Sycks Law, PLLC

05/09/2022

ESTATE PLANNING goes beyond drafting a will. Thorough planning means accounting for all of your assets and ensuring they transfer as smoothly as possible to the people you wish to receive them. Here is part one of a checklist to help you get your affairs in order:
1. Itemize your inventory (go through the inside and outside of your home and make a list of all valuable items). Follow with non-physical assets (start adding your non-tangible assets to your list such as brokerage accounts, 401K plans, IRA's, bank accounts, life insurance policies and other insurance policies). Assemble a list of debts (make a separate list for open credit cards and other obligations you may have such as mortgages, auto loans, HELOCS, etc.). 4. Make a membership list (if you belong to organizations such as AARP, American Legion, etc., make a list of them as in some cases these organizations may have accidental life insurance benefits on their members and your beneficiaries may be eligible to collect). 5. Make copies of your list (give one to your estate administrator, give one to your spouse and place one copy in a safe place such as a safe deposit box). 6. Review your retirement accounts (review each account to make sure the beneficiaries are current and listed exactly as you like). 7. Update your insurance (make sure beneficiaries are up to date and listed correctly). 8. Assign transfer on death designations (Many accounts such as bank savings, CD accounts and individual brokerage accounts can be set up or amended to have a transfer on death TOD designation which lets beneficiaries receive assets without going through the probate process).
Procrastination is the biggest enemy of estate planning. Pick a time to get started! Next week we will review the remaining 8 items on the planning checklist!
For help with any questions you might have or a free consultation on getting started today on an estate plan, visit me at www.syckslaw.com.

We know that legal action can sometimes be overwhelming. We are dedicated to providing you help in language that you can understand. If you don't feel like you understand your options, just ask, and we will work to find an explanation that works for you.

02/07/2022

Why is a Will Important?
You should have a will, even if you use other estate planning tools to distribute your property. A will provides directions for what happens after you die. It can distribute your property to your loved ones, name an executor to wrap up your affairs, name guardians for your children, forgive debts and more. Having a will means that YOU, rather than your state's laws, gets to decide who receives your property when you die. If you want your family and other people such as friends, neighbors, charitable organizations or schools to inherit your property, a will can make sure your wishes are followed. Only your will can name a personal guardian for your children. And if you have minor children, the importance of a will escalates. And a will can reduce family conflict. A will that clearly lays out your wishes can reduce conflict and speculation over what you "would have" wanted. Making a plan can give you peace of mind and prevent your family from fighting over your possessions.

If you have considered making a will but don't know where to begin, or if you have a complicated situation and don't want the hassle of trying to figure it out on your own, please contact us for a free consultation today! Visit www.syckslaw.com today!

We know that legal action can sometimes be overwhelming. We are dedicated to providing you help in language that you can understand. If you don't feel like you understand your options, just ask, and we will work to find an explanation that works for you.

10/27/2021

4 Reasons Estate Planning is so Important:
We devote alot of time planning vacations, choosing what car to buy, or even where we should eat out for dinner, more so than we do for estate planning-deciding who will inherit our assets after we are gone. It does not sound as much fun as booking a trip or reading restaurant reviews, but without careful estate planning, you can't choose who gets everything you have worked so hard for.

Estate planning is not only for the wealthy. Without a plan in place, settling your affairs after you go could have a long-lasting and costly impact on your loved ones. Here are four reasons to consider why you should have an estate plan:

An estate plan protects beneficiaries. You want to decide now who receives your property when you pass away and avoid putting your surviving loved ones through a process that can take years and get ugly.

An estate plan protects young children. This helps you ensure that your children are cared for in a manner of which you approve. You need to have a will that names that guardians of your young children in the event you pass before they are 18 to avoid having the courts step in a decide who will raise your children.

An estate plan spares heirs a big tax bite. Essential to estate planning is transferring assets to heirs with an eye toward creating the smallest possible tax burden for them.

An estate plan eliminates family messes. Deciding whether to divide your estate exactly equally is one of the key tasks you need to think through. And of course, if you have had more than one spouse, or have children from more than one family, an estate plan is urgent.

If you want your assets and your loved ones protected when you can no longer do it, you will need an estate plan. Without one your heirs could face big tax burdens and the courts could designate how your assets are divided and even who gets to raise your children.

If you have any questions about how to proceed with establishing an estate plan tailored to your needs, please reach out to me for a free consultation.

www.syckslaw.com

We know that legal action can sometimes be overwhelming. We are dedicated to providing you help in language that you can understand. If you don't feel like you understand your options, just ask, and we will work to find an explanation that works for you.

09/12/2021

What Is a Medical Power of Attorney?
With a medical power of attorney, you can appoint someone to make healthcare decisions for you if you become incapable of making those decisions yourself.

While much of estate planning focuses on finances, a comprehensive estate plan should also help you prepare for any potential medical or healthcare decisions you may need to make in the future. That's why a medical power of attorney, also known as a durable power of attorney for healthcare, is essential.

Click on the link below to read the full article detailing the importance of having a medical power of attorney. If you have any questions or feel this may be a necessary document for your needs, we are always available for a free consultation at www.syckslaw.com.

https://www.legalzoom.com/articles/what-is-medical-power-of-attorney

We know that legal action can sometimes be overwhelming. We are dedicated to providing you help in language that you can understand. If you don't feel like you understand your options, just ask, and we will work to find an explanation that works for you.

04/12/2021

We hope you found part one of our estate planning checklist helpful!

HERE IS THE PLANNING CHECKLIST PART TWO: 1. Select a Responsible Estate Administrator. (Your estate administrator or executor will be in charge of administering your will when you die. It is important that you select an individual who is responsible and in a good mental state to make decisions.) 2. Draft a will. (Everyone over the age of 18 should have a will. It is the rulebook for the distribution of your assets and it could prevent havoc among your heirs. A will can also name a guardian for your minor children and designate who should care for your pets.) 3. Regularly review your Documents. (Review your will for updates at least once every two years AND after any major life-changing events - marriage, divorce, the birth of a child, etc.) 4. Copy the Administrator. (Once your will is finalized, signed, witnessed, and notarized, you will want to make sure that your estate administrator gets a copy.) 5. Simplify your Finances. (If you have changed jobs over the years, it is quite likely that you have several different 401K Retirement plans still open with past employers or maybe several different IRA accounts. Consider consolidating these accounts into one individual IRA which will allow for easier management, less paperwork, etc.) 6. Complete Other Documents. (At a minimum, you should create a will, power of attorney, healthcare proxy, and a living will. You can also write a letter of instruction to leave step by step instructions as well as spell out your personal wishes for things like your funeral and what to do with your digital assets.) 7. Take Advantage of College Funding Accounts. (You may want to set up 529 college savings plans for your grandchildren.)
THE BOTTOM LINE: Take that step now to start preparing documents that will protect your interests, possibly prevent unnecessary disputes and avoid having your assets fall into the wrong hands. Sycks Law PLLC (along with two decades of insurance and financial planning experience) is always available to answer your legal questions as well and offer an initial free consultation to help you get the process started.

www.syckslaw.com

We know that legal action can sometimes be overwhelming. We are dedicated to providing you help in language that you can understand. If you don't feel like you understand your options, just ask, and we will work to find an explanation that works for you.

03/31/2021

ESTATE PLANNING goes beyond drafting a will. Thorough planning means accounting for all of your assets and ensuring they transfer as smoothly as possible to the people you wish to receive them. Here is part one of a checklist to help you get your affairs in order:

1. Itemize your inventory (go through the inside and outside of your home and make a list of all valuable items). Follow with non-physical assets (start adding your non-tangible assets to your list such as brokerage accounts, 401K plans, IRA's, bank accounts, life insurance policies and other insurance policies). Assemble a list of debts (make a separate list for open credit cards and other obligations you may have such as mortgages, auto loans, HELOCS, etc.). 4. Make a membership list (if you belong to organizations such as AARP, American Legion, etc., make a list of them as in some cases these organizations may have accidental life insurance benefits on their members and your beneficiaries may be eligible to collect). 5. Make copies of your list (give one to your estate administrator, give one to your spouse and place one copy in a safe place such as a safe deposit box). 6. Review your retirement accounts (review each account to make sure the beneficiaries are current and listed exactly as you like). 7. Update your insurance (make sure beneficiaries are up to date and listed correctly). 8. Assign transfer on death designations (Many accounts such as bank savings, CD accounts and individual brokerage accounts can be set up or amended to have a transfer on death TOD designation which lets beneficiaries receive assets without going through the probate process).

Procrastination is the biggest enemy of estate planning. Pick a time to get started! Next week we will review the remaining 8 items on the planning checklist!

For help with any questions you might have or a free consultation on getting started today on an estate plan, visit me at www.syckslaw.com.

We know that legal action can sometimes be overwhelming. We are dedicated to providing you help in language that you can understand. If you don't feel like you understand your options, just ask, and we will work to find an explanation that works for you.

02/23/2021

What Is a Trust?
A trust is traditionally used for minimizing estate taxes and can offer other benefits as part of a well-crafted estate plan.

A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries.

Since trusts usually avoid probate, your beneficiaries may gain access to these assets more quickly than they might to assets that are transferred using a will. Additionally, if it is an irrevocable trust, it may not be considered part of the taxable estate, so fewer taxes may be due upon your death.

Assets in a trust may also be able to pass outside of probate, saving time, court fees, and potentially reducing estate taxes as well.

Other benefits of trusts include:

Control of your wealth. You can specify the terms of a trust precisely, controlling when and to whom distributions may be made. You may also, for example, set up a revocable trust so that the trust assets remain accessible to you during your lifetime while designating to whom the remaining assets will pass thereafter, even when there are complex situations such as children from more than one marriage.
Protection of your legacy. A properly constructed trust can help protect your estate from your heirs' creditors or from beneficiaries who may not be adept at money management.
Privacy and probate savings. Probate is a matter of public record; a trust may allow assets to pass outside of probate and remain private, in addition to possibly reducing the amount lost to court fees and taxes in the process.

There are many types of trusts; a major distinction between them is whether they are revocable or irrevocable.

Revocable trust: Also known as a living trust, a revocable trust can help assets pass outside of probate, yet allows you to retain control of the assets during your (the grantor's) lifetime. It is flexible and can be dissolved at any time, should your circumstances or intentions change. A revocable trust typically becomes irrevocable upon the death of the grantor.

You can name yourself trustee (or co-trustee) and retain ownership and control over the trust, its terms and assets during your lifetime, but make provisions for a successor trustee to manage them in the event of your incapacity or death.

Although a revocable trust may help avoid probate, it is usually still subject to estate taxes. It also means that during your lifetime, it is treated like any other asset you own.

Irrevocable trust: An irrevocable trust typically transfers your assets out of your (the grantor's) estate and potentially out of the reach of estate taxes and probate, but cannot be altered by the grantor after it has been executed. Therefore, once you establish the trust, you will lose control over the assets and you cannot change any terms or decide to dissolve the trust.

An irrevocable trust is generally preferred over a revocable trust if your primary aim is to reduce the amount subject to estate taxes by effectively removing the trust assets from your estate. Also, since the assets have been transferred to the trust, you are relieved of the tax liability on the income generated by the trust assets (although distributions will typically have income tax consequences). It may also be protected in the event of a legal judgment against you.

Deciding on a trust
State laws vary significantly in the area of trusts and should be considered before making any decisions about a trust. If you have any questions about trusts and if they might be a valuable estate planning option for you, please contact me for a free consultation or with any questions you might have! We are here to help.
www.syckslaw.com

We know that legal action can sometimes be overwhelming. We are dedicated to providing you help in language that you can understand. If you don't feel like you understand your options, just ask, and we will work to find an explanation that works for you.

02/11/2021

Top Reasons to Have a Will: (1) You decide how your estate will be distributed (2) You decide who will take care of your minor children (3) To avoid a lengthy probate process (4) Minimize estate taxes (5) You decide who will wind up the affairs of your estate (6) You can disinherit individuals who would otherwise stand to inherit (7) Make gifts and donations (8) Avoid greater legal challenges (9) Because you can change your mind if your circumstances change (10) Because tomorrow is not promised.

There are more than these 10 reasons to have a will, but it can be overwhelming to actually draft a will. Feel free to contact me for a free consultation about how to craft your wishes into a legal document. Contact me at www.syckslaw.com.

01/25/2021

A power of attorney is an often-overlooked part of estate planning. It is an important document that should not be taken lightly when the decision is made to draft one. If you are considering having one, please consult us for a free initial consultation and we will be happy to assist!

A power of attorney can be a powerful document, yet it is often the last thing people think about in their estate planning. Do not take this decision lightly, and make sure you have all of the information you need to make a smart choice.