A GREAT ESTATE PLAN FROM THE FOUNDATION UP by Michelle-Shari Kruss, Attorney at Law

You probably chose your home for a variety of reasons… all very personal to you. It is within your budget, has the right number of bedrooms, a big backyard/bonus room to accommodate busy boys (and girls), a phenomenal playhouse for creative little ones, great schools and even better neighbors.

Whatever the reason THE MOST IMPORTANT PART is that you had the opportunity to choose the perfect home FOR YOUR FAMILY from a myriad of options.  The decision wasn’t made for you by some unknown entity (a Probate Judge if you don’t have a Will, I’ll get to that in a minute) and the choices were not limited by a fill in the blank questionnaire (on-line Will template, again more to follow).

Just like your home, your Will and the Attorney who drafts this very important document should be personal TO YOU.  Your legal advisor should show you all the neighborhoods (planning options) and be willing and competent to take you around because (1) she cares and (2) she is very familiar with what parents usually want and can give you an honest pros and cons review showing you everything, not just the homes with the biggest commission (quickest estate planning).

Your Will is like your house.  You can decide; how detailed or streamlined it is, how many contingencies to address now or how best to allow for “room to grow” in the future, how much money you feel comfortable setting aside to keep the planning up-to-date.  You can furnish your estate planning house with tax planning provisions and even personalized drafting to address a special needs family member (caring for a medically fragile child or elderly parent).  You can set aside space for family pets and make personal gifts of family keepsakes.

The Attorney who builds your estate planning home should also be a “perfect fit”.  She should be personal, professional and make the process painless.  You want to find someone who is going to listen to what you really want and help you design a plan and pick a neighborhood that fits you rather then forcing your family to fit into a structure that you would never have chosen, had you had the choice.

Your Attorney should be someone who will be patient and show, explain, and educate you about the whole estate planning process, from the foundation to the chimney.  Find out if your attorney offers that educational building block as a courtesy (as I do) or if they bill in minute increments.  What if you decide to add on in the future?  What will the cost for that be?  What happens if you lose your key (original estate planning documents), which I always give to my clients? Will your attorney help you with that as well?  Is a flat rate possible (what does it include?) or is the drafting done on a room-by-room basis?

Parents want what is best for their children. All too often, parents put off estate planning because they think they don’t need it, they think it can wait, they think they can’t afford it, they incorrectly believe all attorney services are the same, or they simply don’t know where to start.

I’m happy to help you begin your journey.  Please never hesitate to give me a call.

Looking forward to meeting you,
Michelle-Shari

Going for a nature stroll in Tryon Creek or Washington Park, maybe a visit to Multnomah Falls or camping at Silver Lake. All amazing memories our children will cherish forever. Outdoor School ensures that love of the environment continues. Steller educational and fun programming offered at a time in our kid’s lives when the daily demands, on all of us (parents and kids alike) of middle school makes these exceptional outdoor shared learning experiences so much harder to find.

Creating Your Lasting Legacy
When people who love Outdoor School begin to assess and plan their estates, two basic values often emerge.  First, quite naturally, is to take care of their spouse and children. Second is to have their lives make a difference, to create a meaningful legacy for the causes in which they believe, such as Friends of Outdoor School.

There are many estate planning and tax-incentive charitable giving opportunities available to all donors.  You can find more information on our website.  Also, Michelle-Shari Kruss, Attorney at Law has kindly offered to provide Outdoor School supporters with their estate and gift planning initial consultation at no cost. Taking advantage of this pro-bono service enables our donors to sit down with a professional who can provide them with a clearer understanding of how specifically they can help their own families while still supporting Outdoor School.

If you are interested in setting up such a consultation with Michelle-Shari Kruss, Attorney at Law please feel free to contact her directly at Michelle-Shari@krusslaw.com.

Irrevocable Life Insurance Trusts. A great tax planning tool

Many clients have life insurance as part of their assets to provide for their surviving spouse or children.  Although life insurance is not subject to income tax, it is subject to estate tax.  The estate tax is a transfer tax on everything you own on your date of death – this includes life insurance, retirement plans, real property and your personal property.  If you have significant life insurance policies (a policy or multiple policies that exceed $500,000), then you may want to consider an irrevocable life insurance trust (ILIT) for your life insurance.  An ILIT is a special type of trust that is used to own life insurance.  The purpose of the ILIT is to remove the life insurance from your estate so that it is not subject to estate taxes.  For married couples, one spouse creates an ILIT and transfers ownership of his or her existing policy(ies) to the ILIT.  The other spouse may serve as the trustee of the ILIT.  Upon the death of the insured the proceeds from the life insurance policy are held in the ILIT for the benefit of the surviving spouse.  Upon the death of the surviving spouse, the remaining assets can be held in trust for their children.  The life insurance is not included in the surviving spouse’s estate either, so it will ultimately pass to the children without any estate taxes.  Feel free to give me a call to see if an ILIT would be appropriate for your family.

Estate Planning for the Non-U.S. Citizen

Estate Planning for the Non-U.S. Citizen

If you are a not a U.S. citizen or if your spouse is not a U.S. citizen, planning your estate becomes much more complicated.  

Here are some important facts:

* Non-U.S. Citizens cannot benefit from the U.S. tax laws in the same way a U.S. resident couple can.

* Choosing a non U.S. citizen as a potential guardian might require additional drafting and far more “what if” considerations.

* Money held overseas and or in the States might require different trustees.

* A Non-U.S. resident might also find it very valuable to nominate a temporary guardian for their children until their international family arrives. 

If you are interested in seeing the rest of this memo please do not hesitate to give me a call.

Where There is a Will There is a Way

The possibilities of a New Year…. always seem to inspire those infamous resolutions.  

Drafting a Will might be a great thing to add to that “to-do” list.

You probably have one of those “need to do eventually but not today” lists residing somewhere in your brain. Eat more salad. Plan a date night with your husband. Work out (hummm). Purge the stuff way in the back of the closet… The possibilities of a new year always seem to inspire those infamous resolutions and get us jump started on things we should have done a long time ago. But before you get carried away with next year’s list, why don’t you pencil in “write or update a will” at the top?

Estate planning isn’t only for wealthy people

Writing a Will | USA.Gov

Estate planning isn’t only for wealthy people. An estate plan legally protects and distributes property based on your wishes and the needs of your family with as little tax as possible.

Special Need Trusts

I receive many questions about future planning for kids with disabilities from parents, relatives, and health care providers. If you are the parent of a child with special needs, you really need to educate yourself about the many options available. It is never too early to start planning for your child’s future.

How can you ensure that your child receives appropriate therapies and medical treatments? How can you present the nature of your child’s disabilities and needs to those who may care for them? How can you find appropriate caregivers who will carry out your wishes AND respect your child’s goals, dreams and life expectations?

What do you need to know about how wills work, trusts, guardianship and estate planning?

I’d be happy to answer these and any other questions that you may have.

Please feel free to give me a call directly.

Warm regards,

Michelle-Shari