Category Archives: Living Wills

Estate Planning Resource Roundup

According to the American Bar Association, 55 percent of Americans die without a will or estate planning documents in place. Estate planning can be a daunting task, but a qualified estate planning attorney can break down the process into doable steps for you and your family. Whether you’re a parent with young children, newly married and yet to start a family, or a senior with adult children, the time to begin the process of estate planning is now.

resource roundup

Here’s a roundup of some resources that will help you get started. We’re standing by to help you navigate and complete this process. Today is a great day to contact us and we’ll work with you every step of the way.

Getting Your Affairs in Order: Tips to Make Your Estate Planning a Smooth Process

What Is the Difference between Personal Property and Real Property?

The Dangers of a Do-It-Yourself Will

American Bar Association Estate Planning Overview

Kiplinger Estate Planning Special Report

Planning for Long-Distance Caregiving

As the Baby Boomer generation enters their twilight years, a large percentage of their children find themselves sandwiched between responsibilities for their own family and their aging parents. For caregivers who live far from their loved one, this dynamic proves particularly difficult. It’s estimated that there are between 5 and 7 million long-distance caregivers (LDCs) in the United States. An elder law attorney can advise both the elderly parent and the LDC about best practices for long-distance care and estate planning.

Often adult children don’t realize that their aging parent needs care or support until some kind of health crisis occurs. Long distances can compound this situation. When elderly parents live more than an hour away, problems may not be noticed immediately. Advance planning is essential. Ideally, the entire family should discuss responsibilities and make decisions in advance, including who will take the lead in care giving and where responsibilities lie.

In this planning stage, family members can determine the best options for care, including moving the parent closer to the caregiver or enlisting the help of in-home care services in the aging parent’s location. Family members should also make decisions about individual LDC roles. Siblings may decide to split responsibilities. One sibling may be better with hiring and monitoring caregivers, while another may choose to coordinate legal planning.

Here are some things to keep in mind as aging parents and long-distance caregivers plan ahead:

  • Respecting the Aging Parent’s Wishes. Many aging parents may need help but want to remain as independent as possible, for as long as possible. It’s imperative that their wishes are taken into consideration with regard to where and how they live.
  • Contacting an Elder Attorney. An elder attorney should be consulted to help with estate planning and to guide the family in legal decisions. It’s important that issues such as the power of attorney for health directives be decided while the parent is able to do so. An elder law attorney can also make sure that the elderly person’s property and financial means are protected, while still providing for their daily needs.
  • Organizing Affairs. It’s important to know where all of the pertinent paperwork is located.
  • Learning About Resources in the Area. Long-distance caregivers should do research to learn about the resources in their elderly relative’s area to find the best in-home care and other services that will benefit them.

Becoming the caregiver for an elderly parent is challenging. In cases where the caregiver lives a significant distance from the parent, the situation can be even more of a challenge. An elder law attorney is an essential element in a long-distance caregiving plan. Contact us today for more information about how we can help you put together a long-distance caregiving plan for your loved one.

 

Financial Planning when Dealing with Dementia

Learn more about Massachusetts estate planning when dealing with dementia.Dementia is a heart-breaking mental condition that only worsens over time. When doctors diagnose dementia, it is important to start planning for the financial complications that may arise. Creating a will and setting up a power of attorney is essential for the future. Financial planning must consider all of the possible challenges that may arise, including the possibility that loved ones will need to make hard medical decisions.

Setting up a Will

In many cases, the first consideration after a diagnosis of dementia is the will and power of attorney. Working with a Massachusetts estate planning attorney can help simplify the process of setting up a will and getting legal affairs in order before the medical condition makes it impossible to personally develop a plan.

A Massachusetts estate planning lawyer can offer valuable legal advice about the best ways to prevent belongings from going into probate. It is also helpful to set up power of attorney in case it is not possible to make medical or financial decisions in the future. The attorney will help develop a plan based on personal concerns and goals.

Preparing for Medical Costs

Medical costs will increase as dementia develops. Depending on the situation and the progress of the disease, it may be necessary to go into a nursing home or a long-term care facility. While long-term care insurance can help alleviate some of the burden of the cost, it may not provide enough funds. After determining how the insurance coverage works, create a financial plan based on the remaining expenses.

Compare the Options for Long-Term Care

The cost of long-term care may vary based on the facility that is providing the service and the amount of care that is provided. Look into several options and discuss the costs with loved ones, an attorney and a medical professional.

Taking measures to compare the health-care options, obtain insurance coverage and set up a will before the disease can worsen will make the financial complications easier to manage. Financial planning must factor in long-term care, insurance coverage and the current financial situation before it is possible to make adjustments to ensure the future is secure.

How To Prepare Estate Planning After Having a Baby

Estate planning after having children.

After having a baby, your estate planning strategy completely changes because you need to account for some important decisions that will affect your child, both now and as he transitions into adulthood. It is important to add your child to your will right away and make several other decisions related to your child in the coming years.

First, specify in your will how your assets will be divided between your heirs, including the new baby. An estate planning lawyer can walk you through the process to ensure your wishes get carried out.

Second, get a Massachusetts estate planning attorney to add a clause to your will that specifies who will care for your child if you and the child’s other parent are both unable to. Including this in your will may seem silly if you’re healthy, but it never hurts to have it there in case something happens to you.

Third, consider setting up a living trust. This is a way to protect your assets from being tied up when you die, while still allowing you full control while you are living. A living trust attorney can walk you through the specifics of this process.

Fourth, start transferring your assets to your child if you have a large estate. Tax laws allow you to make tax-free gifts of up to $13,000 per year for each child, which adds up significantly over the child’s lifetime.

Of course, there are several other things you will need to consider as well, especially if you have a large estate or if your existing will is a complicated one. Get in touch with your Massachusetts estate planning lawyer before your baby arrives so you can discuss your plans and be ready to put them in place.

Tips For Making Your Estate Planning a Smooth Process

estate-planning-paperworkIf you feel that the time has come for you, or an elderly loved one, to truly finalize your estate planning, you should contact an elder law attorney or an estate planning lawyer. When you go for your consultation with a Massachusetts living trust attorney, it is important to have in mind an idea of how you would like your estate planning to go. Below are some useful tips and guidelines that will help you as you work with your Massachusetts elder lawyer.

1. Consider including a simultaneous death clause, which will pass your estate onto your children in the event that your spouse dies shortly after you do.

2. In order to disinherit a child, you must spell that out in your will.

3. Remember to keep beneficiaries on your pension, life insurance and 401(k) current.

4. Be sure to designate an executor as well as a back up executor.

5. Store your personal and private information in one designated location in the home, preferably a fire proof safety deposit box. This box should include important personal and financial records, as well as computer passwords and PIN numbers.

6. Understand the impact of estate taxes and discuss with your estate planning attorney some options for reducing or avoiding estate taxes.

Remember that upon your death, your family and loved ones will be going through an emotionally taxing as well as stressful time, and you will help them considerably by having your affairs in order. It is important to recognize that with age comes certain responsibilities, and that the sooner you have your estate and other affairs in order, the better off you and your loved ones will be. Contact us with any questions you might have regarding Massachusetts and even federal law, and set up an appointment to begin the process of finalizing your affairs. You will feel at ease, and your family will be glad to know that an already taxing time will be much less stressful because of your willingness to work ahead.

The Dangers of a Do-it-Yourself Last Will

do-it-yourself-last-willA do-it-yourself will sounds like a simple and inexpensive way to let your loved ones know your wishes in the event of your death. Doing your own will at home, however, may end up leading to avoidable problems such as taxation and court battles. Do-it-yourself wills may seem like a good deal, but the money put out later could cost a lot more than using an estate planning lawyer to draw up your documents.

Do-it-yourself wills may prove to be invalid if you do not follow all state and federal laws. For instance, if you used a witness with an invested interest in your estate, the will may not hold up in court. It must also be proven that the signatures found on the will were properly witnessed. Also, if the original will can’t be produced, your wishes may not be followed. An estate planning lawyer typically stores your will in a fireproof location to ensure the original can be produced in court. An estate planner could also be called into court and testify about the validity about the claims included in the will.

The language used in the will must be perfect for claims to be valid. As an example, a court could interpret the wording wrong and subject your assets to costly estate taxes. Estate taxes can deplete the funds you leave behind for your beneficiaries. Instead, meet with an estate planning attorney to go over the language and inclusions of your documents to prevent will contests. Otherwise, your family may then be forced into a legal battle and be forced to pay an exorbitant amount of court and probate lawyer fees.

The biggest downfall of a do-it-yourself-will package? You don’t receive personalized advice from an estate planning attorney. The will software packages can provide general advice, but won’t be helpful if you have a more unique situation. Will software packages are not likely to provide you with guidelines on how to handle domestic partnerships, children from other marriages, disinherited children or special needs children. As an example, a stepfather who claims in his do-it-yourself will to leave all his assets to his children may find his stepchildren cut out of any inheritance money he meant for them. Also, living trusts and power of attorney are not usually properly handled in online will programs. In these cases, set up a consultation with a living trust attorney.

Do-it-yourself will software packages may require you to fix errors later on. Get your will right the first time by meeting with a licensed and professional estate planning attorney. Reduce family conflict by clearly stating your wishes and keeping the proper documentation stored with a lawyer. The Law offices of Adam Tobin is waiting to hear from you to create your legal and valid last will and testament.

Massachusetts Elder Law Planning for Long-term Care

longtermcare-elder-lawElder law attorneys in Massachusetts can help you solve issues regarding long-term care arrangements. If you are not proactive and speak to a Massachusetts elder lawyer early on, long-term care costs can deplete the estate of you or your loved ones. Although insurance may help assuage some of the financial burden, an estate planning attorney can present different options to you.

Long –Term Care Insurance Policies

As part of your estate planning, you may decide to take out an insurance policy in the case you or a loved one requires extensive medical care in a long-term facility. Policies available cover nursing home care and assisted living costs. Your elder lawyer can include policy terms in your living will along with give you advice on how to select the best policy. Since you may not need long-term insurance for years, choose an established insurance provider with a long track record of honoring claims. A Massachusetts elder attorney is likely to point out the importance of an inflation rider that allows the benefit amount to increase each year. If you need long-term care in 10 or 20 years, you want to make sure the coverage you have is sufficient.

Getting Your Wishes Granted

An elder attorney ensures that you or your loved one gets the care you want and deserve. In your living will, you could instruct your loved ones on the type of facility you want to be placed. A list of facilities and nursing care providers can also be listed in a long-term care plan. Your attorney also helps you find the funds from your estate to pay for long-term care if required. All monies are reviewed during your consultation to make the smartest financial decisions. Monies used for long-term care can come from medical insurance, reverse mortgages, long-term care insurance, veteran’s benefits, income and savings.

Documents You Need

Telling your children or grandchildren your wishes for long-term care is not enough. A MA elder care lawyer assures all documentation is filed and legally-binding. Your attorney can draw up your last will and testament, living will and power of attorney documents. In your documents, you could also designate a personal care coordinator. This person is in charge of making the decisions when you are medically incapacitated due to old age or disease.

Speak to a MA elder lawyer early on to avoid financial disaster. Nursing homes and assisted living facilities cost hundreds of thousands of dollars if used for long-term care. Avoid losing your entire estate by planning for this possibility with an elder law attorney.

Why choosing an elder law specialist is best for you and your parents

Elder law attorneys can provide the best solutions to financial and legal plans for your loved ones.

Elder law attorneys can provide the best financial and estate planning solutions for your loved ones.

If you are responsible for elderly parents or relatives, you already know you have many issues to consider. Hiring an elder law attorney – a person that specializes in the laws concerning seniors – is a smart move. If your relative has considerable assets or complicated financial issues, you need the services of an elder attorney; a person that knows about estate planning, living trusts, nursing home issues, and probate. All of these issues can be handled by an elder law specialist.

An estate planning attorney or estate planning lawyer helps seniors plan their wills. Often this means selecting a power of attorney who acts in your place for financial purposes. An attorney can help you with problems that arise from appointing a power of attorney with financial institutions. A planned will details who will acquire what property and money when you die. The will can include bank accounts, IRAs, property, jewelery and expensive collections. A complicated binding document like this demands the expertise of an estate planning attorney.

A living trust attorney can help seniors with different types of trusts used to manage their assets. For example, there are revocable trusts, irrevocable trusts, and supplemental needs trusts. Each one has a different purpose and reason for being formed. A MA elder attorney will know all the ins and outs to select the best trust for you or your relative.

A Massachusetts elder lawyer is qualified to help you with any number of important issues. Some of these include disability planning, long term health care decisions, nursing home issues, Medicaid, Medicare, and even at-home care. A Massachusetts estate planning attorney is always ready to help the elderly find the best way to plan their estates. Estate planning is a complex legal issue that only a good Massachusetts estate planning lawyer can handle.

Do you have an elderly relative that has to go into a nursing home? A massachusetts nursing home attorney is qualified to help you assess your financial situation and interpret the many laws that apply. It is a complicated and confusing issue to tackle alone. A good attorney can help your family keep some of their money while still giving your relative good quality care. A lawyer can help you with Medicare, insurance plans, and Medicaid – all ways of paying for long term health care.

An experienced nursing home attorney can help you decide where your elderly relatives will live. An assisted living community may be a better option than a nursing home, or perhaps your elderly relatives just need some help to live in their own home. A qualified Massachusetts nursing home attorney can help you find the best long term care solution for your family members or friends.

Do you want to tackle the probate issue that come up when an someone dies? A probate attorney can help you plan for this process. You can make a will ahead of time, so it is available when probate occurs. Often in probate a will is examined and property is appraised. Some property can avoid probate – this is why a good probate attorney should advise you of the issues at hand.

When seeking sound financial planning for an elderly relative or friend in Massachusetts, contact an elder law attorney to help you with the complex laws and issues that can make this process difficult. You’ll be happy you did, and your relatives will be glad you took the time to find them the best solutions for their financial and legal plans.

It’s Never Too Early to Draft a Will: Tips and Information

Estate Planning and Drafting a Will

It’s never an easy topic to address, but if you care about what happens to your assets after death, creating a will is a prudent decision at any age.  Unfortunately, death can be unexpected and untimely; it is never too early to draft a will.

Last Will and TestamentDo I need a Lawyer to draft a will?

Today there are multiple websites and online providers of wills, while potentially cheaper than working with an attorney, using online avenues to create your will poses some serious risks.  Wills generated online or by programs are much lower quality overall.  They may not take differences in probate law among states into account, which could void your will.   If you have assets worth creating a will, you probably have enough money to make paying the little bit extra to work with an attorney worth it.

How much are standard attorney fees to create a will?

Fees vary, but it should not be difficult to find a qualified lawyer who will work with you to draft a will for only a few hundred dollars.  Besides probably having more expertise than a website or program, lawyers wish to keep their bar license and are therefore motivated to ensure that you receive a high-quality thorough document.  Additionally, the personal interaction is always a plus when creating a document that is so important to your personal life.

Lawyers can help fill major gaps in your legal knowledge and correct false assumptions that many people make.  For example, wills do not generally govern a person’s retirement account, which is usually someone’s most valuable asset.  There is a completely different set of rules that governs what happens to those assets.  However, if you work with an attorney to create your estate plan, you will have much more control over factors such as these, factors that you may have overlooked otherwise.

It’s as easy as asking a lawyer!  If you would like information or assistance with estate planning, contact The Law Offices of Adam J. Tobin today!

Estate Planning 101

The idea of “estate planning” can be a bit intimidating for some people, which is unfortunate since the main reason of doing so is making sure your loved ones are provided and cared for.

Estate Planning 101

Another misconception of estate planning is that it is only for the elderly, however, if you are a parent with children who will need care and direction, it is better to start planning your estate earlier in case you suddenly become incapacitated or worse.

Estate planning needs to be factored into your overall financial plan, along with your children’s college tuition and your retirement needs in order to be really effective. Your estate consists of all your property, which includes your home, personal property like cars and furniture, and intangible property like insurance, stocks and bonds, bank accounts, and pension and social security benefits.

If you die without a will, your property will still be distributed, and essentially, by not leaving a valid estate plan, state law will end up writing your will for you. So what can estate planning do for you?

Provide for your immediate family

A good estate plan makes sure that your spouse and loved ones are provided for. Couples with children can ensure their education and upbringing is not left to chance. For children under 18 years of age, both you and your spouse should have a will that nominates personal guardians for them. If that is not specified, a court would have to decide where your kids will live and who will make all important decisions for them regarding their money, education, and way of life.

Provide for other relatives who need help and guidance

If you have a family member, such as an elderly parent or disabled child, whose life would become more difficult without you, establishing a special trust fund would be a good way to ensure their future.

Get your property to beneficiaries quickly

By planning ahead, you can make certain that your beneficiaries receive the property you’ve left them promptly and without unnecessary expenses and court interference.

Plan for incapacity

Use living wills and durable powers of attorney to plan for possible mental or physical incapacity; pick someone you really trust to make important health and financial decisions for you in the event that you are incapable of doing so for yourself.

Minimize expense

Estate planning can reduce the expenses associated with transferring property to beneficiaries, such as probate costs, and by reducing these expenses you will be leaving more to your loved ones.

Choose executors/trustees for your estate

By choosing competent executors/trustees, you can save your estate money, reduce the burden on your survivors, and simplify the administration of your estate.

Ease the strain on your family

You can take a lot of the burden off your grieving loved ones by planning ahead for funeral arrangements and other expenses, and by letting your loved ones know how you want your affairs to be handled so they do not have to deal with unnecessary added stress.

Help a favorite cause

Your estate plan can help support religious, educational, and other charitable causes, either during your lifetime or upon your death, and at the same time take advantage of tax benefits designed to encourage charitable giving.

Reduce taxes on your estate

The idea is to get the maximum amount possible to go to your loved ones and designated beneficiaries. Properly planning your estate can help you with that, giving the maximum allowed by law to your beneficiaries and the minimum to the government.

Make sure your business runs smoothly

If you have a small business, the operation could turn to chaos without you there to guide it. A good estate plan can provide for an orderly succession and continuation of your business affairs by spelling out what will happen to your interest in the business.

estate-planning-lawyer-can-help-you-plan-your-estate

Consulting an elder law attorney, such as Adam Tobin, could prove very helpful when it comes to planning your estate. Contact Adam Tobin to get helpful advice from a knowledgeable estate planning attorney.