As I work with families on their estate plans, one of the more difficult issues that is raised is what to do when a family member has a substance abuse problem. Substance abuse effects people of every generation and takes on many forms. Whether it’s alcohol, prescription drugs, or illegal narcotics the affects on the family can be huge. Families facing this concern should consider the following questions when Read More
Classification of Your Workers as Employees or Independent Contractors
The IRS is very interested in whether companies have properly classified their workers as employees or independent contractors. Why? Because if an individual is classified as an employee, he or she is subject to federal income tax and employment tax withholding when the wages are paid. This means the government gets their tax money right away. Wages and taxes withheld are reported via the Form W-2. If an individual Read More
Power of Attorney for College Students
As parents begin to prepare their high school graduates to leave for college the to do list can get quite lengthy. One item that should be near the top is getting a medical power of attorney. This is necessary because your child is now or likely soon will be eighteen and a legal adult. This newly acquired adult status is often overlooked and comes with many new rights and responsibilities. For example, your child Read More
Know the Difference Between Your Medical Power of Attorney and Living Will
I am often asked — what is the difference between a Medical Power of Attorney and Living Will? There are several differences between these two documents, but the primary difference lies in the scenario where each is used. A medical power of attorney allows a trusted friend or family member to act on your behalf regarding your medical decisions. This only arises in situations where you are unable to make medical Read More
Four Mistakes Many Executors Make
When it comes to handling the probate of a loved one it is easy to fall prey to these mistakes. These mistakes are made by surviving spouses, surviving children, surviving partners and other heirs but are easily avoided with a little planning and preparation. 1. Working with the wrong lawyer or law firm. This mistake can be hard to avoid. You may have called the person who prepared the will or was recommended by a Read More
Do You Know the Difference Between Medicare and Medicaid
Many people confuse medicare and medicaid. Medicare is provided to seniors over the age of 65. It is a federal health insurance program. Medicaid is a needs based federal assistance program that pays for health care for individuals with few assets and low income. Because the criteria for the two programs is different, qualifying for one does not mean you qualify for both. The asset and income eligibility limits Read More
What to do After an Estate Plan is Complete
You have taken the important step. You have visited with your attorney and completed your estate plan with their help. Now what? Do you just put the documents in a file and never give them another thought? On the contrary, there are several steps you should take. You should speak with every person named in the documents. Make sure they understand what you are asking them to do and ensure they know where to find Read More
The Death of an Adult Child
The loss of a child is never easy for the parents who have to bury them. However, the pain of this loss can be compounded if the adult child does not have a will. A will provides direction to those left behind for how all of the loose ends should be tied up. What happens if there isn’t a will? If there isn’t a will the state statutes direct distribution of the estate. The statutes also dictate who has standing to Read More
Minor’s Trusts
Trusts are used for a variety of planning purposes. One such use is a trust commonly included in wills. It is a minors trust. A minors trust allows you to place any inheritance that would be received by someone under the age of 18 into a trust. The trust then functions in several ways. First, it allows the minors caretaker to gain access to the funds for the health, education, maintenance and support of the Read More
Your Digital Estate Plan – Part 2
Last week I discussed the importance of having a digital estate plan. It is also important to know what the guidelines are for the services you use regularly. I have included a few such services below. This information is only a guideline and you should check the exact nature of the agreement with each of your service providers. Facebook Facebook offers to remove or “memorialize” an account upon proof of death. Read More
