Carpenter Law Firm

11/06/2023

https://www.trustconcepts.com/blog/estate-planning-and-procrastination

Estate Planning Procrastination: Why it Happens and Why it Shouldn't

08/23/2023

https://www.trustconcepts.com/blog/trusts-for-special-needs-individuals

Special Needs Trusts: Protect Your Loved Ones After You're Gone

08/10/2023

https://www.trustconcepts.com/blog/medicaid-issues-with-settlements

If You’re Injured and on Medicaid, You Can Still Receive Medicaid Benefits After Obtaining a Settlement with Careful Trust Planning.

08/07/2023

The Infamous “Reading of the Will;” Real or Not Real?

08/07/2023

https://www.trustconcepts.com/blog/lets-talk-about-wills

The Infamous “Reading of the Will;” Real or Not Real?

08/03/2023

Who gets your estate when you die, will you decide or will you let the state decide?

Who gets your estate when you die, will you decide or will you let the state decide?

12/25/2015

http://ift.tt/1mDwSy4 "Get the documents in place before tragedy hits and emotions are sky high." Money's recent article, "5 Essential Documents for Protecting a Loved One with Dementia," says that a person with dementia needs someone—either a relative or a trusted friend—who can make important financial and medical decisions in his or her stead. It's critical to assign this job while the person with dementia is still mentally able to make sound decisions and have the legal capacity to be involved in making the choice. If you delay with the paperwork, your family member's dementia may progress to the point where he or she cannot legally turn over power. At that point, your only option is to petition for guardianship and ask a judge to declare the person incapacitated. That can take about two months and may be expensive. It can get even worse if your loved one—or another family member—contests the application. Laws vary by state, and mistakes can be costly. You should draft these documents with the help of an experienced elder care attorney. Here are the key documents that are recommended: Durable Power of Attorney. This gives you the authority to make financial decisions for your loved one, like writing checks to pay his or her bills, handling tax returns, and selling a home. A "durable" power remains in place if the person for whom you are making decisions becomes incapacitated and can't make decisions for himself or herself, as opposed to a regular power of attorney, which terminates if the person who issued it becomes incapacitated. Avoid some headaches and visit the institution with the family member granting you power of attorney to complete any proprietary forms in advance. If your loved one spends a significant amount of time in another state, you should also have a power of attorney drafted by your estate planning attorney according to that state's laws. Health Care Proxy. This is really a power of attorney for medical decisions, allowing you to make choices about treatments, doctors, and other health-related matters. Living Will. This is also called an advance directive for health care. It lets your loved one specify the medical treatment that he or she wants—or doesn't want—near the end of life. Updated Will. A will gives instructions as to what happens to any of your assets after you pass away. Your will needs to be reviewed periodically to reflect changes in your life. Living Trust. You might also consider this if your loved one with dementia has substantial assets. A living trust makes it easier for another to manage the assets, e.g., homes and investment accounts. The trustee must adhere to the specific instructions of the person who created the trust. It is also useful in states with onerous probate procedures because a living trust may allow the estate to avoid probate when distributing the property of a person who has died. Again, it's important to talk to a knowledgeable estate planning attorney before setting up any kind of a trust. Reference: Money (December 11, 2015) "5 Essential Documents for Protecting a Loved One with Dementia"

12/24/2015

http://ift.tt/1OpKI3F "Estate planning can be a complex process with far-reaching consequences, or quite simple." WMUR.com's recent post, "Money Matters: Common estate planning mistakes," says that regardless of how easy or difficult you think estate planning may be, it's important to review your wishes and have the proper documents prepared to ensure they are followed at your death. In this post WMUR.com shares a few of the most common and potentially costly mistakes, along with suggestions on how to avoid them. Failing to plan. Many of us don't have a will—but like it or not you do have an estate plan. The plan is called the law of your state and the probate judge. If you die without a will, your estate will be divided according to intestacy laws. In that case, there's no guarantee this will be what you wanted. A one-page will or a more complex plan with other strategies like a trust can help reduce estate taxes, save on administrative costs, and put you in the driver's seat when deciding how your assets are to be distributed to your heirs, charities, or to help a family member with special needs. Another important point: in many states a will is the only way that you can name a guardian for your minor children. So, if you move from one state to another, be sure to check local laws. Failing to maximize your marital estate exemption. The new portability law provisions ease some of the estate tax planning burden by allowing each individual a $5.43 million federal estate tax exemption in 2015. If one spouse dies without using up his or her $5.43 million, the unused portion may be transferred to the other spouse for use at the survivor's death (hence the term "portable."). You should also remember to investigate any state estate taxes when reviewing your strategy and make certain to discuss how portability is elected with your attorney. Naming a relative as executor or trustee. Your executor is the individual or company responsible for administering your estate after you die. It's a big responsibility, so this person needs to take the job seriously. A loved one may be too emotional to focus on this task, and there can be conflicts if the executor is also a beneficiary. You might consider using a professional along with the family member. This can save you both time and money. Talk to your estate planning attorney. Relying on advice from family or friends. Your brother's kid may be a first year law student with all kinds of enthusiasm, but you need to work with an experienced estate planning attorney. Estate planning is a "must do." You need to be prepared and have your legal documents in place to give your loved ones peace of mind, knowing that things will occur as you wished upon your passing. Everyone's situation is unique. Talk with an estate planning attorney to help you review your needs. And remember that estate planning is not done once—you must review your plan periodically for changes in your life. Reference: WMUR.com (December 10, 2015) "Money Matters: Common estate planning mistakes"