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Benefit Your Loved Ones by Bringing Life to Your Estate Plan

February 22, 2012

Filed under: Estate Planning,Special Needs Planning — admin @ 7:21 pm

We often tell our clients that there is far more to a legacy than money. A will and a trust are essential documents to have—but there’s more to protecting your loved ones than just those documents. With these important documents (plus the lesser-known but just as important ancillary documents) you’ve provided for your loved ones financially, but what about emotionally? What happens during those difficult months when your dependents must learn to live without you? You’ve worked hard to build a full, comfortable and happy life for your loved ones; preserving (as much as possible) the comfort and stability of that life is at least as important as preserving your financial estate.

One of the best ways to do this is with a memorandum of intent. A memorandum of intent is a letter that you write to the guardians of your children, or to the caretaker of your special needs relative or elderly parent. A memorandum of intent is a document that details the crucial minutia of your daily life. In it you can express the things that might be considered too small, or the things that change too frequently, to include in your trust—but are essential to the daily fabric of your life. This includes details such as:

* An overview of daily schedule and activities

* Names and phone numbers of friends

* Your family’s religious beliefs (if applicable)

* Unique holidays and traditions celebrated by your family

* Name and phone number for primary physician (or other health-care providers)

* Favorite foods, comfort objects, books, etc.

* And much more.

These things may all seem small right now, but it is these comfortable people, places and activities that will help your family through a difficult transition should tragedy strike. You can’t be sure that you will always be there to provide comfort and care for your loved ones, but you can ensure you do your best for them now, to ease their suffering during difficult times later.

Estate Planning with a Chronic or Terminal Disease

November 4, 2011

Filed under: Estate Planning,Special Needs Planning — admin @ 4:19 pm

We mention often on our blog that each family will have unique circumstances and unique estate planning needs—this is especially true of families in which one member has a chronic or terminal disease such as cancer, diabetes, or, as mentioned in this article in Forbes, multiple sclerosis.

For most people, the documents in their estate plan constitute a “someday” or a “what if” scenario, but for those people with chronic or terminal diseases the documents in their estate plan address issues that are much more immediate and certain. For this reason, the advice in the article mentioned above focuses mainly on doing whatever you can to take control of your estate planning, health care, and financial affairs right now. Some of the suggestions include:

* Finding financial and estate advisors who are comfortable discussing your situation, and can help you customize your plans to fit your needs.

* Customizing your estate planning documents, including your will, trust, or living will.

* Signing important forms right now, while you still can.

* Making use of your temporary or limited powers options in your healthcare and financial documents, giving your chosen agents the limited power while you are temporarily incapacitated to “pay your bills and file your taxes but not sell your house or make gifts of your assets.”

Living with a chronic or terminal disease is a unique situation and requires unique planning and preparation—planning that is best done right away, for the good of your family and for yourself. If you have questions about estate planning with a chronic or terminal disease please don’t hesitate to contact our office—we can help.