Estate Planning

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If you have an estate plan and it’s out of date, your assets could be lost to the State Department of Unclaimed Property, or to an unnecessary Court process.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

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.

Article: The Hidden Dangers of DIY Estate Planning—Part 1

We Are Professional Estate Planners

Your Personal Family Lawyer® at The Thompson Law Practice 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 The Thompson Law Practice, one of our areas of greatest expertise is protecting minor children.

Kids Protection Plan

"Did you know that 69% of parents haven't named guardians for their kids. And of the 31% who have, most have made 1 of 6 common mistakes? Schedule a Family Wealth Planning Session with us today, so we can fix those mistakes with you."

-Norm Thompsom

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 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 The Thompson Law Practice, 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 raising 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. Yes, these things scare us too. That’s why we offer a Kids Protection Plan® with every estate plan we prepare for families with young children.

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.