Parents of adult children with special needs understandably worry about what will happen to their adult children after they pass away. Many people with disabilities receive government benefits, such as SSI, SSDI, and Medicaid, which are very important to their quality of life. If parents leave money directly to their adult child with disabilities the adult child will likely lose their government benefits. The way to solve this dilemma is to create a special needs trust. (more…)
Estate Planning
An end of life plan is important to take care of the people you love and to take care of your property. An end of life plan is also essential to making sure your family is protected. At Preston, Pence & Lisonbee we can help you plan through the use of wills, trusts, advanced directives, and powers of attorney. We also help clients through the probate process and with guardianships. We are committed to making sure your wishes are met.
Special Needs Trusts
Wednesday, January 18th, 2012Who Needs a Trust?
Tuesday, July 5th, 2011
A trust is used to distribute property or provide for a loved one after you have passed away. A trust allows you to set out rules like how, what, when and where property will be given to your beneficiaries. There are many different kinds of trusts. Trusts are a useful planning tool to reduce estate tax liability, protect property, and avoid probate. However, trusts are more complex than wills and are not necessary for everyone. Here is a link to an article outlining the pros and cons of living trusts: http://www.elderlawanswers.com/resources/article.asp?id=1110§ion=4
Why should you have an Advanced Healthcare Directive?
Tuesday, April 12th, 2011
An Advanced Healthcare Directive is what used to be called a Living Will and a Medical Power of Attorney. In an Advanced Healthcare Directive a person is able to say how they want their end of life experience to be. The person designates which life saving procedures they would like done and which procedures they do not want. A person can also designate an agent to make medical decisions for them if the person is unable to make decisions on his or her own. Having an Advanced Heathcare Directive can take a lot of pressure off of family members at a very stressful time.
Why should you have a Will?
Tuesday, April 12th, 2011
If you have children it is important to have a Will in order to designate who will take care of your children and who will take care of your children’s financial resources should you pass away. You can designate the same person to take on both of these roles, or your can select different people for these roles. A Will also allows you to designate a personal representative to handle and settle your estate and financial resources (personal property, bank accounts, real estate, etc.) after you die.
This personal representative will take your Will to probate court after you die in order implement your Will. This is a fairly simple process which usually costs less than $1000. If it is really important to you to avoid probate court, you can set up a Trust. Trusts can be harder to maintain and usually require you to have some of your property (your house, your bank accounts, your cars, etc.) titled in the name of the trust. Not everyone needs a trust.
Why should you have a General Power of Attorney?
Tuesday, April 12th, 2011If you are not available to act for yourself, either because of geography or disability, it can create problems for your family. A General Power of Attorney allows a person to act on your behalf either 1) immediately or 2) when you become disabled.
If you work overseas it can be very useful to have a General Power of Attorney that is in place immediately. If you become injured or disabled and can no longer communicate your wishes it is critical that you have a General Power of Attorney so that your agent can act on your behalf.
For example, if you have designated your spouse as your agent and you have a severe stroke, your spouse can act on your behalf and manage your affairs as you recover. Things will run much more smoothly for your family if you have a General Power of Attorney in place. If you do not have a General Power of Attorney your spouse may have to seek a guardianship of you in order to manage your affairs. Seeking a guardianship takes longer and costs much more that having a General Power of Attorney.
There are some risks associated with having a General Power of Attorney. It is very important to select someone that you trust as your agent. Be careful that you do not designate someone who has financial or addiction problems as your agent.
Call us for a free consultation. We would be happy to answer any questions you have about General Powers of Attorney.
You’ve Written a Will, Now What?
Thursday, March 24th, 2011You are responsible, you wrote a will and made arrangements for your family, property and burial arrangements. You are good, right? Maybe not. Changes in your life circumstances- and circumstances of those around you might make it necessary for you to update your will. Some examples are:
1) Getting married
2) Acquiring new real property
3) The death or incapacity of anyone mentioned in these documents
4) A change in how you want your property managed or distributed
If any of the changes above have occurred, it is important to consider the need to make changes to your will to reflect your situation and your wishes.
Thursday, July 15th, 2010
If you are a pet lover, this is an interesting article about how to properly leave property to a pet. http://www.estateplanninglawblawg.com/2008/03/planning-for-pets-now-you-can.html
Guardianships
Tuesday, June 15th, 2010When a person is incapacitated and cannot make decisions on their own, a loved one can seek to have the court appoint them as a guardian to make decisions for the incapacitated person, called a “ward.” When there is a guardianship the ward loses certain rights, so the law requires that a hearing be held before a guardianship will be granted.
Estate Planning
Tuesday, June 15th, 2010Estate planning is the process of planning now for what you want to happen with your assets when you die or become incapacitated. Estate planning includes wills, trusts, advance directives and other related documents. Estate planning may take different forms depending on the amount of assets to be distributed after your death. Effective estate planning can be a relief to your heirs after your passing as it may help them avoid the hassle of probate and will help them carry out your wishes after your death.
Please note, nothing in this site is intended to establish an attorney-client relationship. The information shared here is just to help you get going. You should follow-up with an attorney to find out more information or to learn how the information found here applies to your situation.
