The Holidays Could Provide the Chance to Discuss Your Estate Plans

holidays, Wheaton estate planning attorneysIt is hard to believe that the winter holiday season is here again already. By this time next week, you may be getting ready to sit down for Thanksgiving dinner with your family, loved ones, and friends. A few weeks later, many families will get together to celebrate Christmas, Hanukkah, the upcoming New Year. If your family members live in various parts of the country, the winter holidays could be the only time during the year that your entire family is able to be together. Therefore, I might also be the only chance you have to talk about important subjects such as estate planning.

Prepare for the Conversation

It can certainly be difficult to start a discussion about your estate plans. In fact, even just thinking about estate planning can be uncomfortable because doing so requires confronting your eventual death. The conversation, however, is too important to skip completely. There is no need for your estate plan discussion to take many hours, nor does it need to prevent your family from enjoying the holidays. You can control the situation and keep the tone light and positive, but you will need to do a few things in advance, such as:

  • Talk to certain people before everyone else is involved. It not the best idea to surprise your children or family members in front of everybody during the holidays by asking them to take on estate-related responsibilities. If you want your daughter to be your executor, for example, speak to her about it in private beforehand. When everyone is together, you can let them know that your daughter has agreed to take on the role.
  • Make a brief outline. If you do not have any set direction, your estate planning discussion could go on for a very long time—to the point where it takes over the whole holiday experience. To prevent this, make a short list of the key things that you want to talk about. Then, stick to the list! Other related topics will almost certainly be brought up, but do your best to limit tangents.
  • Cover the big things. The holiday discussion is probably not the place to spend time on the minor details. It really does not matter who is going to keep your bedroom television. What does matter is where your important documents are kept and how your plan accounts for the possibility of mental or physical incapacitation.
  • Let your family speak, not decide. Feedback from your family regarding your estate plan can certainly be helpful, but in the end, the decisions are yours to make. Some of your plans might not be open to debate, and that is fine, but tell your loved ones that. On other subjects, you might invite thoughts and ideas that could contribute to your ultimate decision.

Contact a Wheaton Estate Planning Attorney

If you are in the process of creating an estate plan, or if you would like to get started on one, contact an experienced DuPage County estate planning lawyer. Call 630-665-2500 to schedule an initial consultation at Stock, Carlson, Oldfield & McGrath LLC today.

 

Sources:

https://www.investopedia.com/retirement/thanksgiving-good-time-talk-turkey-about-estate-planning/

https://www.fa-mag.com/news/discussing-the-issue-of-aging-parents-41779.html

Common Estate Planning Myths Debunked

myths, Wheaton estate planning lawyerA survey conducted by the American Association of Retired Persons (AARP) shows that only about 40 percent of Americans have a will, trust, power of attorney, or other estate planning document in place. There are countless reasons that so many adults have neglected to create their estate plan. One reason is that many people do not understand the benefits that estate planning can offer them and their families. Some may only have a vague notion of what estate planning even entails and feel too overwhelmed by legal jargon to research estate planning further. Television and movies have not presented estate planning in a very positive light either. There are many myths and misunderstandings surrounding estate planning which are simply not true.

Myth: I Do Not Need to Worry About Estate Planning Until I am Older

When most people imagine someone writing a will, an image of an elderly or sick person comes to mind. The truth is that waiting until you are older to start formulating estate plans is a poor idea for several reasons. The validity of a will can be questioned if the person writing the will, called the testator, is not of sound mind due to advanced age or cognitive decline.

Secondly, estate planning does not only deal with what happens to a person’s debts and assets after they die. For example, some estate planning instruments can allow you to choose a guardian for your minor children if anything should happen to you and your children’s other parent. While it is unpleasant to think about, accidents happen every day and it is better to be safe rather than sorry.

Myth: Only Rich People Need Estate Plans

While it is true that higher value estates and estates containing complex assets require more extensive estate planning, the reality is that every adult can benefit from some type of estate planning – regardless of wealth or status. For example, many people have strong beliefs about end-of-life medical care. They do not want to be kept alive via a ventilator or feeding tube if they are in a vegetative state. Others wish to sign a “do not resuscitate” order, or a “DNR,” for personal reasons. Still others wish to dictate exactly what types of death-delaying medical treatment they consent to and what they do not want if they ever become incapacitated. Estate planning allows you to make these types of decisions in advance.

Myth: I Do Not Need to Worry About Estate Planning Because My Loved Ones Can Handle it

Losing a relative or close friend is one of the most heartbreaking life events a person can experience. When an individual does not have any estate plans to dictate what happens to their assets and debt upon passing away, this responsibility falls to their surviving loved ones. This can be a difficult burden for them to bear, especially when they have just experienced a loss. Making decisions about your healthcare and finances in advance saves your family from having to make these decisions on your behalf.

Contact a Wheaton, Illinois Estate Planning Lawyer

If you want to learn more about how estate planning can benefit you and your family, contact an experienced DuPage County estate planning attorney at Stock, Carlson, Oldfield and McGrath LLC. Schedule a confidential consultation by calling 630-665-2500 today.

Sources:

https://www.aarp.org/money/investing/info-2017/half-of-adults-do-not-have-wills.html

https://www.moneycrashers.com/legal-myths-estate-planning-wills-trusts/

How a Special Needs Trust Can Benefit You and Your Family

special needs, DuPage County estate planning attorneysIt can be terribly challenging to plan for a time when you are not around to care for your loved ones. However, facing this reality by making an estate plan is one of the most selfless actions you can take. This is an especially true if you have a child, sibling, or other close loved one who has a serious disability. If you have been responsible for caring for a loved one who cannot care for himself or herself, you may want to find a way of providing for him or her after you pass away. One way to do just this is through an estate planning tool called a special needs trust.

Planning for the Care of a Loved One with Special Needs

A special needs trust or supplemental needs trust is an estate planning instrument that can be critically important to individuals who have a disabled loved one in their care. This instrument works by allowing the caregiver to place funds in the trust, which can then be used for the future care of their disabled loved one. A special needs trust allows you to put aside money for your loved one without affecting the disabled person’s eligibility for government assistance programs. Special needs trusts can be funded through gifts and inheritances or a lump-sum settlement. Without a special needs trust, money left to your loved one could potential disqualify him or her for certain government aid programs.

Leaving Money to a Loved One Could Increase His or Her Available Assets Too Much

The majority of government-funded aid is distributed to individuals under a certain income level. For example, Medicaid, Supplemental Security Income, and housing subsidies all have income criteria that a person must meet in order to qualify for the financial assistance. If you leave money to your disabled loved one without the appropriate estate planning instrument, it could be counted toward his or her available assets. If the funds are substantial, this money could bump your loved one’s income up to a level which makes him or her ineligible for programs with income or asset limits.

A properly-drafted special needs trust helps you ensure that your disabled loved one will receive the funds he or she needs in a way that does not jeopardize participation in other government assistance programs. Ideally, a special needs trust will help your disabled family member enjoy a high quality of life even after you have passed away.

Contact a Wheaton, Illinois Estate Planning Attorney for Help

Drafting a special needs trust or other estate planning instrument can be quite complex. For quality legal assistance from a knowledgeable DuPage County estate planning lawyer, contact Stock, Carlson, Oldfield and McGrath LLC. Schedule a consultation by calling 630-665-2500 today.

 

Sources:

http://www.americanbar.org/content/dam/aba/publishing/rpte_ereport/te_lewis.authcheckdam.pdf

http://www.americanbar.org/newsletter/publications/law_trends_news_practice_area_e_newsletter_home/0501_estate_financialplanning.html