William G. Nolan, Attorney at Law
Elder Law - Estate Planning - Charitable Giving
"Helping you Honor the Past and Prepare for the Future"
Do You Need a $3,000 Estate Plan?
What about a $2,000 plan?
The truth is, some folks want and need sophisticated estate plans. Their personal situation demands it. But many people might not want or need anything complicated. They want to provide for their families, their church and possibly close friends. What they want to accomplish can be done quite quickly, easily and affordably.
If your estate is fairly simple, consider skipping the $3,000 Estate Plan! Call today to discuss your wishes, your goals and your plan. The more you save today, the more you can ultimately pass to your children and grandchildren later.
Do You REALLY Need a Revocable Living Trust?
There are lots of people out there selling trust packages. These trusts are being touted as the miracle cure for everything from "probate" to estate taxes. If they are so wonderful, why don't more people have them? Good question!
While there is nothing wrong with a properly-drafted and funded revocable living trust, there is a great deal of room for error in the management, if not the drafting, of the trust. Yes, trusts are very flexible and yes, trusts can save the costs of probate here in Alabama (currently about $125 or so) but they require work on your part to make them work. Wills on the other hand can be completed and set aside for years without anything more from you. Which is better for you? It depends on your temperament, your assets, your family situation and your expectation of expenses. A trust will probably cost more upfront than a will, but it might save you down the road. Call today to discuss your situation and see which is better for you and your family!
Our Adult Child has a Special Need- What do we do?
Glad to know you are thinking about it. Many parents either don't want to face the fact that their adult child with a special need will outlive them or they assume that a sibling will take over once the parents are both gone.
The reality is that the sibling may want to take over, but what about his/her spouse and family? Do they too want the responsibility? What if they move? What if they simply don't have the money? Then what?
You could leave your child a large amount of money in your will, but what if your child is receiving government benefits? You will cancel those benefits with your gift. Too, there are many con men looking for naïve people to con. Who is to say that your child is immune?
Special needs trusts were created to provide for adult children with special needs so they are not a burden/responsibility on others. If properly drafted, the trust also allows the adult child to take full advantage of government benefits too. The income from the trust does not diminish or terminate government benefits. These are wonderful tools to care for a loved one after you are no longer able to do so. Whether your child or grandchild is the person with the special need, you can provide for them. Call today to learn more!
I Don't Trust My Son-in-Law! How can I Protect my Daughter's Inheritance?
It could be a son-in-law, daughter-in-law or some other family member that you don't trust. How can you be sure this person won't run off with the money that you want to leave to someone else? The simple answer is, you can't!
If you want to provide safeguards to protect an inheritance, your lawyer can help. Through a combination of provisions in the will and with trusts, you CAN protect your loved one from dishonest in-laws. To learn more, call today!
Do you Want to Give your Money to your Wife's next Husband?
In America the husband often dies before the wife. Your widow might decide to marry someone else after you are dead and gone and after she has inherited your estate. What happens when she dies? If she is still married to this man, he will inherit from her! You have just passed your stuff to a man you have never met! Is that the way you want it?
To add insult to injury, this new husband and his children might just take everything away from your own kids, leaving them with nothing from either you or your wife. Is that the outcome you seek?
To learn how to make sure this won't happen, call today. You and your kids will be glad you did!
Contact me, estate planning attorney William G. Nolan, today to begin making plans for your estate and your family's future.
William G. Nolan, Attorney at Law
1 Chase Corporate Center, Suite 400
Hoover, AL 35244
205-313-6536
No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers.
Attorney William G. Nolan provides assistance with Elder Law, Estate Planning, and Charitable Giving / Stewardship. Proudly serving central Alabama and the Birmingham metro area including Jefferson, Shelby, Walker, St Clair, and Blount Counties, and the cities of Anniston, Birmingham, Gadsden, Jasper, Pelham, Pell City, Talladega, Tuscaloosa, Hoover, Mountain Brook, Vestavia, Homewood, Fort McClellan army base, Fort Benning military base, Phenix City, and Opelika.