Massachusetts Estate Planning & Asset Protection Blog

Tips for Protecting Your College Student in a New Semester Through Estate Planning

Posted by Dennis Sullivan & Associates on Fri, Feb 01, 2019

 

Even young people need estate planning

 

Whether your child is just beginning to receive college acceptance letters or is preparing to leave home for the upcoming semester, your child is planning ahead for his or her future. As a parent, protecting your child does not stop when he or she leaves for college. Your role in their life, however, may have changed. Once your child turns 18, he or she is considered an adult in the eyes of the law. Accordingly, your ability to help him or her with their finances or medical decisions may be limited. We know this can be a challenging and emotional time, which is why we want to share a few ways to use estate planning to protect your child when they are not with you.

The first step, and perhaps the most important one, is to talk to your child about their planning options. As a parent, it is important to express any concerns you may have about their safety and well-being. Try to remember that your child is now an adult and may be hesitant to allow you access to their bank account or medical records. Talking to them about the importance of creating planning documents, however, and sharing examples of scenarios where you would use your decision-making authority may help make this conversation easier.

After you have had this discussion with your child, we encourage you to think about your goals for your child’s protection and the types of planning documents you need. A durable power of attorney is a document that provides you with the authority to make decisions if a legal or financial situation arises while your child is away at college. This can be for simple matters, for example, if there are issues with your child’s lease or if you would like access to your child’s grades. It is important to keep in mind that if you do not have an established durable power of attorney, your child’s bank, college, or rental company is within their rights to refuse sharing your child’s information with you, even as their parent.

Finally, health care documents are a crucial part to any estate plan, particularly when it comes to your college student. If you do not have HIPAA authorization, for example, or a health care power of attorney set up, medical professionals could refuse to allow you access to your child’s medical records. Designating a health care power of attorney before your child leaves for college can help combat this issue from arising.

College is an exciting time for both you and your child. No matter where your child lives, however, accidents and unexpected situations can arise. By planning ahead and creating planning documents for your child’s protection, you can feel confident handling any circumstance that comes up. If you have any questions or are ready to begin planning, do not wait to contact our office or attend a free seminar to learn more.

 

Tags: living will, Single, New Year's Resolutions, college planning, Estate Planning Recommendations, health, children, doctor, heir, grandchildren, 2019

Did You Know Your Estate Planning New Year's Resolutions Can Protect Your Family?

Posted by Dennis Sullivan & Associates on Mon, Jan 21, 2019

New Years Res. Protects Your FamilyMany of us view the New Year as a fresh start. It is a time to reflect back on the things we wish we had prioritized the previous year and create resolutions to accomplish new goals or hold ourselves to a higher standard for the upcoming year.

 While many people create resolutions focusing on exercising more or eating healthier, have you considered making resolutions that can protect your family? We encourage to think about more than just spending more quality time with your family and, instead, going a step further and putting protections in place in the event you experience an accident or sudden illness.

 Do you need help knowing where to get started? Let us share three ways to create an estate plan that can help protect you and your loved ones this New Year.

 

  1. Create a plan for your minor children to keep them protected.

 When it comes to your children, you can never be too prepared or plan too far in advance for their future. Preparing for your minor children’s care in the event of your death is a necessary challenge of being a parent. One way to ensure your children are well taken care of after you are gone is to create a comprehensive estate plan that designates a guardian to care for your children. This should be someone you trust implicitly to care for your minor children and help raise and guide them into adulthood. You may also wish to plan to take care of your children financially by creating a trust and placing funds in it for their behalf. 

  1. Create a plan for yourself in the event of an accident.

As important as it is to plan for your children’s protection, it is equally as important to create a plan that protects you as well. A living will, also known as a healthcare directive, is a legal document that outlines your end-of-life medical care wishes. This document helps loved ones and healthcare professionals to make appropriate medical decisions on your behalf when you are unable to make them yourself because of, for example, you experience a serious illness or are in a bad accident. The provisions within a living will do not take effect until you are legally and medically declared unable to competently make medical decisions for yourself.

  1. Create a plan for your legacy.

Creating an estate plan is more than just compiling a series of documents. It is the embodiment of the legacy you wish to leave behind for your loved ones. Creating and sharing your goals and thought process behind making each decision related to your estate plan is a way to share your legacy with your loved ones while you still have the opportunity to do so.

These are just a few of the ways you can help protect your loved ones this year. Do you have other ideas? Do not hesitate to let us know! Your family’s safety and your legacy are very important to us. We encourage you to attend one of our free estate planning seminars to learn more and qualify for a complimentary meeting with an attorney so we can discuss your estate planning related questions.

Tags: Estate Planning, durable power of attorney, living will, massachusetts estate planning strategies, legal guardians, New Year's Resolutions, Estate Planning Recommendations, 2019

5 Questions to Ask When Updating Your Estate Plan in the New Year 2019

Posted by Dennis Sullivan & Associates on Mon, Jan 07, 2019

P42.Sullivan.Blog.Dec1Creating a personalized estate plan may be the single most important thing you can do to make sure your decisions are honored if you become incapacitated or when you pass away. If you do not have an estate plan right now, or it has been years since you reviewed it, the new year may be the right time to ensure you are able to protect yourself and those you love most.

Much of estate planning deals with protecting and distributing property. A Last Will and Testament, for example, provides instructions for how a deceased person’s possessions should be distributed. Similarly, a Revocable Trust can direct the distribution of assets upon one’s death, although it can also manage the creator’s assets while he or she is alive.

There is much more to estate planning than Wills and Trusts, however, and your estate planning attorney can provide plenty of guidance. Let us share five questions to ask not only when you are considering crafting an estate plan but if you are updating an existing plan in the new year.

 

  1. Did you move to a different state? Every state has its own laws governing estate planning. Some features in an existing plan will be unaffected, while some key items may need to be revised. Do not wait to review with an estate planning attorney in your new state to ensure your plans can be fulfilled as you originally wanted them to be.

 

  1. Do any of your beneficiaries have special needs? If a special needs loved one is named in your estate plan, then it is worth exploring ways of specifically providing for them, especially after you are gone. Unfortunately, without planning that contemplates the needs of your disabled loved one, he or she may be at risk of losing valuable government benefits.

 

  1. Do you need to update a power of attorney? A power of attorney document gives someone else the legal authority to make decisions on your behalf. The document can be tailored to meet your specific needs, or provide for general decision making authority. Talk to your attorney to ensure there is a durability provision to cover the possibility of your incapacitation.

 

  1. Have you considered advanced healthcare directives? Advanced healthcare directives, including tools such as the living will, are legal documents in which a person specifies what actions are to be taken regarding his or her health if he or she is no longer able to make decisions. You may want to review any existing plans to ensure you have the right person named to make your healthcare decisions.

 

  1. Do you want to change beneficiaries? A marriage, a death in the family, a divorce, or the birth of new child or grandchild, are only a few reasons to update beneficiary designations in estate planning documents. You may also want to add a charity or a cause you care about. The new year is a great time to do so.

 Do not wait to think about the estate planning you need to protect yourself and your loved ones. Although the new year can be a great time to get things in order, remember, there is never a “wrong” time to ensure you have the planning you need. Do not wait to contact us with your questions and to schedule your attendance at one of our free Trust, Estate and Asset Protection Workshops.

Tags: asset protection, long term care, Retirement, Estate Planning, Baby Boomers, Elder Law, HIPAA, durable power of attorney, Health Care, health care proxy, seniors, estate tax, family, New Year's Resolutions, Estate Planning Tip, 2019

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