Steve, Author at Law Offices of Steven M. Basche

Put pen to paper: How a letter of instruction can benefit family harmony

You may consider your will as the centerpiece of your estate plan. But other documents can complement it. For example, if you haven’t already done so, consider writing a letter of instruction. Elements of the letter A letter of instruction is an informal document providing your loved ones with vital information about personal and financial …

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Should you “park” your vehicle in a living trust?

Estate Planning / By Steve

Using a revocable trust — sometimes referred to as a “living trust” — is a common estate planning strategy to manage assets during life and to avoid probate at death. For the trust to be effective, you must “fund” it, meaning transferring ownership of your assets to the trust. Perhaps you have collectible automobiles or …

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Ducks In a Row?

Estate Planning / By Steve

Covid-19 Update I understand the last few days and weeks have probably caused you some anxiety not just about the volatile financial markets, but also – maybe primarily- about your health and the health of those you love and care about. I’m an estate planning lawyer and I know having your “ducks in a row” can …

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Sudden impact: When a spouse unexpectedly dies

Estate Planning / By Steve

What if the unthinkable happens and your spouse dies unexpectedly? Would you be prepared to cope emotionally and financially? As the surviving spouse, you’ll face several tasks and challenges. First steps first By no means complete, the following are areas that will need to be addressed: Death certificates. One of the first things to do is …

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Unleash the power of a durable power of attorney

Estate Planning / By Steve

Estate planning typically focuses on what happens to your children and your assets when you die. But it’s just as important to have a plan for making critical financial and medical decisions if you’re unable to do so yourself. A crucial component of this plan is the power of attorney (POA), specifically, a durable POA. …

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Don’t forget this critical part of your estate plan.

Estate Planning / By Steve

Have you coordinated your payable-on-death accounts with your estate plan? Payable-on-death (POD) or Transfer-on-death (TOD) accounts provide a quick, simple and inexpensive way to transfer assets outside of probate. They can be used for bank accounts, certificates of deposit or even brokerage accounts. Setting one up is as easy as providing the bank with a …

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Time passages: Estate planning through the years

Uncategorized / By Steve

Virtually everyone needs an estate plan, but it isn’t a one-size-fits-all proposition. Even though each person’s situation is unique, we do have general guidelines depending on your current stage of life. The early years If you’ve recently embarked on a career, gotten married or both, now is the time to build the foundation for your …

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What’s the difference between the two types of power of attorney?

Uncategorized / By Steve

When drafting your estate plan, you and your attorney must account for what happens to your children and your assets after you die. But your plan must also spell out your wishes for making financial and medical decisions if you’re unable to make those decisions yourself. A crucial component of this plan is the power …

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Why you need to review your estate plan after divorce. Another reminder.

Uncategorized / By Steve

If you’re divorcing, it’s important to review your estate plan as early as possible, for two reasons: First, you may wish to revise your plan immediately to prevent your spouse from inheriting or gaining control over your assets if you die or become incapacitated before the divorce is final. Second, although a divorce judgment or …

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Asset Protection for your Heirs: add spendthrift language to safeguard assets

Uncategorized / By Steve

Protecting assets from your creditors is often a critical aspect of estate planning, but you need to think about more than just your own creditors: You also need to consider your heirs’ creditors. Adding spendthrift language to a trust benefiting your heirs can help safeguard assets. Spendthrift language explained Despite its name, the purpose of …

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