Tag Archives: Estate Planning

Legal-Ease: Facing a medical crisis without prior legal preparation

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Advance preparation doesn’t always happen as it should, and sometimes a medical crisis can leave you feeling helpless and underprepared. Fortunately, what you are likely to need from an attorney in a medical emergency is often pretty straightforward. 

First, be sure to execute two powers of attorney. This will allow someone to sign documents and make decisions for you. One power of attorney should address financial decisions while the other power of attorney should address healthcare decisions. You can also sign a living will if you’d like, but a good healthcare power of attorney should allow your agent to sign a DNR for you. 

Legal-Ease: What to consider when considering retirement

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Retirement typically means that while you still may work, the “make a living” phase of your life has wound down. When Lee works with clients preparing for retirement, he typically focuses on four major considerations. 

First, Lee asks his clients preparing for retirement about taxes. Second, retirees will need to decide when to take Social Security or money from a retirement plan. Third, people planning for retirement need to consider their healthcare options. Fourth, retirement is a perfect time to get more serious about estate planning and asset protection. 

Legal-Ease: Knowing goals creates best estate plans

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When it comes to estate planning, knowing goals is the first step to getting great legal advice from lawyers. Clients who go into estate planning knowing specific goals are more likely to efficiently land on the right estate planning tools to achieve what they want. Attorneys can help clients analyze their priorities, but it’s much more efficient (and affordable) if a client goes into estate planning knowing what they truly want. 

Legal-Ease: Planning helps Christmas blessings come true

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Many times our luck and fortune are directly related to preparation, and often that preparation includes legal preparation. Good planning rarely comes from a form found online, but rather through working directly with an attorney.

Attorneys can help accomplish goals, protect assets and minimize the devastation caused by long-term nursing home care. Good preparation can help protect assets for heirs as well as limit liability in business and avoid potential future disputes.

Legal-Ease: In-laws in the will?

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A question that often comes up in estate planning is how in-laws should be treated, especially daughters-in-law and sons-in-law. This should be addressed in each individual situation as there’s not an easy answer to the in-law question in estate planning. Some things to consider are whether this is the first marriage for the spouses, how long the couple has been together and if there are kids from previous relationships. Most often people do not include their in-laws in their estate planning as they prefer their family assets to stay within the family.

Legal-Ease: Nursing home planning usually includes Medicaid planning

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As Americans are living longer than ever, the need for long-term healthcare continues to grow. Within 25 years from today the cost of living in a nursing home could be as high as $200,000 per year. Many people save money to pass on to their children and grandchildren, but it’s easy for that saved money to be quickly spent on living in a nursing home or assisted living facility. Fortunately, there are some options when planning for a potential move to a nursing home.

Legal-Ease: Two principles in business succession and estate planning

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Business succession and estate planning are often difficult challenges as each situation is so unique to each family and business. To help clients, Lee has created two primary principles he’d like them to consider while they undertake business and estate planning.

First, Lee believes that mom and dad are always right. Second, he believes that family businesses can remain viable for generations while still treating non-business family members fairly.

Legal-Ease: Include three documents among New Year resolutions

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Regardless of marital status, whether kids are in the picture, health and age, certain key documents are a key part of every adult’s moral responsibility to their family and friends. Many people think they’re too healthy or too young to worry about a will or power of attorney. However, in Lee’s opinion, every adult should have three legal document in place: general power of attorney, healthcare power of attorney and a will.