By Janet Fickle

Wouldn't it be great if one answer would take care of all of your questions concerning your estate planning!

Such as:

I already have a will. Is that all I need?

What is an estate plan?

Should everyone have one?

What are the legal documents that I need?

How do I avoid probate costs?

Mom is already in a nursing home. Is it too late to protect her assets?

We are still young, is it too early to think about estate planning and nursing home protection?

Do I qualify for any veteran's benefits?

What should I do to protect my child who has disabilities?

Should I apply for Medicaid on my own?

Why do I need a living trust?

These questions obviously don't have the same answers, but you can have your questions answered by Cooper, Adel & Associates. So don't delay, call 1-800-798-5297 to schedule an appointment for a free consultation.

By Bethany Smith

If someone is left a dollar in a will then they can’t contest the will, right? At Cooper, Adel & Associates we are continually asked this question. It is not necessary to leave someone anything with the hope that they will not be able to contest it after your passing. Leaving a dollar to someone does not disinherit him or her. If the will is your only planning tool, it’s important to understand that your heirs must go through the probate court to get what you want to leave them … and anyone can contest the will, even if you gave them $1.00.

If you have a complicated family situation – children that are fighting, in-laws that don’t appreciate you, a child you have not seen for 10 years – you should consider seeking professional advice from an elder law attorney. There are other planning techniques that can help you accomplish your goals when you’re gone.

Please contact our office at 800.798.5297 to schedule a free consultation. We won’t even charge a dollar to learn about how to protect your dollar. 

By Julian Guilfoyle, Cooper and Adel Financial

“If you see a bandwagon, it’s too late.”

~Billionaire financier and tycoon James Goldsmith

Joining the growing list of cities and states attempting to cure their pension blues, Illinois Governor Pat Quinn recently proposed to overhaul its state pension systems. Christopher Wills of Businessweek.com reports that this is but one cog in Quinn’s quest to balance the Illinois state budget.

“I know I was put on earth to get this done,” Quinn stated. The Governor has put forward an aggressive plan to close the roughly $83 billion dollar pension shortfall. State employees would not be able to retire with full benefits until the age of 67, and in addition they would have to increase their pension contributions by 3 percentage points, with a cap on cost-of-living increases at 3 percent. The second phase of his plan would require university and community college employees to fund the pension that they currently receive benefits from, but do not contribute to.

The consequences of a failing pension tend to result in a spiraling effect. As Quinn stated, “the rising costs [of the pension] will soak up all available money and leave nothing for vital services. Bond-rating agencies will downgrade the state, making it more expensive to borrow money.”

As government purses continue to tighten, planning for future income will increase in importance. The foremost goal of most people is to ensure they don’t outlive their assets, that they can make it to the finish line. However, many implications must be considered when addressing this issue. Please consult with a professional to avoid jeopardizing any future benefits you may be entitled to.

http://www.businessweek.com/ap/2012-04/D9U8UNMO0.htm

By Attorney Dan Vu

As reported by the Akron Legal News on April 6, 2012, Ohio House Bill 479 was recently introduced in the Ohio State House. The proposed law would strengthen the existing asset protection rules relating to trusts. Rep Christina Hagan, a sponsor of the bill, explained that the bill has two goals: 1) It will allow Ohio citizens, business owners and entrepreneurs to better protect their hard-earned assets, homes and businesses. 2) It is a jobs bill that will put in place the legal infrastructure necessary to permit Ohio financial institutions, professional service firms and other businesses to effectively compete in the newly and rapidly developing worldwide, trillion dollar trust and fiduciary services marketplace.

If enacted, Ohio would become a go-to State for asset protection, much like how Delaware, Nevada, and Alaska are now. Like the Ohio estate tax bill that passed last year, this is something, which trust and estate planning attorneys will be carefully watching.

http://www.akronlegalnews.com/editorial/3386

By Attorney Nathan Simpson

Many Estate Planning attorneys focus primarily on creating wills, powers of attorney, and revocable trusts. Especially for younger individuals, these are good ideas to accomplish the goals of probate protection and tax savings. However, as you get older, your financial, family and health situations change. It is a good idea to take time every few years to re-evaluate your estate plan, even if you think nothing has changed.

Like so many other things, an estate plan needs to evolve along with your life. Considerations like nursing home planning may not be important to a younger client, but may be the most important cost threatening the financial stability of an elderly client. Additionally, as new children or grandchildren are born and get older, it is good to evaluate your estate plan to ensure that your legacy goes where you want.

If you currently do not have an estate plan, contact an Elder Law Attorney today. If you already have estate planning documents, it may be a good idea to review that plan with an Elder Law Attorney to make sure that it fits with your current goals.   

By Sidne Gunn

1. 

   The Most Important Estate Planning Tip
   Don’t put it off: The best estate planning tip is to have one. Take the time now while you are clear and competent to consider the elements of your overall plan for the management of your assets and your care in the event of misfortune to avoid having a court or the state step in and do it for you.

2. A will is not enough
   A will, written and signed properly, directs “who’s in charge” and “who gets what” from your assets at the date of death…but it’s of no use before you die…it doesn’t avoid probate of your estate, and if you become incompetent, it doesn’t control your assets or designate who can make health care decisions for you.

3. Fund Your Trust
   You can use trusts as a useful tool to manage your assets during your life and following your death, avoiding the time and expense of the Probate Court. Trusts, however, only manage those assets that you transfer into trust. Accordingly, once your trust is complete, be sure to transfer your assets into your trust.

4. Protection from Creditors
   Safeguard your assets: if you have concerns about your creditors or your children’s’ creditors, consider transferring your assets to a trust to limit creditor access to your assets.

5. Update Your Estate Plan
   Keep current: Be sure to review your estate planning documents every three years or so to ensure they are still current. Changes in personal circumstances, economic fortunes and tax laws may warrant revisions.

 By Janet Fickle

Why do we insist on doing things ourselves? We have all done it. We try to fix the plumbing, washer, dryer, dishwasher and whatever else breaks. Some people are talented enough to be able to fix things and have them stay fixed. However, most of us end up calling the plumber, mechanic, electrician, heating & cooling or appliance repairman to fix what we thought we had fixed. This isn't a big problem most of the time, but when it comes to protecting your hard earned assets, it can be a disaster!  

Once you have passed away, you can't call someone to fix the mess you made trying to do it yourself. It is now left up to your family to get things taken care of at a time when they are already upset and distressed. The perfect time to get your financial affairs in order is when you are mentally and physically able to get everything taken care of. Go to people who are experts in this field.

Cooper, Adel & Associates is available to get you started on the right path to protecting your assets. They will help you from start to finish to get your family prepared to efficiently carry out your wishes.

Cooper, Adel & Associates can provide help in many areas. Some of these are: 

• Developing estate planning documents, powers of attorney, wills & possibly trust. 
• Analyzing planning and preparing estate and gift taxes. 
• Assisting you or your family at the death of a loved one. 
• Coordinating benefit options for veterans and their widows. 
• Defining legal & asset protection strategies. 
• Identifying solutions to avoid medical liens on your home or farm. 
• Helping your family avoid probate costs and providing for the special needs of heirs. 
• Recommending benefits to pay for care at home, assisted living or in a nursing home.

Don't delay taking care of something this important. Call now to begin your journey to protect and preserve your assets for those you love. Visit our website: www.CooperAndAdel.com or call 1-800-798-5297.

By Meredith Guard

I was speaking with my parents the other day, when the topic turned to my job at an elder law firm.  During that conversation, they admitted that the last time they considered their estate plan was when my older brother was born.  I think it is unquestionable that the needs of a couple quickly approaching their own retirement are undoubtedly different than the needs of a young couple just starting out, but they simply hadn’t considered it.

In many ways, I don’t think my parents are unusual.  Even for those that update their estate plan, viewing estate planning as something that you do once or twice in a lifetime can lead to missteps.  Every time you do something so small as open a new bank account or safety deposit box or something as large as buying a new home, steps may be required to make sure it is included in your planning.  

Now, this doesn’t mean that estate planning is something that should viewed as a hassle, a chore, or simply impossible.  Almost all the steps that have to be taken- naming beneficiaries or properly titling an account- are minor.  However, it highlights the fact that since your estate planning is ongoing, so should your relationship with the individual or firm that develops your estate plan, so that you can ask questions if you are ever unsure of the best steps to take to plan.  Visit the elder law attorneys at Cooper, Adel, & Associates and discuss developing an estate plan that works for your life.

By Tonya Smith

Many of you may not know or remember Don Ho. He was a musician and artist from Honolulu Hawaii. After receiving a Bachelor’s degree in Sociology at the University of Hawaii, he entered the United States Air Force in 1954.  He spent time flying fighter jets in Texas & Hawaii. 

Don was married in 1951 and had the first six of his children with wife Melva Ho. They were married for 48 yeas. Don left the military in 1959 due to his mother’s illness. Honey Ho, Don’s mother, owned the family bar business called Honey’s where Don began singing and the place became a hotspot for the Kaneohe Marine Base servicemen. Ho always honored the military remembering his own years of service. Ho’s career took off in 1965 with the Don Ho Show and the rest is history. 

At the age of 76, Don Ho died of heart failure leaving behind a total of 10 children, 6 by first wife, Melva Ho; second wife, Haumea Ho had 2 children and Ho’s longtime friend Liz Guevara had 2 children. 

Don Ho made a verbal promise to place the Lanikai home into a trust for Melba’s benefit for her life, and then for the benefit of her children after her death in June 1999. Don Ho subsequently transferred the home to his own trust, which benefited all 10 Ho children. 

After Don Ho died in 2007, the Lanikai property went on the marked for $6.8 million and was pending sale to a mainland buyer. Dondi Ho-Costa disputed the sale claiming Don Ho had violated a deathbed agreement with her mother. Dondi believed the estate was to remain with the first 6 children. After several years in a long, bitter, legal battle between some of Don Ho’s children, the courts awarded the Estate to the trust on March 15^th, 2011.  The home eventually sold and now can be rented for private vacations in Hawaii. 

In reading the history of this particular celebrity, it was interesting to know that Don Ho realized the importance of having a Trust for his family and Estate. Families may want to take the time to review their Trusts to make sure all assets are current as well as beneficiaries. It may also be helpful to talk to your Trustees so they know how to carry out your last wishes and fully understand the Trust you worked hard to create. If more than a couple of years have passed since you last read through your trust, maybe it is time for a review. The offices of Cooper, Adel & Associates, LPA would be happy to schedule reviews should you need to make changes and/or additions to your Trust.  

One of my favorite songs is “The House That Built Me”, by Miranda Lambert.  She presents this song from the viewpoint of someone who feels they need to go back, in order to move forward.  I think we all feel that way at some point…perhaps wishing we had given someone the apology they deserved, or pursued a friendship that would have been good for us, or followed through on a commitment that just didn't seem important at the time.  Typically, life gives us an opportunity to right these wrongs.  However, with regard to your legal documents, this isn’t always the case.

Should you lose mental capacity before designating a trusted someone to make your legal decisions, probate court could be making those decisions for you.  Not only is that extra cost, extra time, and extra hassle, it is also PREVENTABLE!  Make this choice.  Designate a trusted individual to help you when you can’t help yourself.  Call Cooper, Adel & Associates for more details.