Minding Your Business - David Nunheimer, Counsellor at Law

David Nunheimer, counsellor at law, is able to give a future client advice on the pros and cons of the different options for estate planning and what happens when the inevitable happens. He said it’s important to get things planned now rather than waiting. 

“You need to decide between a will and a trust. Think of a trust as if you owned a corporation, who runs it if you’re gone, who owns it,” he said.

“A will is cheaper up front,” said Nunheimer. “But in the end it will cost you money and it’s more of a hassle. A trust is more expensive but less hassle, you’ll avoid probate, which can be lengthy, and it may offer tax benefits. It’s really the same amount of money either way. I recommend the less hassle route.” 

It’s never too soon to think about wills and trusts, he said. “Young families should talk to a lawyer as soon as they have children,” he said. “You need to plan for your kids in case something happens to you both. It’s not a comfortable subject, but who will be their guardian? If you’re the breadwinner, we can advise you on life insurance, too.”

Nunheimer has a very relaxed manner. Even his attire puts you at ease.  

“I don’t wear a suit and tie. I’m going to go into your closet. I want you to be relaxed and casual. We’re doing this every day and we never want to come off as mechanical. This is a very important subject,” he said. 

Some people may view setting up a trust at an earlier age as premature and that it may just lead to one revision after another as circumstances change. “We can set you up with something called a living trust. It grows and evolves like a living thing. Living trusts allow a trustee to manage the assets in the trust and eventually transfer them to beneficiaries after your death.” 

Wrapping your head around this may be difficult; I know it was for me. But Nunheimer said simply, “a trust means you can avoid probate; your assets fund the trust.” 

He also advises to not wait until you have to face these issues. “Panic planning is never a good thing,” he noted. And if you do find yourself in an ill-prepared state when your loved one dies, “wait at least six months for a clear mind and decision-making. Come back when you’re ready.”

He feels that if you’re organized and generally prepared, you’ll be ready for what life throws at you. And he can help you decide which path to take. 

Nunheimer has two offices: West Chatham and downtown Hyannis on North Street.  He’s in Chatham every Tuesday and Thursday. Why not call him today?