Marietta GA Estate Planning Lawyer suggests the Ultimate Gift of Love for your family : an up-to-date estate plan!
With budgets tight and uncertainty in the air, this Valentine’s Day is the perfect time to give your loved one a priceless gift that never grows old — financial security.
Sure, you can’t stuff it in a box or wrap it with a pretty bow, but taking the time to get your financial and legal affairs in order this month is the ultimate way to show your loved ones just how much you care now, and for the future.
Think about what would happen if you were disabled, incapacitated or passed away suddenly this year. That expensive night out you spent with your “special someone” won’t do much to ensure he or she will continue to thrive in your absence. A less exciting, but meaningful gift of life insurance, for example, would have been a better expression of your love during hard times.
And, when is the last time you updated your will or trust? Are you certain that your wishes would be honored and your loved ones would be taken care of exactly as you want in an emergency? This includes minor children who, without legal guardians named for them by mom and dad, will be at the mercy of the courts.
Legal and financial planning is the ultimate way to demonstrate your love for your family where it counts the most. Make a commitment to not put it off any longer and use this Valentine’s Day to give your loved ones the long-term financial security and peace of mind they deserve.
Steve Worrall is the Family Estate Planning Lawyer for Georgia Estate Plan: Worrall Law LLC in Marietta and Atlanta. If you’d like to give your loved ones and yourself the gift of peace of mind, please call Steve at 770-425-6060 or email him at firstname.lastname@example.org.
Image courtesy of cuteimage at FreeDigitalPhotos.net
Thanks to a new law passed in Congress last month, disabled individuals will no longer have to choose between saving a small nest-egg for future care expenses or preserving long-term eligibility for low-income benefits such as Medicaid or Supplemental Social Security Insurance (SSI).
Under the Achieving a Better Life Experience (ABLE) Act, individuals with disabilities now have the opportunity to begin saving their own money toward future health-care costs, housing expenses, transportation, education, and other needs without jeopardizing eligibility for critical government benefits.
Eligibility under the ABLE Act is limited to those 26 and under, with a $14,000 cap on yearly contributions. A total of $100,000 tax-free can now be accumulated in a special ABLE account, which is limited to one per person.
Prior to the passing of the ABLE Act, individuals with disabilities were unable to have assets totaling more than $2,000 or earn more than $680 per month without forfeiting eligibility for government programs like Medicaid. This was worrisome for families, considering that Medicaid is often the only healthcare option available for those with significant disabilities.
To protect such benefits, then, parents of disabled children would often go to great lengths to avoid putting assets, donations or inheritances their child’s name. But now, under this law, families have new opportunities to help their child save for the future while keeping much-needed government benefits intact.
Additionally, the ABLE Act offers another exciting benefit in that disabled individuals will no longer be deterred from pursing gainful employment opportunities in the local community.
Prior to the passing of this law, individuals who had some capacity to work and contribute to society were often deterred from doing so out of fear of they would cross the income thresholds of their benefits and lose everything. Now, young people with disabilities can take a chance in pursuing meaningful work opportunities without sabotaging their financial future.
As an Atlanta special needs attorney, I feel this is a wonderful law and a positive step forward in empowering disabled children and young adults. An ABLE Account combined with solid planning tools such as Special Needs Trusts now affords families with even more protection and flexibility when saving for the future. A good special needs attorney can help families utilize these tools for maximum savings opportunities and peace of mind.
Now that the champagne has been consumed and the party horns have been put away, it’s time to really begin the New Year. You may or may not be sticking to those resolutions you made on January 1st, but even if they are a vague memory at this point, I challenge you to add one more resolution to your list — review your estate plan.
Here’s a checklist to get you started:
- Look for your estate planning documents and see if they are still in the place where you left them. Check your fireproof safe, safety deposit box, or other location where you store the actual documents. In addition, make sure your electronic copies are where you last left them. You may have chosen to keep them on a CD or on your home computer, in any case, make sure they are still accessible. Additionally, make sure your heirs, executor, or trust administrator know where they are.
- Review your children’s long-term and short-term guardian nominations. Has anything happened either in your children’s lives or your guardian’s lives that may make you rethink things? Has the person (people) you’ve named as guardians moved, had a child, divorced, or remarried? If so, does this impact your decision? Have any changes happened that might make you rethink the people you named as short-term guardians?
- Did any of your children turn 18? If so, you need to make sure that they have the proper legal documents in place. They may not have many assets so they may not need a full-blown estate plan, but they will need a signed healthcare power of attorney and living trust in case something happens to them. Without these legal documents in place, you may not be able to speak for them.
- Update, review, or consider a pet trust. If you currently have a pet trust, has anything happened that would make you rethink it? Did something happen to your pet that may mean there are more medical expenses than you thought? Did you get a new pet this year that you want to be sure will be cared for if something happens to you?
- Think through 2014 and list any substantial assets you may have acquired. If you have new assets, make sure they are transferred into your trust. If they aren’t, those assets could end up in probate even though you thoughtfully created a trust to avoid this.
- Review and think about your asset distribution. Does your trust still reflect your wishes for how you would like to distribute your assets? Again, life events such as births, deaths, marriage and divorce may impact the decisions you made about this.
- Check your insurance policies. Does your life insurance still reflect an amount that would support your family if something happens to you? Has something happened in the past year that would require you raise that amount?
- Are you still happy with your decision regarding who should administer your estate? Is he or she still willing to accept this duty? Has anything happened in the last year that would make you wonder whether this person is still able to perform this function? If you are in doubt, you may consider discussing the person you chose and make changes if necessary.
- Update your family’s legacy. Each year you should update your written legacy whether it is in writing or recorded. Be sure to note family member milestones and accomplishments. This will most likely be the most valuable part of your estate plan so be sure to spend time on this.
As I tell my clients, your estate plan is a document that changes just as your life changes. While every change in your life doesn’t mean that you need to update your estate plan, it is important to think through the past year’s events and experiences to make sure that your estate plan will still take care of your family just has you planned.