brws1622-375hlk3jsdrgy2rc-v1

Estate Planning After an Alzheimer's Diagnosis

Wed, 05 Sep 2018 21:28:40 GMT

Nearly 6 million people live with Alzheimer's in the United States. The discovery that your parent is now amongst this group is life-altering. However, to protect your loved one, you must take immediate action.

Estate planning after this type of diagnosis is incredibly important and comes with its own set of guidelines. The sooner you begin the planning process, the better for the entire family. Read on to learn how you should move forward.

Prepare a Power of Attorney

Talk to your parent about giving you power of attorney for financial and health care needs. The financial power of attorney allows you to manage and make financial decisions on their behalf. The health care form gives you input on medically related concerns.

A power of attorney can be permanent or temporary, such as expiring after two years from the signed date. However, in the event your loved one's health declines rapidly, you already have a safety measure in place.

However, to sign over power of attorney, your parent must display sufficient mental capacity. An attorney or notary cannot ethically authorize these documents if the requester does not understand what they are doing.

Examine Assets

Perform a financial inventory with your parent. Ask him or her to write down or tell you about all the financial accounts, properties, insurance policies, and other valuables they own. Include any regular expenses, such as credit card bills, on the inventory as well.

Ask for permission to review their bank statements if they struggle to remember all the details. You should be able to get a good idea of what their financial commitments are after reviewing a few statements.

A financial inventory is vital in the event you must step in to pay a bill or handle some other matter. The information can also help your family prepare for any long-term medical expenses.

Organize a Will

Speak with your loved one about their afterlife wishes if they don't already have a will prepared. The state has full discretion over an estate when a person dies without a will. Like a power of attorney, your loved one must display the mental capacity to prepare the document for it to be valid.

New Paragraph

If you help your parent prepare the will and you are a beneficiary of the estate, then your actions may be scrutinized. Save your family a contentious court battle and remain a neutral party in the process.

Debate Guardianship

Think about guardianship as a future option. Guardianship grants you the same authorities as a power of attorney. However, the title is court appointed and gives you complete control over the person's wellbeing. For example, you can decide to move your loved one to a care facility without approval or clearance from anyone else.

Since guardianship is a legal and wide-reaching appointment, there is a process involved. You must first prove that your parent requires the help. An Alzheimer's diagnosis on its own may not be enough. You need to show that the disease has progressed to the point that the individual is no longer able to competently make decisions on his or her own.

You also need to have a clean criminal record and no history of filing for bankruptcy.

Move swiftly to ensure your loved one's estate is safeguarded. For help with this matter, contact an attorney at Osinga Law Offices, S.C. We are happy to sit down and discuss your family's needs to determine the appropriate estate planning strategy.

3 Critical Mistakes to Avoid with Estate Planning

Fri, 03 Nov 2017 21:19:42 GMT

No one likes to talk about end-of-life arrangements, but as a responsible adult, you need to make sure your affairs are in order. Unfortunately, only about four out of ten adults actually have a living will, estate plan or living trust in place. Even worse, a lot of those who do have an estate plan have made costly errors in the process that can get in the way later on.

There are good reasons why working with an attorney to create your estate plan is important. No matter how straightforward you believe your will, trust or estate plan to be, there is always room for error. Check out some of the most critical mistakes you must avoid with your estate planning.

Taking a DIY Route to Estate Planning

The age of the internet makes it possible to take the DIY route with just about everything, including estate planning. You may be able to create your own, but you may miss something crucial to your desires.

New Paragraph

Not considering things like debts, taxes and other contingencies that can be an issue
Not having enough documentation to cover all of your assets
Not using the right witnesses to attest to your plans

It is worth noting that witness requirements for estate plans can vary from state to state. Some states require witnesses to be unaffiliated and nonbeneficiary. Some states require more than one witness, while others may only require one. There is no one-size-fits-all DIY estate plan documentation, so having professional guidance is important.

Not Reviewing the Estate Plan Regularly

An estate plan is not something you can create and forget about; It must be revisited throughout the years of your life. Change is frequent, with family dynamics, assets and resources always being rearranged and altered. If you make an estate plan now and never revisit it to make adjustments, some pretty big problems can come up when you pass away, such as:

Your beneficiaries are no longer living
Your estate plan is greatly affected by new probate or estate laws
Your number of logical beneficiaries changes due to marriage or the birth of a child
Your plan for even distribution of assets is impossible because of a drastic change in those assets

There is not necessarily a set number of years that should pass between estate plan reviews. Rather, you should check your estate plan after or during major life changes or events, such as when you retire or if you get a divorce.

Forgetting to Include Life Insurance Benefits with Your Estate Plan

New Paragraph

Additionally, life insurance payouts should be figured in with your total estate because they may be taxed the same depending on the state where you live. Failure to consider life insurance payouts as part of your overall estate can leave your designated executor with a much higher estate tax to contend with than they planned.

A good estate plan gives you great peace of mind in knowing that when you leave this earth, your plans will be carried out and your property will be properly distributed among those who are important to you. For help with your personal estate plan, contact us at Osinga Law Offices, S.C.

Three Reasons to Hire a Probate Attorney

Wed, 25 Jan 2017 21:21:51 GMT

An executor of an estate may attempt to handle all the work to avoid expenses. However, there are situations that call for the expertise of an experienced probate attorney who can either assist in the process or take over the administration.

The Estate Doesn’t Have Enough Money to Pay Debts

When an estate has sufficient funds to pay outstanding debts, most executors should be able to handle the work. However, if the estate doesn’t, executors should seek advice from a lawyer to help with decisions on which debts to pay. The law gives certain creditors priority, so an attorney can advise on who should be paid first.

Family Members Are Not Getting Along

Unhappy family members may decide they are dissatisfied with how an estate is being administered and contest the will. Family fights can cause loss of large sums of money from the estate, so retaining the services of an attorney could help resolve issues, protect funds and avoid court battles.

A Business Is Part of the Estate’s Assets

Executors can handle estate assets such as a house, bank accounts and personal items without legal advice. If the estate contains a business, an attorney may need to provide professional guidance on managing, transferring or selling the business.

These are just a few reasons why you may need legal assistance on managing an estate. For more information on when to hire a probate attorney, call Osinga Law Offices, S.C. at 262-717-9020 .

Three Reasons Why Estate Planning Is So Important

Thu, 07 Jul 2016 21:06:43 GMT

You’ve spent years trying to make ends meet and provide a comfortable life for your family. While providing for them now is important, have you taken the necessary time to prepare for their future? Estate planning is important for a number of different reasons. Not only does it allow you to provide for your family upon your death, but it can resolve a number of potential problems as well.

1. It Protects Your Assets

Whether you have a billion-dollar estate or nothing but a car to leave to your posterity, estate planning protects your belongings. It prevents unintended beneficiaries from getting your things.

2. Your Family Is Provided For

If you have young children, it’s vital that you think about what will happen to them if a tragedy occurs. Estate planning allows you to designate assets and guardians for your children so they’ll be cared for by people you trust.

3. It Prevents Family Issues

While you hope that no one fights over your inheritance after you die, it happens. Having your estate in order ahead of time prevents those family messes that are all so common. You have the ability to decide who gets what and when. In the end, estate planning is vital in preparing for your family’s future. If you have questions about the best way to get your affairs in order, call Osinga Law Offices, S.C. in Brookfield.

brws1622-375hlk3jsdrgy2rc-v1

Estate Planning After an Alzheimer's Diagnosis

Prepare a Power of Attorney

Examine Assets

Organize a Will

Debate Guardianship

3 Critical Mistakes to Avoid with Estate Planning

Taking a DIY Route to Estate Planning

Not Reviewing the Estate Plan Regularly ​

Forgetting to Include Life Insurance Benefits with Your Estate Plan​

Three Reasons to Hire a Probate Attorney

The Estate Doesn’t Have Enough Money to Pay Debts

Family Members Are Not Getting Along

A Business Is Part of the Estate’s Assets

Three Reasons Why Estate Planning Is So Important

1. It Protects Your Assets

2. Your Family Is Provided For

3. It Prevents Family Issues

Not Reviewing the Estate Plan Regularly

Forgetting to Include Life Insurance Benefits with Your Estate Plan