15 October

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Probate is Spooky!

In addition to breast cancer awareness month and Halloween, October is also National Estate Planning Month! A big part of estate planning is avoiding probate. Have you ever heard of it? Let me tell you: Probate is SPOOKY! Picture this: cobwebs hanging from the courtroom ceiling, creaky old chairs, and a ghostly judge wagging a bony finger at you. Okay, maybe probate isn't exactly like that, but you get the idea. Probate is the legal process that takes place after someone passes away. It involves validating their will if they have one, identifying their assets, paying off debts, and distributing what's left to...

09 February

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Charitable Giving With Your Estate Plan

Posted by Libby Banks

in Estate Planning

If you wish to leave some of your estate to charitable institutions, then a gift from your retirement accounts can have tremendous advantages. There are many ways to benefit your favorite charity both now and at your death. If these charitable gifts are done properly, you can receive tax advantages now, and save your heirs taxes later. 1. Distributing Appreciated Assets with a Low Basis Did you buy stock or other assets at a low price? Do you own stock that has increased in value with no way to trace what was your original purchase price? Giving stock and other highly appreciated...

01 December

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New Years Resolutions? To Keep Them, Know Your “Why”!

Posted by Libby Banks

in Estate Planning

If you’re like me, December is a time to think about New Year’s resolutions. This year I want to keep my resolutions, instead of abandoning them all before January is over. How to do that? I asked my fitness trainer, Janet McConnell, whose book Elements of Aging Well: Wisdom from My Journey So Far is now available on Amazon. She says the way to stay motivated is to dig deep and find the “Why” behind your goal. Your resolution: exercise regularly. Your plan: get up at six a.m. and get to the gym every weekday. But when the alarm goes off,...

26 October

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A Personal Look at the Estate Planning Journey

Posted by Libby Banks

in Estate Planning, Wills & Trusts

The past year was amazing for my family. Two notable highlights are starting a new job with the Law Office of Libby Banks and my wife and I welcoming our first child in July. As I reflect on the need to update my Trust to plan for our new baby, I look back at my original experience creating an estate plan with Libby and why I joined her firm as an associate attorney. When I first thought about estate planning for myself and my wife, I realized I did not know much more than what I learned in law school. I...

29 August

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Asset Protection for Your Heirs

Posted by Libby Banks

in Asset Protection, Avoid Probate, Estate Planning, Protective Trusts, Revocable Living Trust, Wills & Trusts

I am often asked whether the revocable living trust we use as the cornerstone of our estate plans provides asset protection – protection from the creditors of the person creating the trust. The answer is no. While the revocable trust is a great estate planning and probate avoidance tool, it is not an asset protection trust. When you create this trust, you still have full control over the assets in the trust. Because of this, the law recognizes that they are your assets, and your creditors can get to them in the same way as if they were in your...

08 August

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Estate Planning – Who Needs It?

Posted by Libby Banks

in Asset Protection, Avoid Probate, Estate Planning, Power Of Attorney, Revocable Living Trust, Wills & Trusts

Who Needs Estate Planning? Many people, when they hear the words “estate planning,” don’t think it applies to them. “I don’t have an estate to plan!” they may say. I think this comes about from the use of the word “estate.” The word is often used to refer to the mansions and real estate holdings of the rich and famous. But the definition of an estate is “all of the things that a person owns.” In other words, your estate is the sum of your stuff: your home, your bank accounts, your stocks and bonds, your retirement account, your cars and boat, and...

03 January

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Estate Planning Basics On The Money Maps Podcast

Posted by Libby Banks

in Estate Planning, News & Events

Libby Banks, with the Law Office of Libby Banks, was recently interviewed on The Money Maps Podcast. Check out the interview with tons of great estate planning tips here: https://wealthavenue.us/money-maps-podcast-episode-34.php...

20 December

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Estate Planning For The Holidays

Posted by Libby Banks

in Estate Planning, News & Events

The holiday season is a great time to review your estate planning. Check out this video of Libby Banks with helpful estate planning tips....

01 November

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Different Trusts Meet Different Needs in Your Estate Plan

Posted by Libby Banks

in Asset Protection, Avoid Probate, Estate Planning, Pet Trusts, Revocable Living Trust, Wills & Trusts

There are a number of different types of trusts we use when doing an estate plan. Here is a bit of information about a few of the most common trusts. The Revocable Living Trust The primary trust we use in estate planning is the Revocable Living Trust (“RLT”). It is the foundation of most estate plans and has many benefits. It contains instructions for managing the assets in the trust during your life, upon your death, and if you become incapacitated. The RLT will also avoid the need for a probate court proceeding on your death. You can select the person(s) who...

02 October

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Asset Protection for Your Heirs

Posted by Libby Banks

in Asset Protection, Revocable Living Trust, Wills & Trusts

I was asked recently by a client whether the revocable living trust we were creating for him would protect his assets from his creditors. The answer is no. While the revocable trust is a great estate planning and probate avoidance tool, it is not an asset protection trust. Because you still have full control over the assets in your revocable living trust, the law recognizes that they are your assets, and your creditors can get to them in the same way as if they were in your personal name and not in your trust. I went on to tell him that while...

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