Guardianship

Why Couples Should Go Through the Estate Planning Process Together

Published on: August 15, 2019 | By McCulloch & Miller, PLLC

“Until death do us part” sounds very different when you are in your twenties and getting married for the first time. As a couple travels through a life together, the time comes to create or revise an estate plan.

Granted, the estate planning process isn’t as much fun as planning a wedding but preparing for property distribution and planning for incapacity is a way to protect your spouse from having to deal with most preventable issues during a crisis. It can also prevent any number of unpleasant surprises.

Despite this, 17% of adults don’t think they need a will, believing that estate planning is only for the very wealthy. No matter how few assets it seems someone owns, completing a few documents can make a huge difference in the future.

Yes, You Really Do Need A Will

Published on: August 5, 2019 | By McCulloch & Miller, PLLC

A will serves several purposes. It gives you the power to distribute your possessions, according to your own wishes. It also lets you name who should take care of your children, if they are minors when you die, and of your pets, if you provide for them in the will.

Just because your wealth isn’t measured in billions, doesn’t mean you don’t need a will. Without one, explains Yahoo Finance’s recent article, “Do You Really Need a Will?” you’ll have no say in what happens once you pass away. There may also be less for your heirs to inherit. There will also be more legal costs and stress.

Each state has laws that pertain to the distribution of a person's estate, if they die without a will. These laws most likely won’t mesh with your personal desires. If you don't have a will, ask yourself why you don't. Perhaps you think you don't need one. However, more than likely you do. If you're putting off starting this important estate planning task, here are some things to consider.

Why Do I Need an Attorney’s Help with Estate Planning?

Published on: July 30, 2019 | By McCulloch & Miller, PLLC

When you die, the assets you’ve accumulated during your lifetime have to be distributed. If you don’t make a plan, your family may be left to clean up a legal mess, quarrel amongst themselves, or watch as a long-lost family member is given everything by a court decision.

An estate planning attorney helps clients, by making sure that the distribution of property after the person dies is done the way they wanted it done. While a plan may be simple or complicated, says the New Hampshire Union Leader in a recent article, “Estate planning is important and may require help from a professional,” working with an experienced estate planning attorney will save your family time, unnecessary costs and stress.

You definitely need to work with an attorney if your life falls into any of these categories:

How Advance Directives Are Used When the Diagnosis is Dementia

Published on: July 26, 2019 | By McCulloch & Miller, PLLC

The progressive nature of dementia makes advance directives necessary to manage the health care needs of the patient.

When adult children suspect that one or both of their parents may be suffering from the early symptoms of dementia, it’s a good idea to sit down with an experienced elder care attorney to start planning for the legal issues that will follow, says The Roanoke Times in the article “What to do in absence of advance directive.” If the parent is unwilling to cooperate, the attorney will be able to refer the family to a social worker or other professional who may be able to assist. In addition, a geriatric evaluation consultation with a board-certified geriatrician will help to clarify the medical issues.

It’s wise for anyone older than 55 to have advance directives in place, should they become incapacitated so a trusted agent can fulfill the patient’s wishes in a dignified manner. Think ahead and plan ahead.

Elder Abuse Numbers Continue to Increase

Published on: June 25, 2019 | By McCulloch & Miller, PLLC

The number of seniors being exploited or abused quadrupled from 2013-2017. Tracked now by a number of financial institutions that submit data to FinCEN, a federal government watchdog agency, elder abuse has become a national epidemic.

More than 180,000 Suspicious Activity Reports submitted by banks to the federal government were analyzed by the Consumer Financial Projection Bureau (CFPC). For professionals working in estate planning and probate law, the numbers are not surprising. They routinely hear tales of exploitation by scammers, family members and caregivers from families who are seeing elderly loved ones being taken advantage of, says ABC 15 Phoenix’s recent online report, “Protecting seniors from financial predators.”

Families reach out to these attorneys who specialize in senior issues because they're concerned that a grandparent or parent is being scammed.

What Single Parents Need to Know About Estate Planning

Published on: June 12, 2019 | By McCulloch & Miller, PLLC

Estate planning requires making some of the most important decisions a parent can make for their child’s well-being.

Single parents need to plan in advance for what will happen to their children, whether they are minors or adults. That includes preparing for the parent’s incapacity, as much as it does for their passing.

Talk to a qualified estate planning attorney and let him or her know your overall perspective about your children, and what you see as their capabilities and limitations. This information can frequently determine whether you restrict their access to funds and how long those limitations should be in place, in the event you’re no longer around.

6 Common Estate Planning Mistakes To Easily Avoid

Published on: May 23, 2019 | By McCulloch & Miller, PLLC

This grim topic deserves your attention. If you haven’t made plans for what will happen after you die, your loved ones will have to pick up the pieces.

Here’s the nice part about this serious subject: once you have created an estate plan, you will have a clearer understanding of what the future will hold for your heirs. You’ll know that you did the right thing, and that you didn’t just leave the ones you love to clean up a mess. That’s just one reason to have an estate plan.

If you need more reasons, here’s what happens if you don’t have a plan, as recently outlined in The San Diego Tribune’s recent article, “6 estate-planning mistakes to avoid.” Without an estate plan, everything is more stressful and expensive. Let’s look at the top six estate-planning mistakes that people need to avoid:

When Does an Estate Plan Need to Be Reviewed?

Published on: March 13, 2019 | By McCulloch & Miller, PLLC

People think of estate plans as one-off documents, but they should think of them more like cars. Estate plans need maintenance, oil changes, tune-ups and if there’s an accident, repairs.

As life progresses, you’ll go through a number of stages, from being a teen to an adult, getting married, retiring, welcoming grandchildren and more. Every time you move through a stage, your estate plan should too.

Bankrate’s recent article, “Estate planning triggers: When to re-evaluate your estate planning strategy,” says the risk of not having a current estate plan and will that state your wishes is significant. When people fail to put any plan into place, it leads to confusion, chaos, and unintended consequences. Use this list of important life events as triggers to remind you to discuss your current situation with a trusted attorney.

The Sooner You Complete Your Estate Plan, The Better

Published on: January 24, 2019 | By McCulloch & Miller, PLLC

Among the top three reasons for an estate plan are to make sure that your assets are distributed according to your wishes, helping your loved ones from having to pay more taxes than necessary and if possible, avoiding having your estate go through probate.

When there are minor children or family members with special needs, it’s critical to have an estate plan, advises the Capital Press in the article, “Ag Finance: Why you need to do estate planning.”

While it’s likely that most adult children can work things out, even if it’s costly and time-consuming in probate, minor young children need protection. Wills are frequently written, so the estate goes to the child when he or she reaches age 18. However, few teens can manage big property at that age. A trust can help, by directing that the property will be held for the child by a trustee or executor until a set age, like 25 or 30.

Why Do I Need to Have Power of Attorney Forms?

Published on: January 8, 2019 | By McCulloch & Miller, PLLC

There are a number of different estate planning documents that are easily confused, including “Power of Attorney.” Let’s get a look at the different types of “Power of Attorney,” and what they do.

Of the estate planning documents, most people have heard of a will and some have a health care proxy. The Power of Attorney is effective while you are still living, and is also known as a “Durable Power of Attorney” because it is effective, or durable, even after you become incapacitated. Your will only becomes effective when you die.

The Times Herald says in the article “Powers of attorney good for life and beyond” that there are two general types of powers of attorney, one for financial matters and the other for health care matters. They shouldn’t be combined in a single document, because they have different legal requirements. Unless they say otherwise in the document, powers of attorney don’t expire until the creator does. However, there are a few powers in both financial and health care powers of attorney that can survive the person who created the document.