Articles Posted in Advance Directives

thinking-about-the-time-1316649-640x480-300x225“While a longer life is a good thing, it will also present challenges – and unfortunately, sometimes financial predators.”

The prospect of a long, healthy and active life is a wonderful thing to consider. However, one in 10 seniors have suffered financial abuse, according to The Kansas City Star’s article “Five ways to avoid elder financial abuse.” The grandson of Brooke Astor spoke at a conference about how his grandmother’s last years were spent living in squalor, as a result of her son and guardian stealing from the estate and cutting the amount of money available for her care. The grandson and his brother sued their father to protect their beloved grandmother, a leading philanthropist and one of New York’s high-profile society figures.

Continue reading

pexels-photo-955389-300x200Do not buy into the myth that estate planning is only relevant for wealthy individuals who need tax planning. A comprehensive estate plan is an easy way to make sure your wishes are followed should you become incapacitated, and upon your death.

One of an estate planning attorney’s main responsibilities is ensuring that clients understand the importance of addressing these matters before they become an issue, reports the New Jersey Herald in the article “The importance of putting plans in writing.”

Continue reading

pexels-photo-748780-300x207Selecting someone to make health care decisions for you when you are unable, requires a great deal of trust and is considered by many to be the most important estate planning tool, according to The Daily News in “Choose Health Care Power of Attorney Carefully.”

The Durable Health Care Power of Attorney—HCPOA—is similar to the general POA in that both can be used to provide your representative with either very broad or very limited acting authority.  However, they are also very different. The HCPOA can be drafted to retain its effectiveness, while you are alive and after you pass away. Continue reading

hospital-6-1518170-1279x852-300x200“A bad medical diagnosis can make a person realize that he suddenly has far less time to get his affairs in order. What’s the best way to leave assets to your heirs? Should you pay off your mortgage?”

Receiving a terrifying medical diagnosis of a fatal illness, can leave you and your loved ones stunned and afraid. Once the initial shock has subsided and you have put the emotional and medical resources in place, it will be necessary to address the legal aspects, according to a recent article from CNBC titled “When end-of-life planning is suddenly a lot closer than you thought.” Continue reading

living-will-300x200Estate planning covers more than just creating a last will and testament to distribute your assets upon passing away. While none of us expects to find ourselves in a situation in which we cannot dictate the terms of our medical treatment in an end-of-life situation, we should nonetheless be prepared for situations like these and give guidance to or families on what to do when difficult decisions need to be made.

One document vital to these important health care decisions is a living will, which is not the same as a durable power of attorney that designates an agent to make choices on your behalf. These documents are two sides to a coin that your loved ones will need to instruct doctors on what to do should you be unable to speak for yourself in situations like being placed on a ventilator, a feeding tube, or being in a persistent vegetative state. Continue reading

A couple came in that had been referred by another financial advisor. The couple had a teenage child and wanted to make sure that their “legal affairs were in order” because they had done no estate legal planning in the past. We will be setting up an estate program for this couple to make legal matters easy or nonexistent when one spouse dies, and then making sure that guardians and trustees are named for their minor child should something happen to the parents before the child is an adult.  The simple goal to protect and organize is accomplished.

Planning for unfortunate situations is a real concern for families.  Rather than relying on good fortune and the law of averages, prudent families plan for contingencies.  While the time and expense of estate planning seem like a “not fun” endeavour, dealing with the mess of having no plan in place is a difficult and expensive process for those left behind.

In this case, our “Essentials Plan” was put in place.  A set of legal documents to provide guidance and authority for this family and their trusted agents in the event of an unfortunate event.

Which Of These Powerful Secrets Could You Use To Build Your Ideal Estate Planning Legal Program

  • Keep your estate settlement simple;
  • Avoid the court-supervised Probate process when you die;

The internet has turned the paper trail of one’s life into virtual confetti of online accounts. Sure, it’s not hard to find someone’s Facebook, LinkedIn and Twitter accounts. You might even be able to guess a password or two. But you won’t guess them all, and even if you could you might be breaking the law; in many places, accounts can’t be legally accessed by anyone other than the holder.

All that gray area creates the potential for Twitter, Facebook, email and other accounts to sit stranded online in a state of suspended animation. At best, they’ll be creepy reminders every time they prompt friends and family to wish a happy birthday to the departed. At worst, they’ll keep important assets, like bank balances, locked away.

There are currently federal and state laws that may make it a criminal offense for anyone other than the account owner to access an account. This is true even if the owner gives another person permission to do so.  By the end of 2017, it is expected that almost every state will have enacted some form of the Revised Uniform Fiduciary Access to Digital Assets Act. RUFADAA will allow for users to request a digital assetsservice provider to give a fiduciary access either by opting in on an online tool furnished by the service provider or through one’s estate planning documents.

The biggest challenge facing your estate may be finding digital assets after a death. If your family or named fiduciary isn’t aware that you have a Dropbox account, no one may ever look for it.

We recently partnered with Directive Communication Systems which provides personal representatives with a powerful solution for managing personal accounts. When the time comes, DCS works with accounts to implement an estate’s final wishes which may include deletion, transference, memorialization or other instruction. Even a financial institution can be contacted to initiate next steps for the attorney. With DCS, you can be assured that accounts will be managed securely and estate administration will be handled smoothly saving both time and anxiety.  Continue reading

We’ve talked to many Wisconsin families about things that they had done in an effort to protect their money from all being sucked up by the nursing home costs which can exceed $100,000 annually. Lots of mistakes are being made by people who don’t truly understand the intricacies of the Wisconsin Long Term Care Medicaid law and regulations. While you won’t get all the answers in this post, you’ll learn what some of the common mistakes are. So… here are options that just don’t work. Continue reading

Epic Blog Title Image #1

The Most Important Thing You Can Do For Your Aging Parents

How to Ensure Your Parents Don’t Lose Their Home, Bank Accounts, & Assets To Long Term Care Costs

A friend relayed a story that is one I hear all too often when it comes for caring for aging parents.