March 2021 - Jim A Lyon Law Firm

How to Prepare Your Estate Before Speaking With an Attorney

More than 550,000 Americans have passed away as a result of COVID-19. The pandemic continues to take the lives of our family members and loved ones. While many people avoid discussing the painful subject of death, things can get complicated if a loved one dies without either a will in place. If you want your estate managed by someone you trust and who will have the best interest of your beneficiaries in mind, you should create a will. Fortunately, many tools exist to create your estate plans before you even speak to an estate planning attorney; the following are some of the first steps you should consider taking to make the estate planning process easier. Collect the Appropriate Information If you own a home, you will need to collect a copy of your deed and mortgage (if you have one). You should also gather a list of your assets and note whether they are owned jointly with anyone else. It is also a good idea to list any debts and taxes or amounts that your estate will be required to pay out. Some other details to gather include potential beneficiaries, minor children who might be impacted by your estate plan [...]

gstealth132021-04-06T16:22:31+00:00Tags: estate planning|

Three Pieces of Advice About Organ Donation and Estate Planning

In February 2020, a bill referred to as “Griffin’s Law” passed the Montana Senate 49-0. Even though Montana has no transplant centers of its own, it is still hoped that if the regulation is passed into law it will help to draw attention to the issue of donation discrimination. Provided that the bill passes the house and is signed by the governor, Montana is slated to become the 17th state to prohibit such discrimination. With over 100,000 individuals on the waiting list for organs in the country, medical professionals often must make difficult decisions about which patients are most likely to benefit from transplants. One 2019 report reveals that individuals with intellectual or neurodevelopmental disabilities are more likely to have co-occurring conditions that could make transplants dangerous. Other people believe that these patients might not be able to comply with post-transplant requirements. In addition to the new regulation, the transplant surgeons’ society also recently adopted a new statement supporting nondiscrimination and encouraging transplant centers to find a way to support all patients. While the issue of transplant discrimination is one of the biggest challenges facing the transplant industry today, many people still wrestle with the idea of how to approach [...]

gstealth132021-04-06T16:09:59+00:00Tags: estate planning, health care directive, organ donation, power of attorney|

Five Factors That Influence Whether You Sell Your Business

One of the most attractive aspects of being an American is the opportunity to start a great company and then sell it for enough money that neither you nor the ones you love and care about will ever have to worry about financial issues again. Most people agree that it is a better idea and a more rewarding process to create a successful business than it is to sit back and enjoy the fruits of your labor. Regardless of how you view things, there may come a time when you wish to sell your business. If this is the case, adequate planning and estate plan implementation can make sure that you sell at exactly the right time and in a manner that makes the most out of the sale. The following are some important issues to consider if you are debating whether to sell your company as part of your estate plan. Consider Whether You are Maximizing Your Estate Planning Options If you are debating selling your business, one of the best places to begin is by reviewing your existing estate plan in regards to whether or not you are maximizing your estate planning options. Several estate planning tools including [...]

gstealth132021-03-19T19:39:56+00:00Tags: business succession plan, estate planning, selling a business|

Three Reasons to Discuss Your Estate Plan With Your Children

Many people hesitate to discuss their estate plans with their children. Even though it might not be easy to have these conversations, a great amount of assets will be transferred from the older generation to the current one within the next few decades. Given the inevitability of this transfer, being transparent with the future generation about your assets and estate plans can make it much easier to make sure that these goals are achieved. Despite the value of such conversations, one study found that 43% of parents have reported not having a detailed discussion about long-term care plans with their adult children. It is important for all parents to have this critical conversation; the following are the most important reasons why you should consider discussing your estate plan with your children. Assets are Transferred in the Way You Want Many people remember to create estate plans, but then fail to discuss the terms of these plans with loved ones. As a result, they never make sure that their loved ones are comfortable with the plan. By engaging in estate planning conversations, you can review each participant’s role as well as their responsibilities. Minimizing Unnecessary Expenses Children often do not have [...]

gstealth132021-03-19T19:34:14+00:00Tags: estate planning|