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.

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Dennis D. Duffy

Duffy Law Office

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.

Maybe. Maybe not. There are over $32 billion in unclaimed funds. Most of these funds are attributed to inheritances that loved ones don’t know exist.

Will Your Loved Ones Find:

• Your car titles and deeds?
• Your old retirement accounts?
• Online bank accounts?
• Online investment accounts?
• Old life insurance policies?
• Notes with monies owed to you?
• Safe deposit box?
• PayPal or Ebay accounts with monies owed to you?
• Hidden cash or other valuables?

Get Organized:

To ensure that your valuables are not lost and that you reduce the administrative burden on those you love…

• Shred and recycle old statements.
• Keep most recent financial statements; 7 years of tax returns and supporting documentation; immigration papers; military papers; life insurance policies; adoption, marriage, and divorce papers.
• Keep an updated list of all online accounts with their usernames, passwords, and PINs.
• Keep a file, holding your most important papers.
• Update your file monthly.

If you have questions about how best to prepare to reduce the burden, ensure that assets are not lost, and know what papers can be thrown away, consult with a qualified estate planning attorney.

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Dennis D. Duffy

Duffy Law Office

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.

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Dennis D. Duffy

Duffy Law Office

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.

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Dennis D. Duffy

Duffy Law Office

When we meet I tell them that they are trapped in the Investors’ Dilemma and they need to get basic financial education to protect themselves not only from the army of financial sales people who are pushing product solutions but also to understand their own behavior and not be victimized by their own human decisions that lead into traps of investing and frustration.

I often refer them to one of the best (and easy to read) books on investing. I tell anyone that has money to invest for their estate or retirement planning should add this book to their reading list. They will not regret it.

It was co-authored by Gordon Murray and Daniel Goldie. In less than 100 pages, it clearly tells everyday investors nearly everything they need to know about investing in the stock and bond markets to beat 95% of Wall Street’s best money managers.

Murray had a 25-year career on Wall Street that included stints at Lehman Brothers, Goldman Sachs and Credit Suisse First Boston. His career, like those of many in the investment community, was built around beating the markets–which many claim to do but few pull off.

Murray retired in 2001. He later met Daniel Goldie, a former professional tennis player and financial adviser, who taught him the virtues of passive investments.

While active investors try to beat the markets, passive investors are content to tie them. The irony, however, is that passive investors over time do better than the vast majority of active investors, due in large part to the excessive fees and taxes faced by people who try in vain to beat the market.

As The New York Times reported in a great article last month called “A Dying Banker’s Last Instructions,” (NY Times article) , Murray was diagnosed with terminal brain cancer in 2008. He has ceased treatment and doesn’t expect to live past his 61st birthday in March of 2011.

Murray decided to use his last days on earth to write about his new investment epiphany. His friend Goldie co-authored the concise paperback “The Investment Answer,” which was published in August, 2010. It is easy to read and anyone who invests  should read this book. You can click to go to a web site for more information about the book:  The Investment Answer.

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Dennis D. Duffy

Duffy Law Office

            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.

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Dennis D. Duffy

Duffy Law Office

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.

In today’s economy, investing wisely is not what it used to be. High-yield savings accounts used to be a great way to preserve some money and maybe make a little interest. It was never a way to get a huge return, but it was a good vehicle to make sure that some money was left if other investments went sour. However, today the annual inflation rate is 2.9% after taxes. With banks offering savings accounts around 1%, placing your trust’s money in a savings account actually loses money.  You need to educate yourself about how to prudently invest a portfolio. Learn some basics concepts to protect yourself. Do not violate the golden rule of investing which is  “Don’t put all your eggs in what basket” — You need to diversify.   But the real trouble then begins because, how do you accomplish diversification?   Finally,  after you do this you must then rebalance from time to time to manage risk.

Speak with an experienced attorney about ways to preserve your trust’s assets. Many estate attorneys offer trust administration services and you can appoint the attorney as the trustee. This is a great way to let a professional help you in making sure that your assets are still there when your family needs them.  You can also ask the attorney how to make sure a trustee is prudently inviting assets and not violating their fiduciary duty leading to personal liability for their acts or omissions.

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Dennis D. Duffy

Duffy Law Office

Marshall’s example continues:

Marshall was diagnosed with pancreatic cancer in January; it was an advanced case… 

CPA

Marshall’s CPA worked with one of Marshall’s daughters to get his income taxes done and next year, the CPA will help with the tax returns for this year and the administrative trust’s tax return. 

Insurance Professional

Marshall has long term care insurance, so the insurance professional was notified and has explained to Marshall’s daughters how to apply for benefits.  Knowing that Marshall could receive good care gave the family peace of mind.

Friends and Neighbors

As soon as word of Marshall’s diagnosis spread, friends and neighbors rallied offering and providing support.  They offered to drive Marshall to the doctor’s office and store, dropped off meals, did errands, and stopped by for visits. 

Several HAM (amateur radio operators) friends began to sell Marshall’s radio equipment on his behalf; wood-working friends finished Marshall’s wood-working projects making toys for needy children.

Hospice

Hospice provided support throughout Marshall’s illness and in the end, they provided 24/7 nursing service to eliminate his pain and anxiety; they supported his daughters so they could be daughters, not nurses.

Estate Administration

When Marshall passed, only 9 weeks after diagnosis, much of the estate administration matters had already been handled and his daughters, friends, neighbors, and professionals had formed their team to manage remaining matters.  All played an important part.

If you missed it, you’d benefit from reading Estate Administration:  Don’t Go It Alone (Part 1 of 2.)

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Dennis D. Duffy

Duffy Law Office