Estate Planning 2.0

The not-so-obvious but critical issues to consider before the end of the year.

Part 1

My year had been a very difficult one.  Among all of life’s normal trials and tribulations, my 34 year old cousin, Karen had a stroke and died many months later.  My 17 year old nephew had a brain tumor removed in May. And I’m turning 65 in March. More about this later.

Take a few minutes and think about your What has your year been like?

• Has anyone passed away?
• Has anyone gotten sick?
• Has anyone moved?
• Is retirement coming up or have you retired?
• Has your financial situation changed?
• Have there been any additions to your family? Has anyone gotten a divorce?
• Have you switched jobs?

The most common events that bring people into my office are recent moves, diagnosis of an illness, particularly recent dementia diagnosis, becoming a caregiver and a recent death in the family, especially a spouse or child.

Pay attention to all those life changing events that we sometimes experience.  If you have had one or more, it may be time to blow the dust off the old estate plan and take a look.

Life moves on even if we don’t want it to. Laws change. The best gift you can give your family this holiday season is for them not to have to come to me to fix what could have been avoided in the first place.

Why did I mention Karen and Larry?  Because we can learn from them. Karen is an example of what can go wrong.  Larry is an example of good planning ahead.

If Karen had done a valid Durable Power of Attorney, her husband would not have had to go through a guardianship proceeding to handle her affairs and finances.   

And Larry.  When he turns 18 in just a few months, he is an adult.  His parents cannot get any future medical or legal information about him without his permission.  We will have him sign a Durable Power of Attorney on his 18th birthday!  

And me!  I’m going to go on Medicare and need to review my options.  Also, I’m one year from full social security retirement.  When do I take social security?. I need to make plans and decisions as I go along.

This time of year is a good time to do an estate plan “check-up.”  An up-to-date estate plan can ensure that your final wishes are clear.  It will offer peace of mind ensuring that your family is taken care during your life and after you have passed, as well as protecting your current rights and financial interests.

In the next blog, I will give you my most important suggestions and explain why a will is not as important as you think.