FREE PHOTOS WITH SANTA!

FREE PHOTOS WITH SANTA!

Saturday, December 19, 2009
9:00am – 2:00pm
3701 Algonquin Road, First Floor, Rolling Meadows IL 60008
(Corner of Algonquin and Route 53) (Park on the West Side of the Building)

For more information, call us at 847-818-9084 or email us at mbott@bottestateplanning.com

* No waiting in long lines at the mall!
* FREE PHOTOS printed on the spot
* FREE Continental Breakfast and Light Lunch

* Plenty of FREE parking available

* FREE TREAT BAG for all children
* Enter Raffle to win a $50.00 Gift Card
* FREE TOTE BAG with all purchases
* Close to Woodfield Mall

THIS EVENT WILL ALSO FEATURE A BLOW-OUT SALE
OF “RECCO S”, an exclusive line of BOYS CLOTHING inspired by World Cup Soccer, which comes in size 6 months to size 10. The clothing retails for
$30.00 to $70.00. They are the perfect holiday gifts for the little boys on your list. All sales are final. Cash only.

UNBELIEVABLE PRICES!

T-Shirts $5.00
Long Sleeve Shirts $5.00
Jackets $10.00
Cotton Bottoms $10.00
Woven Bottoms $15.00

This event sponsored by: Bott & Associates, Ltd.

Estate Planning: It’s Not Just About the Documents

What is an estate plan? An estate plan is a plan that passes your assets to whom you want and in the manner you want after your death. However, an estate plan is more than just documents. For example, some of your assets may not even be controlled by your Will or Trust.

Let’s look at a case study. Mike had a Will which left everything to his wife, Sally. It also provided that if Sally did not survive him, it would have set up continuing Trusts for his kids.
Mike owned the following assets:
Family farm worth $2 million, owned in joint tenancy with his sister, Mary
Retirement plan with $2 million, opened when he was still single
House, worth $500,000, owned jointly with his wife, Sally
$5,000 in a checking account

Is this a good plan? Unfortunately, no, it is not. Sally may not get anything! How can this be? Well, first, the family farm, which was owned jointly with Mary, went to Mary, the surviving joint tenant, by operation of law at Mike’s death. The retirement plan went in accordance with the beneficiary designation Mike had put in place before he even met Sally. Since he never changed the beneficiary designation, the beneficiary is still Susan, who was his fiancée at the time he opened the retirement plan. Sally will get the house. However, Mike and Sally refinanced the house when real estate values were high, so the mortgage actually exceeds his equity in the house. Sally gets only the checking account.

What did Mike do wrong? Mike failed to seek the advice of an experienced estate planning attorney. An experienced attorney who focuses in estate planning would have seen the problems with this plan and would have advised a better plan. For example, a better plan would have included changing the beneficiary designation on the retirement plan and changing the ownership of the family farm from joint tenancy to tenancy in common. Joint tenancy property passes to the surviving joint tenant, notwithstanding a Will, while tenancy in common property does not. Property governed by a beneficiary designation passes to the beneficiary pursuant to the most recent beneficiary designation, notwithstanding a Will.

Remember, your assets can pass by ways other than a Will:
By contract or other arrangement, such as Trusts, Partnerships, and Buy-Sell Agreements
By operation of law, such as joint tenancy or tenancy by the entirety
By beneficiary designation, such as life insurance, 401(k)s, and IRAs

An experienced attorney who focuses in estate planning can help you devise a plan so that nothing falls through the cracks. That way, you will have the security of knowing that the assets you’ve built up will be there for your family when they need them most.

Maritess Bott of Bott & Associates, Ltd. is a member of the American Academy of Estate Planning Attorneys and has been engaged in the practice of law since 1997. For more information or to attend an upcoming seminar, call 847-818-9084 or visit www.bottestateplanning.com.

Pet Planning – Not Just for the Rich and Eccentric

When people think of someone setting up a Trust for their pet, they might imagine Leona Helmsley’s pet Maltese named Trouble drinking Perrier from a crystal bowl in a lavish Manhattan penthouse. While Helmsley left $12 million to her pet dog, this was not her only bizarre moment. The “Queen of Mean” was known to have many eccentricities.

However, you don’t have to be rich and eccentric to set up a Pet Trust. Pet Trusts are most commonly set up by caring individuals who just want to make sure that their non-human family member is taken care of in the event of their own death or disability.

Setting up a Pet Trust is as easy as 1-2-3 when you go to a qualified estate planning attorney who has experience with setting up such trusts. First, you need to decide who would be willing and able to provide the love and attention your pet deserves. Who will get your dog’s tail wagging or get your cat purring? You should name this person as your pet’s caretaker.

Next, you need to consider how much money should be set aside for your pet’s future care. While Helmsley left $12 million to her dog, Trouble, your pet probably does not need to pay $100,000 a year for security and $8,000 a year for grooming! In order to calculate your pet’s needs, simply estimate the annual expenses for your pet’s food, grooming, medical care, and other needs and multiply that by your pet’s likely remaining lifespan. You may want to include some money as a reward to the caretaker for taking on the responsibility of providing the love and attention necessary to provide a happy home for your orphaned pet.

Finally, you need to consider who will manage and distribute the money you have set aside for your pet’s care. This person is the Trustee of the Pet Trust. The Trustee could be the same person who is providing the care for your pet, it could be another trusted friend or family member or it could be a professional Trustee or charity involved with caring for pets.

You plan for your human family, leaving them money and painstakingly considering Guardians, Trustees, and Executors. Your furry and feathered family members deserve consideration, too! Remember, without you planning for them in advance, they may face the same awful fate that awaits so many other orphaned pets. Contact an estate planning attorney who focuses in this area today to set up a Pet Trust for your special friend. You will sleep better knowing that they will continue purring or wagging their tail even if you’re no longer able to care for them.