If you were incapacitated or died today, what would happen to your loved ones and your property? Who would assume responsibility to make sure everything is okay? How would anyone know your plans for the care of your loved ones and your property? Even if you have answered these fundamental questions through proper estate planning, it is important to review your answers periodically, because they may change over time. To help ensure that your planning and reviews are thorough, remember to cover the Three P's of proper estate planning: People, Property and Plans. Your People From the time we are born until we die, our life experience is enriched by the relationships we develop with other people. Truly, none of us is an island. Who are the important people in your life right now? Depending on your unique circumstances, your list may include your spouse, children, grandchildren ( even great- grandchildren), parents, siblings, nephews, nieces and/ or friends. Beyond these, your important people also may include religious and non- religious charities. Don't forget any pets, whether they have feathers, fins or fur. Your Property In addition to collecting relationships with other people during our lifetimes, we tend to collect relationships with property along the way. In this context, property encompasses more than just real property ( i. e., real estate), including all of your assets regardless of form. What property have you accumulated? Have you inventoried and valued your things, or will you send your loved ones on a very unpleasant and lengthy treasure hunt? Your Plans The foundation of every comprehensive estate plan is the selection and appointment of your successor decision- makers to make your personal, health care and financial decisions in the event of your incapacity. Likely such successors would continue to manage your property following your death as well. Whom have you appointed as your successor decision- makers? Do they have the time and expertise to serve? Would it be wise to appoint professional assistance to help them with the details? Perhaps a professional successor decision- maker, such as a trust company or a certified public accountant, is more appropriate given your unique circumstances. Issues surrounding the division and distribution of property can shipwreck family relationships upon the death of the property owner. Do you have sentimental, one- of- a- kind items? A recent study THE THREE P'S PROTOCOLfound that most family fall- outs result over the failure to make legal arrangements for the distribution of such items. In conclusion, time spent on your Three P's will be time well spent. Poor ( or non- existent) inheritance planning can cause the loss of a family business, blended family brawls, affluenza among idle heirs ( along with their divorces, lawsuits and bankruptcies) and unnecessary dissipation of your life's work due to avoidable estate taxes.

Note: Nothing in this publication is intended or written to be used, and cannot be used by any person for the purpose of avoiding tax penalties regarding any transactions or matters addressed herein. You should always seek advice from independent tax advisors regarding the same. [ See IRS Circular 230.] © 2009 Integrity Marketing Solutions Scott N. Alperin Alperin Law 4605 Pembroke Lake Circle Suite 300 Virginia Beach, VA 23455 Phone: ( 757) 490- 3500 Fax: ( 757) 233- 3600 scott@ alperinlaw. com Scott N. Alperin Alperin Law Phone: ( 757) 490- 3500 . Web: www. alperinlaw. com We are a full- service estate planning, business law and real estate law office working to provide Peace of Mind to our clients and their families. We are committed to personal service to each client, using only those legal tools and techniques that suit the individual client's needs, goals and personal situation. Services provided include: Revocable Living Trusts . Wills . Powers of Attorney Irrevocable Living Trusts . Life insurance Trusts Integrated Estate Planning . Real Estate . Tax Deferred Exchanges Tax Planning Strategies . Business Law Family Limited Partnerships . Limited liability Companies Corporations . Non- Profit Organizations . Asset Protection If you would like a friend or client to receive our newsletter free of charge, please call our office with their name and email address. Visit us online at www. alperinlaw. com for more information. Scott N. Alperin Alperin Law 4605 Pembroke Lake Circle . Suite 300 Virginia Beach, VA 23455 Our second issue of Estate Planning Matters focuses on disability planning. When contemplating their estate plans, many people concentrate only on what happens to their property after they die. In doing so, they often ignore the fact that the probability of a person becoming temporarily or permanently disabled during life far exceeds the likelihood that he or she will die early, in most cases. For this reason, it is important to understand that estate planning is not just about avoiding probate and minimizing taxes. It is not just about transferring wealth at your death. It is about taking care of you and your loved ones at all stages of your life as well as after death. As you will see from this newsletter, proper estate planning ensures and provides detailed, clear, comprehensive, customized instructions for handling your affairs in times of physical or mental disability. We welcome your questions and comments. Please let us know if there is anyone you would like us to add to our Estate Planning Matters mailing list. Scott N. Alperin