Law Office of William G. Goode

We collect stuff throughout our lives. This stuff is known as our personal property. Some items are valuable, like jewelry, baseball cards, and works of art. Other items are sentimental, like grandma’s tea set, old Christmas ornaments, and photographs. Regardless of the value, it is important that these items be distributed the way you want when you die. Consider the following to ensure that your wishes for your personal property are honored. [ 920 more words ] https://williamgoode.com//tips-for-divvying-up-personal-pr

Confused about the differences between a will and a trust? If so, you are not alone. While it is always wise to contact experts like us, it is also important to understand the basics. Here is a quick and simple reference guide: What a Revocable Living Trust Can Do That a Will Cannot Avoid conservatorship and guardianship. A revocable living trust allows you to name your spouse, partner, child, or other trusted person to manage your money and property, that has been properly transferred to the trust, should you become unable to manage your own affairs. [ 658 more words ] https://williamgoode.com//wills-vs-trusts-a-quick-simple-r

Imagine spending thousands of dollars on an estate plan to protect loved ones, only to find that no true protection exists. Unfortunately, this scenario happens on a regular basis to individuals who are victims of estate planning schemes. According to a report conducted by the U.S. Consumer Financial Protection Bureau of people ages 50 and over, victims of financial fraud lose $34,200 on average to unscrupulous scammers. [ 838 more words ] https://williamgoode.com//buyer-beware-how-to-avoid-estate

Most people understand that having some sort of an estate plan is a good thing. However, many of us do not take the first steps to get that estate plan in place because we do not understand the nuances between a will and trust and dying without either. Here is what will generally happen if you die, intestate (without a will or trust), with a will, and with a revocable living trust (hereinafter trust). [ 714 more words ] http://williamgoode.com//wills-trusts-dying-intestate-how-

With a push by the Democratic party to return federal estate taxes to their historic norms, taxpayers need to act now before Congress passes legislation that could adversely impact their estates. Currently, the federal estate and gift tax exemption is set at $11.58 million per taxpayer. Assets included in a decedent’s estate that exceed the decedent’s remaining exemption available at death are taxed at a federal rate of 40 percent (with some states adding an additional state estate tax). [ 1,779 more word ] https://williamgoode.com//wealth-transfer-strategies-to-co

It can be hard to get motivated about your estate planning; it sounds about as fun as getting a root canal. However, you also probably want to make sure that your loved ones are protected and receive your hard-earned money and property regardless of whether you have $10 million or $10,000. Do not let these common roadblocks stop you from protecting yourself and your loved ones: [ 256 more words ] https://williamgoode.com//estate-planning-3-reasons-we-run

Considering the myriad of trusts available, creating the right estate plan can seem daunting. However, that is what we, as estate planning attorneys, do every day. We know the laws and will design a plan which addresses your specific situation. Here is a look at the basics of ten common trusts to provide you with a general understanding of the options available. [ 776 more words ] https://williamgoode.com///10-types-of-trusts-a-quick-look

The unpredictable can occur at any time: fires, hurricanes, floods, earthquakes, pandemicsyou name it. Because September is National Disaster Preparedness Month, we want you to be prepared for whatever life throws at you. Although none of us can predict the future, there are some things you can do to ensure that you and your family are ready. Here are a few questions to consider to help protect the people and possessions you value most. [ 661 more words ] https://williamgoode.com//disaster-preparedness-month-how-

A properly funded trust allows you to avoid probate, minimize taxes, provides organization, maintains control, and provides for yourself and your heirs. In its most simple terms, a trust is a book of instructions wherein you tell your trusted people what to do, when. While there are many typesof trusts, the major distinction between trusts is whether they are revocable [ 446 more words ] https://williamgoode.com//revocable-trust-vs-irrevocable-t

Today, many people are using a revocable living trust instead of a will or joint ownership as the foundation of their estate plan. When properly prepared, a living trust avoids the public, costly and time-consuming court processes of conservatorship or guardianship (due to incapacity) or probate (after death). Still, many people make a big mistake that sends their accounts and property and loved ones right into the court system: They fail to fund their trust. [ 722 more words ] http://williamgoode.com//how-to-help-your-loved-ones-and-a

After a loved one dies, their money and property must be distributed to the right people, either according to their will or the state’s default distribution scheme (found in its intestacy statute). While most people want the settlement process to be done ASAP, probate can take between 18 and 24 months. Yes, you heard that right. The time delays create unnecessary stress, especially for families who need access to those accounts or property. [ 442 more words ] https://williamgoode.com//help-this-probate-is-taking-fore

The bad news: When a deceased person’s estate (all of their money and property) has to go through probate (the court-supervised process of distributing a deceased person’s money and property), it can be subject to a variety of costs stemming from attorneys, executors, appraisers, accountants, courts, and state law. Depending on the probate's complexity, fees can run into tens of thousands of dollars. [ 489 more words ] https://williamgoode.com//3-simple-ways-to-avoid-probate-c

Thinking about what will happen to your body when you pass away is probably not what you would like to do with your spare time. However, if you want to donate your organs when you die, you must think about precisely what you want and communicate those wishes to the people who will carry them out. When you begin exploring the options available to you, it becomes evident that the process is not always as smooth as you would imagine. [ 631 more words ] https://williamgoode.com//how-do-i-donate-my-organs-when-i