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Recent Blog Posts
The Importance of a Health Care Proxy
Most people do not like to consider decisions that may need to be made later on in life when in comes to the failing health of themselves or even a loved one. This apprehension sometimes leads to the actual avoidance of any advanced planning. A report in the South Coast Today stresses the necessity of having a health care proxy in place.
One of the things that can be especially frustrating is when a doctor does not agree to follow the patient's wishes. One instance of this kind of thing taking place is when invoking a health care proxy. A health care proxy is a process that designates a person to make decisions that are medical in nature when the patient is no longer able to do so. The patient being cared for has to be deemed incompetent by the heath care professional before the proxy can be invoked.
Deeming whether or not someone incompetent is especially difficult when the person is still awake and somewhat coherent. When a doctor does not agree that the patient is incompetent, what options does the family have? There are several options that can be exercised before going straight for the legal option. One option is to ask the patient if it is okay for the family to take part in medical discussions with the staff. This, of course, should be done in the presence of the attending physician or other legal personnel. The other option is to have a HIPPA release signed. While this does not give the family the right to take part in medical decisions, it will assist the family in keeping up to date and informed with everything that is going on.
The Basics of A Living Will | Illinois Estate Planning Lawyer
Estate planning can be daunting, even to the most seasoned money-maker and mover. Setting up an estate plan is admitting mortality, and many people shy away from it solely because they fear what it implies. Yet having an estate plan shouldn't be looked at as preparation for death—it's preparation for the lives of your loved ones after you're gone. There are several aspects of estate planning, and each step of the way can be a complicated one. The most important first step is to contact an estate planning attorney who can walk you through the process.
One aspect of estate planning is a living will or a health-care proxy, which, according to CNN Money Magazine, is also known as an advance medical directive. A living will is a "statement of your wishes for the kind of life-sustaining medical intervention you want, or don't want, in the even that you become terminally ill and unable to communicate," according to CNN Money Magazine. Many people fear becoming so ill that their lives are only sustained by artificial means such as life support, and would rather check out, so to speak, than breath through an apparatus. Others would rather hold out hope until the very end. The only way to let your loved ones know legally which you'd prefer is through a living will.
How to Amend a Will
If you have executed a document as your last will and testament correctly, it will last through to the time you die, unless you choose to revoke or amend the will by a properly drafted and executed codicil.
A codicil does not replace, but merely edits a will. It is typically used when certain parts of the will must be changed. It can be used to add or take out parts of a will; any part that is not changed or removed by a codicil will remain in effect until death.
Most often, codicils are used to change relatively small and specific portions of the will. For an example, if a diamond ring is left to a daughter, but then the individual chooses, instead, to leave it to her granddaughter, then a properly executed codicil can be used to complete that request. If that individual loses or sells the ring after drafting the will, the gift of the ring will simply be void and unenforceable at the time of death. A codicil helps an individual to avoid spending the time and money to execute a new will for these small changes.
When Planning Your Estate, Don't Fall off Fiscal Cliff
The Southern Business Journal recently posted an article giving advice on planning for the second half of your life in a way that will avoid serious financial troubles.
We've all heard of the infamous fiscal cliff and the always-increasing intensity about the impending doom the United States will face if the deficit and debt are not reduced immediately and without regard to the promises we have made to our retirees, veterans, elderly, etc.
If long-term care insurance companies have their way, you or your loved one may soon fall off your own personal fiscal cliff. Lobbyists have been bombarding Congress with the idea of dismantling the social and medical safety nets currently available to eligible seniors, veterans, and disabled persons through the federal Social Security, Medicare, Medicaid, and VA programs.
The Most Cost Effective Way to Give Money
Birthdays. Christmas. Showers. What do all three have in common? The ability for the giver to enjoy seeing the receiver's reaction and joy to the gift given to them and knowing what they just gave made someone else happy. What a feeling. It is true that it is better to give than to receive in that regard.
If your love language is gift-giving, look into giving your financial contributions and gifts NOW instead of after your death. Wills are great and so is making sure people and organizations get what you worked a lifetime for, but, there are opportunities for you to see your hard earned money bless others today.
There are two very easy ways to go about this. First, is to pay either medical or educational bills - unlimited expenses! Just make sure you give directly to the institution on behalf of the person you wish to help. That means college, doctors, hospitals, medication - expenses anyone would appreciate the help with! Second, is to give no more than $13,000 per person per year. Yes! That means you can select as many people you would like to give each $13,000 a year to! Just remember that you do have a lifetime to give $1 million without paying taxes.
5 Reasons to have an Estate Plan
When people begin to think about their families, eventually they think about when they won't be around anymore to protect them. That desire to provide is evident in all of life's big plans regarding education, jobs, housing, and healthcare. Having an estate plan can protect your family once you aren't able to.
Before thinking that you don't have enough assets to need an estate plan, consider these 5 reasons to reconsider your decision.
1. Protecting your Family
With the proper planning, assets can be sheltered from unforeseen circumstances. A conservator is required to handle assets for minor beneficiaries to look after their best interests; the conservator can be chosen in your plan. Estate planning can be used as a safeguard for an adult beneficiary from losing their inheritance through mismanagement, bad decisions, or even divorce.
Estate Planning is Especially Important for Parents
Unexpected accidents and deaths happen all too frequently. While it may seem morbid to plan for death while there's no apparent reason, doing so can help to save your family from headaches and money-aches later on. It doesn't matter your financial status—estate planning isn't just for the wealthy. An estate refers to all the property that a person, or couple, owns. This includes, but is not limited to: property, cars, businesses and stock holdings, and insurance contracts and pension benefits. If you have a claim pending against someone, such as a worker's compensation claim or a claim against a negligent driver in a car accident, that also counts as part of your estate.
The most important thing to remember about estate planning is that it can't be done after your death, or after you're impaired with some other disability affecting your capacity to wade through legal documents. The importance of having an estate plan if you have children can't be stressed enough. According to the Northwest Indiana Times, "when planning for a new child, a will is one of those things that is often overlooked." A will can sometimes make a great baby shower gift if the parents haven't yet considered executing a will.
Make Estate Planning Part of Your New Year's Resolutions
Many people make the new year the start of their new resolutions, whether they want to lose weight, save more money, or improve other parts of their lives. A recent Press & Guide article points out that one often-overlooked aspect of life is estate planning. As we move through the first part of 2013, take some time and make one of your resolutions to engage in some estate planning that will help carry out your wishes and save your surviving family members from some headaches in the long run.
You may think it is sufficient to avoid formal estate planning if you have listed another person as beneficiary on your bank accounts, life insurance policies, and 401(k) and other investment accounts. The major problem with using the beneficiary designation as an estate planning tool is the risk that a beneficiary predeceases you. If there is no beneficiary designated, and you have no will or other estate planning document in place, then state law will dictate how the proceeds of your account or other asset is divided among your heirs, whether that is what you intended or not. The bottom line is that if you want to be certain that your assets are distributed according to your wishes, then you need to take all necessary steps to ensure that your plans are carried out.
Highlights of ATRA Benefits
The online publication Financial Planning recently reported on the benefits of the new American Taxpayer Relief Act of 2012 (ATRA), which have now gone into effect.
The first benefit highlighted by the report is the provisions for estate and gift tax. Unlike the prior law, which relied on sunset provisions with constant uncertainty surrounding federal tax policy, the new law's provisions are permanent.
Permanence of portability of the federal estate tax exemption for married couples is also offered under ATRA. This means that if the first spouse dies and the value of his or her estate does not require the use all of his or her federal exemption from estate taxes, then the amount of the exemption that was not used for the deceased spouse's estate may be transferred to the surviving spouse's exemption so that he or she can use the deceased spouse's unused exemption plus his or her own exemption when the surviving spouse later dies.
Defining Your Basic Estate Planning Documents
As a recent Chicago Tribune article points out, there is no time like the present to update your basic estate plan. Now that Congress has spoken, albeit at the last minute, on the issue of estate and gift taxes in passing the American Taxpayer Relief Act, it is essential that you execute basic estate planning documents or update your old documents to suit your current situation.
There are a number of very basic documents that can clearly express your wishes in terms of your property and your children following your death. If you fail to complete these documents and you should pass away, then your state's law will determine the disposition of your property and the care and custody of your minor children. As a result, it is essential to complete the following documents if you wish to have any say in the resolution of these important issues.
- Will - Perhaps the most basic estate planning document, a will is a legal document that directs how your assets are divided amongst your chosen beneficiaries. You can go into great detail as to how to divide your possessions, or you can simply divide up your estate as a whole in predetermined percentages between various people. Additionally, a will often expresses your wishes for a guardian for your minor children.
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