Episode Summary
We interview attorney Elaine Levine about Estate Planning. Elaine is a graduate of Harvard College and Yale Law School. Her firm, Kwartin & Levine, LLP, focuses on wills, trusts, probate, family law and elder law. Elaine walks through the key documents you need to properly estate plan: wills, revocable trusts, advanced directives for healthcare, financial power of attorney, HIPAA authorization, and beneficiary designations. She also talks us through why estate planning is important, what the process looks like, what it typically costs, and some of the considerations throughout the process.
Episode Notes
Elaine is a Phi Beta Kappa graduate of Harvard College (1979) and the Yale Law School (1982). Her firm, Kwartin & Levine, LLP, focuses on wills, trusts, probate, family law and elder law. For the past 26 years, Elaine has represented over 800 individuals and families in a variety of legal matters but primarily estate planning, wills and trusts, and probate. Elaine has helped clients with practical solutions as they address the stresses and difficulties of raising children, as well as end-of-life planning and transitions in this complicated world. Her clients range from young married couples to the elderly, life partners and single people.
We really enjoyed our discussion with Elaine, and covered a range of topics:
- The core documents that someone needs:
- Will
- Revocable trusts (in some states)
- Advanced directives for healthcare, a.k.a. Healthcare power of attorney
- Financial power of attorney
- HIPAA authorization
- Beneficiary designations for life insurance and retirement plans (often you specify who will inherit those assets and it won’t go through your will)
- The life-stages that are important to consider and how each document helps during different life stages (e.g. getting sick, after you die).
- Why it’s important to hire an attorney to prepare these types of documents vs. trying to DIY or use a service like legal zoom. We also vouch for this as we have both used attorneys. We’re quite frugal in our lives, but this is one area where we recommend investing and doing it right with a properly trained attorney.
- Every state has its own sets of laws that apply after death. You should hire an attorney from your state who is well versed in wills and trusts.
- Elaine walks through what the process looks like with her firm to create an estate planning package (wills, medical power of attorney, financial power of attorney).
- In an attempt to help people budget and understand what estate planning with an attorney might cost them, Elaine shares rough estimates of what it costs for her firm to prepare estate planning documents.
- Using a partner in firm – $2500 for a couple, and $2,000 for an individual
- Using an associate in firm – $200 for a couple, $1700 for an individual
- Though this costs money, the risks of not doing this are so high that we believe it’s worth the investment. The risk of not having proper documents in place include leaving your family with internal strife, lawsuits, difficulties transferring properly, bills that go unpaid, mortgages that get foreclosed, children from blended families cut out, and more. You are investing in the peace of mind that you’re covered if something happens to you or if you die.
- Elaine shared some scenarios that add complexities to your estate planning, and some of the thing’s families need to consider. Those examples include blended families, families with special needs childrens, eledery couples, same-sex couples, people who own small businesses, and more.
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Show References
Kwartin & Levine website