Myth 1: Only rich people need, or can afford, an estate plan. This myth comes from the idea that only people with lavish homes, lots of money in the bank, and long lists of personal property can afford to hire an attorney to design an estate plan. People with fewer possessions don’t need to worry because there isn’t much to distribute anyway, right? Wrong. Everyone can benefit from a good estate plan. Even if you only want to make sure your medical choices are followed, or that you want your property to go to specific people, you can make an estate plan that fits your needs and your budget.

Myth 2: Only old people need an estate plan. Young people don’t have to worry about it. While it’s true that seniors without an estate plan have a more pressing concern than younger people, even the youngest adult can use an estate plan. As long as you are at least 18, you can benefit from estate planning. Your needs are different than seniors, parents or others, but you can still use an estate plan to set your wishes in place and ensure they are followed.

Myth 3: I can make it and forget about it. Wrong again. Though you’re way ahead of the game if you have created an estate plan, you need to think about it like a muscle. If it atrophies, you’ll not get much use out of it. On the other hand, if you review it periodically and make changes as needed, you’ll get the most value out of it and can rest assured your plan is complete.

The Law Office of Michael Robinson, P.C. is a member of the American Academy of Estate Planning Attorneys.

When it comes to estate planning, the Internet is both a wonderful resource and a significant hazard. There is a lot on the Internet, and not all of it is useful, helpful or even correct. While you should take the time to use the Internet to your advantage, you shouldn’t solely rely on it, or use it as a substitute for the advice that only an experienced attorney can provide.

Benefit: Education. The Internet is home to more information than any law library in the world. Your state’s laws are all probably online, allowing you to review them with a few keystrokes and mouse clicks. You can also find some excellent guides that walk you though various estate planning topics and make often confusing legal terminology easy to understand.

Danger: False confidence. The corollary to all the information available is that it can provide you a sense that you know everything you need to know. Yes, you can learn a lot on the Internet, but that doesn’t make what you learn accurate. It also doesn’t make what you learn complete. It takes attorneys years of training and practical experience to learn all the ins and outs of estate planning, and they are constantly keeping track of all the changes that you probably aren’t aware of and would have a hard time finding out about.

In the end, while you can use Internet resources to be more comfortable with estate planning and even begin the planning process on your own, you should, at the very least, bring your work to an attorney for review. You’ll be glad you did.

The Law Office of Michael Robinson, P.C. is a member of the American Academy of Estate Planning Attorneys.

About half of the population has no kind of estate plan. This means they haven’t created anything from a last will and testament, to a trust for their children, or an advance directive that sets out their health care wishes. Why not? There are numerous reasons, but for many people, the reason they haven’t started any estate planning efforts comes down to very personal and often difficult to discuss reasons.

Reason 1: You find it boring, or worse, hard to understand. Estate planning, at it’s most basic level, involves confronting our own limitations. One of these limits is our ability to sit through tedious legal proceedings and read about or learn about rather dry legal concepts. This is a challenge even to the most experienced attorney, much less the average person with no legal background. Luckily, you don’t have to understand it. All you have to do is find someone who does, such as a good lawyer, so he or she can walk you through it and answer your questions.

Reason 2: It scares you. This is probably the biggest hurdle most people face when confronting estate planning. The thought of our own mortality can be so anathema to us that we won’t think about it or talk about it because it is too uncomfortable. This is a common feeling, but when it stops us from planning, it becomes a burden. Talk about your concerns with your family, religious leader, counselor or a close friend so you can become more comfortable with it and get over your hesitation.

The Law Office of Michael Robinson, P.C. is a member of the American Academy of Estate Planning Attorneys.

A durable power of attorney for finances lets you choose someone to take over your financial responsibilities when you become sick or otherwise unable to manage them. Your attorney can tell you what specific steps you need to take to create this important document, but you can get a head start on the process by reviewing our brief checklist.

• Preparation. Take some time to learn about powers of attorney and what they can do for you. Make a list of questions you have and ask your attorney for advice if you can’t decide what you want or need.
• Attorneys-in-Fact. The person who you appoint to manage your finances is called your attorney-in-fact or your agent. Select someone you trust who is responsible and good with financial matters. Though called an attorney-in-fact, the person you choose does not have to be a lawyer. Choose more than one and list the others as alternates who can take over the duties in case the original attorney-in-fact is unable to.  Also, ask each candidate before including their names in the document.
• Powers. Your financial power of attorney can be as detailed or as general as you wish. Make sure you review the document to be sure you agree with all the powers outlined within it.

• Documentation and Execution. Your financial POA must meet the requirements as made by the law. You should schedule a meeting with your attorney to formally execute the document.

The Law Office of Michael Robinson, P.C. is a member of the American Academy of Estate Planning Attorneys.

Direction 1: Choose your destination. Each of us has our own desires and needs. Whether you want to ensure your adult children share equally from your estate or you want to leave a lot of property to charity, only you can determine what it is you want your plan to accomplish. Sit down, think about what you want and write your goals down. Don’t try to edit yourself at first, just write down your goals as they come to you.

Direction 2: Draw your map. Once you’ve got your destination, it’s time to figure out how to get there. This probably requires you to talk to your estate planning attorney so he or she can tell you what your options are. Once you make your choices, you’ll have specific waypoints you can use to reach your goals.

Direction 3: Hit the road. Now that you’ve got your roadmap, it’s time to get going. Each element of your plan requires you to take specific steps. Some of these steps your attorney can do for you, but you’ll have to approve of them and review any documents or sign them as required. If there are any steps you don’t understand or are confused about, make sure you speak up and ask questions.

Direction 4: Make it a regular trip. Your estate plan requires regular updates and revisions, so don’t just plan on making the trip once. Fortunately, once you make the effort and get your plan established, you only have to review it periodically.

The Law Office of Michael Robinson, P.C. is a member of the American Academy of Estate Planning Attorneys.

The perils that can arise from an incomplete, or nonexistent estate plan continue to plague the legacy of one of the most revered figures in American history. After his assassination in 1968, Dr. Martin Luther King’s children struggled with conflicts about how to properly administer their late father’s estate. With no will to direct the inheritance, his heirs formed a corporation, The Estate of Dr. Martin Luther King, Jr., Inc., to protect estate interests. Recently, the corporation filed a lawsuit to recover documents Dr. King gave to a former friend and employee.

While working as his secretary in the 1950′s, Maude Williams Ballou, now 86, received numerous documents from the civil rights leader, including handwritten letters, speech transcripts and other materials. These documents have come into the possession of her son, Howard Nelson Ballou, a television news anchor in Mississippi. The estate corporation has filed a lawsuit to recover these documents, claiming they were not intended as gifts and rightfully belong to the estate.

Mrs. Ballou’s husband, who had been a fraternity brother of Dr. King, had kept the documents in storage at North Carolina’s Elizabeth City State University, where he worked. After passing away in 2007, he gave the documents to his son.

Currently, Mr. Ballou has filed a motion asking the court to dismiss the case, claiming that the documents are gifts and not property of the estate. The judge has yet to rule on the motion, and the case is still ongoing.

The Law Office of Michael Robinson, P.C. is a member of the American Academy of Estate Planning Attorneys.

Tip 1: Make your wishes clear. Many of us have very specific desires about our funerals and how our remains are to be handled after we die. However, often we never get around to talking about it, and may even avoid thinking about such difficult topics. Ignoring the situation will only make it harder for your family to handle the funeral arrangements, and will do so at a time when they are emotionally compromised. Take the time to sit down and talk about your wishes with your family as soon as possible so you don’t have to worry about conflicts or confusion arising after you die.

Tip 2: Give someone the power to dispose of your remains. New York State allows you to designate someone who has the authority to handle your remains after you die. You can obtain an “Appointment of Agent to Control Disposition of Remains” through the New York State Department of Health, or you can have your attorney draft a document that complies with state law and contains your wishes in detail.

Tip 3: Make plans. As you work with your estate planning attorney to protect your property and pass it on after you die, you can also take steps to make your funeral arrangements now. You can talk to a local funeral director to develop your funeral instructions and ensure your wishes are carried out as you desire.

The Law Office of Michael Robinson, P.C. is a member of the American Academy of Estate Planning Attorneys.

Mistake 1: Never giving it any thought. A lot of people don’t have any kind of estate plan because they assume that they either don’t need one or that they don’t have enough property for an estate plan to be cost effective. Even if this is true, your property isn’t the only issue your estate plan covers. It also encompasses your medical care should you get sick or injured, something everyone may one day face.

Mistake 2: Doing it yourself. While some self-help aids and DIY materials are useful, they are not a substitute for the advice of a good lawyer.  A good self-help guide can get you started, but only a lawyer will be able to give you personal advice about not only what you can do, but also what a person in your situation should do.

Mistake 3: Letting your plan atrophy.  A good estate plan is like a machine, you have to keep it maintained and inspected regularly to keep it in top shape. Don’t fall into the trap of creating an estate plan and then think that all your work is finished. You’ll want to regularly review and modify your plan to get the most benefit from it.

Mistake 4: Not giving gifts now. One easy way to avoid estate taxes is to make gifts of your property while you are still alive. A properly structured estate plan can allow you to give gifts now and enjoy the feeling of knowing you’ve made other people happy.

The Law Office of Michael Robinson, P.C. is a member of the American Academy of Estate Planning Attorneys.

The co-executors of Huguette Clark’s $400 million estate have recently been removed by the New York Surrogate’s Court after allegations arose claiming the two men had committed tax fraud in their handling of the estate. Manhattan Surrogate’s Court Surrogate Kristen Booth Glen removed the two men and left the managing of the estate to attorneys working for the Office of The Public Administrator of New York County, whom she had previously appointed as a third estate administrator.

The allegations that ended up costing attorney Wally Bock and accountant Irving Kamsler their positions claimed that the men had failed in numerous duties, and had engaged in such activities as making false statements to the IRS, filing false tax returns and failing to pay taxes on gifts Ms. Clarke had made. The impact of the alleged wrongdoing may end up costing the estate as much as $90 million in fines and unpaid taxes.

The judge suspended each man from the estate, a position that would have earned them each about 2 percent of the estate’s total value, or $8 million each. The allegations against them encompass actions they took over the last 15 years as they acted to manage Ms. Clarke’s affairs. The heiress died in May of 2011 at the age of 104, leaving behind a still unfolding drama that has lead to numerous court challenges and revelations about the life of the reclusive heiress who had lived the past several decades secluded in a New York hospital room.

The Law Office of Michael Robinson, P.C. is a member of the American Academy of Estate Planning Attorneys.

As a recent article in Forbes points out, everyone can benefit from creating a good estate plan, but women may be in a greater need than men. If you’re a woman and haven’t begun your estate planning efforts yet, there are several reasons you should consider starting soon.

• Women live longer. The lifespan of the average woman is about 5.3 years longer than a man’s. Further, women have a higher tendency to marry men who are older than they are, meaning there is a good chance that your husband will die before you. When this happens, you will likely have a larger estate to distribute than your husband did, and will have to be well prepared to ensure you can pass on as much as possible.

• Women face additional health issues. If you don’t designate someone to make medical decisions for you while you still can, the task may fall to someone who is unfamiliar with your desires. You may also have specific health wishes you want to specifically address, by making a living will or appointing a healthcare power of attorney.

• Your children need care. No mother wants her children left in the hands of a questionable guardian. However, if you die without naming a guardian to care for your children, a court may choose someone whom you would never had chosen yourself. An estate plan allows you to pick your own guardian. More importantly, starting the estate planning process forces you to think about who would make a good guardian and how your children will be cared for if the unthinkable should happen.

The Law Office of Michael Robinson, P.C. is a member of the American Academy of Estate Planning Attorneys.