ESTATE PLANNING & ELDER LAW...
As an attorney, I frequently hear folks say, “Why should I plan for death?...when I am dead it doesn't matter anyway!” However, nothing could be further from the truth. Important decisions should be made prior to that fateful day to ensure that your wishes are carried out – not someone else’s. There is also the living component of estate planning with regard to what happens prior to death in the event of disability. Make no mistake…it does matter.
The three most common estate planning documents include a Will, a General Durable Power of Attorney, and an Advance Medical Directive. Consequently, these documents are relatively inexpensive. Most importantly, they provide YOU with the tools to decide what happens to you, your property, your health, and your life. Engaging this process will also head off (or at least mitigate) controversies following your death. Here are some brief explanations of these documents:
WILLS. Everyone needs a Will – young or Old. A Will allows YOU determine and direct who receives your property at your death…not the state. Without a valid Will, your property is distributed according to the intestate succession statutes in Virginia, found in Virginia Code Section 64.2, et seq…and you might be surprised how the statutes work. If you have minor children, you may also appoint the guardian of your children.
GENERAL DURABLE POWER OF ATTORNEY. A General Durable Power of Attorney is one of the most important planning documents for anyone young or old. A General Durable Power of Attorney allows you to select who makes decisions for you in the event you should become incapacitated. What happens if you can’t make decisions for yourself? Who makes them for you? Who makes health care decisions, financial decisions, and property decisions? You can appoint one or more individuals to make those decisions in your behalf. If married, it also protects your spouse in the event of incapacity to transfer assets without a court proceeding. This is a living document which is valid while you are alive and terminates at the death of the grantor (also known as the principal).
ADVANCE MEDICAL DIRECTIVE. Sometimes called a “Living Will,” this document provides your directions with regard to whether you want mechanical life support or artificial nutrition if death is imminent and you are in a comatose state.
Although most folks’ needs are managed effectively with the three documents discussed above, more in-depth planning may be necessary for purposes of Medicare and Medicaid Planning or for other needs by utilizing a Revocable Trust or other instrument. A Trust may also be used to plan for care for children, protect assets, avoid probate, and to take advantage of tax benefits.
Last recommendations: Make sure your documents meet the legalities of your state to be valid and be wary of “do-it-yourself” documents since some of these will not provide sufficient protection or meet statutory requirements. Decide what powers your agent should have while you are living. Think through how your assets should be divided upon death. Identify and select a trustworthy fiduciary or agent. Consult an attorney versed in these matters…and do not be afraid to ask questions!
So…does it really matter? You bet it does.
The three most common estate planning documents include a Will, a General Durable Power of Attorney, and an Advance Medical Directive. Consequently, these documents are relatively inexpensive. Most importantly, they provide YOU with the tools to decide what happens to you, your property, your health, and your life. Engaging this process will also head off (or at least mitigate) controversies following your death. Here are some brief explanations of these documents:
WILLS. Everyone needs a Will – young or Old. A Will allows YOU determine and direct who receives your property at your death…not the state. Without a valid Will, your property is distributed according to the intestate succession statutes in Virginia, found in Virginia Code Section 64.2, et seq…and you might be surprised how the statutes work. If you have minor children, you may also appoint the guardian of your children.
GENERAL DURABLE POWER OF ATTORNEY. A General Durable Power of Attorney is one of the most important planning documents for anyone young or old. A General Durable Power of Attorney allows you to select who makes decisions for you in the event you should become incapacitated. What happens if you can’t make decisions for yourself? Who makes them for you? Who makes health care decisions, financial decisions, and property decisions? You can appoint one or more individuals to make those decisions in your behalf. If married, it also protects your spouse in the event of incapacity to transfer assets without a court proceeding. This is a living document which is valid while you are alive and terminates at the death of the grantor (also known as the principal).
ADVANCE MEDICAL DIRECTIVE. Sometimes called a “Living Will,” this document provides your directions with regard to whether you want mechanical life support or artificial nutrition if death is imminent and you are in a comatose state.
Although most folks’ needs are managed effectively with the three documents discussed above, more in-depth planning may be necessary for purposes of Medicare and Medicaid Planning or for other needs by utilizing a Revocable Trust or other instrument. A Trust may also be used to plan for care for children, protect assets, avoid probate, and to take advantage of tax benefits.
Last recommendations: Make sure your documents meet the legalities of your state to be valid and be wary of “do-it-yourself” documents since some of these will not provide sufficient protection or meet statutory requirements. Decide what powers your agent should have while you are living. Think through how your assets should be divided upon death. Identify and select a trustworthy fiduciary or agent. Consult an attorney versed in these matters…and do not be afraid to ask questions!
So…does it really matter? You bet it does.
Digital Estate Planning. A digital age requires an estate plan that addresses specific digital assets. You are never too young to plan for the future. You never know what life has in store, and a solid estate plan will protect you and your family. We live in a digital world and you have to think about things that your parents never thought of. PayPal accounts, online banking, YouTube videos, computer files, e-mail accounts — if you die and no one has your passwords, things of value may be lost forever. Don’t think you have anything of importance stored electronically? Here are some important reasons for having a digital estate plan:
- Making things easier for executors and family members — With password access, your executors can go through all your assets quickly and efficiently. Without the passwords, they may never be able to access important information.
- Preventing identity theft — If you become incapacitated and your care is handled by someone else, you want that person to have access to everything so he or she can keep tabs on your accounts and deal with identity theft, in the event it should occur.
- Preventing content theft — Keep your files safe.
- Preventing losses to the estate — If the executor of your estate can’t access your digital life, valuable items may be lost.
- Holding onto your history — Family photos, journals and historical documents that you've electronically filed would be lost if your passwords weren't passed on.
Elder Law Matters. How can you obtain the proper care for your loved one without the loss of family wealth for nursing home costs? How do you secure Medicaid funding without the necessity of the elimination of family assets? What do you do if there are problems? Elder law issues go hand-in-hand with estate planning. Having an estate plan is an important part of planning your future. Powers of attorney, trusts, medical directives and even funeral arrangements are aspects of your life that, while not the most pleasant things to think about, should be dealt with while you are still able, so you can be sure that your family members follow your wishes, and to avoid leaving your loved ones a legal disaster while they are grieving. We help our clients and their families with decisions affecting a wide and varied range of issues affecting their assets, their quality of life and their futures.
Individualized planning services to ensure proper attention to all issues surrounding Medicare and Medicaid planning. The planning process also protects assets for which clients or their family member have worked throughout their lifetimes.
If you've recently lost a loved one, know that The Ratliff Law Firm has extensive experience in Probate and in Estate Administration Estates (probate estates, or trust estates that are handled outside the probate process). We handle all of the legal and financial issues that a family must address after a loved one passes. This is a trying time for family members and we can help resolve the legal matters that arise. Call today. We can help.
Individualized planning services to ensure proper attention to all issues surrounding Medicare and Medicaid planning. The planning process also protects assets for which clients or their family member have worked throughout their lifetimes.
If you've recently lost a loved one, know that The Ratliff Law Firm has extensive experience in Probate and in Estate Administration Estates (probate estates, or trust estates that are handled outside the probate process). We handle all of the legal and financial issues that a family must address after a loved one passes. This is a trying time for family members and we can help resolve the legal matters that arise. Call today. We can help.
Guardianships and Conservatorships. When a loved one becomes incapacitated due to dementia, Alzeheimer's Disease, or other medical issue, it may be necessary to seek out a guardianship or conservatorship (or both) to ensure their health, safety and well-being.
It is difficult - emotionally and otherwise. When an elderly loved one can no longer take care of themselves or their financial situation. In many cases, they can be targeted for fraud by people who prey on their good intentions.
Absent a General Durable Power of Attorney prepared when the person had capacity appointing an agent, it becomes necessary to obtain formal guardianship over your loved one. A "guardian" is someone who is chosen or appointed to make legal decisions for another person who is unable to make those decisions on their own. Guardianship is often over a child or an individual who has become incapacitated through age or disability.
For finances, a conservatorship is necessary. A conservator is appointed by a judge to manage the financial affairs of another due to physical or mental limitations, or old age.
In both cases, it is necessary to file an action in the local Circuit Court to obtain and Order appointing someone for these roles. It is a complex process and involves removing the rights of the incapacitated person, so it is not taken lightly. Each respective case type requires not only a Petition in Circuit Court, but appointment of an attorney to serve as a "Guardian ad Litem." This attorney represents the best interests of the incapacitated person.
If your loved one is experiencing incapacitating disability, contact us today for consultation. For more information on guardianships and conservatorships, download our FREE NEWSLETTER (Below):
It is difficult - emotionally and otherwise. When an elderly loved one can no longer take care of themselves or their financial situation. In many cases, they can be targeted for fraud by people who prey on their good intentions.
Absent a General Durable Power of Attorney prepared when the person had capacity appointing an agent, it becomes necessary to obtain formal guardianship over your loved one. A "guardian" is someone who is chosen or appointed to make legal decisions for another person who is unable to make those decisions on their own. Guardianship is often over a child or an individual who has become incapacitated through age or disability.
For finances, a conservatorship is necessary. A conservator is appointed by a judge to manage the financial affairs of another due to physical or mental limitations, or old age.
In both cases, it is necessary to file an action in the local Circuit Court to obtain and Order appointing someone for these roles. It is a complex process and involves removing the rights of the incapacitated person, so it is not taken lightly. Each respective case type requires not only a Petition in Circuit Court, but appointment of an attorney to serve as a "Guardian ad Litem." This attorney represents the best interests of the incapacitated person.
If your loved one is experiencing incapacitating disability, contact us today for consultation. For more information on guardianships and conservatorships, download our FREE NEWSLETTER (Below):
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