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Hugg & Associates PLLC is a boutique law firm providing client-centered services to individuals and businesses. Our practice focuses on all aspects of elder law, estate planning, asset protection, business succession planning, probate and trust administration. If you are a business owner, in addition to the above services, we are experienced business, real estate, and contract law attorneys.

Top 10 Estate Planning Mistakes – Part 2

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Estate planning mistakes happen.

Last time we discussed the problems with leaving everything to your surviving spouse.  Perhaps a more fundamental problem is “Will Errors.”  The main error one frequently makes is not having a Will at all.  Failure to make a Will leaves the disposition of your estate to state law, not your wishes or needs. 

If you are married state law may give your entire estate to your spouse outright.  We’ve already discussed the problems that can cause.  If you have minor children and do not have a trust for them, they will have access to their inheritance at 18.  Often not the most mature age to get a chunk of money.  More problematic, without a Will to select a guardian for your kids, there could be a lengthy custody battle to determine who will raise them.  And the person who wins that battle may or may not be someone with whom you are comfortable.

Equally as problematic could be the failure to update your existing Will.  You should have your estate plan reviewed every few years as well as under a number of different circumstances.  Those circumstances include, among others, birth, adoption or death of a child; the marriage, divorce or separation of someone named in the Will; when there are major changes in tax law; relocation to a new state; a significant change in income or assets; or, a change in your needs or circumstances, or those of a beneficiary. 

If it’s time for you to make a Will or update your old one, give us a call. 

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The reason most people write a Will and complete their estate plan is to make sure their wishes are carried out after they die.  You want to be certain that your spouse will get what you want, that your kids will get what you have left for them, and so on.  Problems can arise, however,Continue Reading

Top 10 Estate Planning Mistakes: First in a Series

It’s January 2019, and as is usually the case, I have a number of new clients with “resolutions” to make or update their estate planning paperwork.  With that in mind, I felt it would be useful to mention the top 10 mistakes many people make when creating a Will or other planning documents.  So hereContinue Reading

“I Love the 70’s . . .”

“I Love the 70’s . . .”  Or so the slogan of the VH1 TV series goes.  That show has a number of celebrities reminiscing and poking fun at all kinds of things that came out of the 1970’s.  Things such as bell bottoms, disco, mood rings, the Brady Bunch, Watergate, exploding Ford Pinto’s andContinue Reading

Dude, Where’s my Estate Plan?

Do you have an estate plan?  Statistics show that many people do not have any basic estate planning documents.  A recent survey found that only 14% of adults aged 18-29 have an estate plan, 35% of 30-49 year olds have one, 56% of those aged 50-64 and 68% for those over 65. Clearly the issue ofContinue Reading

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