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The Estate Planner
A Newsletter For Clients
 

Message From Dick Noble

Hello  

I hope you enjoy this newsletter. It contains some interesting information about estate planning.

Sincerely,

Dick Noble
Attorney at Law
Oregon Legal Center

Table of Contents to This Newsletter (Click item):

Video Legacy
Updating Your Documents

Building Flexibility Into Your Estate Plan

What about Long Term Care Insurance?

 

 

 

 

 

 

American Center For Estate Planning

 

 

Use Video To Personalize Your Estate Plan  

Take the extra time to personalize your Estate Plan. Using video, Oregon  Legal Center can help you produce a DVD memorial for your heirs. You can discuss the personal property you are bequeathing and leave your heirs with some personal thoughts.  

A typical finished DVD video lasts about 20 minutes. Using about 20 of your family photos, OLC will help you (or you and your spouse) talk about your life experiences.  Then near the end of the DVD video you can go over the personal property you are giving to specific heirs and leave them with your personal thoughts.

Oregon Legal Center maintains a state of the art video production facility on premises. Using professional video, sound, and lighting equipment, the result is a professional DVD with a customized label. 

The cost is $995 and includes DVD copies for family and friends.

Information About Video on OLC's Website


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When To Write a New Will  

There are certain circumstances when you should draft a new will, one that supercedes your previous legal document. Doing so will prevent your will from being contested and causing your family extended and unpleasant legal battles when they could be grieving your loss.

When Marital Status Changes

Perhaps you were never married, and now have found the love of your life, or maybe you’re divorced and wrote a will with your first spouse, but are getting remarried. Any change in marital status is a perfect time to write a new will. 

When Your Property Status Changes

If you have made specific bequests to individuals for certain items of property in the event of your death, and those items or those you intend to bequeath to them change, you will want to make a new will. For example, say you left your child an expensive tiffany lamp, and the lamp had been sold prior to your death. Your child is out of luck and will receive nothing, as the child would not be entitled to compensation for the item or a different item in your personal effects.  So, it is best to make a new will reflecting your current estate, any time your property holdings change significantly and you have made specific bequests.

When You Move To A Different State

Although some rules are the same or similar in many states, others are not, and so what you may have written in your will in one state may be legally binding while in another its as effective as if you never wrote the will at all. There are two specific situations when this reason for making a new will is especially important – when you have set up a specific form of management for young beneficiaries, and when you are married and are not leaving all or most of your property to your spouse. In most cases, these two areas vary from state to state in terms of legal ramifications if you do not make a new will. So, it is always best to make a new will when you move to a different state, even if you only choose to modify these two areas of the will. It almost goes without saying that you should also make a new will if you move to a different country

When The Person Named As Personal Guardian Is No Longer Able To Serve

Your first choice as personal guardian for your minor children and the estate they’ve inherited which you chose when you were thirty may change significantly when you’re sixty. People often choose close friends who later fade out of their lives, or become unsuitable for one reason or another. At other times, the person you appointed as personal guardian has passed away. In such cases, it is always best to make a new will so that your minor children and your estate will be watched over by the person you feel most suited to do so when you are no longer able to do so yourself.

When The Person Named As Executor Is No Longer Able To Serve

The executor of your estate is also often referred to as the personal representative. This person is responsible for making sure that the provisions of your will are carried out so that your wishes are granted. Just as with the personal guardian, for one reason or another, the person you have appointed as executor of your estate may no longer be able to serve or you may find them unsuitable to serve. As such, it is always best to reevaluate the individual you have chosen from time to time, and if you find they are no longer qualified to meet your needs you should make a new will.

When Your Witnesses Move Away, Die, or Are No Longer Competent

The witnesses who you have sign your will are responsible for testifying that you will and your signature on that testament to your wishes are valid. If two or more of your witnesses move, die, or become unable to testify to the validity of your signature and fulfill their function you will want to make a new will. This is especially important if you think there is any likelihood that someone in your family may contest your will were you to pass on. Your witnesses must be adults of sound mind and people who will not inherit under your will. So, if for any reason your witnesses become incapable of fulfilling their legal function you should make a new will.

An important thing to remember if you make a new will for any of these reasons is that you should immediately sign your new will in front of your witnesses to make it legally binding. Your new will immediately supercedes any prior will and testament. As an additional safeguard, when you make a new will you should physically destroy any existing original wills as well as any copies of them.

 

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Build Flexibility Into Your Estate Plan

With the recent changes in how Oregon taxes estates, it is important that you build flexibility into your estate plan. Oregon has disconnected from the federal estate tax system and now will tax estates over $1,000,000 even though they would not be taxed at the federal level until the estate exceeds $2,000,000. If you have included tax-saving trusts in your plan when the exclusion amount was lower, i.e., $600,000, you should simplify your plans. For estates over $1,000,000, the plan should utilize a qualified terminable interest property trust (QTIP) to defer payment of Oregon inheritance tax when the first spouse dies. Also, most clients would benefit from a disclaimer credit shelter trust which gives the survivor flexibility in deciding how much to put into the credit shelter trust.  

If you would like more information about how to build flexibility into your estate plan, please give OLC a call.

 

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What about Long Term Care Insurance?


As an estate planning attorney,  I am often asked about how to protect assets from the government if long term care is needed. Long term care is expensive. Long term care insurance is an excellent alternative to having to spend down almost all of your assets to qualify for Medicaid. Policies vary so you need to talk to a financial planner who deals with long term care insurance. 

If you would like more information about long term care insurance please visit  OLC's Professional Advisors List

   

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WE APPRECIATE REFERRALS TO YOUR FRIENDS AND RELATIVES!

Sincerely,

Dick Noble and Ted Ellis
Attorneys at Law
Oregon Legal Center  


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2875 Marylhurst Dr.
West Linn, OR 97068

email: richardnoble@richardnoble.com
voice: 503-635-6235
web:  oregonlegalcenter.com


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