When it comes time to plan for the later years of life many people put off the decision for much too long. The main purpose of sitting down to do what is usually called succession planning is to make sure ones survivors are provided for in a way that supports a comfortable life after you're gone.
Such things as housing and income and health care are just a few of the issues that must be prepared for so that the surviving family members can avoid unexpected or unplanned for financial short falls.
It is best to seek a living will attorney to help with this type of planning. The fees are modest, especially when compared with the potential for oversights when dealing with the complicated issues of finances and property and health needs that extend into the distant future.
So the question is, "How do I find a good living trust attorney?" Let's list a few of the tips that will help with this challenge.
1 - Check with friends and relatives and work mates. You'll want to get at least three to five names of attorneys. It is vitally important that you are specifically seeking attorneys that specialize and have experience that has been largely focused on preparing Living Trusts. It is important to know that attorneys, like doctors, specialize in specific practices. You wouldn't seek out an eye surgeon to set a broken leg from a skiing accident. The same rule applies to attorneys. Pay attention.
2 - Now call or email a lawyer's referral service. Request the names of at least three attorneys that specialize in living trusts.
3 - Once you have hopefully gathered at least five or so names you'll want to do your pre-interview research. Please make sure you don't start calling to speak with your list of attorneys before you complete this step. A) Run each of the attorney's names from your list through the Bar Association's research files. You'll be looking for a confirmation of their specialty, which will be registered with the Bar Association. B) You'll also use this research to determine the attorney's behavioral records. In the unlikely event an attorney on your list has received even one admonishment, regardless of the nature; eliminate him or her from your list and move on to the next name.
Sunday, November 21, 2010
Friday, November 19, 2010
Health Care Power of Attorney
Health care power of attorney forms are used in the conditions when the principal becomes incapable to make decisions about his health and medical care due to reasons such as aging, mental illness or in the state of unconsciousness. This principal grants his attorney-in-fact to make all the health and medical decisions for him. This power is usually granted to one's doctor, therapist, or house attendant (unless they are also close relatives, spouse or anyone in the family).
This form also includes a living will. The living will is either attached to the form or written separately. If written separately, it is important for the agent to keep a copy of it. This 'Will' includes certain restriction on the rights of the agent regarding the health issues. The agent has to consult the living will to see what limitation of right he has.
This Living Will should include the following things by your living will attorney:
You have to mention the circumstance in which you want this will to be used. For instance, you can ask the agent not to use any life-prolonging procedures and use only the pain relief.
Mechanical breathing apparatus is used when the patient stops to breath on his own. You can mention whether or not, you would like to live on it.
You also mention whether the use of CPR for you will be acceptable to you or not. It stands for cardiopulmonary resuscitation which is used when the heart stops pumping on its own.
You can mention your Will over the artificial feeding and intravenous fluids. These are used to feed you through taking down the tubes from your nose to your stomach.
This form also includes a living will. The living will is either attached to the form or written separately. If written separately, it is important for the agent to keep a copy of it. This 'Will' includes certain restriction on the rights of the agent regarding the health issues. The agent has to consult the living will to see what limitation of right he has.
This Living Will should include the following things by your living will attorney:
You have to mention the circumstance in which you want this will to be used. For instance, you can ask the agent not to use any life-prolonging procedures and use only the pain relief.
Mechanical breathing apparatus is used when the patient stops to breath on his own. You can mention whether or not, you would like to live on it.
You also mention whether the use of CPR for you will be acceptable to you or not. It stands for cardiopulmonary resuscitation which is used when the heart stops pumping on its own.
You can mention your Will over the artificial feeding and intravenous fluids. These are used to feed you through taking down the tubes from your nose to your stomach.
Wednesday, November 17, 2010
A Living Will to Avoid Bankruptcy?
You don't need a degree in math to figure out that with health care going up more than 10% every year, and personal income only growing by 4% per year, things aren't looking as good as they were a few years ago. The reality is that it is possible for someone to work for a lifetime and retire with a nest egg of, say, $750,000, and end up having to spend it to cover one major medical issue. This is increasingly true due to better survival rates that, while saving a life, may mean costly day to day care to keep you alive due to the results of a significant illness. It is for this last reason that more people implementing a living will that could save some families from bankruptcy.
Living wills, also known as 'advanced directives,' are legal documents that grant another person the right to order that treatment cease in the event a person is unable to live, eat, and function without the aid of machines or medical care. Essentially you could opt to have any machine or device that is being used to keep a person alive, discontinued or turned off if the executor of the living will decides it is in the best interest of the patient and their family.
Generally speaking, a physician, or physicians, must determine that a patient is not likely to improve in condition and are in a state of extreme discomfort and pain. Again, the patient must not be able to take care of his or her self, and requires a machine in order to remain alive. It is at this point that a person who has a living will, would have made plans to have the treatment terminated at the executors request.
There are times when a living will can be contested by other family members not named in the document. However, in most cases courts tend to rule in favor of the wishes of the patient as spelled out in the will and have seldom ordered that treatment continue.
Living wills, also known as 'advanced directives,' are legal documents that grant another person the right to order that treatment cease in the event a person is unable to live, eat, and function without the aid of machines or medical care. Essentially you could opt to have any machine or device that is being used to keep a person alive, discontinued or turned off if the executor of the living will decides it is in the best interest of the patient and their family.
Generally speaking, a physician, or physicians, must determine that a patient is not likely to improve in condition and are in a state of extreme discomfort and pain. Again, the patient must not be able to take care of his or her self, and requires a machine in order to remain alive. It is at this point that a person who has a living will, would have made plans to have the treatment terminated at the executors request.
There are times when a living will can be contested by other family members not named in the document. However, in most cases courts tend to rule in favor of the wishes of the patient as spelled out in the will and have seldom ordered that treatment continue.
Monday, November 15, 2010
Plan Your Estate the Right Way!
#5 Does your estate planning attorney have a process in place to respond to your phone calls and emails quickly in case questions arise? Will your attorney keep you informed about how your matter is progressing?
Your estate planning attorney should be able to answer your phone calls, emails, and questions quickly. You are paying this attorney for service and for professional guidance and attention, not just for the drafting of your estate planning documents. How often have you heard from friends and loved ones about an attorney that takes days, weeks or more to respond to phone calls? Do not tolerate such unprofessional behavior. Ask your attorney about this and if he is unable to convince you that he has such a process in place, then continue your search for an attorney that will get back to you in a time efficient manner.
#6 Does your estate planning attorney have a process for helping you capture and pass on not only your physical and financial wealth, but also your intellectual and spiritual assets, as well as what is important to you?
Some attorneys recognize that wealth is not measured solely by your net worth, by the value of your brokerage and retirement accounts, but is also measured by who you are as a person. Your intangible assets, such as lessons that you have learned over a lifetime of building wealth, or the wisdom you have accumulated through your life experiences that you would like your children to know more about, are very valuable, almost priceless. These should not be forgotten.
When deciding whether to hire an attorney, be sure to select someone who will help you capture, document, and pass on all of your assets, including those intangible ones that are often overlooked.
Your estate planning attorney should be able to answer your phone calls, emails, and questions quickly. You are paying this attorney for service and for professional guidance and attention, not just for the drafting of your estate planning documents. How often have you heard from friends and loved ones about an attorney that takes days, weeks or more to respond to phone calls? Do not tolerate such unprofessional behavior. Ask your attorney about this and if he is unable to convince you that he has such a process in place, then continue your search for an attorney that will get back to you in a time efficient manner.
#6 Does your estate planning attorney have a process for helping you capture and pass on not only your physical and financial wealth, but also your intellectual and spiritual assets, as well as what is important to you?
Some attorneys recognize that wealth is not measured solely by your net worth, by the value of your brokerage and retirement accounts, but is also measured by who you are as a person. Your intangible assets, such as lessons that you have learned over a lifetime of building wealth, or the wisdom you have accumulated through your life experiences that you would like your children to know more about, are very valuable, almost priceless. These should not be forgotten.
When deciding whether to hire an attorney, be sure to select someone who will help you capture, document, and pass on all of your assets, including those intangible ones that are often overlooked.
Saturday, November 13, 2010
Estate Planning For You
#3 Does the estate planning attorney guarantee his service? Will he refund your money if you are not completely satisfied?
Your estate planning attorney works for you and is being paid to help you plan your estate. You should not tolerate an attorney that will not refund your money if you are not completely satisfied with the work. Additionally, your attorney should be willing to revise your documents that he is initially drafting. However, after he has drafted them and you have expressed your satisfaction, you should not expect the attorney to revise these documents unless you have kept the attorney on retainer. Please note that no attorney will guarantee results if your matter is being litigated in court.
#4 Will the estate planning attorney help you make wise choices about insurance, saving for your children's future, and retirement planning?
Your attorney should help you make decisions about the most appropriate documents and vehicles to accomplish your estate planning objectives, but should also assist you with buying insurance, saving for college, planning for retirement, and all of the other challenging decisions that will arise. In fact, your attorney should have a team of trusted advisers in place in order to help you make the best possible decisions.
If your attorney is unable or unwilling to advise you on these matters, then you should seek out an attorney who will do so. Having such an attorney will prevent you from making expensive and unnecessary mistakes, and will save you time in having to hunt for additional advisers.
Your estate planning attorney works for you and is being paid to help you plan your estate. You should not tolerate an attorney that will not refund your money if you are not completely satisfied with the work. Additionally, your attorney should be willing to revise your documents that he is initially drafting. However, after he has drafted them and you have expressed your satisfaction, you should not expect the attorney to revise these documents unless you have kept the attorney on retainer. Please note that no attorney will guarantee results if your matter is being litigated in court.
#4 Will the estate planning attorney help you make wise choices about insurance, saving for your children's future, and retirement planning?
Your attorney should help you make decisions about the most appropriate documents and vehicles to accomplish your estate planning objectives, but should also assist you with buying insurance, saving for college, planning for retirement, and all of the other challenging decisions that will arise. In fact, your attorney should have a team of trusted advisers in place in order to help you make the best possible decisions.
If your attorney is unable or unwilling to advise you on these matters, then you should seek out an attorney who will do so. Having such an attorney will prevent you from making expensive and unnecessary mistakes, and will save you time in having to hunt for additional advisers.
Thursday, November 11, 2010
Hiring an Estate Planning Attorney
You should consider several different questions before you sign an agreement with any Staten Island attorney, but this is even more important when it comes to hiring a wills, trusts or estate planning attorney. This attorney will address sensitive family and financial issues that range from helping you pass assets on to your children and close family members, to protecting you from unnecessary taxes, to helping you determine the best person to make medical decisions on your behalf. This is why you need to know the answers to the seven questions discussed in this special report.
#1: Does the attorney offer a free consultation and will he explain what will happen at this initial meeting?
An estate planning attorney should offer you a free, no hassle consultation. First, meeting him or her will help to put you at ease and will give you a chance to discuss your case in a frank manner. You will also have a chance to ask questions and to determine if this is an attorney whom you can trust to address your legal concerns. Second, it gives the attorney the opportunity to ask you questions and to learn more about your case. You might discover that you do not get along very well with this attorney. Conversely, the attorney may realize that your case is not the type that he wants to take or is not related to his field of expertise. For this type of relationship to work in an effective and productive manner, both you and your attorney need to be able to work together comfortably.
#2 Does the attorney offer a flat fee for the services that he will perform and will this be put in writing?
Every attorney should use a written agreement, which is known as a retainer agreement. In this agreement, the attorney should clearly state the fee that you will be charged and honor this agreement. The attorney should clearly explain the fee, the services that he will perform, and should also clearly explain the options that are available to you to pay this fee. You should not sign this agreement until you understand how much you will be charged, what the attorney will do for you, what information he will need from you, any deadlines involved, and any other obligations that you are required to perform. You should always feel free to ask the attorney questions if you do not understand something in the agreement or otherwise. You should also ask about the expected completion of the work.
A flat fee encourages the attorney to work in an efficient manner and also prevents you from receiving an unexpectedly large bill upon the completion of the services. This can happen if it takes the attorney longer to complete the work than he initially thought.
#1: Does the attorney offer a free consultation and will he explain what will happen at this initial meeting?
An estate planning attorney should offer you a free, no hassle consultation. First, meeting him or her will help to put you at ease and will give you a chance to discuss your case in a frank manner. You will also have a chance to ask questions and to determine if this is an attorney whom you can trust to address your legal concerns. Second, it gives the attorney the opportunity to ask you questions and to learn more about your case. You might discover that you do not get along very well with this attorney. Conversely, the attorney may realize that your case is not the type that he wants to take or is not related to his field of expertise. For this type of relationship to work in an effective and productive manner, both you and your attorney need to be able to work together comfortably.
#2 Does the attorney offer a flat fee for the services that he will perform and will this be put in writing?
Every attorney should use a written agreement, which is known as a retainer agreement. In this agreement, the attorney should clearly state the fee that you will be charged and honor this agreement. The attorney should clearly explain the fee, the services that he will perform, and should also clearly explain the options that are available to you to pay this fee. You should not sign this agreement until you understand how much you will be charged, what the attorney will do for you, what information he will need from you, any deadlines involved, and any other obligations that you are required to perform. You should always feel free to ask the attorney questions if you do not understand something in the agreement or otherwise. You should also ask about the expected completion of the work.
A flat fee encourages the attorney to work in an efficient manner and also prevents you from receiving an unexpectedly large bill upon the completion of the services. This can happen if it takes the attorney longer to complete the work than he initially thought.
Tuesday, November 9, 2010
Reducing Your Child Support Payments
There are a lot of people out there who have a hard time and want to reduce child support, because their standard of living and ability to keep current on their bills is suffering. Why? Because the amount of their child support payments has been calculated based on a wage far higher than they actually receive. If you're making support payments which seem far higher than your income warrants, then you'll want to keep reading; there are some tips here which may enable you to reduce the amount of your support payments.
Before you begin trying child support reduction, keep in mind that you still have to keep making them at their current level while any decision is being made. Otherwise, you'll almost certainly meet with failure in your efforts to reduce your payments. While you're working to reduce child support payments in court, you should continue paying support to your former spouse. Even if you can't afford to pay the entire amount, keep paying what you can towards your payments. This demonstrates your willingness to make payments and your inability to make them in full. If you don't pay, this gives you the appearance of being unwilling to meet your obligations.
Worse yet, it makes you appear as though you don't care about the child. Always make your payments by check (or better yet, certified check) since cash isn't traceable. You can make an appeal to the court to reduce support if your income has declined or you have an argument to make about extenuating circumstances that you feel the court did not take into consideration.
These may include custody of another child or financial hardships; if you have another child to support, the law is on your side in asking to reduce child support.
Before you begin trying child support reduction, keep in mind that you still have to keep making them at their current level while any decision is being made. Otherwise, you'll almost certainly meet with failure in your efforts to reduce your payments. While you're working to reduce child support payments in court, you should continue paying support to your former spouse. Even if you can't afford to pay the entire amount, keep paying what you can towards your payments. This demonstrates your willingness to make payments and your inability to make them in full. If you don't pay, this gives you the appearance of being unwilling to meet your obligations.
Worse yet, it makes you appear as though you don't care about the child. Always make your payments by check (or better yet, certified check) since cash isn't traceable. You can make an appeal to the court to reduce support if your income has declined or you have an argument to make about extenuating circumstances that you feel the court did not take into consideration.
These may include custody of another child or financial hardships; if you have another child to support, the law is on your side in asking to reduce child support.
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