Pinnacle Legacy Law Blog

What You Lose By Not Planning

The motivation to put a legal plan in place increases when you fully understand what you lost when you do not plan.

Your American Legacy

Probate Court

Without a plan, you put yourself and your property in the hands of a probate court judge. This is true whether you die or become incapacitated. The probate process takes months or years, opens your private business affairs to public inspection, and significantly increases legal and court costs.

Next Spouse Protection

Without a plan, you lose the opportunity to protect your assets from your spouse’s next spouse. People often do not like to consider this possibility, but it is common for spouses to remarry after one spouse dies. When this happens, the estate the couple created together is at risk of the influence as well as the legal rights of the new spouse. This issue is important for about half of the married clients in our practice.

Divorce, Lawsuit, and Bankruptcy Protection for Heirs

Without a plan, you lose the opportunity to provide your beneficiaries lifetime protection from divorce and judgment creditors. This kind of protection can be provided to your beneficiaries while also allowing them to retain personal control over the investment of their inheritance and control over distributions to themselves and their children.

Deciding Who Will Raise Your Children

Without a plan, parents with minor children lose the opportunity to decide who will have custody of them if you become incapacitated or die. Without a plan, the decision will be left up to a judge who does not know your children or any of the contenders for the guardian role. Providing the instructions and decision-making guidelines to protect and care for your children’s future is a key feature of Pinnacle Legacy’s value.

Choosing Who Will Make Your Healthcare Decisions

Without a plan, the laws of your state will provide a list of persons who have the authority to make healthcare decisions for you. The problem is that the individuals your state legislature chooses may not be the same as those you would choose. The individuals you want making those decisions will not even be able to discuss your condition or treatment with your doctor if they are not listed on a properly executed HIPPA (Health Insurance Portability and Accountability Act) form.

The Cost of Long-Term Care

Without a plan, you lose the opportunity to keep your financial assets from being consumed to pay your nursing home bill or home health care costs. There are some very powerful solutions available that can provide protection, but to work most effectively, they need to be deployed in advance of your need for care.

10 Reasons to Start Estate Planning Now

Although it may not be ideal to think about the future of your possessions after your departure, creating an estate plan ensures you and your assets are protected during and after your life. For those who haven’t started planning their estate, here are ten pressing reasons to use estate planning services sooner rather than later.

It’s Planning Season

For each season, there is planning that you must do on the farm. To be successful, this planning must be done thoughtfully and in advance. Your life is no different. To properly plan for the next season in your life and the lives of your family, a well-executed estate plan is a must. Below are a few documents to consider when crafting a plan to protect yourself, your family, your business, and your legacy.

Do You Have Planning Phobia?

Most people dread the thought of sitting in a room with a lawyer discussing how their assets should be managed and distributed if they become incapacitated or die. Most of the planning tools utilized by PLL legal teams leave the client in total control – including the power to invest their assets and, in most cases, the power to spend the assets as they choose while they are living. Your assets are just that. YOURS.

What You Lose By Not Planning

The motivation to put a legal plan in place increases when you fully understand what you lost when you do not plan.

Estate Planning 101: Everything You Need to Know

You’ll need an estate plan to protect your assets and loved ones when you can no longer do it. Estate planning helps you designate individuals entitled to your assets in the event of your incapacitation or death. An attorney can guide you to ensure beneficiaries and heirs receive assets with minimal gift taxes, estate taxes, and other tax impacts.

Three Principles for Financial Independence

You can risk your time. You can risk your interest. But never, under any circumstance, risk your principal. If you have a principal, you can recover. If you don’t, you have to start from scratch.

Estate Planning Mistakes Farmers and Ranchers Make and Avoiding Them

Farming or ranching is more than a means of livelihood – it is about preserving a legacy and unique way of life.  Unfortunately, many farmers and ranchers fail to make an estate plan.  The farm or ranch passed down for generations then ends up being sold and converted into non-agricultural use, cutting the legacy short and ending the family’s unique lifestyle choice.

Top Reasons Why You Should Have a Will

Few people these days seriously consider the major benefits of estate planning, such as writing a will. While it might seem too early for you to write a will, it’s never too late to start.

How to Find a Quality Probate Lawyer

It’s crucial to find probate lawyers specializing in estate law because they have the experience and understanding of this area of law to make the process as smooth as possible for you and your family.

Start protecting your legacy.

Click the link below and schedule a call with a member of our team.  We will explain our unique process for working with farmers, ranchers and their families. The call is FREE!