Tax Lessons to be Learned from Celebrity Estate Plans

A celebrity’s image and likeness can continue to produce considerable income after death. This type of intellectual property is considered part of your estate, and the IRS can tax its value. In the case of pop star Michael Jackson’s estate, that recently meant an IRS bill to the tune of $64.5 million, years after his death, which is about 40% of his likeness’ valuation of $161 million.

Michael Jackson’s estate planning fail could certainly have been avoided by using one of these estate-planning strategies that minimize the taxable value of a person’s image and likeness.

Charitable Bequests

Robin Williams made a charitable bequest of his image and likeness to a foundation. It was set up in his name, allowing his estate to get a charitable deduction against the estate tax.

Time Bans

Williams also established a 25-year time ban to prevent any future exploitation of his image. A time restriction lowers the value of a celebrity’s name and likeness because the value is typically lower at the end of the ban than at the date of death.

State of Residence

Some states don’t recognize inheritable postmortem rights to likeness. This means the estate can’t profit from it. Consider your state’s laws when estate planning so you can benefit from any available tax breaks.

Consult with Multiple Appraisers

Get one appraisal and have another appraiser act as a consultant to point out where there might be room to argue against the valuation.

Celebrity estate planning fails grace the cover of tabloids and news sites as soon as weeks after their deaths. Fortunately, they provide valuable estate planning lessons for the rest of us. While their fails may be more expensive, even a small fail can have a huge impact on your family’s future and well-being. Don’t leave your family holding the bag, especially an empty one.

Your family is worth the time for you to have a Family Wealth Planning Session with us so you can make empowered, informed choices for the people you love. As your Estate Attorney, we can walk you step by step through a process that will minimize your tax liability and keep your family out of court and out of conflict.

Our Family Wealth & Legacy Planning Session guides you to protect and preserve what matters most. Before the session, we’ll send you a Family Wealth & Legacy Inventory and Assessment to complete that will get you thinking about what you own, what’s most important to you, and what you can do to ensure your family is taken care of and you’ll leave the Session with absolute clarity about how to make the best choices for your life and death.

This article is a service of Gratia P. Schoemakers, Estate and Business Attorney. We don’t just draft documents, we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.  That’s why we offer a Family Wealth & Legacy Planning Session, during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today at 832.408.0505 to schedule a Family Wealth Planning Session and find out how to better protect your family.

The Unexpected Costs of Caring for Elderly Parents In Your Home

Multi-generational households are becoming the new (or maybe it’s really old) in vogue way to handle the care of aging parents. And we’re all for it so long as you consider the implications and set your family up for success.

With Mom or Dad moving in, you can anticipate some extra expenses, not just financially, but possibly emotionally as well. But it’s hard to know what to expect, and you might face costs you didn’t see coming. Having an elderly parent move in with you is a major life event that requires financial and emotional preparation. Here are some unexpected costs of caring for elderly parents to get you thinking about what lies ahead, if you decide to move mom or dad into your home.

Remodeling

Many people don’t think about the modifications they might need to make to their home to welcome an elderly parent. If your parent is living with you long-term, you will want to make him or her comfortable, which might entail adding a new addition to your home, creating a private living space out of a shared area, making accommodations for single-level living if your parent cannot navigate the stairs, or adding mobility adaptations such as a walk-in bath or chair lifts.

Lost Work Productivity

Moving your elderly parent in, helping him or her get acquainted with the area, and checking out activities can all eat into your work week. Expect further loss of productivity if you have to take your parent to run errands, to medical appointments, or to therapy sessions. You can look into senior transportation services if you are unable to take time off from work, but remember to budget for the extra expense.

Home Help

In-home care can be a significant expense, but unless you are able to take time away from your busy day, your elderly parent might need it. Long-term care insurance will sometimes cover some or all of the costs, and you might be able to get assistance from certain programs through the VA or other community organizations.

Miscellaneous Household Expenses

The costs of simply having another household member can be unexpectedly high, especially if that member spends most of his or her day at home. You should expect such extra expenses as increased heat and electricity bills, special foods, and personal care products. Remember that elderly parents have special needs, and those needs can be expensive.

Medical Expenses

Even with insurance, your parent might have steep out of pocket costs for co-pays, prescriptions, mobility aids, supplements, vitamins, and other uninsured medical expenses. For certain conditions, these costs can quickly add up.

Long-Term Expenses

As your parent ages, his or her needs will change, too. These changing needs can result in unexpected long-term costs. When your parent’s retirement funds are exhausted or when they face deteriorating health, you might have to consider the staggering costs of long-term care in an assisted living facility or nursing home.

Therapy

Moving mom or dad into your home could bring up all of the unresolved emotional issues that have not yet been addressed within your family dynamic. This isn’t something to be afraid of, so long as you have the right support. On the contrary, it can be a great opportunity to heal inter-generational wounds that would otherwise get passed on to you and your children and their children.

Caring for an elderly parent can result in unexpected expenses and unexpected benefits, as well. Now that they have become dependent on you, you might also need to consider making changes to your insurance policies or revising your estate plan. If you are ready to take the step of officially becoming caregiver for mom or dad, meet with us for guidance.

As your Personal Family Lawyer®, we can help you prepare for the unexpected costs (and reap all the benefits) of caring for an elderly parent. We begin all planning with a Family Wealth Planning Session to get to know you, what’s important to you, and to support you to make the most informed, educated and empowered decisions possible for yourself and the people you love. Before the session, we’ll send you a Family Wealth Inventory and Assessment to complete that will get you thinking about what you own, what’s most important to you, and what you can do to ensure your entire family is taken care of.

 This article is a service of Gratia P. Schoemakers, Estate Attorney. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.  That’s why we offer a Family Wealth Planning Session™, during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session.

Facing Grief After the Death of a Loved One Can Be the Key to a Life of Health and Wholeness

If you have ever met someone who repeatedly sabotaged their life or seemed to have a hard time moving things forward, despite the best of intentions, it may be that they were dealing with unprocessed grief. Most people have never been taught to deal with grief and as a result are stuck dealing with confusing emotions, relationships that don’t work and lives that can feel like they just don’t work.

This relationship between facing grief and being able to move through it in a healthy way was discussed at length by Prince Harry in a recent podcast with Bryony Gordon of Mad World. In the interview, Prince Harry addressed his personal struggle with dealing with the loss of his mother, grief he spent 20 years denying.

Raised in the spotlight, in a culture where keeping up appearances and holding it together are paramount, Prince Harry struggled through early adulthood and didn’t know why. A few very public drunken escapades and the expectation that feelings were not to be discussed led Harry to a very dark place. Some blamed it on traumatic experiences he’d had while serving in Afghanistan, but deep down Harry knew that wasn’t the cause.

His rage grew and he had no outlet. Thankfully, he started talking – to family members and to a therapist. And things began to shift. He slowly realized that the public grieving he was forced to do as a child did not adequately release his intense emotions. He took up boxing to deal with his anger and started a non-profit organization to help others, passionate about spreading the word that grief should not be suppressed.

Prince Harry discovered that simple and honest conversation about death and grief were the key to healing. In doing so, he processed his feelings and moved on from the death of his mother in a healthy way. Now he enjoys helping others move through grief and other painful emotions by listening to their problems, a technique he says is sometimes all you need to face grief and gain clarity of mind about your feelings.

Clarity in the face of grief is important not only to keep moving forward in your life and process your emotions in a healthy way, but it’s also necessary to be able to make the important decisions often faced when someone dies – and often not considered until it’s too late. The unfortunate result is a tough transition when a loved one dies.

What we can learn from Prince Harry’s experience is that grief should never be ignored. Denial can contribute to self-destructive behavior and an avoidance of dealing with important issues, such as how a loved one’s wishes should be carried out.

To be proactive and reduce the strain on your family when you die, so that they can focus on moving through the grief instead of stuffing the feelings so they can deal with all of the “stuff” you’re leaving behind, create a comprehensive estate plan that makes it easy for the people you love. Doing so will allow your family to focus on processing their grief without having to worry about over-managing your estate.

If you are ready to take that step toward making things as easy as possible for the people you love in the event of your incapacity or death, start by sitting down with us. As your Personal Family Lawyer®, we can walk you through creating an estate plan that will protect what you value most. We always begin with a  Family Wealth Planning Session so you can get informed, educated and empowered to make the right choices for the people you love. . Before the session, we’ll send you a Family Wealth Inventory and Assessment to complete that will get you thinking about what you own, what matters most, and how your affairs should be handled when you die.

This article is a service of Gratia Schoemakers, Estate Attorney. We don’t just draft documents, we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.  That’s why we offer a Family Wealth Planning Session™, during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session

Your Rights as the Parent of a Young Adult – What You Need to Know When a Medical Crisis Hits

As a parent, you are most likely quite accustomed to managing the legal and medical affairs of your children, as circumstances require. If your child requires urgent medical attention while away from you, a simple phone call authorizing care usually can do the trick. But what happens when those “children” turn 18, and are now adults in the eyes of the law, and need of urgent medical attention far from home?

The simple fact is that the day your child turns 18, he or she becomes an adult, and have the legal rights of an adult. What this means for you is that you lose your prior held rights to make medical and financial decisions for your child, unless your child executes legal documents giving you those rights back. Without the proper legal documents in place, accessing medical information, and even being informed about your adult child’s medical condition can be difficult and in some cases, impossible.

When sending kids off to college, it is important to consider the legal implications an accident or medical emergency might have on your ability to stay informed and participate in important decision making for your young adult child. Medical professionals have a responsibility to follow the Privacy Rule of the Health Insurance Portability and Accountability Act (HIPAA), which ensures medical privacy protection for all adults. Once your child turns 18, they are (from a legal perspective)no more attached to you than a stranger, making communication about medical issues tricky if your child is incapacitated and not able to grant permission on their own.

In most states, there are three legal documents which can make all the difference when a medical crisis strikes and your young adult child is far from home. When utilized together, they can ensure a parent or trusted adult be kept in the loop about care and treatment when a child over the age of 18 experiences a medical event while they are away at college, traveling, or living far from home. As with most legal documents, the law varies from state to state, so be sure to seek out the counsel of your Personal Family Lawyer® to determine which forms suit your situation best.

HIPAA – Essentially like a permission slip, this authorization allows your adult child to specify who is allowed access to their personal medical information. Specific information can be specifically withheld, such as drug use, sexual activity, and mental health issues can so that additional privacy can be protected if desired.

Medical power of attorney – Designates an agent to make medical decisions for the young adult. This could be you, as the parent or another trusted adult. Each state has different laws governing medical power of attorney, thereby requiring different forms. Be sure to check with your Personal Family Lawyer® to be sure you are following the laws of your state, as well as the state in which your child resides.

Durable financial power of attorney – Allows the parent or another trusted adult to take care of personal business in the event the adult child is unable to do so. This form would allow the parent to take care of such important tasks such as signing tax returns, paying bills, and accessing bank accounts for the incapacitated adult child. A durable power of attorney is indeed powerful and gives broad access to sensitive financial and legal decision making and should only be given to a trusted relative or friend.

The milestones come quickly once children graduate from high school and enter into the big, wide world away from home. As your family navigates these significant rites of passage, be sure to consult us as your Personal Family Lawyer® to determine the steps necessary to ensure excellent communication and peace of mind when a medical emergency arises. Consider including your young adult children in the process. We’re here to help your family establish the legal and medical protections you all need to live the lives you desire.

This article is a service of Gratia P. Schoemakers, Esq. We don’t just draft documents, we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.  That’s why we offer a Family Wealth Planning Session™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. Begin by calling our office today to schedule a Family Wealth Planning Session.

7 Steps to Creating an Estate Plan That Keeps Your Family Out of Court

Many people fail to create an estate plan because they don’t truly understand what is involved and therefore believe it is too complicated. But the real truth is that creating an estate plan during your lifetime is far less complicated than what your family will deal with after you are gone, if you don’t:

  1. Create a Trust. When most people think of preparing for the end of life, they think of writing a Will, but having a Will without a Trust is fast track to put your family in the Courthouse after you are gone.  Instead, to keep your family out of Court, you’ll want to set up a Trust and title all of your assets to be owned by that Trust.  While it might feel like a lot of effort, it will save your family a LOT of trouble after you are gone.
  2. Designate beneficiaries. Designating beneficiaries for your retirement accounts and insurance policies is critical because these assets do not pass through your Will or Trust.  Filling out beneficiary designation forms for each of your accounts will ensure these assets pass to the people you want to have them and stay out of the Court system.  Be sure to review your beneficiary designations periodically to be sure they align with your current circumstances. Hot tip: never name minor children as beneficiaries of your retirement account or life insurance policies AND if you have more than $150,000 in a retirement account, consider a special trust called a Retirement Trust to ensure the most beneficial tax treatment for your loved ones.
  3. Avoid estate taxes. Most of us will not have to worry about estate taxes since the federal estate and gift tax exemption is $5.49 million ($10.98 million for married couples) in 2017 and indexed every year for inflation.  However, if you are married and wish to take advantage of portability – where spouses are entitled to each other’s unused exemption – the surviving spouse must file the required paperwork to claim the exemption.

Plus, 15 states and the District of Columbia have state estate taxes, so you could still owe even if your estate is too small to owe federal tax. The big key here is to not just leave a set of documents that your family will have to figure out after you are gone, but give them the gift of a trusted advisor to turn to; call us if you’d like to consider having us be that trusted advisor for your loved ones.

  1. Leave a letter of instruction. Not everything you may wish to pass on to your heirs – like instructions for your funeral – should be put in your will or Trust.  Leaving a letter of instruction with your family or attorney can ensure your final wishes are respected.  And take it one step further with a Family Wealth Legacy CD or DVD in which you record your values, insights, stories and experiences for your loved ones to refer back to for generations to come.  We provide this service at no additional charge for our clients because we know this is one of the things families value the most and is least often handled.
  2. Sign a durable power of attorney. Estate planning is not just about death, but also ensuring your family can handle things in the event you become incapacitated.  Signing a durable power of attorney that designates someone to handle your financial affairs will save time, money and hassle for your family that, without it, will have to go to court to have a guardian or conservator appointed to manage your financial affairs. This could cost tens of thousands of dollars and is easily handled with one simple document and a trusted advisor for your family to turn to in a time of need.
  3. Create an Advance Healthcare Directive. This document designates a decision maker of your choosing to make sure your wishes are followed when it comes to the medical care you want – or do not want – to receive when you are incapacitated or near death.  You will also need to sign a HIPAA release form so your medical records can be released to your health care agent and medical professionals can discuss your medical care with that person.
  4. Organize your paperwork and digital files. Since many of us live our lives online these days, make sure your executor has access to all your digital information, including website addresses and the log-in information for those sites.  Put all your important paperwork – deeds, insurance policies, bank and brokerage statements, etc. – in one file and let your executor know where it is.

Bonus tip: If you have minor children at home (or adult children with special needs), don’t rely on naming guardians in your Will alone. Create a comprehensive Kids Protection Plan to ensure your children’s care is covered not just for the long-term, but for the immediate term as well and no one you don’t want raising your kids ever has a chance to take control.

Contact us about scheduling a Family Wealth Planning Session so we can sit down and talk about designing a plan that fits the needs of you and your family.  Surprisingly, sometimes the less you have, the more important it is to plan.

 

Go to Walmart for Bananas, Not Estate Planning

Did you know that the best-selling item at Walmart is bananas?  It’s true, and has been for several years.  So the next time you need a great price on your favorite yellow fruit, go ahead and head for Walmart.

But steer clear of the world’s largest retailer when you need a will or other estate planning documents.

While not available in the U.S. (yet), Walmart has been selling wills for $99 in several Canadian locations.  You can also get powers of attorney at the boutique law shop called Axess Law set up in Walmart.  And in our opinion, that’s not just bananas, it’s nuts too.

Creating an estate plan is something you do to leave a legacy of care and love for the people who matter to you the most.   Working with an attorney who understands your goals and wishes for your family, and can articulate those in a well-crafted estate plan, is a much better alternative than relying on a one-stop shopping experience, be it at Walmart or through online legal websites with standard forms that can’t begin to know what you truly want and deserve for your loved ones.

Having the caring guidance of a Personal Family Lawyer® will ensure that your estate plan takes advantage of the ever-changing state and federal laws as well as reduces the potential for family feuds.

If you’re the parent of minor children, your attorney will help you create a valid will (and if you work with a Personal Family Lawyer®, a comprehensive Kids Protection Plan®) that ensures the well-being and care of your children; without one, a judge will make that decision for you (or your kids could even be taken from your home temporarily).

Even if you don’t have minor or dependent children, you have stuff that will have to be handled after you are gone and a $99 will is likely only going to make it worse for the people left to clean up the mess.

Estate laws vary by state, which is another good reason to have a Personal Family Lawyer® guide you.  The probate process can be lengthy and arduous; your attorney can help you and your family stay out of Court, saving time, money and stress.

Finally, many life circumstances – remarriage, divorce, new children – impact your estate plan, so be sure you review it annually and keep it updated when things change.  Having a Personal Family Lawyer® who knows you and your family makes it much easier to keep your plan on track, so it will always be just what your family needs, when they need it.

If you would like more information about creating or updating your estate plan, call our office today at 832.408.0505 to schedule a time for us to sit down and talk and find out how to best protect your family.

Why You Should Get Estate Planning Off Your To-Do List

There are many goals most of us want to accomplish in life, and some of the most important ones center on family and money. Here is what a thoughtful estate plan can help you accomplish that involves both:

Control health care decisions. Most people will die in a hospital or care facility, and many will lack important decision-making capacity for their own care. You can name the people responsible for health care decisions if this should happen to you through an advance medical directive as part of your estate plan.

Control your finances. By assigning a durable power of attorney in your estate plan, you can save your family from the expense and emotional trauma of having to go to court to take control of your finances via a conservatorship in case you become incapacitated.

Plan for your long-term care. Most of us will require long-term care at some time during our lives, and it can be expensive – even financially devastating for many families. An estate plan will help you take the necessary steps to plan for your long-term care so it doesn’t fall to your family.

Keep peace in the family. By determining where your assets will go and having the right beneficiaries named on retirement and bank accounts, you will help ensure family harmony and fend off any potential inheritance fights.

The process of estate planning is ripe for procrastination since so few people understand it or – more commonly – wish to contemplate their own demise. Yet it still remains one of the best things you can do to protect your money, your health and your family.

Here are 3 tips to get estate planning off your “to-do” list:

Consider your children. Estate planning helps you protect your children throughout their lifetimes. When they are young, you need to appoint a guardian if something should happen to you. When they are older, you want to have the financial capacity to send them to college. When you are gone, you want them to enjoy a legacy that includes passing on your values as well as your assets.  Only estate planning can do this for you.

Review beneficiary designations. Life insurance policies, retirement accounts, investment accounts and other financial vehicles all require you to complete a beneficiary form to designate who will receive the assets upon your death. With no form, state law will govern, and your assets may go to those you never intended to receive them, or worse, go to your estate and be depleted by taxation. Be sure you have beneficiary forms on file for your accounts and that they are reviewed at least annually for any necessary updates.

Consider your own health. If you become incapacitated, who will be making your health care decisions for you? Do you want your life to be prolonged via life support no matter what? Whatever your wishes are for your own health, they won’t necessarily be followed unless you have executed a Living Will or assigned powers of attorney to see to these matters.

Make this the year you create your estate plan – or, if you have a plan that hasn’t been reviewed in the last two years, to update your estate plan. It’s a gift that will keep giving to you and your family.

The best way to learn about estate planning for your family is to meet with us for a Family Wealth Planning Session, where we can identify the best strategies for you to provide for and protect the financial security of your loved ones. Don’t wait! Give us a call today at 832.408.0505, we love to hear from you.

 

Is Your Family “Too Young” to Need an Estate Plan?

Young families face different estate planning needs and challenges than those who have had a long life behind them. While established families may be concerned about what will happen to their family when they pass on, young, growing families can be more focused on what is happening to their family in the present. And you even may find it hard to justify planning for an “estate” you haven’t yet established!

But here’s the thing … if you have children or anyone else you care about, you may not have an “estate”, but you do need estate planning if you want to ensure your loved ones wouldn’t be stuck in Court and/or conflict, if anything happens to you.

Here are a few estate-planning issues important for young couples to consider as soon as they start a family:

The Care and Custody of Your Children

If you die or become incapacitated before your children reach 18, they will need a legal guardian. To ensure your children are only ever in the care of people you want and choose, you need to name both temporary and long-term guardians for your children.

Identifying friends or family as the “godparent” of your child isn’t enough. You need to legally document your choice. And, naming just one person or a couple won’t cover it either. Name at least 3 options, in case back-ups are needed.

Also, ensure that you have not just named legal guardians in your Will, for the long-term.

If something happens to you and your child is home with a babysitter, or at school, you want to also name local people, friends or family, who would immediately be able to be called upon by authorities. And, those people need to have legal documentation on hand to step in and make immediate, short-term decisions for your littles.

We recommend a comprehensive Kids Protection Plan® to ensure there are no gaps, for even a minute, in the care of the people you love most.

The Management of Your Children’s Inheritance

Remember, when you die, the assets left to your minor children will need to be managed by someone at least until they turn eighteen. If no one is identified for this task, the court steps in and appoints “professionals” to take over the role, which can cost your children their entire inheritance.

And, it’s totally unnecessary. With just a bit of prior planning, you can keep your loved ones out of the Court system entirely and give total control to the people you know, love and trust.

The Authority to Make Decisions for You

Finally, no matter what your age is, or how big or small your assets are, you want to put in place the documentation that appoints the people you would want making decisions for you if you cannot make your own decisions.

Once again, the focus here is on keeping the people you love out of Court during what would be a hugely stressful time for them.

Estate planning is a key part of growing up, and showing up for the people you love. So, yes, you may be a young family, but once you’ve become a family, you’re not too young to plan well to make things as easy as possible for the people you love.

As your Personal Family Lawyer®, we will help you make the very best financial and legal decisions throughout your life, and for the beyond.  Far from being a morbid task, estate planning can give your young family the peace of mind, confidence, and security you desire when it comes to the future well-being of all members of your family.

We, at GP Schoemakers, PLLC, don’t just draft documents, we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.  That’s why we offer a Family Wealth Planning Session,™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session to find out how to protect your family.

Leaving Without a Plan: Prince Didn’t Leave a Will & Here’s Why You Should

Even after death, celebrities are highly publicized for their mistakes, many of which we make ourselves. April 21, 2016, superstar musician Prince suddenly died, leaving no will, and the management of his substantial estate fraught with legal complications and added costs.

It’s easy to assume that the wealthiest among us have all their ducks in a row, but it’s hard to judge someone—even a celebrity—for neglecting something like the creation of a will. Until you stop to seriously think about what will happen when you die, creating a will can seem like an unnecessary and morbid task, certainly not something you casually check off your to-do list. Nevertheless, the importance of having a will simply cannot be stressed enough. Below are just a few of the reasons why everyone should have a will, no matter their wealth, age or health.

You can name the person you want to manage your estate in your will. You will get to choose someone you trust and make sure they have all the knowledge they need to ensure your wishes for your estate are carried out.

You can decide who your beneficiaries will be. You can also disinherit those who would normally stand to inherit from your estate if you choose. Your wealth and possessions are yours; a will provides a legally enforceable way to ensure they go to the right people.

You can ensure your minor children will be raised by the people you want, for the long-term. If you have minor children, you should name a legal guardian and include provisions for their care in your will. But, don’t rely on a will alone because it won’t address the immediate care of your children if something happens to you, it won’t provide for your children’s care in the event of incapacity and it won’t ensure someone you would never want to raise your kids could not.

You can leave gifts and donations to your favorite charities or people you love beyond your legal family. Without a will, your estate would pass to the people designated to receive it under the law, and that may not be who you would want to receive everything you own. Creating a will ensures you get to choose who gets what.

Important as they are, a will can only do so much. For example, a will does not keep your family out of court.

And, a will does not ensure your kids will never be taken out of your home, if something happens to you.

And, a will does not keep your family out of conflict.

A will is only one part of a comprehensive estate plan that will protect and enforce your wishes when you die.

If you are ready to take the right steps toward making informed, empowered and educated decisions for the legal and financial future of the people you love, start by sitting down with a Personal Family Lawyer®.

As your Personal Family Lawyer®, we will walk you step-by-step through the creation of an estate plan that will protect what you value most. Our Family Wealth Planning Session™ helps you protect and preserve your wealth for future generations. Before the session, we’ll send you a Family Wealth Inventory and Assessment to complete that will get you thinking about what you own, what matters most to you and what you want to leave behind.

This article is a service of Gratia P. Schoemakers, esq. We don’t just draft documents, we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.  That’s why we offer a Family Wealth Planning Session™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. Begin by calling our office today to schedule a Family Wealth Planning Session.

 

When Duty Calls: Navigating the Sandwich Generation with Ease

The average age of parents raising children in the US continues to rise, leaving many middle-aged Americans in a category commonly referred to as the the “sandwich” generation.

This growing population of professionals are often still raising kids at home when they become responsible for the care of their own aging parents. The stress and financial strain of managing the affairs of both children and parents can become overwhelming. The following tips can help make this challenging life stage manageable and more enjoyable.

Assess the Financial Situation

Taking time to thoroughly understand the financial picture for your own household is imperative as you step into a role of responsibility for your aging parent. Prepare for the inevitable and avoid surprises by working with a professional to consider how your role in the care of your parent will affect the plans you are making for your family’s financial future. Take advantage of our Family Wealth Planning Session process, a comprehensive planning process that ensures your legal, financial and insurance needs are covered appropriately.

Plan Ahead

Benjamin Franklin is quoted as saying that, “Failing to plan is planning to fail.” Planning for your family’s future means preparing for the worst and hoping for the best. As you move through helping your aging parent with important Estate Planning decisions, take time to be sure your own wishes are legally binding as well.

Be sure to include:

  • Medical power of attorney – appoints a person to make medical decisions if you are unable to do so
  • Durable power of attorney – designates a person to make financial decisions if you are unable to do so
  • Living will – expresses your wishes for end of life decisions
  • Will – carries out your wishes in the event of your death
  • Kids Protection Plan – designates a legal guardian for your minor children in the event of your incapacitation or death

Pay Attention to Red Flags

Even if your aging parent is still quite capable, work together to assess their financial situation carefully and be on the lookout for signs that anything is falling through the cracks. Common red flags are:

  • Frequent calls from creditors
  • Forgetfulness when it comes to bills and deadlines
  • Unopened mail

Utilize professional legal and financial support when necessary and communicate clearly so everyone knows who is responsible for what.

Practice Good Self Care

Stress is one of the most common consequences of caring for two generations at once. Balancing the responsibilities of raising children and caring for aging parents with relaxation and play is vital over the long-haul. Remember that adequate rest and good nutrition will provide you with the extra energy you’ll need when times get tough. Most importantly, remember that you don’t have to do it alone! As your Personal Family Lawyer®, we are ready to assist you when duty calls.

Now is the perfect time to schedule a Family Wealth Planning Session, where we’ll review your current financial situation in light of your future responsibilities. With our assistance, you’ll gain the confidence of knowing you’re making the most empowered, informed and educated legal and financial decisions for yourself and the ones you love.

We, at GP Schoemakers PLLC, don’t just draft documents, we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.  That’s why we offer a Family Wealth Planning Session™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. Begin by calling our office today to schedule a Family Wealth Planning Session.