In my job as an Elder Law Attorney, I have the pleasure of seeing clients in three different offices: Sidney, Wilmington, and Monroe. Because of this, I spend a lot of time on the road traveling between offices.
On these long drives I mostly listen to the news on the radio. Everyday I hear about chaotic financial markets, the European debt crisis, and pundits wondering when the next crash will come. So many hard working Americans are struggling to get by, and many elderly persons are struggling to preserve what remains of the assets that they spent their whole lives working so hard to accumulate.
It makes me glad that I work in a field that allows me to help clients preserve their assets. Even with the news is full of stories about programs for seniors being slashed and markets coming down, taking average people with them, there are still ways that you can protect what you worked your lifetime to accumulate. You can protect yourself against rising taxes and healthcare costs coming at the same time as declining markets. By working with an Elder Law Attorney, you can create a plan that goes beyond simple wills, and is a life plan, to help protect you and your family from whatever comes your way.
When is the right time to start estate planning? Now, it’s never to soon to “get your ducks in a row”, no matter your age or financial status. No one likes to talk or think about what is going to happen when they die but if you don’t, someone else will be left to make the decisions you should be making yourself.
Estate planning can be as simple as a Last Will and Testament, Powers of Attorney, and Healthcare Documents or it could involve numerous Trust and/or financial products. Don’t let someone else decide who will be guardian of your minor children, who will make your healthcare decisions, or determine who receives what when you die. Contact Cooper, Adel & Associates for a free consultation.
Recently, my fiancé and I sat down to discuss how we plan to handle our finances in the future. Rather than pulling out paper statements and looking at them across the kitchen table, we each booted up our laptops to access our accounts. Banks and other institutions have offered so many incentives to switch to paperless statements and online accounts that we only open our mailboxes occasionally to clear out the credit card offers and advertisements.
As it turns out, we are not alone in moving to accessing our information online. However, it is an aspect that can be overlooked during the estate planning process. As Patrick Marshall writes in the Seattle Times article "Digital estate planning is often forgotten," it is not only our financial accounts that we handle online- it is also our businesses, social networking sites, and communication. Without specific planning for those digital accounts, loved ones may not be able to access online accounts, and even when they are able to, they may not know how you want them handled. Because the Internet has changed how many of us live our lives, it makes sense that it should inform how we plan as well.
If you need direction or recommendations abut your digital estate planning, contact the attorneys at Cooper, Adel and Associates.
On December 30, 2011, while most people were preparing for their new year’s eve celebrations and making sure that they had their resolutions outlined, I was interviewed by WDTN NBC 2 in Dayton “News on your side”, to discuss financial and estate planning new years resolutions. During the interview we reviewed the importance of planning specific to 2012, specifically the changes to the estate tax rules. We further discussed the importance of creating strong legal documents, such as a Health Care Power of Attorney or a Living Will and taking time to address those difficult end of life decisions. To see an excerpt of that news program, please review the video below.
Have questions? Give us a call at Cooper, Adel & Associates.
Pam Elliot: We’re “On Your Side” now with ways to set financial goals especially for seniors. Joining us now is attorney Mitch Adel from Cooper, Adel & Associates.
Mitch Adel: Thank you and, yes, Cooper, Adel & Associates works with clients statewide and has offices in Centerburg, Monroe, Sidney and Wilmington.
PE: Your expertise is in the area of senior planning. As we look to 2012, is it too late to do the things we should have done for 2011?
MA: I would stress to our viewers, just because people start thinking about New Year’s resolutions whether it’s about losing weight, saving money, exercising a little bit more, that they start looking at financial goals. They start looking at projecting and preserving assets. That can be done any time, but why not start this year? Make it your resolution to start planning now.
PE: When you talk about working with seniors, helping seniors, what age group are we talking about? Is it ever too late to talk about retire- ment or, on the other hand, too early?
MA: The usual client base that I see is about 55 and older, people who may be dealing with catastrophic health care costs for them- selves or their families. As children start to see their parents spend a large chunk of their savings or what they accumulated over their life- time in a few short months, they start planning a little bit earlier.
PE: What would you say is the number one goal that you would recommend for folks to look ahead into the new year?
MA: That’s a great question. A number one goal, regardless of wealth, would be getting your basic legal documents and legal affairs in or- der. I think people should be working with attorneys to obtain power of attorney documents, health care power of attorney documents and living wills. Power of attorney documents are very important because they allow you to appoint someone to make decisions for you when you can no longer make them for yourself. Unfortunately, no one knows when that will occur. In terms of a living will, I think everyone is familiar with the Terry Schiavo situation in Florida. The biggest problem is that, without a living will, the court system makes a determination as to life or death. Her family did not get to do so.
PE: Now with the internet, you can get these types of forms—they can be valid—you don’t need to go to a law office, correct?
MA: You don’t, but you should. There are a lot of other decisions including who should be your back up, what other powers or authorities you want in the documents—these are all important and you should seek professional advice before you sign anything. This is the best method to ensure you are protected.
PE: Everyone wants to save, but it’s tough these days. In terms of retirement planning, do you think people 55 and older should be putting money into stocks or something more reliable? What do you think?
MA: As far as savings, I believe what people should be looking at now is the bigger picture. One of the most critical issues to plan for in 2012, especially in this area, will be the drastic tax changes coming in 2013. The threshold for the federal estate tax, the amount that can pass to someone at death, is going to drop dramatically and families could experience 55 cents on the dollar in taxes on anything above that amount. So I think people should be taking steps to protect themselves from that standpoint this year.
PE: Thank you—we appreciate you being with us and sharing this helpful advice.
Answer: In addition to the documents and products such as those listed in the preceding question, an estate plan may include the process of qualifying an individual to receive government benefits such as Social Security/Disability, SLMB, QMB, Passport, nursing home assistance, or Veterans Benefits. The estate plan may also include directing individuals to ancillary senior services such as those that assist with paying bills, contractors who specialize in home maintenance, repairs to accommodate special medical needs, information about durable medical equipment, assisting individuals to apply for discount drug programs or assistance with Medicare or insurance claims.
Answer: Perhaps the best way to understand what I mean by the phrase “estate planning”, is to define what estate planning is not. Estate planning is not a product or a document. For example, estate planning is not a will or living trust or a nursing home insurance policy or a power of attorney or an advanced medical directive or a Medigap insurance policy or a limited partnership or a corporation or a charitable remainder trust or a wealth replacement life insurance policy or a qualified personal residence trust or an irrevocable life insurance trust, etc. The items in the above sentence represent products or documents. They are not an estate plan. An estate plan is a strategy which may involve some, many, or none of the above documents to preserve and protect your wealth. The type of estate plan or strategy which is appropriate for you must be based on a comprehensive analysis of your family, health and financial situation by a qualified professional. If you have not been involved in such a comprehensive professional analysis, you do not have an estate plan.
The average American spends $935 over the holidays each year. Combine that figure with an average credit card debt of $8562 and you call tell Americans love their shopping. And who doesn’t? The holidays are a season of giving and there’s nothing better than seeing the expression on your loved ones faces as your grandson opens his new video game or your daughter oohs and aahs over her new chainsaw. And we think nothing of spending this money for their happiness.
Out of that figure of $935, $452 is just for family gifts alone. But there’s another great gift out there that you can get for your family. And while its not one that you would normally think of, or even share with your family right away, it could be a stupendous benefit and helper. That gift is estate planning.
With estate planning you can be sure to help your family even after you’re gone. With an Elder Law Attorney, you can prepare Powers of Attorney, Trusts, Healthcare Directives and other important tools that make up estate planning. Having these documents prepared is putting you one step closer to making things easier for your family in the eventuality that something happens to you.
Give your family a different kind of gift this year. Give them peace of mind.
Something to leave you with: despite the average American spending $935, they only plan to spend $646. Is your planning accurate?
As we all know, money, whether you have a lot or a little can become a very touchy subject ESPECIALLY when you are a celebrity. With celebrity comes fame and fortune along with many relatives they have probably never met.
The children of celebrities enjoy reaping the benefits of their rich and famous parents, but do the same rules apply to the parents of celebrity kids?
Leighton Meester, the “Gossip Girl” star is suing her mom for abusing the money that Leighton sends to help pay for her brother's medical expenses. Meester claims that her mother has been using $7,500 a month for cosmetic procedures instead. She claims her mother refuses to work and justifies her actions by saying that she “sacrificed her happiness” to build her daughter's acting and singing career.
Another child star Macaulay Culkin who earned more than $17 million from Home Alone movie series was caught in a legal battle as his parents fought for control of his fortune. The money was finally handed over to a family accountant until Culkin turned 18 (this money would have could have been set up in a Trust fund).
Parents have also used their celebrity children as subjects for tell-all movies or novels. Nancy Aniston, mother of Jennifer Aniston of the long running sit-com “Friends”, wrote a memoir in which she exposed intimate details about her daughter's life. The memoir led to a nine-year estrangement between the two.
All of the above situations have occurred while these family members were still alive. Imagine the problems that occur when a parent dies and they do not have their “ducks in a row”. Siblings fight and argue over the assets and which often cause estrangement and problems within the family.
Cooper, Adel and Associates can keep the peace between you and your family members. Call us to come in for a free consultation at 1-800-798-5297 so that you and your loved ones are protected.
If there is one thing that I have learned in my life it is that preparation is everything. Any situation can be improved with a little research and guidance. This can be applied to anything from taking a test, giving a speech and yes even testate planning.
The problem is many people feel that they have plenty of time to prepare and put off their planning. This can cause a variety of problems including loss of assets that they would otherwise retain for their heirs. With fewer assets than expected, their heirs may face a difficult situation. Often times declining capacity can create confusion on the part of their family and ensuring that their wishes are upheld can be very stressful. Working in an Ohio Elder Law Attorney Firm, we work with families dealing with these issues. You can bet that, even as someone who is just starting their family, I will be preparing early.
So avoid the rush and confusion by being prepared. Plan ahead, before you have a crisis. The earlier that you start talking about it and taking on this difficult task, the better prepared and ready for it you and your family will be. We are there to assist you when you are ready.
I recently took a call from an existing trust client who was very concerned about the ownership of her home. She had received a letter in the mail from the “National Deed Registry” informing her that she did not have an “official” deed to her home and therefore was in danger of losing clear title to it. The letter offered to send her an “official” deed for a fee of only $57.00.
The reality is that there is no national deed registry. Deed records are solely the function of county government. Every county recorder’s office maintains the official deed records of the property in their county. A truly official deed is one that complies with local requirements and is on record with the county. Most property owners possess the original deed marked by the county on the date it was recorded. The county usually holds a copy.
If you do not have the original deed to your property, you can obtain an official copy from the county deed records. Contact your local county recorder’s office for more information. If you ever need a deed prepared contact a local attorney.
There are a variety of scams out there claiming to offer formal deeds for a fee. These usually derive from individuals trolling real estate transfer records to find property that has recently changed hands. If you have recently transferred your property to a trust you may receive a similar letter. This is nothing but an attempt to get you to pay for something you already have.
