craig illustrates in his article, owning property jointly with your children may seem harmless at first, but what happens if your child gets married or divorced, gets sued, or even joins a cult?

Beyond the essential question of ownership, joint tenancy as an estate planning method falls short in numerous other ways as well; owning property in joint tenancy with your children does not do anything to minimize your estate taxes—In some ways it may actually increase your taxes. Additionally, owning property in joint tenancy with more than one of your children prohibits the other owners from leaving their share of the property to their own heirs.

Finally, even as husband and wife, holding property in joint tenancy has its dangers. If one of you were to become incapacitated or mentally incompetent, the other would have to obtain a conservatorship from the court before being able to sell or take any other legal action with the property. Having the ability to sell or refinance quickly could become a necessity when medical bills are piling up. Look into owning your home as community property instead.

There are ways to avoid making probate a necessity after your death, but joint tenancy—while it may be quick and somewhat easy to achieve—is neither a quick nor easy solution to probate. Take the time to create a quality will or estate plan. Your assets will be protected in the long run, and your heirs will thank you in the end.

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Whether you’re just starting out on your own at the age of 18, or a 65 year old thinking about retirement, or anything in between, financial planning is essential. When most people think about financial planning they think about saving and investing, but a financial plan encompasses much more than that; it includes planning for taxes, charitable giving, gifts to children and grandchildren… and it includes protecting your current assets and planning your estate.

If you’re just starting out on your own your goals may be simple: establish your long term plan, purchase a home, and start putting a little bit away each month toward retirement. If you’re older and more established in your career and finances, your goals are likely much more complex: college for your kids, long term care insurance for you and your spouse, helping to care for your elderly parents, and protecting your assets from estate taxes.

For those who are just beginning to think about your financial futures, this article by Wesley E. Watkis shares 6 basic steps to creating a financial plan, and is a good introduction to the world of planning, saving and investing. Watkis writes that the first step to financial planning is establishing goals; knowing what you want your money to do for you in the years ahead is essential before you map out your plan of attack.

Of course, if you’re a more established adult what you will need is personal guidance in turning those initial goals into an effective plan, and then help maintaining that plan and growing your wealth. For that you will most likely need to find a financial planner whose expertise and philosophy fits your family’s needs, but finding the perfect financial guide for your family is not always as easy as you would hope.

A large part of planning your finances includes planning your estate, and vice-versa; and our firm works closely with many excellent financial professionals. Please don’t hesitate to call our office where we can work with you to assess your needs, and put you in touch with a qualified financial professional who can help your family safely plan for the future.

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Many of our clients come to our firm not just for an estate plan, but as part of a larger goal to get serious about their finances and protect their assets and family. An estate plan is a HUGE step toward that goal, but it is only one step. Other steps include being proactive about your taxes, reviewing your investment portfolio, and creating a solid retirement plan.

Our firm can give you the very best estate planning and asset protection, but the other steps may require the help of a financial advisor. Each client’s situation is different, of course; you may already have a financial advisor and have taken these other steps (many of our clients are at our office on the advice of their financial advisor, in fact), but if you haven’t, finding an advisor you are comfortable with can be a challenge.

Because estate planning and financial planning go hand in hand, our firm has relationships with a number of top notch financial advisors, and we are happy to make the introductions. Having an estate planner and financial planner who are already acquainted can have many benefits. In addition to getting a referral from a source you already know and trust, you can be sure that any financial advisor we recommend has already been vetted, and all communication and collaboration between us for your benefit will be smooth and effortless. Don’t hesitate to call and take advantage of our experience.

If you still choose to search on your own, this article in The Wall Street Journal has suggestions on how to interview and choose the best financial advisor for your family. Either way, be aware of all the steps needed to reach your ultimate goal of financial security.

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Everyone knows that March and April are tax season, when everybody scrambles to get their taxes done, mailed off, and out of mind for the rest of the year; but according to this article from Reuters the taxes you pay in April can be significantly lower if you take the time to think about them now.

Author Linda Stern recommends mid-year as the best time to start thinking about your taxes because it gives you plenty of time to take advantage of various planning strategies and tax breaks, many of which she outlines in her article. Stern also points out that scheduling an appointment with your accountant in July—when accountants are not nearly as busy as March or April—means you’ll have more one-on-one time to strategize and discuss your financial situation.

Stern’s article is full of good advice and suggestions for saving on your taxes this year, but she forgets one important strategy: Creating your estate plan. Talking to a lawyer about your estate plan not only helps in understanding and organizing your finances, and protecting your assets for the future; but the money you spend in creating an estate plan can be tax deductable. Talk to your lawyer and accountant now about how you can protect—and save—your money in the future.

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The realm of personal finance is in the midst of being revolutionized. The crash on Wall Street has made many armchair investors mistrustful of professional financial advice, and many people are now taking the time to manage their own personal finances with the focus shifted from investing and earning to budgeting and saving. The problem is that after all the effort people put into learning how to spend and play the market from their laptops, many now don’t know how to budget and save responsibly.

This is where the revolution begins.

A recent article in The Wall Street Journal has collected some of the best websites on the internet to help you keep track of and plan your finances. These online tools run the gamut of personal finance categories; from budgeting your household expenses to creating a financial plan to managing personal loans between friends and family. And these aren’t just educational resources, these are interactive tools to help you implement the processes you prefer—and many of these tools are free.

We hope our readers will find these resources helpful, but if you are one of those who would still like the advice and services of a professional financial planner and aren’t sure who to trust, please contact our office. We work with a number of reputable financial professionals, and would be happy to recommend one who would fit your family’s needs.

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