#estateplanning

Blog

The purpose of our blog is to help our clients stay up to date with the latest news and laws that may affect a person's estate, special needs and/or business plans. We also use this forum to showcase some of the fun our office has together and with our families.

The information provided in our blog does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available in these articles are for general informational purposes only. Information in our blog may not constitute the most up-to-date legal or other information.

May 27, 2022
3 min

Going on Vacation? Do you know if your Medicaid/Medicare will go with you?

Have you ever stopped to wonder whether the health care coverage with your Medicaid/Medicare programs travels with you?

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Apr 29, 2022
2 min

Why Not Leave it To Your Grandkids?

Bill Root describes the benefits of planning for grandchildren.

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Nov 4, 2021
3 min

Trustee School

By Derek L. Graham "What do I have to do?" This is the most common question we hear when meeting with an individual who - as the result of a family member or friend’s death - has been thrust into the position of being a Trustee. There is a flood of emotion that comes with that position. I find that most of the time, there is a sense of urgency to learn what needs to happen and when - because there is a deep sense of responsibility and desire to “get it right." Here at RRP

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Oct 21, 2021
2 min

#Adulting

By Logan Philipps The word “adulting” is everywhere in pop culture. From Disney’s Phineas and Ferb, to a Podcast called Adulting, because being an adult doesn’t come with instructions, to a book titled Adulting: How to become a Grown-up in 468 Easy(ish) steps. Merriam Webster Online has an article about the noun turned verb: "To 'adult' is to behave like an adult, specifically to do the things—often mundane—that an adult is expected to do." In short, "adulting" is doing what

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Jul 12, 2021
3 min

Half Dome Hike in Yosemite National Park

I have done dangerous and scary activities before. I remember in sixth grade I was scared to death walking on logs up in the air as part of a high ropes course. I went rock climbing as an eighth grader and repelled down rock walls in the Red River Gorge. I was scared as well while riding in an airplane up several thousand feet to jump out of the same airplane. But, in fact, both of those activities were safer than a trip I just finished. My wife and I took a break from our ki

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Apr 20, 2021
2 min

How Estate Tax Changes Could Affect You and Your Family

If you’ve heard about the newly proposed legislation regarding estate tax changes, but you don’t know how (or even if) it will affect you or your family, then keep reading to learn some of the basic parts you should know. Under current law, the estate tax exemption will be reduced from $11.7 million to $5.5 million on January 1, 2026. However, recent proposals and discussions from the new administration have indicated the estate tax exemption may be reduced to $3.5 million pr

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Jan 18, 2021
2 min

Cryptocurrency and Inheritance

By Bill Root, Partner Resch, Root, Philipps & Graham, LLC Cryptocurrency purchases are becoming more popular as Americans are looking for ways to invest money and make consistent returns on those investments. As estate planners we are asked to advise clients concerning how such cryptocurrency accounts and “wallets” should be owned as part of an individual’s estate plan. The most recognizable form of cryptocurrency is Bitcoin, although there are many other forms, such as Litec

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Oct 5, 2020
1 min

What is FUNDING?

Funding is a critical step in the estate planning process, and it's one you don't want to forget. Our attorneys say that other than having no plan at all, one of the biggest mistakes people can make is failing to fund their trust. Once you've met with us to create your plan, there are still a few more steps to complete. This is a very important part of the process. We want your plan to work for you and your loved ones the way you intended. If you don’t take these critical act

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Sep 21, 2020
1 min

20 Questions About Essential Documents

Who? 1. Who are your agents? 2. Are they the correct people? 3. Has someone moved and is no longer the correct person? 4. Should you change your agent? Where are they? 5. Where are your documents? 6. Are they accessible to the people who will need them? 7. Are they safe? 8. Have you emailed them to others? What are they? 9. What are your wishes for health care? 10. What are your wishes regarding end of life treatment? 11 Are they written down? 12. What documents do you need?

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Jul 16, 2020
2 min

An Estate Plan Is More Than Just Papers In A Binder

by Logan Philipps The picture above is from the movie Onward by Pixar. The film is fabulous. The story is of two brothers searching for magic that will allow them to see their father for one day. The father died young so one brother has a few memories while the other brother has none. Both brothers crave a connection with their dad, but the focus is on the youngest brother’s struggles to discover himself. In this scene he is listening to his dad’s voice on cassette tape in a

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May 21, 2020
3 min

Don’t Risk it: Protect Your Finances From All The Virus Complications (Corona and beyond)

Many Americans spend a lot of time and effort in managing their finances. While most are worried about how the coronavirus (COVID-19) will impact their income—whether that’s because they are temporarily furloughed, find themselves suddenly without a job, or watching their investment and retirement accounts dwindle—there is another way COVID-19 (or any illness for that matter) can wreak havoc on American’s finances: lack of incapacity planning. As the coronavirus continues to

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May 18, 2020
4 min

Four Reasons Your Will May Be Contested in Court

Having an updated last will and testament is more important than ever, especially now. However, a will that is poorly created or not frequently updated can be vulnerable to contestation. What is contestation? It is the formal objection to a will’s (or trust’s) validity because it either: a) doesn’t reflect the wishes of the person who created the will, or b) because the will does not meet legal standards. Will contests should be avoided at all costs. Not only can a contest de

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May 11, 2020
5 min

Five Common Mistakes with “DIY” Estate Plans

In light of the current pandemic, many Americans are becoming aware of the importance of creating or updating their estate planning documents. With the extension of some states’ stay-in-place orders, it may be tempting to create your own documents all on your own. Whether you are considering writing your own will or using an online “do it yourself” (DIY) document creator, there are many reasons why this is one project you shouldn’t take on without the help of a professional.

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Apr 22, 2020
4 min

Take Your Power Back from COVID-19: Estate Planning Steps to Protect Yourself and Your Loved Ones

News about the coronavirus is everywhere, and we have all been affected by it in some way, even if we are currently completely healthy. Although it may seem as though circumstances are spinning beyond our control, we are not powerless. There are steps we can take to protect ourselves and our families, both physically and financially. First, we can exercise caution in our interactions with others to ensure their health as well as our own, taking care to stay the recommended di

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Apr 15, 2020
3 min

The 3 (or 4) P's of Probate Court

by Logan Philipps People come to my office daily and one of the most common things they say is “I want to avoid Probate Court.” This is usually because they have heard from a financial advisor, a friend or through the grapevine that they should avoid Probate Court. I try to help people understand why that’s important and it comes down to what I like to call “The 3 or 4 P's of Probate.” What that means is that Probate is Public, Pricey, Prolonged and sometimes, Premature. PUB

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Apr 13, 2020
4 min

Preparing for Coronavirus: The #1 Legal Document Every Adult Needs to Have

As the coronavirus continues to disrupt daily life and leave Americans uncertain of the future, you don’t have to feel helpless during this pandemic. In fact, now is a great time to be proactive and plan ahead should you or a loved one fall ill. One of the most important and relatively easy things you can do (and should do) is to select a medical agent and set up your advance healthcare directive. What Is a Medical Agent? A medical agent (also called a healthcare agent, healt

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