4 Things You Didn’t Know You Didn’t Know
I’m periodically reminded that not everyone knows everything about what we do here at Ingle Law. A great client might say, “Oh, I didn’t know you did that.” Someone else might say, “Well, I thought you only worked with young couples with children. I didn’t know you could help my Mom and Dad too.” With that in mind, I wrote this article. Rest assured we can help; these are just some of the puzzles Ingle Law solves.
#1 Children are Legal Adults at Age 18. Yes, little Bobby may still leave his clothes on the floor or your baby girl might have no idea now to properly fill the dishwasher, but once they turn age 18 they are adults in the eyes of the law. This means that health privacy laws kick in preventing doctors from freely sharing medical information or parents from making medical decisions in a crisis. It also means that parents can no longer handle banking or sign financial and business papers. The only recourse might be a living probate – a guardianship proceeding – in the probate court, something that can take weeks and thousands of dollars to put in place, all at a highly emotional time.
The Solution: A properly drafted health care proxy, medical privacy release and durable power of attorney. Completed during senior year, before children head off to college, these can thwart any surprises that creep up during those years away. And for clients who are part of our VIP multi-generation membership program, Ingle Law will put this solution in place for FREE!
#2 An Estate Plan Must be Reviewed Periodically. Lives change. People move. Asset portfolios evolve. An estate plan must be reviewed periodically to guarantee that it will work for you and your family when you need it the most. It’s not something to be completed, checked off on the to-do list, and put on the shelf to gather dust. If you have a trust as part of your plan, all the more reason to review your plan regularly. Your trust only gives you maximum protection if your assets are actually titled to it.
The Solution: A quick review with your attorney to update him or her on any new assets, confirm ownership, and confirm that decision makers remain the same. This is so important that Ingle Law is starting to reach out to our clients from three years ago or more to conduct this review for FREE! Clients we’ve worked with recently already know that we’ll do this every three years at no additional cost. Of course, plan amendments may come with a modest price tag, but the review was included as part of the original estate planning fee. Clients who are part of our VIP membership programs not only receive this review annually (instead of every three years) they also get no cost updated health care proxies, durable powers of attorney and plan amendments to accommodate life and law changes.
#3 You Won’t Risk Your Home and You Can Leave Your Family a Modest Inheritance. Just a few incorrect statements that I hear all the time include, “Everything must be paid to the nursing home” or “We’re protected, we have a trust” or my particular favorite, “The state will take my house.” Not so. We spend countless hours trying to figure out how to use tax laws to our advantage, why shouldn’t our seniors be allowed to do the same thing with the Medicaid rules?
The Solution: You must consult with an elder law attorney well-versed in Medicaid planning, not just filling out the application. (Look for someone who is a member of the National Academy of Elder Law Attorneys.) This kind of planning is controversial. But notice I said that the solution was a “consultation”, not necessarily taking any active steps based upon that conversation. We have a philosophy at Ingle Law that we can support a client in any decision they make, so long as it’s an informed decision (and of course, legal). Our job is to make sure you have all the information you need to make a thoughtful, considered decision. And, you guessed it, for our VIP multi-generation membership clients, you can give this consultation to your parents as a gift, and there will be no charge.
#4 Death Creates Paperwork. How Much Depends Upon Prior Planning. While the probate process isn’t always necessary, wouldn’t you rather know than guess, or worse, wait and see? Alternatively, you can just watch to see if your loved one’s name appears on the abandoned property list years later. You could also wait for creditors to sue because you didn’t know who to pay, how much or when. (I don’t recommend any of these alternatives.) Why go through all that at a time when things are already emotional, nerves are raw, and family may not agree on how to proceed.
The Solution: If you’re the executor or trustee, meeting with a qualified probate and trust attorney can educate you on your responsibilities. Probating an estate can take as little as a year or as many as several. That’s a long time to go without knowing what should be happening, when it should be happening, or who’s responsible for making it happen. I’m sure you’ll be shocked to hear this, but for our VIP membership clients, we offer a substantial discount on administration fees to you or the loved ones you leave behind.
Call us the next time you have any legal question, or any question at all. Think of Ingle Law as the Main Street lawyer of old—the person you called when you weren’t sure where to turn. We’re here to help you with a solution, whether it’s with legal services, notary services, deciphering a form, or trying to find the best electrician. Of course, you don’t need to be part of one of our VIP membership programs to call, but you might want to ask about them so you save a bundle, and have the peace of mind of knowing a solution is only a phone call away.
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