People should always carefully review their estate documents for errors. They should also be sure to regularly update their documents if their situation changes. Many times people get divorce, have another child, or there is a death in the family that will require them to update their plan.
]]> Speaking with an estate planning attorney might be a wise decision. Considering the following things for estate might help you avoid some costly mistakes:•· Remembering that estate planning is not one-size-fits-all. All people have unique needs and unique wishes, and speaking with an experienced attorney can be beneficial in making sure you have a customized estate plan.
•· Not having a plan should not be an option. Everyone should consider what will happen to their belongings after they pass away. While thinking about death isn't always pleasant, it can bring peace of mind knowing that your relatives will know what to do.
•· Coordinating with other professionals to make the financial aspect of estate planning go smoothly is important. Some estate planning moves might have different tax consequences.
Since everyone's situation is different, it is important to speak with an attorney who can address your need and what you want to happen to your belongings.
Source: Forbes, "7 Major Errors In Estate Planning," Rob Clarfeld, April 25, 2012
]]>Childhood actor Gary Coleman's estate is now being fought over in court. There is a dispute between the actor's ex-wife and ex-girlfriend over who has the rights to his estate. While his assets weren't as big as some Hollywood stars, the potential for financial compensation off of future royalties could be significant.
]]> Because he went through many changes throughout his life, including getting married and then divorced, there might have been some unknown issues with his estate. When someone gets a divorce it is important to update their estate planning documents to make sure there are no unknowns left for family members to deal with should you die unexpectedly.Making a will is easy to put off, but the case of Gary Coleman is a reminder to all of us that unexpected things do happen, and it is important that your final wishes are honored after your passing. There are various legal measures that can be put in place to make sure your money and other assets are distributed the way you want after you die. Speaking with an estate planning attorney can help eliminate the complexity of planning your affairs.
Source: The Huffington Post, "Gary Coleman Estate: Actor's Ex-Wife Shannon Price And Ex-Girlfriend Anna Gray Battling It Out," May 7, 2012
]]>While estate planning and making sure your mother has a living will isn't always an easy subject to bring up, it will be well worth it when the plan starts becoming necessary. Not only does estate planning include a will, but it can include trusts and power of attorneys to make sure your mother's plan for her money is implemented and safeguarded. According to a report Alzheimer's, a degenerative memory and brain disease, affects one in eight people over 65 in the United States. This statistic makes it more important than ever that estate planning starts early.
]]> Bringing up the subject lightly, and telling your mother or parents that the reason you are mentioning it is because you care and you want to be involved in their care when they can no longer care for themselves is important. Since memory loss can come at any time, it is important that these discussions happen as early as possible.Once a parent starts to lose their memory or becomes unable to care for themselves, taking over control of their care decisions becomes more difficult. Having a living will allows your mother to legally plan for her own care if she is not able to make decisions for herself. While not an easy thing to start talking about, care decisions and estate planning can be essential in ensuring your parent's future care.
Source: Smart Money, "Talking to Mom About Alzheimer's and Her Money," Glenn Ruffenach, May 7, 2012
]]>The unfortunate thing is, more and more of us are finding less and less spare time. We have children's sports games to attend, elderly parents to take care of and busy work lives. That leaves little time to sit down and plan for the future. This unpredictable and hectic lifestyle that most of us live is exactly the reason people might want to force themselves to find the time for estate planning.
]]> Our lives are full of marriages, divorce, births, deaths and changing financial situations. All of these things weigh on our relationships with other people and influence who we hope get's our belongings after we are gone. Instead of hoping that the person gets a certain belonging, using proper estate planning in New Jersey can help ensure that person gets what you want them to have.Even after you die, using proper estate planning, you can dictate what happens to any money or property that you leave a person. This may require a few legal devices such as a will and a trust or multiple trusts. Speaking with an estate planning attorney can make sure you have all the proper legal documents in place to ensure your property and money is going where you want it to go after you are gone.
Source: The Huffington Post, "Estate Planning: What You Don't Say Can Hurt You," Ann Brenoff, April 23, 2012
]]>Death, like taxes, is inevitable. Less sure is how death will come to any given individual. That can make it easy for folks in New Jersey to relegate the issue to the back burner of life. But sooner or later, the issue has to come to the fore and if an individual is incapable of making crucial care decisions for him or herself, who will?
Whatever one chooses to call it; a living will, advanced directive or advance care plan; the objective of this tool of estate planning is to make audible and amplify a subject that is often considered too unmentionable to broach. By holding the conversation with loved ones now and creating a living will, a person creates a bridge that minimizes questions that might arise later about critical care decisions that affect them.
]]>Doctors understand the value of living wills and in some states they are launching formal efforts to expand that understanding and thus boost the numbers of people with advance care plans in place. Wisconsin is one.
According to statistics, only about 20 percent of Wisconsin residents have taken the step of designating a healthcare power of attorney for themselves. That compares with 61 percent of doctors in the state. Nationally, the number of people with a living will is estimated at only 30 percent.
To change things in the Dairy State, the state's Medical Society is mounting a statewide campaign. The plan is to train nurses, social workers, chaplains and other non-physician health professionals on how to facilitate the delicate discussions that need to be held for advance care planning. Some $160,000 has already been raised from various health systems and nonprofit organizations and fundraising continues.
Organizers say the first targets of the campaign will be middle-age patients who already have life-threatening conditions. Society officials say this addresses two realities in healthcare today. One is the fact that so many people with chronic conditions haven't had the necessary conversations about care and then they go to the hospital. The other is that when such patients show up at the hospital doctors, lacking any other information, are required to default to aggressive treatment.
That may not be what's best, or what the patient wants. But without an advanced directive, doctors say they have no choice.
Source: American Medical News, "Wisconsin doctors get support to help patients complete advance directives," Kevin B. O'Reilly, April 30, 2012
]]>To protect and serve is the motto most people associate with law enforcement. There are some in New Jersey who might argue it should be the motto of all of government. Unfortunately, it doesn't always seem to work out that way.
Protecting and serving is at the heart of the job for guardianships and conservatorships. Because the job can be a challenge, involving acting in the best interest of someone who may be incapacitated, the ideal would be for every individual to name their own guardian. That doesn't always happen, either.
]]>What sometimes happens with some elder citizens is that the state steps in and turns guardian duties over to an unknown third party and that can lead to issues. In Kane County, Illinois, the woman who had served as the public guardian for nearly a decade had racked up so many complaints that the governor ousted her earlier this month. He replaced her with an elder law attorney.
This guardian was appointed to the jog in 2003 by then-Gov. Rod Blagojevich. Prior to getting the post, she had been a tennis pro in the area's park system. In her guardian role, she earned $100 an hour and the attorneys who supported her made up to $280 an hour.
Over the years she became the source of major frustration for those she served. She also became the focus of a series of articles in a local newspaper.
While many of the wards under her protection admitted they needed help, they complained that the woman was costly and unresponsive to their needs. Friends of wards said they had been blocked by the woman from having any contact with them. Lawyers working in the system complained, too, saying that it was too lax.
What may have been the last straw was a story in March about how the guardian handled one ward's estate. He had died in October and was still in the morgue four months later. When a cousin tried to have the man's body cremated, the guardian reportedly had it buried in a grave the cousin owned, without permission.
Shortly after that, the governor ordered the woman out and nominated the attorney. The new guardian is expected to be approved by lawmakers later this month. She says her major focus will be to ensure clients and their loved ones more due process and less interference.
Source: The Beacon-News, "Next Kane public guardian pledges less interference," Denise Crosby, April 24, 2012
]]>Another example of how trusts can be put to work for the benefit of others is offered in the story of a teenage girl in Britain. Amy May Knowles is a bright young 17-year-old who has a rare stomach disorder. Her condition is a mystery to some of the top experts in England. As a result of it, the nerves and muscles in her stomach don't work and she can't digest food.
]]> After years of ongoing treatment, including eight major surgeries, Amy is now relegated to being fed liquid nourishment through a feeding tube for 12 hours every day.Recently, she made the decision to create a trust raise funds for it. The objective of the fund, according to media reports, is to pay for her ongoing medical treatments. It's also meant to pay for ongoing research into the condition she's afflicted with in hopes of helping others and possibly finding a cure. The beneficiary of the fund will be Great Ormond Street Hospital, the leading children's hospital in Britain.
According to Amy's mother, the girl wants the money raised to fund stem cell research to help determine the cause of her condition and to fight it and other gastric disorders.
Source: Bradford Telegraph and Argus, "Keighley teenager sets up fund for fellow stomach disorder sufferers," Marc Menaud, April 26, 2012
]]>Another benefit of having a tailored estate plan document is that it provides a way to make sure that benefits owed as a result of life insurance policies are paid out as they should be. Too often, individuals with active policies pass away without ever recording that benefits are due. They go unclaimed. Insurance companies may not bother trying to find beneficiaries so they can hold onto the cash, put it to work and make more money.
]]> Those who think such things don't happen need look no further than news reports this week. They reveal that MetLife has joined two other big life insurance companies in settling claims by state regulators that the firms held on to benefit payouts and weren't as diligent in looking for beneficiaries as they should have been. All it requires is cross referencing the social security death rolls with their own policy records.A spokesman for MetLife says the company will be paying out $40 million to a number of states as part of the settlement. He says an additional $188 million will be issued to beneficiaries around the country through the rest of this year.
Prudential and John Hancock have reportedly reached similar agreements. State officials say the companies are expected to pay out a sum of more than $1 billion over a number of years as a result of the agreements.
The states stand to gain in some measure, too. In cases where survivors can't be identified or found, MetLife will pay the unclaimed funds to the governments.
Source: The New York Times, "MetLife Settles Cases on Benefits," Mary Williams Walsh, April 23, 2012
]]>Not so fast. Although Hudson County readers can deal with small mistakes in plenty of areas of life, estate planning is not one of them. When evaluating a document like a will, courts strictly interpret the words as they are (because, simply put, you're not there to correct anyone). That means even a small mistake could result in some serious unintended consequences. Here are three mistakes that may not seem like a big deal, but have the potential to cause a lot of aggravation:
]]> Ambiguous beneficiary: Leaving something "to my daughter" is not a good idea. Maybe you only had one daughter when you chose that phrase for naming your beneficiary, but what if you had another daughter afterwards and then forgot to update your beneficiary designation? You'd put both of your daughters through the hassle of going to court to find out what you meant. It's far easier to say "to my daughter, Jane Q. Public" at the start so there is no confusion.Unclear references to assets: When you are making a bequest, make sure it is absolutely clear what you are bequeathing. Saying "the balance of my savings account" will not work if you have more than one and it is not clear which one you mean. Think about it -- what if you opened a savings account when you were 12 years old so you could deposit your lawn-mowing money and then completely forgot all about it? It's still there and still in your name and would once again create real problems that could have easily been avoided.
Having more than one will: If you die with more than one will, courts will generally take your most recent will. The thinking is that your most current will is the one that reflects your most recent wishes. Then again, if your will is not properly drafted, it may not be easy to tell which came first. Also, having more than one will makes it easier to argue that your newest will was produced when you were under duress or undue influence.
These are just three common mistakes that snarl up estate administration far too often. Working with a qualified attorney likely will reduce the possibility that any of this will happen to you.
Source: The Business Review, "10 Tips: Avoiding common estate planning mistakes," Barbara Pickney, April 10, 2012
]]>The concept in that list that perhaps stands out is that of empowerment. The reality of our current health care system is that it is rooted in a norm that usually involves going to a doctor when you're sick, the doctor telling you what to do and you doing what the doctor orders; maybe. Patient empowerment, that is, ensuring that patients are as informed as they can be to make the best decisions about their care, is usually not part of the picture.
]]> This can be a particular issue in cases where a patient suffers from chronic illness or is dealing with an end-of-life condition. Patient empowerment employed in such cases involves patient engagement and tends to shift the focus of care toward achieving the patient's goals, rather than those of the care provider.What engagement and empowerment does is allows patients to express their wishes. It also gives doctors and care facilities guidance on how to respect whatever those wishes might be. Research suggests that such empowerment makes for better outcomes.
Living wills, or advanced directives, are estate planning tools that can help spell out those wishes. But some legal experts suggest they are not enough. In addition to having a properly drafted living will, individuals should also appoint a health care proxy. This would be someone who would be fully aware of your needs and desires and who will be able to advocate for you when you can't.
Do you still have questions? You can contact an attorney to get some answers. If that's too much of a step, at least begin to engage loved ones in the discussion. To help get that started try visiting the Engage with Grace website. There you will find a simple five-question form that can begin to help frame a possible discussion.
Source: Forbes, "Can Patients Make Good Decisions?," Carolyn McClanahan, April 16, 2012
]]>While it might be nice to think "it could never happen to me," the reality is that it can happen to anyone. In some cases, it may happen gradually. In others, it can occur suddenly, as in the case of a stroke. Without binding documents that lay out your wishes, name individuals who will serve in roles of guardianships or conservatorships for you, and make end-of-life ideals clear, your fate could be left in the hands of a court.
Here are issues to consider now.
]]> Health care decisions: Medical decisions need to be made. If you can't, who will? You can cover the base by asking someone to serve as your health care proxy. With the help of an attorney you can be sure that copies get into the hands of the named proxy, your primary doctor and a third backup person you trust.Final wishes: Do you know how you want yourself cared for in an end-of-life situation? By putting it into a living will, or advanced directive, you ensure your wishes are adhered to to the greatest extent possible whether you want full measures taken or issue a do not resuscitate order.
Finances: If you can't manage your money, who will? Assigning durable power of attorney to a trusted family member or friend can give you confidence that your needs will be met with your best interests at heart. It's good practice to name a backup agent if the first person can't perform the duties. As an add-on to the power of attorney, you can set up a living trust, or revocable trust, to manage your assets on your behalf if you become unable to.
This is not intended to be a comprehensive list of matters that are covered under solid estate planning. Contacting an attorney to discuss all the options is always the best way to proceed.
Source: Forbes, "Mike Wallace Death Underlines Need To Prepare Financially For Risk Of Dementia," Deborah L. Jacobs, April 8, 2012
]]>Take as an example the recently announced plans for an auction of a whole load of memorabilia of the late, great Les Paul. Julien's Auctions will be managing the affair. While full estimates of how much all the goods might fetch aren't available, there are reports of a number of single items that will be available that Julien's says could go for $60,000 to $80,000.
]]> Paul, who was known as the father of the electric guitar, was a major player in the music business, both in terms of his musicianship and technical innovation. Among his credits are the design and production of one of the first solid body electric guitars and the development of the 8-track recorder.Included on the slate of items to be sold during the June 8-9 auction in Beverly Hills is an array of guitars, a grand piano Paul used in the recording studio in his home in New Jersey and a 1970s 16-track recording machine. Also on the list is an equipment case Paul hauled to the gigs he played each week at the Iridium Jazz Club in New York. It includes six Boss pedals, a pair of his sunglasses and masking tape tags listing the settings he used.
Paul died in 2009 at age 94. The date of the auction coincides with the 97th anniversary of his birth. Organizers say the sale will be preceded by a 10-day public exhibition of all the available memorabilia.
Source: Reuters, "Early Les Paul guitars to be sold at auction," March 26, 2012
]]>Wallace leaves behind a great number of heirs. He is survived by a number of ex-wives, the latest of which was the former Mary Yates. There is his son, Chris; a stepdaughter and two stepsons; seven grandchildren and four great grandchildren. Besides his journalistic legacy we can presume there is a significant estate that will be distributed in accordance with a comprehensive will.
]]> No cause of death has been reported at the time this post is written. But it had been known that Wallace had been slowly declining in health for some time. Wallace had had cardiac issues for some time. He had had a pacemaker implant more than 20 years ago and in 2008 he underwent triple bypass surgery.CBS, the network for whom Wallace worked for so many decades, reports that the family is in the process of making private funeral plans. For its part, the network says this Sunday's edition of "60 Minutes" will be a special program dedicated to Wallace. A further memorial will likely be assembled and presented later this spring.
In the meantime, flowers are expected to be placed at the star on the Hollywood Walk of Fame placed in Wallace's honor.
Source: USA Today, "Mike Wallace memorial tributes planned," Ann Oldenburg, April 9, 2012
]]>Across the country, many states are rethinking their approach to taxing estates and bequests. Indiana recently increased the amount that a person can transfer without being hit by a tax penalty and other states, including Nebraska, Oregon and Ohio, are considering seriously revamping their tax structure with respect to inheritances.
]]> Maryland is like New Jersey in that it levies both an inheritance and an estate tax.While we all would love it if the tax laws were changed so that fewer dollars went to the government and more went to the intended beneficiary, for now, we must work within the laws as they are written. Many people who are working on their estate plans find it worth their while to allocate a certain amount of their time with their attorney to discussing tax repercussions. An attorney who is experienced in this field may be able to advise you on how to craft your estate planning documents so that you can avoid the worst penalties, and obviously that would be a good thing.
Source: Forbes, "Another State Death Tax Kicks The Bucket, Will Others Fall?" Ashlea Ebeling, March 20, 2012
]]>Whether that's the actual number to apply to our state is less important than reinforcing just how important it for everyone to know how to create a living will. These documents, also called advanced directives, are the tools by which individuals make clear how they want their care to be handled in end-of-life situations.
]]> As it happens, Monday, April 16, has been set aside nationally, in the state and in within local communities, as National Healthcare Decisions Day. In the Newark area, Saint Michael's Medical Center is taking part in the effort. Further south, South Jersey Healthcare is participating. The intent of the day and its related activities is to encourage families to have the essential conversations about what might have been deemed too delicate a subject.To help in the process, South Jersey Healthcare is inviting the public to come in to the SJH Regional Medical Center and SJH Elmer Hospital. Brochures and staff will be available to offer information and answers. Admitted patients will have access to information through videos on the hospital TV systems.
At Saint Michael's, representatives will be on hand near the main lobby from 10 a.m. to 5 p.m. to answer questions.
Through these efforts NHDD organizers hope to not only raise awareness about living wills, advanced directives and assigning a healthcare power of attorney, but also to encourage individuals to take the step of actually putting their end-of-life care wishes into legally binding form.
Perhaps the best way to think of living wills is this. By creating one, you ensure that the people you love the most will not be left in the predicament of having to make the most difficult decisions of your life.
Source: NJ.com, "South Jersey Healthcare readies for National Heathcare Decisions Day," Matt Gray, The News of Cumberland County, March 20, 2012; Saint Michael's Medical Center, "Saint Michale's Medical Center to Observe National Healthcare Decisions Day."
]]>