14 December

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To Keep Your Resolutions, KNOW YOUR “WHY”!

By Libby Banks, The Law Ofﬁce of Libby Banks Over the years, I’ve made many a resolution at the New Year. Some I’ve kept, others went by the wayside quicker than day turns into night. Why is that, and how can I really keep the resolutions that are important to me? I’ve contemplated that question and asked a few experts how to succeed with more of my New Year’s resolutions. One told me it all boils down to this: find your “Why.” The resolution may be to exercise regularly. Your plan: get up at six a.m. and get to the gym early every...

05 December

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2019 New Years Resolutions

Posted by Libby Banks

in Estate Planning, News & Events

By Libby Banks, The Law Ofﬁce of Libby Banks The Most Important New Year’s Resolution The new year is here, and along with it, a fresh start. You may have promised yourself to exercise regularly, eat right, spend more time with the kids, or have family time every weekend. Why do you have these particular goals? If you are like me, behind almost every goal I have is the desire to make sure I am taking care of my family. One of the most important resolutions you can make this year is to take care of your family by doing your estate...

01 November

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Why Use An Attorney for Your Will or Trust?

Posted by Libby Banks

in Estate Planning, Wills & Trusts

By Libby Banks, the Law Office of Libby Banks The other day a very savvy businesswoman I’ve gotten to know came in to take advantage of my free review of existing estate plans. To my surprise, she brought in a do-it-yourself Last Will and Testament. It named an executor and said who would get her estate, just as a Will should. But her Will was completely invalid because it wasn’t properly executed. Besides that, she did not have the other documents needed to ensure that if she were incapacitated, someone could step in to care for her and her finances. As...

25 October

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New Year’s Resolutions For You and Your Family

Posted by Libby Banks

in Estate Planning, Wills & Trusts

Estate Planning New Year’s Resolutions for You and Your Family By Libby Banks, the Law Office of Libby Banks With the holidays upon us, it’s time to think about your New Year’s Resolutions. Experts tell us that we are more likely to meet a goal when we attach a date to it. To be sure you achieve your goals, set a date by which you plan to accomplish each activity that moves you forward. In the estate planning arena, here are several things you might consider putting on your list for 2018. Put a Will or Trust based estate plan in place....

19 October

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Estate Planning for Brady Bunch Families

Posted by Libby Banks

in Estate Planning, Wills & Trusts

By Libby Banks, The Law Ofﬁce of Libby Banks In first marriages, a couple generally has identical goals for their estate planning: take care of the surviving spouse for as long as he or she lives, then distribute what’s left to their children. But second marriages can be different. The blended family – his children, her children and sometimes their children as well – can require more complicated planning. Each spouse may have separate assets as well as their joint and community assets. Both usually want at least some of their assets to go to their own children after they die....

09 October

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Estate Planning For Incapacity

Posted by Libby Banks

in Estate Planning

By Libby Banks, The Law Ofﬁce of Libby Banks Estate planning isn’t just about who will get your assets on your death. It’s also about who will manage your assets and take care of you and your ﬁnancial affairs if you become incapacitated. With proper planning, you will decide that. Without proper planning, a court may be the one to make that choice. You are considered incapacitated when you can’t make decisions for yourself or handle your affairs. A Will won’t help if you are incapacitated -- it’s only effective upon your death. You may have a power of attorney in place and believe this planning tool...

05 October

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Why Every Homeowner Needs an Estate Plan

Posted by Libby Banks

in Estate Planning

By Libby Banks, the Law Office of Libby Banks, PLLC Some people think they don’t need an estate plan, claiming that they don’t have an estate. Your estate is simply all that you own. When you buy a home, it is part of your estate. You need to have a plan to take care of this important asset! First, we must plan for your incapacity. What will happen to your home if you are unable to handle your finances? Who will pay your mortgage, keep the electricity on and keep things running? Who will sign to sell the home if you need...

21 September

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Avoiding the Pain of Probate

Posted by Libby Banks

in Avoid Probate, Estate Planning, Wills & Trusts

Avoid Probate by using a Revocable Living Trust as your primary estate planning tool By Libby Banks, The Law Ofﬁce of Libby Banks Probate is a court proceeding used to settle the estate of someone who has no Will. However, a person that has a Will may also end up in probate court. That’s because a Will doesn’t transfer a person’s assets to his or her heirs automatically – it only states who should receive those assets. Probate is time-consuming and expensive for a personal representative or executor. It can be an agonizing and long, drawn-out procedure. But it is avoidable – with...

07 September

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Why Didn’t Aretha Franklin Have a Will?

Posted by Libby Banks

in Estate Planning, News & Events, Wills & Trusts

By Libby Banks, The Law Ofﬁce of Libby Banks Sadly, Aretha Franklin passed away recently. The Queen of Soul gave us so much joy with her music. What a surprise to learn that she passed away with no will. With an $80 Million estate, she needed far more than a will. She needed planning to avoid or minimize taxes, planning for the assets she left and to preserve her legacy the way she would want. By failing to plan, she lost the opportunities that were available to protect her estate. Why didn’t she have a plan in place? We may never know....

16 August

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A Gift to your Children may Raise their Tax Bill

Posted by Libby Banks

in Estate Planning, Wills & Trusts

By Libby Banks, The Law Ofﬁce of Libby Banks Lifetime gifts may cost your children dearly in capital gains taxes. It all revolves around something called income tax basis. While income tax basis may not be the most exciting topic, it is very important. Simply put, what you don’t know about income tax basis could end up costing you or your family dearly in capital gains taxes. When we do estate planning we consider tax basis. It’s one way we keep your hard-earned money in your and your heirs’ wallets. What is Basis and Why Should I Care? Basis, from an income tax...

Author: Libby Banks