Planning for Everyone You Love and Everything You Have

Do you know what would happen legally- to you, your loved ones, your money, and everything else you care about – if something unexpected happened to you?

If you have an estate plan and it’s out of date, your assets could be lost to the State Department of Unclaimed Property, or to an unnecessary Court process.

If you don’t know exactly what would happen for everyone you love and everything you own, then the first step is to find out exactly what would happen, legally and financially, so that you can decide if the current state of your affairs is okay with you.

How Do We Help You With Estate Planning?

We conduct a Family Wealth Planning Session, where we spend time together and you’ll get informed. Before your Family Wealth Planning Session, you will complete a Family Wealth Inventory and Assessment, which will help you to get clear about what you own and what you have to think about when it comes to planning for the well-being and care of your loved ones and loved belongings. If you decide the current state of affairs is unacceptable, and if we both decide that it’s a fit to work together, then we can design an estate plan together that will best suit the needs of your family.

The foundation of your estate plan will often include a revocable living trust; you transfer your property into this trust for your benefit during your life. One of the benefits of a revocable living trust is that, when done correctly and maintained over time, your estate plan should help your family to avoid the cost and delay of probate and minimize or eliminate estate taxes.

For people with additional needs, we provide advanced estate planning services.

Can I DIY My Estate Plan?

Unfortunately, most plans don't work because much of what passes for estate planning is little more than word processing. You are asked a few questions and then the drafter decides which "plan" is right for you, and fits you into a template. This is not estate planning; it is little more than a “search and replace” of your family’s name and then a hit of the “print” button which spits out form documents.

We Are Professional Estate Planners

Your Personal Family Lawyer® at DeCosimo Law will educate you, take the time to get to know you, your family, your concerns, your goals, and your issues, and will gladly and patiently answer all your questions to produce an estate plan that is exactly right for you and will keep your loved one’s out of court and out of conflict.

If you are a family with young children, then your estate plan should begin with a foundation that ensures your children would always be taken care of, no matter what happens. At DeCosimo Law, one of our areas of greatest expertise is protecting minor children.

Did you know that 69% of parents have not yet named guardians for their kids?

And of the 31% who have, most have made one of 6 common mistakes? Click this link to review the 6 common mistakes most parents (and their lawyers!) make when naming legal guardians and then schedule a Family Wealth Planning Session with us today, so we can fix those mistakes with you.

HAVING A WILL ALONE SIMPLY DOES NOT ENSURE THE CARE OF YOUR KIDS IF THE UNTHINKABLE HAPPENS TO YOU!

If you are a parent of minor children (or those with special needs) who are counting on you, your estate plan must begin with your children would always be taken care of by the people you want, in the way you want, no matter what happens.

At DeCosimo Law, one of our areas of greatest expertise is planning for the well-being and care of the children you love.

WITHOUT PROPER PLANNING, IF THE UNTHINKABLE HAPPENS TO YOU, HERE’S WHAT COULD HAPPEN:

Your children could be placed into Child Protective Services (CPS) even if you have a will in place; even if you have a living trust while your legal documents or located or your family is identified. Or worse, your kids could be left in the care of the one person in your family you would never want to raise them;

A Judge who doesn’t know you, or your family, will decide who will raise your kids, even if it’s the last person you would ever want;

Approximately 5% of the total value of your assets could be lost due to probate, a court process that can tie up your assets for months or years and deprive your kids of the resources they need to live comfortably;

When your kids turn 18, they get a check for whatever assets are left – outright with no protection

There are unscrupulous people who make it their business to review public records to find out what 18-year-olds are coming into money;

The vast majority of estate planning attorneys simply do not address these issues and do not plan from a parent’s perspective.

WHAT IS A KIDS PROTECTION PLAN®?

A Kids Protection Plan® is a set of instructions, legal documents, and even an ID card for your wallet, which you need to have if you have kids at home who count on you for their well-being and care.

If you are in an accident, your Kids Protection Plan® will make sure your children are never taken into the custody of Child Protective Services, strangers, or the care of anyone you wouldn’t want because the authorities don't have clear instructions from you. And your Kids Protection Plan® will ensure your children are raised by people you choose, not someone chosen by a Judge who doesn’t know you.

To get started with your Kids Protection Plan®, contact us.

69% of parents have not yet named legal guardians for their children. Of the 31% who have, most have made one of 6 common mistakes. That means that if you have minor children at home (or children who have special needs), it’s time to review your plan for their care, if and when something happens to you.

Begin here with our report on the 6 common mistakes parents make when naming legal guardians for their kids and how you can fix them now.

Then, consider taking the very first step that every parent must have in place (no matter whether you have $1 or $10 million), and name legal guardians for your children for the long-term here.

Finally, if you have not already read the book Wear Clean Underwear, it’s the best-selling book on legal planning for parents and it’s a must-read. You can get a copy of it with my compliments for free here.

If you and your spouse/partner cannot agree on who would be the ideal guardian(s) for your kids, that’s something we can help with. We have special training from the Family Wealth Planning Institute on helping parents work through this critical decision.

If you do nothing, the decision about who would raise your children (if something were to happen to you) would be left up to a judge to decide.

A judge who doesn’t know you, doesn’t know what’s important to you, and doesn’t know your children will make all the decisions about who cares for the people who are most important to you in the world.

We know that’s not what you want.

And, truth is… there may never be a perfect solution for you, but there is definitely a solution that is better than your children being raised by someone you didn’t choose.

Perhaps you think the way so many parents do, “if we don’t anticipate it, it will never happen, right?”

Then I guess that means you don’t need things like insurance or any other type of protection since bad things never happen to good people, right? And wouldn’t it be great if that were true?

Responsible parents protect their children, and that means you must think about the unthinkable.

Fortunately, there is a sensible approach to the selection of a guardian for your children that makes it a lot easier. And we can guide you through this most important of decisions.

In addition, we will guide you to put in place a comprehensive Kids Protection Plan® that will ensure you have handled all 7 Must-Dos when it comes to ensuring the well-being and care of your children by naming legal guardians for the long-term and for the short-term to protect your kids, no matter what.

Nobody expects to be sued. Just ask the 20 million people involved in lawsuits last year.

Divorce, inheritance, health issues, creditors, employees, theft, changing markets, malpractice suits, sexual harassment claims, natural disasters, and disgruntled business partners are just a few issues that can result in devastating lawsuits for unprepared business owners. The highest level of risk falls on those who think they are immune.

Americans are now more concerned than ever about protecting their assets from creditor claims, taxes, divorce, and other disasters. Rightly so.

The more success you have (especially in business, professional practice, or real estate activities), the more at risk you are as others see your success grow.

Here’s some of the “risky behavior” you may be engaging in right now:

Will you be signing loan documents, a personal guarantee, or a lease? Do you have rental properties or employees? Are you an attorney or physician? Do you work in construction or perform professional services? Are you getting married and have children from a prior marriage or separate property assets you are bringing into the marriage?

Here’s the thing: all of these activities are activities we want to see you do more of! They are, in many ways, the spice of life. But we don’t want that spice to become too hot and impact your life negatively.

That’s where we come in. We can set up your business and life structures to ensure that you can take maximum risk with minimum worry.

We assist our clients in determining the appropriate level of asset protection planning for their particular circumstances. We will consider insurance, prenuptial agreements, asset segregation, choice of jurisdiction, gifting, LLCs, partnerships, corporations, and asset protection trusts. Customized combinations are layered depending on the needs of the client and as appropriate.

There are many different strategies to accomplish the protection of your assets while you are alive and after you are gone. To find out which strategies may be right for you, contact us for a Family Wealth Planning Session.

HAVING A PLAN FOR YOUR PETS AFTER YOU'RE GONE IS ESSENTIAL!

If you are a pet owner who loves and cares for your furry companions, your estate plan should also include provisions for their well-being. At DeCosimo Law, we specialize in ensuring your pets are looked after when you're no longer there to care for them.

Read here about why leaving your pet in your will won’t protect them

WHAT IS A PET TRUST?

A pet trust is a legally established arrangement that allows you to provide for the ongoing care and financial support of your pets in the event of your disability, incapacity, or death. It is a legal document designed to ensure that your pets are cared for according to your wishes and are not left without the necessary resources and protection.

Here's how a pet trust typically works:

Creation of the Trust: You, as the pet owner (the grantor), establish the pet trust, specifying its terms and conditions. This includes naming a trustee, who is responsible for managing the trust assets and overseeing the care of your pets.

Funding: You transfer assets into the trust, such as money, investments, or property, to provide for the financial needs of your pets. These assets are then managed by the trustee.

Care Instructions: In the trust document, you provide detailed instructions on how you want your pets to be cared for. This can include information about their daily routine, dietary preferences, medical needs, and any other specific requirements.

Appointment of Caregivers: You name one or more caregivers who will be responsible for the day-to-day care of your pets. This could be a friend, family member, or a professional pet caregiver.

Successor Caregivers: In case your primary caregivers are unable or unwilling to fulfill their responsibilities, you can name successor caregivers to step in and continue the care of your pets.

Distribution of Assets: You specify how the trust assets should be used for the benefit of your pets. This can include expenses related to their food, medical care, grooming, and other needs.

Termination of the Trust: The trust continues until your pets pass away, at which point any remaining assets can be distributed according to your instructions. You may also specify a charitable organization or individual to receive any surplus funds.

Pet trusts are legally recognized in many jurisdictions, although the specific requirements and regulations can vary. It's essential to consult with an attorney who specializes in estate planning and pet trusts to create a legally sound and enforceable document that will protect your pets and their well-being. This way, you can ensure that your pets are taken care of in the manner you desire, even after your passing.