You may think it’s rare for both parents to be killed at the same time, but it’s not.  Three such cases and their resulting custody battles have occurred in just the last year because guardians for the children had not been named.

One case involved a young couple driving their newborn home from the hospital for the first time.  If you have don’t have an up-to-date Will appointing guardians for your children, name guardians now.  Otherwise, you’re putting your children at risk.

What Happens if You Don’t Name Guardians

If you don’t name guardians in your Will, the court (not you) will decide who raises your children.

• Will family members fight over who gets custody?  Will the family feud last for generations?

• Will your brother-in-law, the drunk, get custody?  Will your sister, who screams at her children, be awarded custody?

• Will no one step forward so the court is forced to place your children into foster care?  Have teenagers?

How to Appoint Guardians

You name guardians for minor children in your Will.  Be sure to have a serious conversation with those you wish to appoint before naming them.

Also, be sure to appoint back-up guardians in case your primary guardians are unable or unwilling to serve when the time comes.  Have that same conversation with them as well.

Execute a Will

It’s time; if you want to be the one to choose who raises your children if you are unable to, consult with a qualified estate planning attorney and appoint guardians in your Will now.

We appreciate you following us and value your comments and input. Please provide your thoughts by using the comments section on our blog page.

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Thanks again.

Dennis D. Duffy

Duffy Law Office

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

Planning for your estate after you pass away should often involve more than merely determining how financial assets will be distributed. You might just have some special heirlooms that you want to make sure go to particular people. If so, you need to plan for who gets them. Some people, however, will want to plan for how their image might be used in the future.

Recently, rappers Dr. Dre and Snoop Dogg used a holographic image to perform with deceased rapper Tupac Shakur on stage. As it turns out, they received permission to do this from Shakur’s estate. The estates for other celebrities are considering allowing similar uses for their images. Most of us aren’t Hollywood celebrities, but even local celebrities, such as a newscaster, should consider how and when they want their image to be used after they pass away. If nothing else, they should decide who will be in charge of deciding whether to allow the use. Shakur probably did not anticipate performing holographically after he had passed away. Similarly, other people cannot anticipate what future technology might bring. What’s in Hollywood today, might be cheap enough in the future to use locally and in circumstances no one anticipates now.

If you have an image you want to protect, talk to an estate planning attorney about how to protect it after you pass away.

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

Estate planning has a slew of benefits, but what clients (and their families) find really valuable is peace of mind.  Peace of mind promotes family relationships, health, and positive communication.  Here are the 4 ways an estate plan creates peace of mind.

1.    Blended Families

When your second (or third) spouse and children from previous relationships all know that you’ve done estate planning and that they’re protected, relationships can be fostered.

2.    Long Term Care Covered

If you’ve planned ahead and have arrangements to pay for your long term care through Medicaid, private pay, or long term care insurance, both you and your loved ones will have peace of mind, knowing that they don’t have to decide between your care and financial ruin.

3.    Your Wishes are Documented

When you have an up-to-date, comprehensive estate plan, your wishes are documented; both you and your loved ones have peace of mind.  There is no fighting over what you would have wanted regarding a living Will, organ donation, final arrangements, trust helper roles, and asset distribution.

4.    Beneficiaries Protected

You and your loved ones will sleep better at night, knowing that your beneficiaries and their inheritances are protected from addictions, spendthrift behavior, bad decisions, divorce, bankruptcy, lawsuit, malpractice claims, second spouses, and medical crisis.

We appreciate you following us and value your comments and input. Please provide your thoughts by using the comments section on our blog page.

You Can Also Find Us Online: Facebook | Twitter | LinkedIn

Thanks again.

Dennis D. Duffy

Duffy Law Office

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

Would it surprise you to know that your graduating senior needs an estate plan? Each and every legal adult needs an estate plan and once your child turns 18, they are no longer covered under your plan and you can no longer make financial, legal, or health care decisions on their behalf.

If your child doesn’t have their own plan, the state and the courts will create a plan for them and it may not be what either you or your child would want.

A Simple Plan for a New Graduate

Most graduating seniors need only a very simple estate plan.  The plan would likely include a:

• Will to appoint an executor and distribute any property.

• Power of Attorney to authorize the management of day-to-day business and finances.

• Power of Attorney for Health Care decisions in case your child is unable to make his own health care decisions.

• HIPAA release so that medical professionals are legally permitted to communicate with the agents appointed in the health care power of attorney.

• Living Will so that your child isn’t hooked up to life support machines or subjected to other heroic measures if he is in an irreversible coma or persistent vegetative state.

• Organ Donation Form so that your child can save up to 8 lives and improve the lives of many others.

It can most likely be a simple plan, but if your child is graduating from high school this spring, put estate planning on your child’s agenda.  Consult with a qualified estate planning attorney.

We appreciate you following us and value your comments and input. Please provide your thoughts by using the comments section on our blog page.

You Can Also Find Us Online: Facebook | Twitter | LinkedIn

Thanks again.

Dennis D. Duffy

Duffy Law Office

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

Whenever a court appoints a conservator or an adult guardian, the person serving in that position must spend considerable time and effort to properly carry out his or her duties. While some conservators do receive compensation for their actions, not all of them do. Talk to an estate planning lawyer for information about the rules governing conservator pay in your state.

            Family Conservators: In many situations, a family member of an incapacitated adult serves as conservator because this is the best and most convenient solution. These family members typically do not receive a salary or any kind of income when they serve in the conservator role. However, as a family member incurs expenses as a conservator, he or she may be entitled to receive compensation for these efforts. Because of this the court can appoint two conservators or guardians: one who is responsible for providing for the day-to-day care of the ward while another is responsible for the financial expenses. In some situations a family member conservator may receive compensation, though the payment or salary must first be approved by a judge.

            Professional Conservators: Occasionally, a judge appoints an organization or a professional not related to the ward to manage the ward’s affairs and serve as conservator. When this happens the judge typically established how much the conservator will be paid for his or her services. Pay is provided by the ward’s estate and conservators must report the pay as income.

We appreciate you following us and value your comments and input. Please provide your thoughts by using the comments section on our blog page.

You Can Also Find Us Online: Facebook | Twitter | LinkedIn

Thanks again.

Dennis D. Duffy

Duffy Law Office

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

If you don’t want to be hooked up to machines, have your life artificially extended, or be subject to medical heroics, you need a living Will. Your wishes must be in writing and your living Will must be in your doctor’s hands to carry out your wishes.

Your Living Will Must be in Writing

Although it is wise to share your feelings with your loved ones, it is not enough just to tell them you want a living Will.  Instead, your wishes must be in writing.

Terri Schiavo told her husband she didn’t want to be hooked up to life support machines, but never put it in writing.  When she collapsed and was in an irreversible coma, her husband sought to have life support removed.

Terri’s parents disagreed and fought the removal.

15 years later, Terri was finally removed from life support.  An autopsy revealed that she had been brain dead the entire time. 

Your living Will wishes must be in writing.

Your Living Will Must be in Your Doctor’s Hands

When you need your living Will, a copy of the document must be in your doctor’s hands.  There are two ways to make sure your living Will is available when needed.

First, let your loved ones know that you have engaged in estate planning and that you have a living Will. Let them know where you keep the living Will and give your agent (under you medical power of attorney) a copy.

Second, use a virtual service such as www.Docubank.com, which issues you a wallet-sized card that provides codes for medical personnel to get a copy of your living Will so your wishes can be followed.

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

Because we live in a very mobile and transient country, many of us will spend a significant portion of our lives in more than one state and it is important to ensure your estate planning documents reflect this. You probably spent a significant sum of money paying an attorney to draft these valuable documents on your behalf. As such, you may want to pay a little more to make sure your estate planning attorney reviews them for validity in other states.

In most cases, a Will valid in one state may be valid in another if the following holds true: If your Will complies with the statutory testamentary formalities required by the state in which you resided when you drafted your Will, your Will is usually valid in another state. For example, if you lived in Iowa when you drafted your Will, and you hired an Iowa attorney to draft your Will, your attorney probably complied with Iowa’s probate laws. In drafting your Will, your estate planning attorney should have reviewed the testamentary requirements for creating a valid Will in Iowa. If you later move to a different state, your Will is usually valid there, as long as it was valid in Iowa. You should spend some time talking to your attorney about your Will and its validity in another state. You can also contact a new attorney licensed in the jurisdiction in which you move about the validity of your Will.

We appreciate you following us and value your comments and input. Please provide your thoughts by using the comments section on our blog page.

You Can Also Find Us Online: Facebook | Twitter | LinkedIn

Thanks again.

Dennis D. Duffy

Duffy Law Office

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

In 2009, Farah Fawcett died at age 62 of cancer. Known for her roles in the “Charlie’s Angels” series and movie roles, Fawcett was a legendary sex symbol for many decades. Farah Fawcett was married to Lee Majors for over 10 years. After divorcing Majors, she entered a long-term romantic relationship with fellow actor Ryan O’Neal. She and Ryan O’Neal never married, but they had one child together, Redmond Fawcett O’Neal. They were romantic partners from 1979 until 1997, and according to O’Neal, she finally agreed to marry him only months before her death, but they were unable to get married because of her illness. After her death, her Will revealed she completely disinherited Ryan O’Neal and left most of her assets to her son, Redmond. She also left some of her estate to her father, her nephew, and ex-boyfriend, Gregory Lawrence Lott.

Because Ryan O’Neal was never legally married to Farah Fawcett, he cannot benefit through an elective share statute. According to some family members, Ryan O’Neal lied to media about Farah agreeing to marry him shortly before her death. Had the two actually married, he could have received at least one-third of her estate.

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

The majority of states allow testators to ask someone else to sign their Wills if they are unable to sign for themselves. For example, a quadriplegic who cannot sign his or her Will can ask another person to sign on his or her behalf. However, a person directing someone else to sign his or her will must be aware of the “line of sight” requirement. The line of sight rule requires that the person directing another to sign his or her Will do so while that person is in his or her line of sight. This means that the person signing your Will on your behalf must be in your direct line of sight.

The line of sight rule requires that you witness another person signing your Will, and that third party must be in your direct line of sight. Furthermore, your witnesses must be able to witness the signing. The best way to sign a Will and to ensure you comply with the witness line of sight requirements is to conduct a Will signing ceremony in one room. This is why attorneys conduct signing ceremonies in their law offices by reserving a conference room. This way, each person signs the testator’s Will in the presence of all other witnesses.

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

If you have a child who is addicted to alcohol, gambling, or drugs, you may think that you have to disinherit him.  You, likely, want to prevent the inheritance from being lost or wasted or being used to harm your child.  Fortunately, disinheritance is not required; instead trust planning can both help and protect your addicted child.

What Happens with An Outright Inheritance

You are right to be concerned about an outright inheritance.  If the money or investments are just transferred into your loved one’s name, they can fuel the addiction, be wasted, or even kill your beneficiary.

There is an alternative and it’s not disinheritance.

What Happens when You Disinherit Your Loved One

Disinheriting a child can cause multigenerational anger, sibling discord, and also usually disinherits your grandchildren.

While we don’t like to admit it, money equals love and if you disinherit a child, it will be interpreted as if you don’t love that child.

The alternative is a trust.

What Happens with a Lifetime Trust

A lifetime trust can be set up to hold your child’s inheritance.  Because of the addiction problem, someone else such as a CPA, bank, or trust company serves as the trustee.

The trustee distributes assets for the benefit of your child, but not directly to him.  For example, trust assets could be used to pay for rehab, rent, food, medical expenses, utilities, education, and the like.

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.