What’s so bad about Probate?
What’s so bad about Probate? The following questions were posed to me on my radio show today: What’s so bad about Probate? and What is it and why do we want to avoid it? First, what is Probate? Probate is a court proceeding used when estate planning is done wrong or not at all. Second, what’s so bad about it? Here’s why you want to AVOID Probate. 1 – Probate is very slow (1 to 3 years) to get money to the beneficiaries. 2 – Expensive – 6% of gross estate. Six percent is a huge chunk of change for anyone to have to pay. 3 – The...
Read MoreThree Common Trust & Estate Planning Mistakes
Three Common Trust & Estate Planning Mistakes Today on our radio show we listed out three common trust & estate planning mistakes people make. Read on to review our list and see if you’ve made any of the common mistakes. On the radio with Gary Quackenbush and Marty Schneider, the Retirement Professor. K-PRAISE 1210am: Three Common Trust & Estate Planning Mistakes 1 – Funding not done or not done right. To be done correctly, the house must be deeded to the Trustee of the Trust. All personal property needs to be assigned to the Trustee. Bank accounts should be in...
Read MoreEstate Planning Fatigue
Estate Planning Fatigue According to a recent survey conducted by CNBC.com, more than one-third of high-net-worth families have not set up a basic estate plan to protect and provide for their loved ones when they die. The survey found that 38 percent of millionaires with investable assets of $1 million or more have not established an estate plan with the help of a financial expert. Millionaires with $5 million or more were more likely to have an established estate plan with 68 percent having one. The survey also found that Republicans were more likely to use a financial advisor to set up an...
Read MoreNo Kids? Get an Estate Plan!
No Kids? Get an Estate Plan! A recent US News article recently reiterated one of our GQ Law mottos- Everyone Needs an Estate Plan! This particular article targets those who do NOT have children. Often times, people get an Estate Plan to protect their minor children, make sure their kids get their assets after they die, etc. Having children creates an urgency about Estate Planning. So, what about those without kids? Do they still need an estate plan? YES! Heirs or not, you cannot take your assets with you and if you have an opinion about who gets your stuff, you need to have an Estate Plan....
Read MoreCockatiels and Trust Funds
Cockatiels and Trust Funds We have posted a few times here on the GQ Law blog about the possibility of setting up a Pet Trust, a special trust that can set aside money and care plans for your beloved pets after your death. You learn about Pet Trusts in this post and read about Joan Rivers’ pet trust on our blog here. Another pet trust made national headlines recently as late billionaire Leslie Ann Mandel left $100,000 to her pet cockatiels upon her passing in June 2015. According to an article in Time, Mandel founded The Rich List Company and her estate totaled $5.3 million. Mandel...
Read MoreTax & Estate Planning Help on Social Media
Tax & Estate Planning Help on Social Media Did you know that you can get valuable tax and legal help throughout the year via social media? Whether you use social media daily, weekly or rarely, connecting with the available GQ Law and IRS accounts will get you access to free legal advice, success tips, information on IRS filing requirements and keep you updated about new tax deductions, tax brackets, etc. GQ Law Accounts Twitter. Keep up with Gary, tax tips, links to videos @GQLaw Facebook. Links to posts on this blog. Posts cover legal and business topics ranging from guardianship...
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