The number of estate planning documents that you need is based upon your financial situation, goals, concerns, needs, and federal and state law.  The most simple of plans includes a simple will, financial power of attorney, health care power of attorney (with HIPAA release), living will, and organ donation form. That’s 5 estate planning documents.  These plans are often a good fit for an unmarried person with few assets and no minor children.

Most people and their families would benefit from revocable living trust planning which adds one document, the trust, and we’re up to 6 documents.

In addition, if you have minor children you need to provide for their care should you become incapacitated, but not die.  This takes two more documents, a stand-by guardianship authorization and first responder authorization, for a total of 8 documents.

If you have a federally taxable estate, want to pass on a family vacation home to your children, special needs beneficiaries, or charitable goals, you may need additional documents.

Be sure to disclose all of your goal, concern, asset, family, and health information to your estate planning attorney, so that he or she can carefully design a customized estate plan that works for you.  While you, likely, need many, or all, of the documents listed above, they are carefully crafted for each situation.

Make sure that these documents are available when you need them.  Let your trusted helpers and loved ones know where you keep them and implement a medical document online service such as Docubank (www.docubank.com.)  Docubank ensures that your medical power of attorney, HIPAA release, living will, organ donation authorization, and contact information are available 24/7/365.

If you have questions or concerns about what estate planning documents are right for you and your family, consult with a qualified estate planning attorney.

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

When you begin planning for a wedding, you should also think about your estate plan needs.  Getting married is an exciting time in your life, as you and your future spouse begin to dream about your future.  It’s important that you both take the time to think about your legal needs as well.  This will allow you both to be protected throughout life.  Take a look at the following information, to learn more.  If you have any questions, or if you’re ready to create your estate plan, contact an estate planning attorney.

Once you decide that you want to spend the rest of your life with your future spouse, it’s time to begin discussing your needs and goals.  You will want to make sure that you’re both on the same page about your wishes.  You also want to have a plan in place so that you’re both always protected.

You will likely want to pass your property on to your partner after your death.  An estate plan should be created so that these wishes are respected.  Additionally, it’s important for both of you to plan for medical emergencies.  With a plan in place, you can ensure that you’re both able to help each other during a time of need.

It’s also a good idea to discuss life insurance needs.  If one of you were to die, the other would be left to pay for past debts and current expenses.  With the right level of life insurance, either of you can take advantage of extra assistance.

Make sure that you both sit down and talk about the need for an estate plan.  An attorney can work with you both to better explain all of your options.  You shouldn’t have guesses about the future.  Instead, you need a clear cut plan in place.

If you have any questions, or if you’re ready to create an estate plan, consult with a qualified estate planning attorney.

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

An estate planning attorney can help you understand the need for proper planning ahead of time.  As your elderly loved one continues to age, you have probably taken care to make sure that she has planned for the future.  This may include making sure that your loved one has an estate plan in place, is still able to handle finances, and continues to stay as healthy as possible.

What happens when your elderly loved one begins to suffer memory loss?  As your loved one begins to quickly forget, it can be difficult to get the important information that you need.  Take the care to make sure that your loved one’s usernames, passwords, and PINS are recorded ahead of time.

Ask yourself the following questions:

• Do you know your loved one’s PIN numbers?
• Does your loved one pay all of his or her bills online?
• Are there a lot of automatic payments set up?
• Does your loved one have important account information written down?
• Do you have a list of all of your loved one’s payment accounts?
• Do you know all of your loved one’s online account usernames and passwords?
• Is your loved beginning to forget important usernames and passwords?

If you take the time to handle all planning affairs for your loved one ahead of time, you can minimize a lot of time and stress.  Speak with your loved one gradually about the need to document important information.  Consider taking your loved one to meet with an elder law attorney to discuss her individual needs.

An elder law attorney can help you better understand the need for important account information as well as overall planning for your elderly loved one.  If you have any questions, consult with a qualified elder law/estate planning attorney.

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

On December 17, 2010, the President signed into law The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. This bill restores the IRA Charitable Rollover for 2010 and permits its use in all of 2011. The act is retroactive to January 1, 2010, so donors who previously made 2010 IRA rollovers will qualify.

The principal rules for direct transfers from an IRA to a qualified public charity are
1. The IRA owner must be 70½ or older

2. The transfer is for no more than $100,000 each year (A 2010 transfer qualifies for the required minimum distribution)

3. It must be to a public charity either outright or for a specific purpose, but may not be to a donor advised fund or supporting organization

4. The transfer is made directly from a custodian or trustee to the charitable organization

A very important potential 2010 benefit exists. Because Congress recognized that it is very late in the year, individuals who choose to make a qualified charitable distribution rollover from their IRA trustee to a charity may make their 2010 charitable gift during 2010 or in January of 2011.

Remember that this distribution is NOT considered a tax deduction.
However, any money transferred to a charity will not be considered taxable income and therefore will not be taxed.

Call us and we can help you with these issues and your IRA and charitable planning.

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

As we celebrate Columbus Day we think of his discovery of the New World.

Did you realize it happened by accident and was actually a mistake? Click here for story.

How we deal with errors and accept change in our life will be the theme of future blogs.

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

Within 5 weeks we will have an election!

I recently completed my absentee ballot and mailed it in for the General Election on November 2nd. It reminded me that one of the greatest privileges we have is the opportunity to vote. We live in a free democracy and one thing we should all agree on is we want to keep it that way. One way to show that is to be sure to use the privilege to vote and not take it for granted.

Especially now, it seems many people have strong views about issues our elected officials face. If there is a chance you cannot vote on the election day you can easily do so through the mail but you must request the for. I have enclosed a link to the Iowa form. Iowa form to obtain ballot.

The Iowa form is easily filled out on the computer and then you mail it in to your County Auditor. You can likely find your own stat form by doing a Google search for “absentee ballot request form for (you state)” .

Don’t miss the opportunity to express you views!

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