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Blended Families

How Can Blended Families Use Estate Planning to Protect All of the Siblings?

If two adult children in a blended family receive a lot more financial help from their parent and stepparents than other children, there may be expectations that the parent’s estate plan will be structured to address any unequal distributions. This unique circumstance requires a unique solution, as explained in the article “Estate Planning: A Trust Can Be Used to Protect Blended Families” from The Daily Sentinel. Blended families in which adult children and stepchildren have grandchildren also require unique estate planning.

Blended families face the question of what happens if one parent dies and the surviving step parent remarries. If the deceased spouse’s estate was given to the surviving step parent, will those assets be used to benefit the deceased spouse’s children, or will the new spouse and their children be the sole beneficiaries?

In a perfect world, all children would be treated equally, and assets would flow to the right heirs.  However, that does not always happen. There are many cases where the best of intentions is clear to all, but the death of the first spouse in a blended marriage change everything.

Other events occur that change how the deceased’s estate is distributed. If the surviving step-spouse suffers from Alzheimer’s or experiences another serious disease, their judgement may become impaired.

All of these are risks that can be avoided, if proper estate planning is done by both parents while they are still well and living. Chief among these is a trust,  a simple will does not provide the level of control of assets needed in this situation. Don’t leave this to chance—there’s no way to know how things will work out.

A trust can be created, so the spouse will have access to assets while they are living. When they pass, the remainder of the trust can be distributed to the children.

If a family that has helped out two children more than others, as mentioned above, the relationships between the siblings that took time to establish need to be addressed, while the parents are still living. This can be done with a gifting strategy, where children who felt their needs were being overlooked may receive gifts of any size that might be appropriate, to stem any feelings of resentment.

That is not to say that parents need to use their estate to satisfy their children’s expectations. However, in the case of the family above, it is a reasonable solution for that particular family and their dynamics.

A good estate plan addresses the parent’s needs and takes the children’s needs into consideration. Every parent needs to address their children’s unique needs and be able to distinguish their needs from wants. A gifting strategy, trusts and other estate planning tools can be explored in a consultation with an experienced estate planning attorney, who creates estate plans specific to the unique needs of each family.

Reference: The Daily Sentinel (Dec. 16, 2020) “Estate Planning: A Trust Can Be Used to Protect Blended Families”

Read more related articles at:

3 Ways to Estate Plan with Blended Families

Alternative inheritance strategies for blended families

Also, read one of our previous blogs at:

How Blended Families Can Address Finances and Inheritance Issues

Click here to check out our On Demand Video about Estate Planning.

 

Special Needs and the Secure Act

SECURE Act has Changed Special Needs Planning

SECURE Act has Changed Special Needs Planning

The SECURE Act eliminated the life expectancy payout for inherited IRAs for most people, but it also preserved the life expectancy option for five classes of eligible beneficiaries, referred to as “EDBs” in a recent article from Morningstar.com titled “Providing for Disabled Beneficiaries After the SECURE Act.” Two categories that are considered EDBs are disabled individuals and chronically ill individuals. Estate planning needs to be structured to take advantage of this option.

The first step is to determine if the individual would be considered disabled or chronically ill within the specific definition of the SECURE Act, which uses almost the same definition as that used by the Social Security Administration to determine eligibility for SS disability benefits.

A person is deemed to be “chronically ill” if they are unable to perform at least two activities of daily living or if they require substantial supervision because of cognitive impairment. A licensed healthcare practitioner certifies this status, typically used when a person enters a nursing home and files a long-term health insurance claim.

However, if the disabled or ill person receives any kind of medical care, subsidized housing or benefits under Medicaid or any government programs that are means-tested, an inheritance will disqualify them from receiving these benefits. They will typically need to spend down the inheritance (or have a court authorized trust created to hold the inheritance), which is likely not what the IRA owner had in mind.

Typically, a family member wishing to leave an inheritance to a disabled person leaves the inheritance to a Supplemental Needs Trust or SNT. This allows the individual to continue to receive benefits but can pay for things not covered by the programs, like eyeglasses, dental care, or vacations. However, does the SNT receive the same life expectancy payout treatment as an IRA?

Thanks to a special provision in the SECURE Act that applies only to the disabled and the chronically ill, a SNT that pays nothing to anyone other than the EDB can use the life expectancy payout. The SECURE Act calls this trust an “Applicable Multi-Beneficiary Trust,” or AMBT.

For other types of EDB, like a surviving spouse, the individual must be named either as the sole beneficiary or, if a trust is used, must be the sole beneficiary of a conduit trust to qualify for the life expectancy payout. Under a conduit trust, all distributions from the inherited IRA or other retirement plan must be paid out to the individual more or less as received during their lifetime. However, the SECURE Act removes that requirement for trusts created for the disabled or chronically ill.

However, not all of the SECURE Act’s impact on special needs planning is smooth sailing. The AMBT must provide that nothing may be paid from the trust to anyone but the disabled individual while they are living. What if the required minimum distribution from the inheritance is higher than what the beneficiary needs for any given year? Let’s say the trustee must withdraw an RMD of $60,000, but the disabled person’s needs are only $20,000? The trust is left with $40,000 of gross income, and there is nowhere for the balance of the gross income to go.

In the past, SNTs included a provision that allowed the trustee to pass excess income to other family members and deduct the amount as distributable net income, shifting the tax liability to family members who might be in a lower tax bracket than the trust.

Special Needs Planning under the SECURE Act has raised this and other issues, which can be addressed by an experienced estate planning attorney.

Reference: Morningstar.com (Dec. 9, 2020) “Providing for Disabled Beneficiaries After the SECURE Act”

Read more related articles at:

New Retirement Law Changes Special Needs Planning

Can a special needs trust avoid SECURE Act rules?

Also, read one of our previous Blogs at:

What is a Special Needs Trust?

Click here to check out our On Demand Video about Estate Planning.

Social Security

Can You Afford a $450 Loss Every Month with Your Social Security?

Can You Afford a $450 Loss Every Month with Your Social Security?

The Kenosha News’ recent article entitled “This Social Security Misconception Could Cost You 450 A Month” cautions that there’s one major misconception that many near-retirees share, and if you fall for it, you could potentially lose hundreds of dollars per month.

You should know your full retirement age (FRA) for Social Security. If you were born in 1960 or later, your FRA is 67. For those people born before 1960, your FRA is either 66 (or 66 and a certain number of months), depending on the exact year you were born. If you wait to claim at your FRA, you’ll receive the full benefit amount you’re entitled to collect. You can claim earlier, but you’ll get smaller monthly checks.

A common misconception is that if you claim early, your benefits will only be reduced until you reach your FRA, then you will get your full benefit amount. However, when you claim before your FRA, you’ll receive lower monthly payments for the rest of your life. It won’t increase when you reach your FRA.

The average retiree collects $1,514 per month in benefits, according to the Social Security Administration. If your FRA is 67 years old, you’d get $1,514 per month by claiming at that age. However, if you claim early at age 62, your benefits would be reduced by 30%, leaving you with only $1,060 per month. Thus, you may be looking forward to a $450 per month raise in benefits, once you turn 67. However, the truth is you’ll be stuck with those smaller checks for life. That could have a significant effect on your retirement, especially if you are going to be relying on Social Security for a large part of your income.

If you delay claiming benefits until after your FRA, you’ll get your full benefit amount plus a bonus of up to 32% every month. Because your benefit amount is generally locked in for life, once you start claiming, when you delay benefits, you’ll get bigger checks every month for the rest of your retirement.

You can also up your benefits by working longer or increasing your income. The Social Security Administration calculates your basic benefit amount (or the amount you’ll receive by claiming at your FRA) by taking an average of your income over the 35 highest-earning years of your career and adjusting it for inflation. If you work more than 35 years or boost your income, you can increase your earnings average as well as your benefit amount.

Reference: Kenosha News (Oct. 17, 2020) “This Social Security Misconception Could Cost You 450 A Month”

Read more related articles here:

Social Security, Benefits and Eligibility

Social Security, Retirement age and Benefits

Also, read one of our previous blogs at:

What are the Major Social Security Changes for 2021?

Click here to check out our Master Class!

social security for women

What are the Biggest Mistakes Women make with Social Security?

Retirement planning is an important part of long-term financial wellness, and for women, who typically make less money and live longer than men, it can mean lower Social Security benefit payments and other problems.

Money Talk News’s article from January entitled “3 Costly Social Security Mistakes That Women Make” looks at some of the costliest Social Security mistakes that women can make.

  1. Taking your Social Security benefits too early. Deciding to take Social Security benefits too soon can be especially costly for single women and women in same-sex relationships or marriages. Women usually have a tougher time than men saving for retirement because they have lower lifetime earnings and a longer lifespan than men, on average. For single women, these challenges are compounded by the absence of a significant other bringing in additional Social Security income — or any other type of retirement income. It may be prudent for single women and women in same-sex relationships to delay claiming Social Security benefits as long as possible, so the amount of their monthly benefit is higher when they do start getting it.
  2. Forgetting about your ex-spouse. If you were married and then divorced, and your marriage lasted at least 10 years, you might be eligible for benefits through your ex-spouse. You should check to see if you’d get a better monthly payment by claiming through an ex’s earnings record, instead of your own. If you’re currently unmarried and at least 62, and your ex-spouse is at least 62, you can claim spousal benefits. Your own retirement benefits at full retirement age must be less than half of your ex’s benefits. (When you claim ex-spousal benefits, it will trigger a claim for your own benefits, unless you were born before 1954.) Even if your ex hasn’t applied for benefits yet, you can file a claim on his or her account, provided you and the ex are both at least 62. However, remarriage will mean the loss of ex-spousal benefits. However, if your later marriage also ends, you again become eligible for the ex-spousal benefits.
  3. Allowing your spouse to make a unilateral claiming decision. A 2018 study from the Center for Retirement Research found that a husband can increase his wife’s survivor benefits by 7.3% each year by waiting to claim his benefits. However, the study says that many husbands don’t think about the effect that their age at claiming benefits can have on their survivor and her benefits. Rather, many husbands will look at more immediate issues and decide to claim Social Security earlier. Despite being educated about the possible effect on their wives in the future, many husbands said they wouldn’t change their claiming age.

Talk to your spouse about how to best manage when each of you should file a claim for benefits and coordinate your retirement and your Social Security claims.

Reference: Money Talk News (Jan. 6, 2020) “3 Costly Social Security Mistakes That Women Make”

Read more related articles at:

The Biggest Mistake That Women Make on Social Security Benefits

3 Costly Social Security Mistakes That Women Make

Also check out one of our previous Blogs at:

Are You Relying on Social Security Alone for Retirement?

Click here to check out our Master Class!

Dementia-finanaces

Do Seniors with Dementia Show Signs of Financial ‘Symptoms’ Years before a Diagnosis?

Do Seniors with Dementia Show Signs of Financial ‘Symptoms’ Years before a Diagnosis?

A study at Johns Hopkins University found that beneficiaries diagnosed with dementia who had a lower educational status missed payments on bills starting as early as seven years before a clinical diagnosis, as compared to 2½ years prior to a diagnosis for beneficiaries with higher educational status.

Medical Express’s recent article entitled “Older adults with dementia exhibit financial ‘symptoms’ up to six years before diagnosis” explains that the study included researchers from the University of Michigan Medical School. They found that the missed payments and other adverse financial outcomes lead to increased risk of developing subprime credit scores starting 2½ years before a dementia diagnosis (credit scores fall in the fair and lower range).

The findings, published online in JAMA Internal Medicine, say that financial symptoms, like missing payments on routine bills could be used as early predictors of dementia and emphasizes the benefits of earlier detection.

“Currently there are no effective treatments to delay or reverse symptoms of dementia,” says lead author Lauren Hersch Nicholas, Ph.D., associate professor in the Department of Health Policy and Management at the Bloomberg School. “However, earlier screening and detection, combined with information about the risk of irreversible financial events, like foreclosure and repossession, are important to protect the financial well-being of the patient and their families.”

The study found that the elevated risk of payment delinquency with dementia accounted for 5.2% of delinquencies among those six years prior to diagnosis—reaching a maximum of 17.9% nine months after diagnosis. The rates of elevated payment delinquency and subprime credit risk persisted for up to 3½ years after beneficiaries got a dementia diagnoses, suggesting an ongoing need for assistance managing money.

Dementia is a progressive brain disorder that slowly diminishes memory and cognitive skills and restricts the ability to carry out basic daily activities, such as managing personal finances. About 14.7% of American adults over the age of 70 are diagnosed with the disease. The onset of dementia can lead to costly financial errors, irregular bill payments and increased susceptibility to financial abuse.

For their study, the researchers compared financial outcomes from 1999 to 2018 of those with and without a clinical diagnosis of dementia for up to seven years prior to a diagnosis and four years following a diagnosis. They looked at missing payments for one or more credit accounts that were at least 30 days past due, and subprime credit scores, indicative of a person’s risk of defaulting on loans based on credit history.

To determine whether the financial symptoms observed were unique to dementia, they also looked at the financial outcomes of missed payments and subprime credit scores to other health outcomes including arthritis, glaucoma, heart attacks and hip fractures. The team saw no association of increased missed payments or subprime credit scores prior to a diagnosis for arthritis, glaucoma, or a hip fracture. No long-term issues were linked to heart attacks.

“We don’t see the same pattern with other health conditions,” says Nicholas. “Dementia was the only medical condition where we saw consistent financial symptoms, especially the long period of deteriorating outcomes before clinical recognition. Our study is the first to provide large-scale quantitative evidence of the medical adage that the first place to look for dementia is in the checkbook.”

Reference: Medical Express (Nov. 30, 2020) “Older adults with dementia exhibit financial ‘symptoms’ up to six years before diagnosis”

Read more related articles at:

Dementia may cause major financial problems long before diagnosis, making early detection critical

Step aside, biomarkers. Look to the bank account for early signs of dementia

Also read one of our previous Blogs at:

Retirement Planning and Declining Abilities

Click here to check out our Master Class!

Difference between Executor and Trustee

Do You Know Your Job as Executor, Agent or Trustee?

Do You Know Your Job as Executor, Agent or Trustee?

It’s not uncommon for a named executor or trustee to have some anxiety when they discover that they were named in a family member’s estate planning documents.

With the testator or grantor dead or incapacitated, the named individual is often desperate to learn what their responsibilities are.

It may seem like they’re asked to put together pieces in a puzzle without a picture, especially when there is limited information to start with, says The Sentinel-Record’s recent article entitled “You’re an executor or trustee … Now what?”

Here’s a quick run-down of the responsibilities of each of these types of agents:

An executor of an estate. This is a court-appointed person (or corporate executor) who administers the estate of a deceased person, after having been nominated for the role in the decedent’s last will and testament.

A trustee. This is an individual (or corporate trustee) who maintains and administers property or assets for the benefit of a beneficiary under a trust.

An agent named under a power of attorney. This person (or corporate agent) has the legal authority to act for the benefit of another person during that person’s disability or incapacity.

Each of these roles has different duties and responsibilities. For example, an executor, in most cases, is responsible for filing the original last will and testament of the testator with the probate court and then to be formally appointed by the court as the executor.

A trustee and executor both must provide notice to the beneficiaries of their role and a copy of the documents.

An agent named under a power of attorney may have authority to act immediately or only when the creator of the documents becomes disabled or incapacitated. This is often referred to as a “springing” power of attorney.

Each of these individuals is responsible for managing and preserving assets for the benefit of the beneficiary.

They also must pay bills out of the assets of the estate or trust, such as burial and funeral expenses.

Finally, they settle the estate or trust and make distributions.

Reference: The Sentinel-Record (Nov. 24, 2020) “You’re an executor or trustee … Now what?”

Read more related articles at: 

Personal Representative, Executor and a Trustee

Things to Know About Being an Executor of Estate

Also, read one of our previous Blogs at:

What Does a Successor Trustee Do?

Click here to check out our Master Class!

Assisted Living Facility

How Should I Go about Researching Assisted Living Facilities?

How Should I Go about Researching Assisted Living Facilities?

This can be a daunting task because there are so many different types of facilities to care for aging seniors. Each type has different services and accepts different payment sources. US News & World Report’s recent article entitled “What Is the Best Way to Research Assisted Living Facilities?” says that there are plenty of resources to help you in your search.

Begin Early. The sooner you begin the process, the better. Doing research before you need it is crucial. The decision is frequently made in a crisis situation, which can be dangerous. That is why preparing for these situations sooner is vital.

Create a List. The first step is to make a list of assisted living facilities in your area that you might want to tour. AARP recommends the following sources:

  • Your local or state agency on aging. To locate one near you, use the federal government’s Eldercare Locator website or call 1-800-677-1116.
  • LeadingAge, an association of aging-related organizations. They have an online Aging Services Directory to search for facilities in your area.
  • Argentum is a trade association for senior living communities that also has an online directory to search by ZIP code.
  • Ask relatives, friends, neighbors, and your loved one’s doctors about recommendations.
  • S. News also has details of services and patient and family reviews to help you find the best assisted living choice.

Employ a geriatric care manager. This professional can assist help with your aging loved one’s needs. They will take you to facilities they know and suggest specialty facilities, such as a memory care facility for a senior with dementia.

Review the facility’s licensure and accreditation. Make certain the place is licensed and, if needed, has enhanced special needs certification to provide specialized health care for complex conditions and dementia. You should also ask about staff tenure because a high turnover rate is a red flag that the facility is poorly run. It also means your loved one will be meeting new people constantly, which can be stressful. See if residents are able to actively participate in the things that affect their lives, such as what they eat and what activities are available.

Talk to an elder law attorney. An elder care attorney might be able to help, though this should be as an add-on to other legal services you might need, like estate planning.

Reference: US News & World Report (Nov. 10, 2020) “What Is the Best Way to Research Assisted Living Facilities?”

Read more related articles at:

How to Evaluate an Assisted Living Facility

Assisted Living Facilities: Weighing the Options

Also, read one of our previous Blogs at :

Use This Checklist When Visiting Assisted Living Facilities

Click here to check out our Master Class!

 

Nursing homes vs Assisted Living

What’s the Difference Between Nursing Homes and Assisted Living?

What’s the Difference Between Nursing Homes and Assisted Living?

US News & World Report’s recent article entitled “Nursing Homes vs. Assisted Living” explains that a big question is determining what type of facility is the best fit. According to the National Institute on Aging (NIA), long-term care residences include:

  • Assisted Living Facilities
  • Nursing Homes
  • Board and Care Homes; and
  • Continuing Care Retirement Communities.

We will look at the major differences among these options.

Assisted Living. Assisted living and nursing home facilities are different in many ways. One big difference is in how to pay for them. Some assisted living facilities do not accept Medicaid and are private pay only. Medicaid does cover nursing home care because states must do so under federal law. That’s the only way some can cover the cost in many instances.

Otherwise, the primary difference is in the level of care each can provide. Assisted living is for those who need some help with daily care, but not as much as what a nursing home has to offer. These facilities are for those who can still take care of themselves, but could use a bit of help with daily activities such as:

  • Housecleaning and laundry
  • Household chores and cooking
  • Bathing
  • Medication management; and/or
  • Transportation to medical appointments or stores.

The residents use any or all of the services offered and pay for the level of care they are receive. However, the more care, the higher the cost. Assisted living residents typically have their own private apartments and share common areas, like the dining room and community rooms. Most offer three meals a day for those who don’t want to cook, 24-hour supervision and security and socializing and recreational events with other residents. Many assisted living communities even permit pets.

Nursing Homes. Nursing homes are also called “skilled nursing facilities” and provide a higher level of daily care—especially medical care that assisted living facilities aren’t equipped to handle. Along with the same help for daily living that assisted living communities provide, a nursing home can offer:

  • Nursing care
  • Rehabilitation services, such as physical, occupational and speech therapy
  • Help getting dressed or in and out of bed
  • Frequent or daily medical management for chronic conditions; and
  • Some facilities specialize in memory care for patients suffering from Alzheimer’s disease or other forms of dementia.

Board and Care Homes. Also called “residential care facilities” or “group homes,” these are small homes of 20 or fewer residents living in private or shared rooms. Similar to assisted living facilities, these places can provide personal care and meals but no nursing or medical care.

Continuing Care Retirement Communities. Also called “life care communities,” they offer different levels of service in one location, like independent housing, assisted living, and a skilled nursing facility all in one place. Residents can begin at one level of care and transition into higher care, as needed.

How to pay for care is another common misunderstanding, because unless you have long-term care insurance, assisted living is paid out of pocket. For a skilled nursing facility, if you are hospitalized and discharged to a care facility, Medicare will pay a set amount for a certain time. The responsibility for payment then goes back to the resident.

Only when a senior is legally destitute, can you use Medicaid. Talk to an elder law attorney about the details.

Reference: US News & World Report (November 52, 2020) “Nursing Homes vs. Assisted Living”

Read more related articles at:

Assisted Living vs. Nursing Homes: What’s the difference?

Residential Facilities, Assisted Living, and Nursing Homes

Also, read one of our previous Blogs at:

Use This Checklist When Visiting Assisted Living Facilities

Visiting Grandma at the Nursing Home

Click here to check out our Master Class!

Elderly couple Tricare Bills

What are the New Fees for Tricare for Vets?

What are the New Fees for Tricare for Vets?

If you were to take action now to set up your payment process prior to November 20, you can avoid having to pay enrollment fees in advance.

The Military Times’ recent article entitled “Here’s what military retirees who are affected by new Tricare Select fees should do now” explains that beginning on January 1, these individuals, generally working-age retirees under age 65, will pay $12.50 a month for individual coverage, or $150 annually. Enrollment fees for those with families will be $25 a month, or $300 annually. These fees were put into effect in the Fiscal 2017 National Defense Authorization Act, but delayed until January 2021.

There were 407,431 military retirees and 764,936 retiree family members in Tricare Select at the end of last year, according to a Department of Defense report. It also applies to retirees in the Tricare Overseas Program Select.

These new fees don’t apply to retirees in the Tricare for Life program, and it doesn’t impact Chapter 61 retirees (those getting disability retirement) and their family members, and survivors of deceased active duty service members. Active duty family members don’t pay Tricare Select enrollment fees.

It’s important for affected retirees to set their payment up as soon as possible, says Mark Ellis, chief of policy and programs for the Tricare Health Plan, to avoid having to pay one or two months of premiums in advance. The call takes no more than three minutes, he said.

Retirees should contact their regional Tricare contractor by phone or through their website to set up their fee payment. Officials ask retirees to pay for their Tricare Select coverage by military allotment, if possible, for security. If the premium isn’t paid by January 1, coverage could be forfeited. Under federal law, “we don’t have legal authority to provide care or process claims,” if the fees aren’t paid, Ellis said.

“We realize things happen,” he said, noting that there is a process in place for the Tricare Select retirees to be notified, if, for example, an electronic funds transfer or credit card payment fails to go through. There is a reinstatement period of 90 days, and if the back fees are paid, the coverage can be reinstated back to the day after the retiree stopped paying fees, and coverage is brought up to date. “As long as back fees are paid, we can process denied claims,” Ellis said. “We can’t do it forever, but we do have processes in place.”

The new fees impact retirees and their family members in the so-called “Group A,” which is where the sponsor’s initial enlistment or appointment was before January 1, 2018. The retirees in that group are generally working-age retirees under age 65. They don’t currently pay enrollment fees, but under the National Defense Authorization Act of 2017, Congress required defense officials to start charging these working-age retirees enrollment fees in 2021. The 2020 Tricare open season concludes on December 14.

Reference: Military Times (Oct. 26, 2020) “Here’s what military retirees who are affected by new Tricare Select fees should do now”

Read more related articles at:

Tricare costs for 2021: Some good news for military families

Tricare enrollment fees are set to increase for many in 2021

Also, read one of our previous Blogs at:

Will Vets Get COLA Increase in 2021?

Click here to check out our Master Class!

 

Coronavirus Estate Planning

No Time Like the Present Pandemic to Get the Estate Plan Going

No Time Like the Present Pandemic to Get the Estate Plan Going

The pandemic has made many people focus on depressing things, like death. Many of us are worth more dead than alive.

Federal News Network’s recent article entitled “It’s your estate, but who gets it?” says that lack of control is one of the frustrating things about this already terrifying pandemic. We can wear masks, keep our distance and avoid crowds, but then what?

There are some very important and valuable things that are still under your control. One of these is estate planning.

Any number of things could have occurred in 2020 that are off your radar because you’re still adjusting to the many changes the pandemic has brought to our everyday lives.

Many people see their estate plan as one of life’s necessary chores. Once it’s signed, they simply file it away and forget about it. However, an estate plan should be reviewed regularly to be certain that it continues to meet your needs. Here are just a few of the life events that make it essential for you to review and possibly revise your estate plan with an experienced estate planning attorney:

  • The birth or adoption of a child
  • You are contemplating divorce
  • You have recently divorced
  • Your child gets married
  • Your child develops substance abuse problems or has issues with managing finances
  • Those you’ve named as executor, trustee, or agents under a power of attorney have died, moved away, or are no longer able to fulfil these obligations
  • Your child faces financial challenges
  • Your minor children reach the age of majority
  • There has been a change in the law that impacts your estate plan
  • You get a sizeable inheritance or other windfall.
  • You have an estate plan but can’t locate it
  • You acquire property; or
  • You move to another state.

If any of these events occur, talk to your estate planning attorney to see if it is necessary to revise your estate plan to address these issues.

Reference: Federal News Network (Nov. 4, 2020) “It’s your estate, but who gets it?”

Read more related articles at:

Estate Planning During the Pandemic