Power of Attorney

Address These Four Concerns for Blended Family Finances

Published on: June 23, 2017 | By McCulloch & Miller, PLLC

Blending a family is not an easy task, but doing so successfully can create a new and strong family unit. Among the challenges are how to blend finances.

Blended families are no longer limited to television sitcoms. The Pew Research Center reports that 41% of all Americans have at least one step-relative of one kind or another. As many as 1,300 new stepfamilies or blended families are created daily, according to the Stepfamily Foundation. But blending families includes decisions about finances, and that includes estate planning issues.

The Miami (OK) New-Record’s recent article, “4 tips to resolve financial concerns in stepfamilies,” provides some tips and answers for issues within stepfamilies.

Why “Regular Folks” Need an Estate Plan

Published on: May 26, 2017 | By McCulloch & Miller, PLLC

An estate plan does a lot more than distribute your assets among family members and organizations that share your values. It also protects you and your loved ones. That’s why everyone needs an estate plan, especially if you have minor children.

It’s amazing that some people still think they don’t need an estate plan. According to an article in Trust Advisor, “Why An Estate Plan Is Beneficial,” a small estate needs the protection that an estate plan can offer against unnecessary expenses and ensures that personal, financial and charitable goals will be fulfilled. There are four key reasons why everyone needs an estate plan:

Stipulating Care for Yourself. This includes a healthcare proxy, power of attorney and living will that states how you want to be cared for, if you become incapacitated.

Welfare Check on Senior Leads to Lawsuit against NYPD Officer

Published on: April 28, 2017 | By McCulloch & Miller, PLLC

A federal judge has ruled that a police officer’s uninvited entry into a house to check on the well-being of an adult with dementia, is shielded by qualified immunity. The response to a possible crisis was correct.

Given the number of elder abuse cases, it is encouraging that New York Judge Frank Geraci’s decision, as reported in the New York Law Journal’s article, “Officer's Welfare-Check on Elderly Man Is Shielded by Immunity, Court Says,” supported the actions of Lt. Joseph Buccilli, a police officer with the Orchard Park, NY Police Department.

The judge said the police officer was protected by his good faith actions in responding to an emergency. He had qualified immunity from a suit filed by the owners of the home he entered, in alleged violation of residents' Fourth Amendment rights to privacy. The judge went on to say that even if Buccilli's beliefs that his actions were justified in entering the home were based on wrong assumptions, the officer’s actions weren’t so "plainly incompetent" as would qualify as a violation of the resident's Fourth Amendment rights.

Not If, But When: Make a Plan for Incapacity

Published on: December 1, 2016 | By McCulloch & Miller, PLLC

Incapacity might be harder for some people to imagine than death. They can’t wrap their thoughts around the idea of being alive yet unable to function.

Making decisions for how you want to be cared for while you are still able to choose, is a gift to yourself and your loved ones. If you are not able to convey how much intervention you want, or if you want no care at all, your children and medical professionals will have to make the decision for you. According to Barron’s in “Three End-of-Life Estate Plan Lessons,” not planning for incapacity creates a heartbreaking situation for your heirs and could also undo a great deal of your estate plan.

Let’s look at some important lessons about incapacity planning:

For Entrepreneurs, Make a Succession Plan Part of Your Estate Plan

Published on: November 28, 2016 | By McCulloch & Miller, PLLC

Estate planning for entrepreneurs is not complete until it includes a succession plan. Individuals who create successful businesses often find it hard to consider handing over the reins.

Entrepreneurs would not succeed without their ability to focus all of their energies on their business. It is not easy for this type of person to imagine that one day they may want to retire or that the possibility exists that they might become ill, injured or even die. Without an effective estate plan that includes a succession plan, their work, staff and families may be placed in jeopardy.

A recent business.com post, “5 Estate Planning Tips for Entrepreneurs,” lists these important estate planning essentials:

When “The Talk” isn’t About the Birds and Bees

Published on: November 8, 2016 | By McCulloch & Miller, PLLC

Conversations about money, death and dying wishes become tangled up in strong emotions surrounding these matters. A strategic approach might be helpful.

Every family is different, but almost every family struggles with conversations about wills, estate planning and money. A recent article in The Chicago Tribune, “Have the estate planning talk,” advises a thoughtful approach while letting you know that this is hard for everyone.

This is a tough topic because feelings and money get tied up. Money in many instances can conjure feelings of control (or lack of it), dignity, shame, fear, or a lack of confidence. Many conversations go south quickly. For example: if an adult son asks his mother if she and his father have recently updated their wills, he might be met with a response such as, "Why? Are you hoping we’ll die soon, so you can use your inheritance to finally pay off that huge mortgage we warned you not to take?"

A Rose is a Rose–But One Power of Attorney is not The Same as Another

Published on: September 7, 2016 | By McCulloch & Miller, PLLC

It's best to know the difference between different types of Powers of Attorney before you need one, or more, of these important documents.

It may be more fun to chat about exotic vacation getaways, but you will be better prepared for eventual situations if you have a basic understanding of the different types of estate planning documents. According to NJ 101.5, in “Understanding power of attorney documents,” this will also help make sure that your own wishes are carried out if you are not able to speak for yourself.

A power of attorney (POA) is a legal document that’s used to give a trusted friend or family member (known as the attorney-in-fact or agent) the authority to act on your behalf on financial or legal matters. You can specify the scope of powers, which can be very broad or limited.

Mid-Summer is Time for a Midyear Financial Checkup

Published on: August 19, 2016 | By McCulloch & Miller, PLLC

While the number of people making New Year’s financial resolutions are on the rise, we would do well to make a midyear financial check a regular part of the summer season.

The good news is more than 30% of Americans did give some thought to making financial resolutions this past New Year, according to a survey from Fidelity Investments. The goals were nothing out of the ordinary. They were simply the things we should all be doing with our money: saving more, spending less and getting rid of debt.

If you were one of these go-getter and goal-setters, this summer is a perfect time to look at your progress, says US News in “Keep Your Money Goals on Track with a Midyear Financial Checkup.”

Second Marriage and Blended Families Add Complexity to Estate Planning

Published on: August 16, 2016 | By McCulloch & Miller, PLLC

The old adage is right—a second marriage is indeed the triumph of hope over experience. Add estate planning to keep that hope—and peace in the family—intact.

It’s a delicate balance to hold: preserving assets for children from a first marriage and—at the same time—ensuring that your new spouse will have the assets needed to maintain his or her life in comfort. Balancing the two often requires coming to terms with realistic expectations for all.

CNBC’s article, “Getting remarried? Protect your assets and your interests,” recommends looking ahead and addressing questions about your goals, how your existing family and new spouse will relate to one another when you're gone and who will be in charge of the money. The big issue that heirs of a remarrying couple need to worry about more than federal estate tax is the new spouse.

Got Kids in Texas Colleges? You Need These Documents

Published on: August 11, 2016 | By McCulloch & Miller, PLLC

Far too many parents are stunned to learn that healthcare providers and colleges are by law not permitted to speak with them about their children without the correct documents in place.

That long-awaited, bittersweet moment has finally arrived: your children are headed off to college. They are now adults—and likely far from home, where they must learn to fend for themselves. But if they run into a problem, let’s say a health emergency, the hospital might not take your phone call. As reported in businessinsavannah.com’s article, “College-bound children need critical financial, health documents,” there are certain steps you can take so that you will be able to speak with doctors at a hospital and college officials on his or her behalf.

Otherwise, you’re not legally allowed to help him. Why not?