Instead of the IRS, Probate Court or a Nursing Home. Attend a FREE SEMINAR to Find Out How a Proper Estate Plan Can Benefit Your Family…

…Seating is limited so follow the link to reserve yours today!

http://www.sinclairprosserlaw.com/local/estate-planning-seminars.aspx

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

Knowing what your Healthcare Estate Planning Documents are and how they each play a vital role in the success of your plan is important.  In our firm we have a number of documents that we include in every estate planning package and there’s a very good reason for it.  You need each one.

I have heard before, “I have a Living Will, why do I need a Healthcare Power of Attorney?”  A Living Will or Advance Directive gives instructions to your physicians and healthcare agents as to how you want to be treated under three situations:  Terminal Condition, Persistent Vegetative State, and End-Stage Condition.

Terminal Condition means that you have a condition by which your death is imminent and even if life-sustaining procedures are used, there is no reasonable expectation of recovery.

Persistent Vegetative State means that you are not conscious and are not aware of your environment or able to interact with others and there is no reasonable expectation of recovery.

End-State Condition means that you have a condition caused by injury, disease or illness, as a result of which you have suffered severe and permanent deterioration, indicated by incompetence and complete physical dependency and for which to a reasonable degree of medical certainty, treatment of the irreversible condition would be medically ineffective.

Our firm’s Living Will also affords you the opportunity to decide who will be making your funeral arrangements and the ultimate disposition of your body.  It is important for you to put this information in writing, because you don’t want this to be left open for your family to squabble about.  You can also make an organ donation declaration in your Living Will.

So, what then does a Healthcare Power of Attorney do?  A healthcare Power of Attorney appoints someone, your agent, to step into your shoes when you are no longer able to make decisions regarding your healthcare.  This document can be used by your Agent to determine things like, what type of treatment you should receive, whether you should receive medication or rehab therapy, or which hospital you should go to.  This document will be utilized in all circumstances, not just in the 3 situations a Living Will covers.

Another important Estate Planning tool is to have a HIPAA authorization form.  HIPAA stands for Health Insurance Portability and Accountability Act, a law that protects private health insurance information.  This law makes it virtually impossible for your loved ones to obtain medical information or your medical records without your authorization.  This is all well and good when you’re in good health, but what happens if you become incapacitated and you have not signed the doctor’s HIPAA form?  Your loved ones may be out of luck.  This form will enable you to designate your healthcare agents and other family members as authorized persons to receive your medical information or records.

Finally, it is important to know that when you need your documents at a moment’s notice, they will be there.  In an emergency, sometimes it’s difficult to remember to grab your Living Will or Healthcare Power of Attorney.  Perhaps your loved one or Agent doesn’t want to have to go to your house to search for them, but wants to get to the hospital.  Our firm offers with every estate plan, a free one year enrollment in a service that will fax your healthcare documents to the hospital when you need them most.  As you can see, we’ve got every base covered.

The last thing your family needs during a time of crisis is an obstacle.  Make sure they have everything they need to make sure that your needs are met and they have the means to ensure that it happens.

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

Instead of the IRS, Probate Court or a Nursing Home. Attend a FREE SEMINAR to Find Out How a Proper Estate Plan Can Benefit Your Family…

…Seating is limited so follow the link to reserve yours today!

http://www.sinclairprosserlaw.com/local/estate-planning-seminars.aspx

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

While we know the act of giving is a very personal thing, gifting part of your estate to lower your estate taxes may be a good idea.  In Maryland gifting is a very powerful estate planning tool and the results can be rewarding.

Unlike the Federal Estate tax, when you transfer assets out of your Maryland estate, the asset is not brought back into your estate for Maryland estate tax purposes.  For example, if you have an estate of $1,500,000 and you gift $500,000 your Maryland estate is now $1,000,000.  Because the exclusion in Maryland is $1,000,000 your family will not owe any Maryland estate tax on your death.  If the sum had not been gifted and the estate at death was $1,500,000 your family will have to pay Maryland estate taxes on the $500,000 at the rate of 16% which results in much less going to your loved ones.

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

Incapacity planning is an estate planning technique that every adults needs if he or she wants to stay in control of medical decisions and finances; however, it’s often overlooked.  Take a look at answers to the following frequently asked questions, to learn more.  If you have any questions, or if you’d like to implement incapacity planning, contact an estate planning attorney.

What types of incapacity planning documents exist?

Most people choose to include a living will and power of attorney documents in their estate plan.  Both of these tools allow for an individual to prepare for incapacity so that he or she has control during an emergency situation.  Revocable living trusts also contain incapacity planning.  Without these documents in place, he or she has no protection and the court will intervene.  Court intervention is a total loss of control.

What is a living will? 

A living will is akin to instruction manual during incapacity.  When creating this document, an individual outlines his or her wishes regarding end of life treatments and procedures.  Often times, this includes making choices regarding the use of life support.  A living will prevents loved ones from having to make difficult decisions at the end of an individual’s life.  It also best ensures that the individual’s wishes are respected.

 Why should I have a living will?

You should have this document in place so that you have full control.  If you don’t want a medical professional or your family members to decide what treatments will be used, then you need to plan accordingly.

Can I make changes to my living will?

Yes! As long as you have the mental capacity to do so, you’re able to change your living will and other basic estate planning documents.

Please take a look at our next blog post (part 2 of 2), to learn more about incapacity planning.

If you’d like to begin your incapacity planning, consult with a qualified estate planning attorney.

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

You’re probably shocked that your child is old enough to be in college, let alone need an estate plan.  Shocking, but true.  Each and every person, age 18 and older, needs an estate plan.  It’s likely that your college student’s estate plan will be very basic, but it’s important nonetheless.

Your child needs his own estate plan because, legally, he is an adult.  This means that you are unable to make medical or financial decisions on his behalf without legal authorization.

Elements of a Typical College Students Estate Plan

• Simple Will, appointing an executor and distributing assets
• Power of Attorney for Health Care, appointing an agent to make health care decisions on his behalf if he cannot make those decisions himself
• HIPAA Release so that medical professionals are authorized to communicate with your child’s health care agent
• Living Will so that he is not hooked up to life support machines or subjected to other medical heroics if he is in an irreversible coma or persistent vegetative state
• Organ Donation Authorization so that your child can save up to 8 lives and enhance the lives of many others who have suffered trauma, blindness, or burns
• Power of Attorney for Finances, appoint an agent to make financial decisions and pay bills on his behalf if he cannot do so himself

Other Considerations for Your College Student

• If your college student has earned income, now is a great time to open a Roth IRA; just starting with small sums now, and adding consistently, will reap great rewards as life unfolds
• You may want to purchase a small life insurance policy on the life of your college student to cover funeral and burial expenses
• Make sure that your college student’s health care documents are available when needed; use an online document storage service such as Docubank (www.docubank.com.)

Make sure that your college student names contingent trusted helpers in his estate plan

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

Accidents, illnesses, and unexpected events can happen at any time and this is why it’s important to have incapacity planning in place.  Many people neglect to include this type of planning in their estate plan, and then find that they aren’t prepared when they need it most.  If you want to always be in control of your life choices, you need to handle this aspect of planning.  Take a look at the information below to learn more.  If you have any questions about incapacity planning, meet with an estate planning attorney.

• How would you know that you were receiving the best medical care possible, if you were incapacitated?
• Who would make sure that your bills are paid?
• How would you know that your medical wishes were respected?
• How will you have a say in your future?

These are important questions to consider.  With the use of the right incapacity planning documents, you can have a say in your future and make sure that all of your affairs are handled.

• With a living will, you can outline your desired end of life medical procedure and treatment wishes.  This includes deciding if you wish to remain on life support, if needed.
• With a healthcare power of attorney, you can appoint an agent who will be responsible for helping to make important healthcare decisions on your behalf.  Your agent will also make sure that you’re receiving the best care possible.
• A financial power of attorney will allow you to appoint an agent who will be responsible for managing your financial affairs, if you’re ever unable to.  This includes paying your bills, depositing checks, and paying your taxes on your behalf.
• All of these planning tools will allow you to be in control.  By planning ahead of time, your wishes will be respected during your time of need.

If you have any questions about including incapacity planning in your estate plan, consult with a qualified estate planning attorney.

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

During the process of creating your estate plan, you will be forced to make difficult decisions.  It’s important to take the time to think about your decisions carefully.

Take a look a look at the following list so that you know what you’ll need to consider before starting your estate plan.  If you have any questions, please consult with an estate planning attorney.

• What do you want to accomplish with your planning?
• Who do you want to pass your assets to?
• Are there any people you wish to ensure will not receive your assets?
• Do you have any specific wishes regarding medical treatments and procedures?
• Who do you want to name as a guardian for your minor children?
• Do you want to appoint an agent to help you make important financial decisions if you’re ever unable to?
• Do you have an opinion about funeral planning arrangements?
• Do you want to make sure that your loved ones will always be cared for financially?
• Do you want to include your pets in your estate plan?
• Do you have ideas of who you would like to manage your estate affairs after you die?
• Do you want to appoint an agent who will be responsible for helping to make important medical decisions, if you’re unable to?
• Do you need to include planning for a special needs child?
• Do you want to leave assets to your children in the form of a protected trust?
• Do you know who you would trust to handle the assets designated for the care of your children?

A basic estate plan consists of a well thought out, integrated plan which should include the following documents:

• Revocable Living Trust. This holds title to your property and avoids probate and public scrutiny of your affairs. It can be extremely flexible and provide direction for your assets and heirs for years to come.
• Will.  At death, this can transfer any remaining assets to your Trust.
• Financial Power of Attorney.  This appoints a trusted person to make financial decisions if you are unable to make them for yourself.
• Health Care Power of Attorney.  This appoints a trusted person to make health care decisions for you when you are unable to make them for yourself.
• HIPAA Power This designates those individuals who are allowed access to your protected health information. Without this important power, a health care provider like a hospital may refuse to provide any information to your family, including whether you are even in their care.

Take the time to think about your estate plan goals.  By thinking about difficult topics, and making important decisions, you will be able to have a plan in place for the unexpected.  If you have any questions about your estate plan needs, or if you’re ready to start your estate plan, consult with a qualified estate planning attorney.

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

Estate planning is one place in life where you have the power to alter the outcome. Taking the time to decide who, when and how your money will be handled and who will manage your health care when you are unable to make those decisions for yourself are important choices that you have the power to make.

A well-rounded estate plan includes six documents: a Revocable Living Trust, General Durable Power of Attorney, Health Care Power of Attorney, Living Will, Will and Medical Authorization. A Will is only effective at death; the other five documents have an impact during your lifetime.

Attendance of a Free Estate Planning seminar will help you to realize how vital these estate planning provisions are to the preservation of your estate.

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.