Estate Planning: How Much Does it Cost?

The better question, really, is. “What is the value of estate planning?”
The value of estate planning lies in providing security to your health and property for yourself and your loved ones. Those who fail to plan may see a major loss in assets, healthcare, and even the uncertainty of legal guardianship for one’s child in the case of incapacitation. The value of estate planning to a single parent could mean having the safety and security of choosing and knowing who will be the legal guardian of their child in the case of disability or death. Other issues could be avoided by planning and setting up trusts to hold to the benefit of their child to insure their future as well as to ensure the security of other assets to beneficiaries such as other family members.

In the case of a couple who own a home, a money market account, CD’s, and with their estate exceeding $1 million, failure to do estate planning results in any assets over $1million to be taxed by the Commonwealth of Massachusetts and also by the Federal Government (in the year 2013, assuming the return of the $1 million exemption) at a rate of 55%. This means double taxation and that less than half of the assets accumulated over a lifetime will pass to their beneficiaries.

In the case of an elderly or disabled person who may have long term care needs, perhaps including nursing home care, failure to plan could result in catastrophic loss of all the person’s lifetime assets. This is the value of Estate Planning. When you call asking us, “How much does it cost?”, I ask you to consider how much it is worth to you to safeguard your children’s future; to safeguard assets for your loved ones; and to protect yourself from nursing home impoverishment. How much is it worth to you?

Alimony Reform; Consumer Protection; Review Your Plan; New SEMINAR!

The following highlights some new state laws, reminds you to review your estate and financial plans when doing taxes, and announces our new seminar. We hope you'll find this information useful!

NEW Telemarketer Consumer Protection Law

On Wednesday, the FCC issued Report and Order FCC 12-21: In the Matter of Rules and Regulations Implementing the Telephone Consumer Protection Act of 1991. According to the FCC,

The Order adopted today helps put an end to these intrusions by empowering consumers with increased rights under the FCC's telemarketing rules. The new rules reduce regulatory uncertainty with minimal burden on industry and maximize consistency with those of the Federal Trade Commission. Specifically, the rules protect consumers by:

Requiring telemarketers to obtain prior express written consent from them, including by electronic means such as a website form, before placing a robocall to a consumer;

Eliminating the "established business relationship" exemption to the requirement that telemarketing robocalls to residential wireline phones occur only with prior express consent from the consumer;

Requiring telemarketers to provide an automated, interactive "opt-out" mechanism during each robocall so that consumers can immediately tell the telemarketer to stop calling; and,

Strictly limiting the number of abandoned or "dead air" calls that telemarketers can make within each calling campaign.

The provisions of the new rules take effect over the next year.

* The preceding is courtesy of Massachusetts Trial Court Law Updates

Alimony Reform Act of 2011 expected to go into effect on March 1, 2012

The new law sets limits on alimony and ends lifetime alimony. Duration of marriage will determine duration of any alimony award. The new Act reads, in part, as follows:

(1) If the length of the marriage is 5 years or less, general term alimony shall continue for not longer than one-half the number of months of the marriage.
(2) If the length of the marriage is 10 years or less, but more than 5 years, general term alimony shall continue for not longer than 60 per cent of the number of months of the marriage.
(3) If the length of the marriage is 15 years or less, but more than 10 years, general term alimony shall continue for not longer than 70 per cent of the number of months of the marriage.
(4) If the length of the marriage is 20 years or less, but more than 15 years, general term alimony shall continue for not longer than 80 per cent of the number of months of the marriage.

(c) The court may order alimony for an indefinite length of time for marriages for which the length of the marriage was longer than 20 years.

Alimony can also be modified or terminated upon cohabitation of the payee spouse.

Tax Time = Review Your Estate Plan Time

Your estate documents include 1) a Will or Trust; 2) a Health Care Proxy, and; 3) a Durable Power of Attorney, the latter two of which should be "refreshed" every 2 or 3 years in order that they will not be considered "stale" dated when needed. Use tax season to gather and review your materials with your estate planning team - your attorney, insurance agent, accountant, Certified Financial Planner, and investment advisor. You should also review your plan whenever a life-altering event occurs in your family. The birth of a grandchild, death or disability of an heir or sale of an asset all can affect your plan. Frequent reviews can also account for changes in your budgetary needs.

New Seminar, presented by Attorney Suzanne Benfield:

Date & Time:

Wednesday, February 29th, 2012 at 7:00PM

Topic: Estate Planning for Parents of Minor Children

Cuvilly School

10 Jeffries Neck rd.

Ipswich, MA

Call 978-468-9000 to reserve your seat.

Why worry?

Dear Friends, Clients and Colleagues:

So many clients say that they feel a great sense of relief after completing their estate plans. Estate planning is one of those tasks that people think to themselves, "I' ll do it before the end of the year," or "I'll get around to it after taxes," etc. It becomes lost in a list of everyday priorities that include working, managing your life, paying taxes, and dealing with life's unexpected events.

Speaking of unexpected events, here are some common problems that can become big issues if you've not done proper planning:

If you've remarried, your prior will is revoked by law, unless your wrote it in contemplation of this new marriage.

If you've divorced, you'll need to update beneficiary designations on retirement accounts and insurance policies, otherwise your former spouse may be dancing to the bank!

If you've married and have children from a previous marriage/relationship, you need to write a trust or will, otherwise ALL of your assets will pass to your new spouse, under the new Uniform Probate Code. Thus, you can accidentally disinherit your kids by failing to plan.

If you've accumulated significant assets, or have inherited a large sum recently, you may need to do some Estate Tax Planning. Estates over $1 million are taxable in Massachusetts, and will be taxable by the Federal government in 2013, at a rate of 55%.

If you become incapacitated for a time, maybe due to complications from surgery or a sudden illness, who can access your checking account to pay your bills, renew insurance polices, enroll your kids in school, or make payroll, if you're a business owner? Without a Durable Power of Attorney, no one is entitled to act on your behalf, unless they go to Probate Court and establish a costly, lengthy & public Conservatorship action.

Also, who could make medical decisions on your behalf if you were incapacitated? Too often, children argue over treatment options, and this is a burden they shouldn't carry when they're already emotionally upset. A comprehensive Health Care Proxy takes care of that problem.

If you're unmarried, but living with a partner, can your family kick them out of your home if you die? This issue is so relevant today, with so many unmarried couples living together, and gay couples who have no rights under Federal law. Special planning is needed to protect loved ones.

Last, if you or a family member might need Long-Term Care (assisted living, nursing home care, etc.) then you should look into planning early, to protect your assets.

I see families in crises all the time. Don't let life catch you unprepared; plan now, not next month or next year. You'll rest easy knowing you've protected your loved ones. No worries!

Best regards & Happy New Year!

Denise Kent
www.denisekentlaw.com


To comply with the U.S. Treasury regulations, we must inform you that (i) any U.S. federal tax advice contained in this newsletter was not intended or written to be used, and cannot be used, by any person for the purpose of avoiding U.S. federal tax penalties that may be imposed on such person and (ii) each taxpayer should seek advice from their tax advisor based on the taxpayer's particular circumstances.

Estate Planning for Same-Sex Couples & Unmarried Partners

Here's a link to a short video clip that I posted: http://youtu.be/I5Atp5dJQNI
Regarding this important topic.

Same-sex couples and unmarried partners are confronted with many legal uncertainties due to the varying degrees of protection afforded them by the federal and state governments. Changes in state and federal law create a patchwork of protection for these couples.

Comprehensive planning is essential to protect inheritance rights, property distribution, and medical and final arrangement decisions. Tax planning and retitling are necessary to avoid unintended consequences.

My objective is to draft documents to protect inheritance rights, property distribution, and medical and final arrangement decisions of same-sex and unmarried couples;

To optimize the planning for inheritance rights for same-sex couples and unmarried couples whose relationships are not recognized by state and federal governments; and

To utilize tax-planning strategies to alleviate disparate tax treatment for same-sex couples and unmarried partners

Please feel free to contact me to arrange for a confidential, no-obligation consultation. Protect your loved ones and enjoy peace of mind!

What kinds of matters do we handle in a practice focused on Estate Planning, Probate and Elder Law?

1. Estate planning, including more advanced tax planning issues for estates subject to Federal or State estate taxation;

2. Asset protection planning, including implementation of asset-protection trusts, in conjunction with structuring of business entities, such as LLC’s.

3. Long-term care planning, including advice regarding long-term care insurance and the availability of Medicaid;

4. Guardianship of the person and conservatorship of the estate;

5. Probate (or other procedures required on a person’s death), including will contests, and trust administrations;

6. Planning and implementation of “living wills” and other advance directives and health care rights;

7. Planning for the care of physically or mentally disabled children and adults, including special needs trusts;

8. Counseling on availability of Veteran’s Benefits, and prosecuting such claims as necessary;

9. Dissolution of marriage where one spouse is physically or mentally disabled;

10. Elder abuse and exploitation.

Planning for "Never"

I am Suzanne Benfield, an attorney here at the Denise Kent Law Group and I especially enjoy helping out families with young children (like myself). Most people say to me, “Oh, I have a will. I’m all set.” Mmmmmm, no. Not quite. Not even close.

Unfortunately, we have to think of the worst case scenario. I have an acquaintance whose parents were killed simultaneously in an auto accident in upstate New York several years ago (really). The only good thing about it was that their children were grown adults, married and self-sufficient at the time of their death.

But what if the kids were young and at home with a babysitter while you and your spouse were driving to a local restaurant on a “date night” and the same turn of events occurred? Who would take care of and raise your kids in your absence? Not only should you consider who you would want to take care of your kids, but who would physically be able to take care of your kids? Further, how would that person/persons provide for your kids for day-to-day financial needs, as well as health insurance and college?

It’s really hard to imagine this scenario for yourself. Trust me, I know. Even though I am a lawyer, I didn’t have an estate plan in place for some time after my kids were born. More than imagining me not being alive, it was harder to imagine my young and vulnerable kids without me or my spouse. The good thing about this is that statistically, it is highly unlikely that both you and your spouse will be taken out simultaneously. But, we should plan for the worst case, so that no one else does it for you.
So, what to do? If you are like me, you don’t have a whole lot of assets…a house with a mortgage, a couple of cars, a retirement account, some cash accounts and maybe some other small investments. Will that, all together, support your kids in the event you die or can’t work due to disability? Probably not. So, I have life insurance whose proceeds will dump into a trust for the benefit of my spouse and kids. (Well, it’s a little more complicated than that, but that’s the jist of it.)

What happens if you don’t do estate planning? Should something happen to you and/or your spouse, a judge (who doesn’t know you or your family) will decide the fate of your children. And, the proceedings will be public. I can’t urge you enough to take the time to think about doing estate planning sooner rather than later so that in the unlikely event something does happen, things go smoothly and seamlessly for your children at an already very difficult emotional time.

We provide solutions to these problems. Please feel free to contact us at Denise Kent Law Group, where we enjoy helping people, one family at a time.

Pet Trusts

Who will be your pet's guardian when you are not there? Providing loving care to your pet is a lifelong commitment. In light of recent legislation that allows use of pet trusts in Massachusetts, I have been drafting estate plans in which clients have provided for their pets.

The History of Estate Planning and Pets
• The concept is based on English common law, and was not introduced into the American legal system until the last century. In 1923, the Kentucky Supreme Court considered this issue and held that a bequest to a trust for a pet was valid, under a law that allowed gifts for humane purposes.
• Most states have now adopted pet trust statutes.
• In Massachusetts, M.G.L c.430 is An Act Relative to Trusts for the Care of Animals. It was enacted January 7, 2011, and covers trusts set up for the care of your pets after your death.

Taxes and Pet Planning
• The IRS does not yet recognize a trust whose beneficiary is an animal, but still requires that such entities are taxed under Section 641, as a trust!
• Presently, we cannot enjoy any income tax or estate tax deduction for gifts to a charitable trust when the non-charitable trust distributions are solely for the benefit of an animal.

Plan now: All too often, animal shelters and animal rescue organizations find that the incapacity or death of an owner results in abandonment, surrender or the inability to care for a pet. Here at Denise Kent Law Group, we respect your wishes and recognize the importance of pets as family members.

We look forward to helping you take care of your dependents.

Denise Kent Law Group joins ElderCounsel & WealthCounsel

PRESS RELEASE:

Denise Kent of the Denise Kent Law Group is pleased to announce her affiliation with WealthCounsel LLC – a nationwide collaboration of trusts and estate attorneys and other legal, tax and business professionals, and also with
ElderCounsel LLC, a collaboration of Elder Law attorneys. As a member, Kent contributes to and draws on
the knowledge and expertise of thousands of her colleagues.

Attorney Kent said that she joined WealthCounsel in order to offer clients the most up-to-date estate planning strategies, and joined ElderCounsel in order to provide the most sophisticated solutions to issues facing the elderly and disabled. Using their resources, clients are assisted with cutting-edge planning techniques executed in documents that are comprehensive, flexible and easy-to-read.

WealthCounsel and ElderCounsel members contribute to the ongoing development of practice systems through web-based discussion groups, study groups and continuing education courses. This year's curriculum offering include such topics as, "Power of the Lifetime QTIP", "Using LLC
to Protect Family Assets", "Trustee Selection for Irrevocable Trusts" and “Medicaid Immersion”.

WealthCounsel systems were recently praised during the 45th annual Philip E. Heckerling Institute on Estate Planning hosted by the University of Miami School of Law.

Kent is pleased to bring such quality to her practice, and
looks forward to utilizing colleagues and resources to deliver technically up-to-date peer-reviewed documents, advice and counsel for clients.

Denise Kent founded the Denise Kent Law Group in 2008, and practices together with her associate, attorney Suzanne Benfield. Their practice areas include Estate Planning, Probate & Estate Administration, and Elder Law, as well as certain Family Law services, such as Divorce Mediation. Key services include Medicaid Planning
and Special Needs Trusts.

Kent is a graduate of Gordon College and Mass School of Law and is licensed to practice in Massachusetts and the U.S. District Courts of Massachusetts. In additon, she earned a Certificate in Trust and Estate Planning, from The Foundation for Continuing Legal Education, Inc., Wenham, MA

To learn more about the firm, visit www.denisekentlaw.com

SOURCE Denise Kent Law Group

Elder Law and How I Help

I practice Elder Law, which, in general, means that I assist elderly and/or disabled people find the help and the resources to live as independently as possible, with respect and dignity. Long-term care can be devastating to a person’s lifestyle, finances and security. It drastically alters or completely eliminates the three principal retirement dreams of elderly Americans, which are:
1. Remaining independent in the home without intervention from others
2. Maintaining good health and receiving adequate health care
3. Having enough money for everyday needs and not outliving assets and income
Have you considered the following:
What do you want your children or friends to do on your behalf?
When it comes time for them to help, what if you can't say what you want because of a physical or mental disability? This is where a written estate plan comes into effect.

Do you have a financial plan or long term care insurance? Retirement savings can disappear quickly when used for care services.

What types of care services and facilities are available and what are the costs?

What will government programs pay for and how do you qualify?

When you make directives, assignments and arrangements in advance of needing elder care, then everyone involved can follow the prearranged care plan. In a best-case scenario, an individual has made financial, legal and personal long term care plans years before. Without such planning, families often find themselves in crisis where time, money and lifestyle are sacrificed, and caregivers suffer both emotionally and medically themselves.
There are a lot of new services and programs available to draw from, and it’s my pleasure to work with families and assist them in navigating the maze of pressing health care and financial needs.
Sincerely,
Denise Kent
“Helping people, one family at a time.”

The 2011 Budget Control Act and How it Affects My Clients

What follows is a VERY brief summary of the key issues that concern me and my clients, and ultimately, all of us.

The 2011 Budget Control Act established an agreed-upon deficit-reduction amount, but largely leaves specifics out. It is therefore difficult to know for certain what changes we will be looking at, but we do know that the Act puts major tax changes under consideration, and possibly social programs as well.

Personal income tax deductions/credits, and business deductions are back on the table for review by the special joint committee. Also, certain health programs (long-term care insurance & disability) that were slated to begin in 2012 may be abolished, if the committee follows the recommendations proposed by the "gang of six." Results: once again, such safety-nets as LTC and disability insurance will remain largely unaffordable for most Americans.

Additionally, the existing federal estate tax exemption, together with associated tax cuts that were enacted in December, 2010, are still slated to sunset on December 31, 2012, returning to exemption levels of $1 million, and a tax rate of 55%. Pair that with the proposed elimination of state tax credits, and you get a potentially horrific estate tax burden. Results: Many unsuspecting Massachusetts residents could be subject to both the Massachusetts (16-20%) AND Federal Estate Tax (55%) burdens, which could confiscate over 70% of gross estate, if they have not done proper estate planning!

I'll be watching carefully, because any changes in tax laws or health care reform programs need to be taken into consideration for estate planning, long-term care planning, and business entity formation/asset protection planning.

Estate Planning for Same-Sex Couples & Unmarried Life Partners

Same-sex couples and unmarried partners are confronted with many legal uncertainties due to the varying degrees of protection afforded them by the federal and state governments. Changes in state and federal law create a patchwork of protection for these couples.

Comprehensive planning is essential to protect inheritance rights, property distribution, and medical and final arrangement decisions. Tax planning and retitling are necessary to avoid unintended consequences.

Bodies of Law that affect unmarried but committed individuals:
 Probate Laws
 Domestic Relations Laws
 Disability Laws
 Tax Laws
What Benefits does marriage (as recognized by the federal government) confer?
 Property Rights
 Tenancy by the Entireties
 Homestead
 Corporate Benefits
 Pensions and Social Security
 Divorce
 Inheritance Rights
 Spousal Elective Share
 Probate Preferences
 Taxes

 Other Rights Include Legal Standing in Personal Injury Cases
 Loss of Consortium
 Intentional Infliction of Emotional Distress/Wrongful Death
 Other Rights
 Spousal Privileges (Testimony & Communication)
 Family Medical Leave Act
 Health Care Rules/Guardianship
 Premarital Agreements
 Adoption

What tools do I employ, as an Estate Planning Attorney?
 Life Alliance Agreements - non-marital agreement between unmarried persons
 Estate Planning Strategies
 Comprehensive Will package
 Comprehensive Trust package
Until the laws change, it’s important to plan accordingly so that your loved ones will be protected, and your wishes carried out.

Planning and Paying for Long-term care

Do you know someone who has spent time in a nursing home? It is one of those situations where we feel “It could never happen to me.” But studies show that approximately two (2) out of every five (5) people reaching age 65 will need some type of long-term care. Are you one of the many people who would prefer to stay at home no matter what the cost? Without proper planning, the lack of available services and the staggering price-tag may leave you with few alternatives.

In Massachusetts, the annual cost of nursing home care ranges from approximately $90,000.00 to over $100,000.00, and it is climbing each year! That is approximately $300.00, per day. If you choose to stay at home, where most of us would prefer to be, and hire home health aides, the cost of your care could be even more. Home health care costs vary widely, but agencies charge anywhere from $18 to $30 per hour for home health aides. In some cases, people pay over $200,000 per year for 24 hour-a-day home care. What many people fail to realize is that their health insurance and Medicare will not cover the cost of long-term care, whether at home, in assisted living or in a nursing facility. Paying for long-term care is a personal responsibility which has become a primary concern for all age groups across our state and the nation.

Within the past year, reform of Medicare, Social Security and Medicaid has risen to the top of the government’s agenda. It is thus imperative that seniors, those approaching retirement age, and the families of those needing long-term care take advantage of the planning opportunities that exist today. Everyone's situation is unique, and it is impossible to discuss all of the planning opportunities in this seminar. As with any planning, a good way to begin is to seek competent advice from a qualified professional. At Denise Kent Law Group, we are dedicated to helping you find solutions to your long-term care concerns.

For more information, join us at our next Long-Term Care /Asset Protection Seminar:

Wednesday, September 14th, at 1PM, at the Ipswich Council on Aging, 25 Green Street in Ipswich, MA.

Medicaid Planning / Long-Term Care Planning Seminar

I’m pleased to announce the next presentation in our seminar series, Long-Term Care Planning. This topic is of special concern to elderly and disabled persons, who may be facing such issues right now, or who fear impoverishment if they become unable to live independently.
This seminar will focus on the topic of long-term care planning and asset protection. We will discuss the costs related to care at home, in assisted living, and in skilled nursing facilities. We will discuss options for maximizing resources in order to pay for such care as needed, and the role that Medicaid plays when a person’s resources fall short.

What can you do to protect your assets? Come join us to find out!
There is ample free parking on-site, and refreshments will be served.

Warm regards,
Denise M. Kent

Date: Wednesday, June 29, 2011
Time: 10:00 AM
Place:
Salem Council on Aging
5 Broad Street
Salem, MA 01970

Register by phone at (978) 468-9000 or online, at the following link:

Spring & Summer 2011 Seminar Series

Topic: Estate Planning Bootcamp: Muscle up on your knowledge on estate planning!

When: Thursday, March 24th, 2011 at 12:45PM

Where: Ipswich Council on Aging, 25 Green Street, Ipswich MA

and

Topic: Medicaid Planning: How to Protect Your Assets

When: Wednesday, June 29th, 2011 at 10:00AM

Where: Salem Council on Aging, 5 Broad Street, Salem MA

Fall, 2010 Seminar Schedule

The following seminars are offered at no charge; however, pre-registration is recommended, as space fills up quickly. To pre-register, please email Suzanne.Benfield@comcast.net

Topic: Caregiver Burnout

Date / Time: Thursday, October 14th . Dinner at 5:30PM, followed by lecture from 6:00-7:00 PM (you don’t need to have dinner to attend the event).

Place: The Atrium, 1 Veronica Drive, Danvers, MA
************************************************

Topic: Basic Estate Planning

Date / Time: Wednesday, November 3rd, at10:00 AM.

Place: Salem Council on Aging, 5 Broad St., Salem, MA
******************************************************

Topic: How to Avoid Probate

Date / Time: Wednesday, November 10th, at10:00 AM. Light refreshments will be served.

Place: Ipswich Council on Aging, 25 Green St., Ipswich MA
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** If my schedule allows, I will be adding an additional seminar on the popular topic : Medicaid Planning- How to Protect Your Assets.

We're Growing!

I am very pleased to announce to announce that Attorney Suzanne Benfield has joined the law firm as Associate.
She will practice in the areas of Family Law and Wills, Estates and Trusts.

Admitted to the Massachusetts bar in 1998, Attorney Benfield previously worked in the area of corporate compliance in the insurance industry.

Suzanne lives on the North Shore and is married with two children. While raising her children, she volunteered at the Jeanne Greiger Crisis Center in Newburyport as a Court Advocate and for her local municipality in various capacities. She is currently a member of her town’s Planning Board.

I am happy to have such a dedicated and compassionate colleague join me in the practice. Suzanne understands the challenges and stressors facing today's families, particularly as they relate to Family Law and Elder issues. She will undoubtedly be an asset to the firm, and a trusted advisor to our clients.

Welcome, Suzanne!

Do The Math...

Will + Marriage or Divorce = Catastrophe!

Did you know?

1. If you write a will and then get married, your will is effectively revoked by operation of law in Massachusetts, unless you write it specifically with the upcoming marriage in mind.

2. Divorce or annulment has the effect of invalidating any bequests to the former spouse, causing property to pass as if that former spouse predeceased you.

Sounds good, but this makes it possible for minor children to inherit all of a parent’s assets, without oversight or restraint. That’s okay, your teenagers will appreciate having all that money left to them, and I’m sure they’ll use it responsibly!

I once worked on a case in which a man died, and his wife sued his estate.
Why?
She was his second wife.
He had not provided for her in a new will, and had in fact left trusts for the benefit of only his children. Under Massachusetts Law, his wife was entitled to a share, and sued the estate the claim it.
This sort of thing causes all sorts of bad blood between family members, and I can’t imagine that the husband would have wanted his wife and his children, their stepmother, to be fighting over his assets.

It’s important to take a look at your estate plan (you do have one, right?) whenever there is a major life event, such as birth, marriage, separation, divorce, death, or major illness that could require long term care, etc.

Plan for yourself, or the courts will be happy to do it for you!

This Little Piggy...

A True Story:

I presented a seminar a couple of years ago, which was attended by a middle-aged couple, among several others.
- It was a second marriage for both of them.
- The husband had adult children from his previous marriage; the wife had no children of her own.
- Neither of them had an estate plan.

The wife asked me, "What if I die? What happens to my assets"?
I answered that, pursuant to Massachusetts laws of intestacy (where one dies without a will), her husband would inherit everything, and after his death, his children would inherit the whole of their combined estates, if he remained single and did no planning.

She was outraged! She wanted her assets to go to her nieces and nephews. I explained that she needed to express this legally with a will or a trust or other such planning, for example:
by adding her nieces and nephews as joint owners of assets or pay-on-death beneficiaries of assets; naming them as beneficiaries of life insurance or retirement plans (when possible), etc.

Instead, this is the result- her blood relatives would inherit nothing from her estate.

She failed to plan and so: Her little piggy goes all the way to her unintended beneficiary!

Alzheimer's Families - Mine is one of them.

This post is a different one than my usual. Instead of offering some basic information on estate planning or family law, I wanted to share my own family's experience with Alzheimer's disease.

My grandfather was diagnosed about 6 ½ years ago, but I suspect that he was living with the disease for a couple of years before that, maybe after my grandmother died. We noticed that he started having trouble with numbers, which can be an early sign of the disease. He couldn't seem to make sense of his household bills, and could no longer manage his checkbook.

My dad took over the bill-paying tasks for him, and eventually we had to pull Papa's driver's license. This decision was preceded by much argument in the family, because it meant that Papa would lose his autonomy. Eventually, Dad became Papa's caretaker, a huge responsibility, and one that not every family can or should try to manage.

There has been much sorrow in seeing Papa struggle with confusion and disorientation and realizing that he has entirely forgotten my grandmother, with whom he shared over 60 years of marriage; but he remains cheerful in attitude, and rarely forgets his every day family members, which has been a blessing to us. There have also been some funny moments, such as when Papa was discovered vacuuming the lawn. He told the neighbor it needed a little trim!

My Dad has coped with his enormous responsibility with assistance from several agencies, including his local Elder Services agency, and a caregiver support group. Dad and Papa got by for five years with some subsidized home care services and a couple of days a week of elder day care, and we have recently investigated assisted living centers and nursing homes. That time has come.

Alzheimer's disease is not a normal part of aging, but there are many people living with this disease, and many families struggling to deal with it. I think I am now better able to understand the needs of, for lack of a better term, "Alzheimer's Families". These families will need to find competent and compassionate medical and legal help, and perhaps some form of emotional support.

Our family has found tremendous stress, but also tremendous support. To quote a Burmese proverb, "In time of test, family is best" (whether that family is made up of blood relatives or beloved friends), but I have learned that a family can't go it alone with this disease. Reach out; get the help and support that is needed.

Wills of the Rich and Famous!

Spring is here, and so is tax season, so thought I would keep this post short and breezy. Let’s talk about some famous and interesting wills from famous and interesting dead people, shall we?

FYI: Wills are public records. By design they must always be filed (proved) in probate to be effective, which allows anyone interested to read them. Trusts, on the other hand, are generally private documents. They are usually not subject to public view or court review.

From William Shakespeare’s will, some interesting language and an even more interesting bequest:
Item I gyve unto my wief my second best bed with the furniture; Item I gyve and bequeath to my saied daughter Judith my broad silver gilt bole. Question: Why does his wife get the second-best bed?

Leona Helmsley disinherited two of her grandchildren and left $12 million to her dog, aptly named “Trouble”. This kind of bequest is sure to cause trouble and invites a will challenge, and in her case it certainly did!

Warren Burger, Former Chief Justice of the U.S. Supreme Court, wrote his own will. He failed to include certain important clauses, such as those giving the executors rights to sell real estate, or pay debts and administrative expenses, forcing his estate to spend time and money in probate court to cure the poorly-drafted will. Moral: Even if you are the former Chief Justice of the Supreme Court, don’t draft your own will, because you don’t know what you don’t know!

Elvis Presley incorporated trust provisions in his will (called a testamentary trust) in which he specifically provided for his daughter, his grandmother, and his father as beneficiaries. While this is not an unusual practice, it has the effect of making the trust provisions public, and subject to the oversight of the probate court. For these reasons, people often choose to write wills in which all of their probate property “pours” into an existing separate trust, and is managed privately from that instrument.

I hope you enjoyed this will trivia. Have a wonderful week!