Why You Should Never Buy Your Will From Living Social or Groupon

Of the handful of major life events that require your serious consideration, few are as emotionally charged as how to leave your assets for loved ones at the time of your death. This often complex process is accomplished via testamentary documents such as wills and trusts, which have recently become available for purchase online as standard forms.

The assets you have acquired during your life and the ways that you own them are often far more complex than a standard legal document or online service can anticipate.  When you make that all important decision to create a will or put your assets into a trust, you need an experienced estate planning attorney to guide you so that your wishes for life and death can be carried out without risk of your family getting stuck in court or conflict, when it’s too late. 

Your incapacity or death will be an emotional time for your family. During this time, they need guidance, not a set of documents, which may not have even been kept up to date or adequately cover after-acquired assets.

In certain cases such as being married multiple times, having minor children, or owning a small business, legal assistance is especially necessary.

There may also be a variety different tax or asset protection implications for your inheritors. The right lawyer can advise you on the best way to handle the different assets you own such as real estate, investments, a small business, or personal property.

Is a trust right for your situation? Is there a way to transfer an asset before you pass, so that it will be protected from claims, creditors or taxation? Groupon can’t help you with that.

You may save money initially if you have a simple, small estate with few assets by just using a form that you find online. However, if you become incapacitated before death, your family could get stuck with a long drawn out court process, as they attempt to get control of your financial assets. And, if your document is unclear, contestable, or wholly or partially invalid, it’s your family who will be paying the price down the road.

Speak with A Personal Family Lawyer® to create an estate plan that protects you and your loved ones.

This article is a service of Robert J. Maher, Personal Family Lawyer®. We don’t just draft documents, we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.  That's why we offer a Family Wealth Planning Session™, 

Three Health Care Documents You Need to Include in Your Estate Plan

Three Health Care Documents You Need to Include in Your Estate Plan

Decisions about your health care are some of the most important you will ever make.

Don’t put off making plans until you are unable to assert your wishes. Including health care documents in your estate plan can ensure your decisions are always your choice, even if you cannot speak for yourself.

Health care documents that clearly state your wishes should be included in your comprehensive estate plan. Here are three documents you need to include in your estate plan to ensure your wishes are respected:

Health Care Directive

This document allows you to name a health care agent. This will be the individual who you grant the authority to make certain decisions on your behalf. A health care agent may also be called a health care surrogate or a personal representative.

In your directive, you can include specific instructions on the health care measures you desire if you are unable to make decisions for yourself. These are life and death decisions; make sure your agent is someone you trust.  Work closely with an estate-planning lawyer to ensure your directive provides clear guidelines for your agent to follow.

HIPAA Authorization

Your health care agent or personal representative will need access to your medical records in order to make educated decisions about your care. To do this, your agent will need a HIPAA authorization. This will ensure he or she has access to your medical records from HIPAA-covered health care providers.

Living Will Declaration

A living will provides specific guidelines for your end of life care. While your health care directive can include provisions for your agent to make certain decisions about your ongoing health care,a living will tells your agent how you would like those decisions made, such as if and when you want life support to be removed, whether you would want hydration and nutrition and what kind of care choices should be made for you, if you cannot make them for yourself. These types of absolute decisions about your life should be included in a living will for extra protection and assurance your desires will be known and honored.

These documents, if carefully crafted, will help you express and enforce your healthcare wishes, even if you cannot speak for yourself. If you want to ensure your preferences for your ongoing and end of life care are respected, contact us to discuss your options today.

A Personal Family Lawyer® can help you articulate and legally protect your healthcare wishes and preferences. As your Personal Family Lawyer®, we can guide you to create and complete these very important health care documents so you can have the peace of mind of knowing your family will make the right choices for you, when you cannot.

This article is a service of Robert J. Maher, Personal Family Lawyer®. We don’t just draft documents, we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Family Wealth Planning Session,™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this session at no charge. 

Estate Taxes in Trump's America

Estate Taxes in Trump’s America

Donald Trump has proposed a radical tax reform agenda for his presidency. Part of this reform is his intention to repeal the estate tax. For some people, this will be a considerable change with significant repercussions. But, because more changes to the tax code are anticipated, high-net-worth families should consider what this change could mean for their estate plans.

The estate tax (aka the death tax) is a federal tax on the transfer of property in the estate of someone who has passed. Upon death, your estate’s taxable value is assessed and then taxed. There are many rules on when and how the estate tax can be taken, but Trump plans to repeal the estate tax altogether.

Comparatively, the estate tax is not a huge revenue producer for the IRS, and many believe the estate tax is baseless, while other forms of property transfers between family members are untaxed, such as property divisions as the result of divorce.

While many applaud the suggested repeal, it’s important to remember that lost revenue will be certainly be gained elsewhere. Though the estate tax may be abolished, Trump still plans on initiating a capital gains tax on any assets left to heirs over the $10 million threshold.

Some argue that the estate tax only affects the very wealthy. Indeed, the 2017 federal estate tax exemption is $5.49 million. Estates valued below that threshold will not be taxed. For families with significant wealth, steps should be taken to plan for a potential estate tax, even if the estate tax is repealed because it’s likely to return in the future, even if it is repealed now.

Basing estate plans on proposed tax reform is unwise. However, considering proposed tax changes as well as the changing political climate while planning your estate will help you make educated decisions. Regardless of the size of your estate, now is a great time to sit down and discuss your estate planning options with a Personal Family Lawyer®.

Proper planning for your estate means staying abreast of changing tax regulations and ensuring your estate plan minimizes its tax burden and protects the assets you will leave behind. Because tax regulations are not set in stone and change quite frequently, it’s important to work with a Personal Family Lawyer® to prepare for all eventualities.

And, of course, estate planning is about so much more than just saving taxes, and even about so much more than just your financial estate. As your Personal Family Lawyer®, we see estate planning as about helping you make the very best personal, financial and legal decisions for your wealth, health and happiness throughout your lifetime and then being there for your loved one’s to minimize conflict, when you cannot be.
 

This article is a service of the Law Office of Robert J. Maher, PC, Personal Family Lawyer®. We don’t just draft documents, we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.  That's why we now offer a Family Wealth Planning Session™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this session at no charge.