1. The Best Estate Planning Tip Don’t put it off: The best estate planning tip is to have one. Take the time now while you are clear and competent to consider the elements of your overall plan for the management of your assets and your care in the event of misfortune to avoid having a court or the state step in and do it for you.
2. A will is not enough A will, written and signed properly, directs “who’s in charge” and “who gets what” from your assets at the date of death…but it’s of no use before you die…it doesn’t avoid probate of your estate, and if you become incompetent, it doesn’t control your assets or designate who can make health care decisions for you.
3. Fund Your Trust We advocate for the use of trusts as a useful tool to manage your assets during your life and following your death, avoiding the time and expense of the Probate Court. Trusts, however, only manage those assets that you transfer into trust. Accordingly, once your trust is complete, be sure to transfer your assets into your trust. This can be done by simply contacting your bank or portfolio manager of your accounts and requesting they simply change the title on your accounts from your name to the name of your trust.
4. Storing Your Important Papers Preparing a Will, Health Care Proxy or Power of Attorney is only useful if the documents can be accessed when needed. Store these important original signed papers in a safe place, then make sure the people who will need them know where they are and can access them in the event they are needed.
5. Health Care Proxy No one plans to be incapacitated, but if you are, who will make health care decisions for you?Only if you complete a health care proxy can you be protected. In a health care proxy, you appoint a trusted individual (and an alternate) to make important medical decisions for you in the event you are unable to Make sure your heath care wishes are respected by completing a health care proxy and giving a copy to your physician.
6. Naming Alternates Extend the usefulness of your estate documents by appointing more than one agent to represent your interests. In this way, if your first choice isn’t available, you’ve already provided for one or more alternates, so a choice is not made for you.
7. Update Your Estate Plan Keep current: Be sure to review your estate planning documents every three years or so to ensure they are still current. Changes in personal circumstances, economic fortunes and tax laws may warrant revisions.
8. Protection from Creditors Safeguard your assets: if you have concerns about your creditors or your children’s’ creditors, consider transferring your assets to a trust to limit creditor access to your assets. Trusts can be drafted with special protective provisions, providing you have not already incurred the debt.
9. Homestead The best deal in asset protection today is the homestead. If you own a home as your primary residence, for a modest fee, you can place protection on your home from creditors up to $500,000.00 of the equity in your home. Simply contact your attorney to complete and file the necessary documents.
10. Giving Can Reduce Taxes Gifts in any amount between spouses are tax free. Gifts are never taxed to the done. Gift tax laws also permit gifts of $13,000.00 per year (presently) per individual, to any number of recipients with no tax consequences. Also, the direct payment of unlimited medical and education expenses on behalf of another escape taxation. In addition, making gifts now can reduce the size of your estate, and therefore potentially reduce estate taxes upon your death. If the gifts are to charitable institutions, such gifts can also reduce your income taxes in amounts that vary, depending on your income.
11. Estate Tax Tips Avoiding probate is not the same as avoiding estate taxes. Just because your assets may be titled in such a way to avoid probate (such as joint ownership or trusts) they may not avoid estate taxation. Only certain types of transfers protect assets from the heavy toll of estate taxes. If you suspect estate taxes may be an issue for you, consult a qualified estate planning attorney to review your options.
12. Check Your Beneficiary Designation Forms Wills are not the only documents which govern the disposition of your assets. Insurance policy proceeds and retirement accounts both pass in accordance with the terms of your beneficiary designation form when you die. Make sure the information on these forms is current and accurate to ensure these assets pass to the individual you intend.

If you have been involved in an automobile accident, or injured as a pedestrian:

• Driver, Vehicle, Insurance Information: Get as much information as possible about the vehicles involved in the accident and the driver’s name, address and license number, as well as the owner’s name and address, including their insurance company and coverage information.
• Time and Conditions: Note of the direction and position of the vehicles, traffic controls, the weather at the time of the accident, the time of day and lighting conditions, and names and addresses of any witnesses.
• Traffic Violations: Make sure the police are aware of any traffic violations the other operator committed.
• Insurance Agent Notification: Notify own your insurance agent or insurance company about the accident. You have a duty to cooperate with your insurance company, but remember, the insurance company may have interests which are adverse to yours.
• Statements to Investigators: Do not offer statements to insurance company representatives or investigators without first understanding your rights, and speaking to an attorney.
• Take Pictures: If you’re able, take pictures not only of the damage to your car and the other driver’s car, but also of the scene itself, including traffic signs and controls. Use a cell phone camera, or ask to borrow a camera if you don’t have one.

You need to protect your rights after a car accident. You should hire an experienced attorney to evaluate and handle your case, especially before answering any insurance company questions. Please call Sherwood Guernsey at 413-499-3520 for additional information.

1. GET PRE-QUALIFIED FOR A MORTGAGE: This is a step that many prospective home buyers neglect. You may look at a home that you ‘fall in love with,’ but can’t afford. By pre-qualifying, you have an idea of what price range you are looking for in a new home.
2. FIND A REALTOR: Ask your family and friends if they know a good Realtor. A Realtor can be a valuable asset in finding the right home for you.
3. LOOK FOR A HOME: Start the search for your dream home, but be aware that some homes are members of a ‘neighborhood association’, that may charge a fee for membership. This may pay for maintenance of roads, recreational facilities, or security.
4. ENTER INTO A PURCHASE AND SALE AGREEMENT: Offer a price you can afford, work out any ‘Special Conditions’ with the Realtor, then contact an Attorney BEFORE you sign the contract. As it states on the contract “This is a legally binding contract”. Please note that once you sign, and change your mind about the home ‘without cause’, you may lose your deposit.
5. HAVE A HOME INSPECTION An inspection of the home you’re planning to buy is a critical part of this process. It alerts you to problems you can arrange for the seller to fix, and may provide your with information that causes you to forgo the purchase all together. Ask your realtor, friends, and family to recommend a home inspector, and make sure you get a home inspection report when the purchase and sale agreement requires.
6. HAVE A PLOT PLAN PREPARED: A Plot Plan is performed by a surveyor, which lays out the property lines, and lets you know if there are any encroachments on the property. Many people think this is a waste of money, but here are two examples, which came through our firm in the last year. The first was a client who purchased a second home, for vacation purposes. His wife fell in love with the tennis court, which came with the home. After the plot plan was completed, it was discovered that the tennis court was in fact located partially on the neighbor’s property. The second example was a client who purchased a home, and after a plot plan, it was determined that a neighboring building was located on our client’s property. Buyers show know about these kinds of issues BEFORE the buying a home.
7. DEALING WITH THE BANK: We will work with your bank, preparing the documents needed for the closing. Once they are completed, you are ready to buy your new home.