When I asked what they meant, they explained that the costs associated with getting the documents prepared had been the birthday present of a close friend.  I was struck by what an unusual gift this was.  Certainly paying for the costs is a gift in and of itself, but the peace of mind that the individual can now have having their estate done is a gift as well.

We all worry about buying gifts- whether they are the right size, right color, or right for the persons’ tastes.  But here is a gift that fits, and will continue to provide the best gift of all – peace of mind.

Now, I am going to propose a new tradition to those that have prepared their estate- an annual review of your estate documents.  I am going to suggest that it be April 15th.  No, I am not trying to associate your estate planning, which should be a painless endeavour with the pains of tax preparation!  What I am suggesting is that since you have your file cabinet open, and are filing your taxes away for safekeeping, you should pull out your will to see that it still protects your estate.

Many changes may have happened during the past year that you may cause you to need to or want to change  your will – sale of your residence or vacation home, sale of specific items that were bequeathed to an individual, birth, adoption, or death of a family member, and the divorce of your spouse.  All of these thing may have an effect on your estate and your intentions when you originally wrote the estate plan.  You may want to read through your documents to make sure that the specific bequests still make sense.  Has a family member had a life-changing event that no longer makes the specific bequest the best idea either from a emotional intent or tax consequence point of view?

Often, minor changes to a will can be completed through the use of a codicil.  If you find that a change needs to be made, please visit with your attorney as to the best course of action.  If multiple changes should be made, perhaps a new will is in order.  Even though a new will may be advised, the process will be much simpler than the first time because you and your attorney have had the preliminary discussions about estate planning.  Now, you are just correcting your estate.

People create wills for a variety of reasons.  One of the biggest is to protect those that they care for.  An annual review of those documents is the best way to make sure that your intentions are fulfilled in the most complete way.  Mark your calendars now!

A loan modification is an adjustment to your existing loan in order to make it a more affordable loan- the goal is allow you to stay in your home and not lose your home to foreclosure.  It is important to understand that loan modifications are not for everyone and they are not guaranteed.  There are many different programs offered through banks and through the government through the American Recovery Act.

Since the enactment of the American Recovery Act, there have been several different versions, and consequently many different requirements and limitations on loan modifications.  It is important to keep up to date on the changes.  The best way to do that is to either visit with your credit counselor or your attorney.

Your attorney or counselor will be able to assist you with your application process.  There are numerous forms that will need to be filled out and some will feel quite intrusive.  Please keep in mind that you are providing the information (annual income, loss of employment, current value of home, etc.) so that your lender will be able to calculate a new monthly payment on your loan.  Your lender may be able to write down the principal on your home in light of your loss of income and a depreciation in your home’s value as compared to the amount you owe.

Be patient- the application process will take time.  It may take six months or more to finish the process.  Once your loan modification is approved, you will be placed on a temporary payment plan.  YOU MUST comply with the new terms for the required number of months in order to move into a new permanent payment structure.  If you miss a payment during this time, you will lose the ability to have a loan modification.

If you are in a position that making payments is becoming a challenge, I would encourage you to visit with your attorney or counselor now and find out what options may be available to you.  I know that it is difficult to talk about financial problems and most individuals would like to pretend that things will get better, but I encourage you to get guidance in preparation of changes in finances now rather than later.

Nashville Flood - Nashville Attorney John Jay Clark, Sr.

During the aftermath of the Nashville Flood, there are some things that you may forget to do that could have serious negative reprecusions on you later. So, the following is a non-exclusive list of a few things that you should do to make sure that you are protected.

If you recieve child support checks, social security checks or any other type of payment or government benefit on a regular basis and you have been displaced by the storm and/or the flood, you need to contact the agency and let them know where you have relocated, even if it is just a temporary move. Unfortunatly, these bad times breed some bad people and you do not want to lose your money to someone that just happens to find a mail box filled with mail becuase you are absent from your house.

Make sure you file an insurance claim even if you do not think that you are covered. Many federal programs require you to do this before you can qualify for aid.

Find your important legal documents. If they are lost or damaged beyond recovery, contact the appropriate businesses or agencies to get copies sent to you. While an important document is often defined by the person who has it, there are some documents that are essential for you to find or replace.

• The title to your car
• The Deed to your home
• Your drivers license
• Your Social Security Card
• Your Birth Certificate
• Medical records
• Shot and/or immunization records
• Stock and Bond Certificates
• Original Wills and/or powers of attorney or other legal documents (if these have been lost or destroyed they will need to be re-drafted and executed by a competent legal professional)
• Financial Records
• Tax Records
• Military discharge records
• Federal Employment Records
• Immigration Documentation
• Medicare Cards
• TennCare/Medicaid documents

This is certainly not an all intensive list but is intended to be a starting point. If you need legal assistance through this trying time do not hesitate to call upon us at the Gordon Law Group. We are ready and able to assist you with getting past this disaster. While no one ever wants to go through a disaster like the one that took place in Nashville, take this time to make sure that all of your affiars are in order.

Nashville Legal Help John Jay Clark, Sr.

Today I was interviewed on several nashville radio stations, specifically, 92Q, 97.1 and 99.7 regarding numerous legal issues related to the Nashville Flood. I was impressed by the number of questions that I recieved both on air and by the hosts. Based upon this, I wanted to make a few resources available to people.

What should you do if your home or property was affected by the storm and/or flood?

1. First locate your insurance policy, if you cannot find it, call your insurance company and get a copy as quickly as possible.

2. File a claim even if you dont think it will be covered. Many of the federal grant and relief programs require that you file a claim with your insurance company.

3. File an application for disaster relief with FEMA. Go to www.fema.gov and/or www.disasterassistance.gov. Here you can complete the applications that are necessary to get the process started.

Of course, if you have questions about the numerous forms and documents that need to be completed contact a trusted legal professional to help you through the process. To help find a legal professional to assist you with the process you can go to www.gordonlawgroup.com or to the Nashville Legal Line.

When choosing which you would like drafted, there are various factors to consider.

• A Will costs less to draft but a Living Trust will save your Estate money when you pass away.
• A Living Trust is not subject to probate proceedings like a Will but there is no automatic court supervision to deal with disputes.
• A Will is public record the moment it is opened for probate while a Living Trust remains private.
• With a Living Trust, you are required to title all of your accounts in the name of the trust.  You are not required to retitle any of your assets if you have a Will drafted.

These are just a few of the factors to consider when deciding if you need a Living Trust or a Will.

If you would like more information, you can contact our office for a consultation.

More Information about the Estate Division of our firm