A Professional Law Corporation
Another St. Patrick’s Day is upon us. St. Patrick’s Day celebrates the feast of St. Patrick, the patron saint of Ireland. This is a religious and cultural celebration which celebrates all Irish heritage and all things Irish.
This year circumstances dictate that we modify our celebrations and festivities. But what can we do to be joyful today, and to find a greater measure of peace. Read on to learn more.
The 54th Annual Heckerling Institute on Estate Planning concluded a week ago yesterday. For those not in the know, “Heckerling” is (to quote their literature) “the nation’s premier conference for estate planning professionals, offering unparalleled educational and professional development opportunities for all members of the estate planning team. [Their] program covers topics of timely interest to attorneys, trust officers, accountants, charitable giving professionals, insurance advisors, elder law specialists, wealth management professionals, and nonprofit advisors.”
One of the knotty issues addressed at Heckerling this year was The SECURE Act of 2019 (which went into effect on January 1st) and how estate planning professionals can assist consumers in wrestling with accelerated Required Minimum Distributions (RMD) for most beneficiaries of retirement plans and IRA assets under the SECURE Act.
Strategies discussed at Heckerling are certainly only the beginning of many discussions and analyses about the SECURE Act, but Stephen C. Hartnett, J.D., LL.M., the Director of Education for the American Academy of Estate Planning Attorneys, (of which my firm is a Member) has posted his take on what he heard at Heckerling this year. Read on to see what Mr. Hartnett has to say.
In my home, New Year’s Day is a day of Rose Parade floats, football, chips and dip, ham with scalloped potatoes, and quality time with family. But, however you might or might not celebrate New Year’s Day it is, notwithstanding, also the day when many new laws become effective.
This year a new law went into effect that will impact almost all Americans, their Individual Retirement Accounts, their 401(k) accounts, and other retirement accounts.
The “Setting Every Community Up for Retirement Enhancement” known more simply as the SECURE Act is the first major retirement legislation since the Pension Protection Act of 2006.
Among the changes that went into effect on January 1st are some affecting people who are already in “minimum-withdrawal” age, while other changes affect people named as beneficiary of a retirement account. Read on to learn more.
It’s hard to believe we are on the cusp of a new decade. Most can still vividly remember the turn of the century from 1999 to 2000. My recollection is of hysteria regarding disasters that were certain to occur with the new century: computers and telephone systems being corrupted worldwide, banks collapsing, and power grids failing. And yet, in spite of all the doomsday scenarios, I also remember watching the broadcast from Times Square where I saw nothing but joy, excitement, and love. Such seems to always be the case as we approach a new year: many fears but also hope and anticipation of good things to come.
As 2020 approaches, it is inevitable that we consider some of the things hoped for in 2019 or in other years past that, for one reason or another, were never accomplished. What are you looking to do with this new decade?
Many will set goals to eat better, to exercise more, and to be more active. Others may look at personal characteristics or professional skills they’d like to acquire or develop. Still, others will set goals to earn more, to save more, or to take steps to prepare for their financial future. Whatever your goals or resolutions might be, may 2020 be your greatest year yet. Happy New Year!
We all have our own personal nightmares. Scenarios that conjure up dread, that keep up us at night, or trouble our thoughts when we contemplate the cruel twists and turns of life. Often, we are able to set those despairing thoughts aside, and continue to move forward. And sometimes those scenarios become our reality. Are we ready to face those harsh realities? Have we properly prepared for those painful eventualities?
Here’s one of those harsh realities that has come up recently in my personal and professional life. The scenario is one common to many. Your loved one – your partner, spouse, possibly your parent, or a widowed aunt or uncle, becomes disoriented, incoherent, seems disconnected from reality, babbles nonsense. They clearly aren’t themselves. There is no outward manifestation that they are sick. But they’ve stopped eating and drinking. They refuse to sleep. They wander around manically, singing nonsense, and babbling. Within their incoherent babbling, you hear words that cause you to be concerned that your loved one might be at risk of harming themselves or others. You fear for their safety. So, you call the paramedics and your loved one is rushed to the hospital.
When you arrive at the hospital, the medical personnel determine that your loved one is not in their right mind and, therefore, can’t speak for themselves. But as the ambulance drove away, you remembered that your loved one executed a Power of Attorney (“POA”) and you had the foresight to grab it on your way out the door. Since you are the closet living relative, and you have the POA in hand, you presume that you will be able to speak for your loved one, to make medical decisions on their behalf, to ensure that they receive the appropriate medical care, and – if necessary, see to their receiving suitable long term care. You are shocked when the hospital advises you that the POA does not authorize you to make any medical decisions for your loved one. And worse, HIPAA does not allow them to provide you with any personal health information regarding your loved one.
Our loved one needs medical care, possibly psychiatric care. They need it now. But they are not in their right mind. They are unable to sign any documents at this point. Could there be any worse time than in the throes of a medical crisis to discover that you do not have the proper legal documents to care for your loved one?
Two questions arise: (1) what are the right legal documents to have in such a scenario, and (2) what can be done in this case, where you don’t have the right legal documents?
What are the right legal documents to have for such an eventuality?
As Benjamin Franklin wisely put it long ago, “An ounce of prevention is worth a pound of cure.” In the present scenario described above, what legal documents will permit you to see to your loved one’s care without having to go through a lengthy, public Court process? The critical documents needed in this scenario are the following:
A properly drafted Revocable Living Trust Estate Plan will include these three documents: the HCPOA, the AHCD, and the HIPAA Release. With these documents the person you designate to act as your Agent will be able to execute your preferences for medical treatment, long-term care, and terminal medical conditions.
When your loved one is rendered unable to manage their affairs for themselves, and these critical legal documents do not exist, you may face an ordeal nearly as debilitating as the disabling medical condition itself. It’s a legal process commonly called Living Probate, and for those who must endure it, it is often a living nightmare. But that discussion will have to be left for another day and will be covered in my next blog post.
Learn how you can be better prepared! Take the first step this coming Saturday at 10am. Click on this link to attend my FREE SEMINAR in La Cañada Flintridge on Saturday, July 20, 2019.
