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HOW TO AVOID CONFLICT WHEN SELECTING A GUARDIAN IN YOUR WILL (PART 1 OF 2)

Estate Planning

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When you take the time to design your will with your estate planning attorney, you must make the difficult decision of appointing a guardian for the care of your minor children. Many parents struggle with this decision. It’s a good idea to take extra care when making this choice, so that you avoid future conflict. Take a look at some of the tips below for advice on how to avoid conflict when choosing a guardian.

  • What if you’re not sure how your children will feel about your decision?

If your children are old enough, it’s a good idea to include them in discussions related to your guardian selection. You not only want to assure your children that they will always be loved and protected, but you also want to make sure that they will get along with their guardians. Take the time to listen to their opinions on the matter.

  • What if your guardian lives far away?

If you decide to appoint a guardian who lives out of town, it’s a good idea to also name a temporary guardian. This will allow your children to be protected before your guardian arrives. Your children will be cared for by the temporary guardian, until your permanent guardian is able to get to your children. This avoids your children being placed into foster care in the event of an emergency.

  • What if the guardian that you choose is bad with money?

If you’re afraid that your guardian will be unable to manage the money that you leave, you should consider naming another individual to manage these assets. This will allow your guardian to only provide care and physical support, while the other individual will handle financial decisions for your children.

Choosing a guardian is the most important decisions that you will have to make when creating your will. By taking a little extra care, you can avoid future conflicts before they arise. Take a look at our next blog post tomorrow (part 2 of 2), to learn more ways to avoid these conflicts.

If you have any questions, or if you’d like to create your will, consult with a qualified estate planning attorney.

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We explain to clients that not only do they need to have the legal documents that form an estate plan in place, they also need to take further steps to ensure that their estate plan works.

Your estate plan works if it does what you wanted it to do when you created it.  In other words, the picture in your mind matches up with the picture of what really happens when you’re up there sitting on the cloud, looking down at us.

1. Talk With Your Family.

Let your family know that you have done your estate planning.  Give them the contact information for your estate planning attorney and other professional advisors such as your CPA, financial advisor, and insurance agent.

Tell your family where you keep your estate planning documents and make sure that they have access when needed.

2.  Organize.

Organize your financial paperwork and keep it in labeled files with your estate planning documents.  Don’t make your loved ones play hide and seek.  It’s too stressful and time consuming, and things are easy to miss.

Be sure that you write down online accounts (with account numbers, user names, and passwords) and the combination for any fire safes.  Be sure to include the safe deposit key as well.

3.  Use Docubank

Use Docubank or some other reputable document storage service so that your health care documents such as your living will and health care power of attorney are always available when you need them.

4. Proper Asset Ownership

Be sure that you own your assets properly.  For example, you will only avoid probate if your assets are funded into your trust.  And, another example, your will only controls assets in your individual name.

5. Update Every Three To Five Years

Review your estate plan, beneficiary designations, and asset ownership every three to five years to ensure that your plan matches your current needs and the current law.

Davidov Law Group is a member of the American Academy of Estate Planning Attorneys.

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Many people have their own thoughts and ideas regarding estate planning and the importance of planning.  It’s important to make sure that you understand the truths associated with estate planning so that you can properly prepare for the future.  Take a look at some common estate planning myths below to learn more about estate planning misconceptions.  If you have any questions, or if you’d like to begin your estate planning, meet with an estate planning attorney.

  • I’m too young to plan.  No one is too young to create an estate plan.  Everyone age 18 or older should have a plan in place.  If you continue to put off your planning for a later date, you may not be prepared for life’s unexpected events.  Don’t think that you’re too young or too poor to do planning.
  • Once I plan, I am set for life.  Estate planning is not something that should only be done once.  As you go through life, your needs will change.  It’s important to regularly review your estate plan with your attorney so that you can make sure that it still meets your individual needs and goals.  When you come in for an update, your estate planning attorney will be able to notify you of law changes that may effect your planning.
  • I should do my own planning to save money.  While it is legal to do your own planning; in practicality, doing your own planning can have costly effects.  It is in your best interests to work with an estate planning attorney so that your plan is legal and error-free.  Additionally, an attorney will be able to look at your individual needs and create a customized plan that works best for you.  Don’t try to do your own planning in order to save some money.

Don’t make your own estate planning assumptions.  Instead, make sure that you’re properly informed about your needs as well as the estate planning process.  If you’re ready to begin your estate planning, consult with a qualified estate planning attorney.

Davidov Law Group is a member of the American Academy of Estate Planning Attorneys.

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When creating your will, you must appoint an executor to handle your estate’s affairs during the probate process.  This person will be helping you and your loved ones in a number of ways.  Are you unsure of the duties that your executor will face during the probate process?

Take a look at some of the information below to learn more.  If you have any questions about probate or your executor’s duties, meet with an estate planning – probate attorney.

  • Your executor will be responsible for starting the probate process.  He or she will need to submit documentation to the probate court in order to start the proceedings.
  • Your executor must keep in contact with beneficiaries and alert them of their inheritances.  He or she will also have to notify creditors of your death.
  • Your executor will need to locate all of your assets.  It’s a good idea to provide some instruction to your executor ahead of time.  He or she will also have to carefully manage these assets during the process.
  • Your executor must attend all court appearances and follow the instructions that are outlined by the probate judge.  Your executor will be responsible for continuously reporting to the court.
  • Your executor must pay all expenses.  This includes past debts as well as estate expenses such as attorney fees and court costs.
  • Your executor must file and pay appropriate taxes.  He or she may need to get the help of a professional to ensure that the taxes are done correctly.
  • Your executor must distribute the assets to beneficiaries.  He or she will follow the instructions in the will and will be supervised by the probate court.

When choosing an executor for your estate, it’s important to understand the duties as well as the probate process.  You want to make sure that your executor is able to handle all of the duties so that your estate is handled with care.

If you have any questions about choosing an executor or understanding the probate process, consult with a qualified estate planning attorney.

Davidov Law Group is a member of the American Academy of Estate Planning Attorneys.

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One of the most common misconceptions among retirees is that if they have Medicare, they are covered for stays in nursing homes. Though Medicare will pay for short-term care in a nursing facility, you will not be covered for long-term care. One of the reasons why so many people make this mistake is because of the fact that Medicaid does pay for long term care, but this is true only for those qualified to receive these benefits. Medicaid is an entirely different program than Medicare.

When it comes to nursing facilities, Medicare Part A will pay for inpatient care, but before they will cover this expense, the patient must have spent at least three days in a hospital prior to be admitted to the nursing facility. No matter how long a patient must reside in a nursing facility, Medicare will only cover the first 100 days.

Medicare will cover 100% of the cost, but only for the first 20 days. After those 20 days, the remainder of the 100 days is only covered up to 80%. This is the reason why so many seniors also have another form of insurance.

Medicaid will cover long term care in a nursing facility, but there are some major restrictions when it comes to qualifying for these benefits. You must be low income and have less than $2,000 in assets. You can have up to $3,000 if you are married. There are some exemptions, such as an automobile and a home, if your spouse is still living in the home. You should be aware that in many cases the state could put a claim against the home after your death to recoup some of the cost of your care. There are methods of getting around this, but it will take a solid estate plan that is drawn up by an experienced attorney.

If there is any possibility that you will not be able to cover the cost of long-term care, you will want to prepare for this chance now with long term care insurance and a solid estate plan.

Davidov Law Group is a member of the American Academy of Estate Planning Attorneys.

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There are various things that you’ll likely want to consider when entering the estate planning process. It’s important to make sure that you have proper plan in place so that all of your needs, as well as those of your family, are met. If you are new to estate planning, look at the following list of do’s and don’ts. If you have questions about your individual needs, meet with a qualified estate planning attorney to discuss your options.

Do create a plan early in life. Many people put off their planning and then never get the chance to do so. If you’re age 18 or older, you need your own estate plan.

Do include medical planning in your estate plan. This will protect you during illness and disability.

Do create a will. This will allow your assets to be distributed as you wish and will allow you to appoint a guardian to care for your minor children.

Don’t attempt to do your own estate planning. You can make serious errors that will have negative effects on your estate and your life.

Don’t forget to review and update your plan. Your plan should be reviewed every 3 to 5 years, or sooner if life changes occur. This also includes updating beneficiary designations for assets such as your retirement account and life insurance policy.

Do choose responsible and trustworthy trusted helpers. This includes possible guardians, executors, trustees, and power of attorney agents. You want to make sure that your affairs are handled appropriately and with care.

Don’t forget to tell your loved ones that you’ve taken the time to plan. An estate plan is only effective if your loved ones know that it exists.

Do include funeral planning in your estate planning. This can ensure that your funeral wishes are followed as well as help to minimize family disagreements.

Do ask your attorney questions about your plan. It’s important to make sure that you understand all aspects of your estate planning!

Don’t attempt to change your estate plan before seeking professional advice. This will help to minimize mistakes. Don’t ever write on your original documents.

If you are ready to make your estate planning goals happen, consult with a qualified estate planning attorney.

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When creating an estate plan, it is important to make sure that it is accurate and effective. Below is a list of some of the common estate planning mistakes that are made. It is in your best interest to speak with an estate planning attorney to start your planning and to take the time to avoid the following mistakes.

  • Putting off planning or not planning at all. Many people wait years to start their estate planning. Taking the time to plan now could make a difference in the future. It is also important to make sure that you have some sort of estate plan in place. No matter how much money you make or how young you are, if you are over the age of 18 you should have a plan in place for the future.
  • Not updating estate planning documents. Everyone should meet with an estate planning attorney every 3 to 5 years to review and revise their plan. If serious life changes occur such as marriage, death or the birth of a new child, you should make sure that you update your planning.
  • Not having a will. A will allows you to appoint a guardian for your minor children, outline how your assets will be distributed after your death and appoint someone to manage and distribute your assets. Without a will, the court or state will determine all of these things. If you do not have a will, your wishes may not be followed.
  • Not hiring an estate planning attorney. Many people attempt to do their own planning in order to save money. It is important to hire an estate planning attorney so that your estate plan fits in with your needs and is legal and error-free. Estate planning is an investment for the future.
  • Not updating beneficiary designations. If you become divorced or experience other significant life changes, you will likely need to update your beneficiary designations for your life insurance policy and retirement accounts. This will enable you to make sure that your assets are given to the right people after your death.

If you have questions about estate planning, consult with a qualified estate planning attorney.

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Many people assume that they do not need estate planning. The truth is everyone needs estate planning! No matter what your life experiences, if you are over the age of 18, you need planning. Take a look at the following list of people who benefit from the use of estate planning. Speak with an estate planning attorney today!

  • Families who have young children
  • Young couples who have just gotten married
  • College students
  • Individuals who want to provide for their loves ones
  • Young professionals who are just beginning their career
  • Families with adult children
  • Individuals with few assets
  • Individuals with extensive assets
  • Retired individuals
  • Couples who are expecting a child
  • Individuals who have preferences about their funeral arrangements
  • Seniors who have recently lost a spouse
  • Individuals who do not have life insurance
  • Recently divorced individuals
  • Couples who have recently adopted a child
  • GLBT individuals
  • Individuals who want to make important medical decisions ahead of time
  • Veterans of the Armed Forces
  • Elderly couples
  • Individuals who own a business
  • Couples who have become separated
  • Same sex couples
  • Individuals with disabled family members
  • Individuals who want to donate to a worthy cause
  • Grandparents who want to make a difference in their grandchildren’s lives
  • Individuals with life threatening illnesses
  • Families who love their pets
  • Parents who want to make sure their children are cared for no matter what
  • Individuals who want peace of mind

As you can see, everyone needs estate planning. With the help of an estate planning attorney, you can invest in a plan that will meet your individual goals. Take the steps needed to prepare for the future today!

If you have any questions about the estate planning process, consult with a qualified estate planning attorney

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JOIN US FOR A FREE WORKSHOP THIS WEEKEND TO LEARN THE FOLLOWING:

Elder Law and Medicaid Planning

Medicaid needs arise when you least expect them. Americans are living longer than before. At the turn of the 20th century, life expectancy was about 47 years. In the 21st Century, life expectancy has doubled. As a result, we face more challenges and transitions in our lives than those who came before us.

PROTECT your life savings.
INCREASE the amount of income of keep.�
AVOID losing your home.
REDUCE or ELIMINATE your nursing home bills and long term care costs.
LEARN about Veteran’s Benefits.

Wills, Trust and Estate Planning

We know you want to pass your wealth to whom you want, when you want, the way you want, at the time of your death. If done correctly, a Estate Plan can help minimize estate taxes for a married couple and allow a trusted person to take over your care and finances during incapacity.

PROTECT your family.
AVOID probate delays and expenses.
SAVE estate taxes. Give your money to your family.
PRESERVE money for children or charitable causes.

Join us at our FREE Workshop this weekend. Our experienced attorneys will give you the information you need.

To register for the seminar, call our office at (718) 793-7000 , or register online!