Estate Planning Blog

This article in the Herald Mail Media states:

“the most important document people should be getting right now is the equivalent of a medical power-of-attorney. The document’s name depends on the state. . . . First, appoint an agent or decision-maker for healthcare decisions in case you are unable to make or communicate an informed choice yourself . . . . Second, the document should express your wishes in case you end up in a terminal condition or persistent vegetative state. Do you want interventions or not?”

This article in Kiplinger starts with “Smart Insights from Professional Advisors” then says:

“An estate plan is a necessary tool that allows you to protect, maintain and manage your property if you become ill or pass away. But more than that, it can also help people make sure their minor children are protected in the event of an emergency or minimize taxes paid on assets by beneficiaries. . . . So, why do so many hardworking people fail to take the time and effort to build an estate plan and preserve their hard-earned assets? . . . a common misconception most people have is that estate planning is for those who are older or possess substantial wealth. Many people also assume that the process will be complex, time intensive and pricey. But some — if not all — of the problems mentioned aren’t true the majority of the time.”

Ron Wynn writes in Culver City News:

“People often try to put certain things that are not so pleasant on the back burner and say, “I will get to it.” If that is you, you are no different than anyone else. One of the things that people often put aside is estate planning. We all think that we have plenty of time to do that, and that is not our biggest priority.

And then of course, when people get unfortunately ill, it becomes a scramble. Set everything up early in advance when it comes to how you want your estate handled. It’s not a pleasant thing, but it’s something that has to be done and the sooner you do it, the better off you are.

The first thing you want to do, assuming you have assets, is to contact an estate planning attorney and listen to his/her advice. The likelihood is if you own property and other sizable assets, they will suggest you create a family trust. They will explain the kind of family trusts there are, including a revocable trust and an irrevocable trust, and they will also explain to you what the benefits of each are and how they work.

Very informative article in Business Insider says, “I’ve worked with more than 1,200 families as a Certified Financial Planner, and I see people make the same estate-planning mistakes over and over again.  Not having a will is a major problem. After that, though, you also need guardianship documents for minor children, updated beneficiaries, and a properly funded trust.”

MSN‘s article states the message my son and I have been trying to convey for years, but even more so now.  The article starts, “If you live in the United States and really want to be prepared for coronavirus, experts say you need a fully executed power of attorney, which designates a trusted person to take over your finances should you become incapacitated. . . . A financial power of attorney is the most useful document because of the possibility that you could be put out of commission for weeks if you fall ill and are unable to take care of your financial affairs. It is followed closely by healthcare directives, which express your wishes about medical care and who gets to make decisions for you, and a will, which distributes your assets after you die.

Arizona residents can get these important documents by purchasing our Peace of Mind bundle or our Gold estate plan.

Wall St. Journal’s article says “The search term ‘getting a will’ has risen sharply since March 8, according to Google Trends. . . . Many young families have nothing in place to protect their assets if they die. Approximately 60% of Americans don’t have a will, according to a study commissioned last year by Brookdale Senior Living . . . But for young parents and healthy people with simple estates, the ease of online estate planning can be beneficial.”

We offer online estate planning.  See the contents of our three estate plans.

CNBC’s article says, “Over the last two weeks, online will companies have seen an explosion in users. . . .  you can go through the entire process at home . . . . as online wills grow in popularity, a chorus of lawyers increasingly caution against using them. A quick Google search will bring up articles on the dangers of do-it-yourself wills or stories of online wills that were thrown out in court. . . . However, as online wills grow in popularity, a chorus of lawyers increasingly caution against using them. A quick Google search will bring up articles on the dangers of do-it-yourself wills or stories of online wills that were thrown out in court.”

FYI:  See the contents and prices of our three estate planning packages, including the Peace of Mind bundle.  All three plans allow you to sign the documents in your home.

Forbes says: “Instead of worrying, realize that there are opportunities in this crisis. You can make some moves now that will enhance your tax and estate planning. . . . Be sure your estate plan is updated to reflect the current situation. You need a medical care power of attorney that names an agent who can act for you in an emergency.

Interesting article in the Motley Fool that says the four things you need to have are:

1. a will or revocable trust
2. Beneficiary designations on financial accounts
3. Healthcare durable power of attorney
4. Financial durable power of attorney

Read the article for more about each of these important documents.

P.S.  Items 1, 3 & 4 are included in our comprehensive estate plan with a trust and our Peach of Mind Bundle.  See the contents of the two estate plan packages.

In an article in Barrons on March 22, 2020 Daisy Maxey wrote:

“Here Are Some Key Things to Know.  Financial advisors and estate attorneys say they are seeing a flurry of inquiries from people seeking to update or draft wills and take other estate-planning measures amid the coronavirus crisis.

‘Seeing in the news that so many people are passing away worldwide and here in the U.S., people are getting a little scared,’ says Alain Roman, an estate-planning attorney in Miami, who is now working with clients mostly over the telephone and online. ‘It’s getting them thinking about having a plan in place in case something happens to them.’ . . .

Jamison Taylor, managing attorney at RISM LLC, a law firm in Washington, D.C., recommends that everyone have at least these three basics: a will, a power of attorney, and a medical directive of some sort. These documents will allow for the distribution of assets according to one’s wishes, the ability to make financial decisions on one’s behalf, and guidance for medical professionals on treatment and care.

Martin Shenkman wrote an excellent article in Forbes dated March 19, 2020, that starts:

“It is important that every adult have in place a living will, health proxy and HIPAA release. What key steps should you take now? Why might your existing documents be dangerously wrong and how can you fix them? How has the current environment changed how these documents will be used? How might you update your documents to address these new conditions? What other practical steps can you easily take to protect yourself, and your loved ones?

Think of Others: If you have elderly parents or other loved ones, these may be vital steps for them to take. . . .

Be Sure Your Documents are Current: You should make sure that you, and elderly or ill loved ones, have current legal documents: living wills, healthcare proxies, HIPAA releases, powers of attorney and wills”

Attorney H. Dennis Beaver’s timely article in the Kipliner magazine starts “Estate planning attorneys are getting mobbed with questions.  So, here is some timely advice from three attorneys on what families and business owners should be doing to prepare in case the unimaginable happens.”

The article affirms what we as estate planning attorneys believe, which is that these uncertain times make it imperative that people sign estate plan documents that protect their most valuable assets, their loved ones.