Posts Categorized: Wills
Using Assisted Reproductive Technology: What Happens to Unused Genetic Material at Your Death?
by Tara Cheever ~ Attorney at Law
July 29, 2022
Estate Planning, Trusts, Wills
When a person dies and leaves behind frozen sperm, eggs, or embryos, who owns the genetic material after the person’s death, and who can use it? While the answers vary from state to state, in general, there is a distinction between who owns and controls gametes (i.e., eggs and sperm) as opposed to embryos. Your sperm or eggs are generally considered your own individual property, and therefore your intent as to how gametes are to be used controls their disposition after your death, so if you intend to allow your frozen genetic material to be used for reproduction after your death, you should make your intent clear in your estate plan.
State laws that address the issue of embryos vary substantially. As discussed above, in Louisiana, an embryo is considered a legal person and cannot be intentionally destroyed. In Florida, however, any written agreement controls the disposition of the frozen genetic material. In the absence of an agreement, the person who provided the gametes controls their disposition, whereas a couple jointly decides the disposition of their embryo. If one member of the couple dies, the surviving member makes all decisions about the embryo’s disposition.
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How Estate Planning Can Reduce The High Cost Of Dying – Part 2
by Tara Cheever ~ Attorney at Law
July 26, 2022
Estate Planning, Trusts, Wills
As anyone who has dealt with loss knows, when a loved one dies, those left behind face significant challenges, not only emotional and logistical but financial as well. Empathy was designed to help manage and streamline these responsibilities for grieving families. In addition to the app, in March 2022, Empathy released its first-ever Cost of Dying Report, which surveyed more than 2,000 Americans – each of whom had lost a loved one in the last five years – to get a clearer picture of dying’s the actual cost to families.
Last week, in part one of this series, we discussed some of the Cost Of Dying’s most notable findings and explained how proactive estate planning could dramatically reduce many of the financial, logistical, and emotional challenges for your loved ones following your death. Here in part two, we wrap up our summary of the report and outline more of the ways proactive planning can relieve the burden of your death for your family.
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Powerful Provisions in Your Financial Power of Attorney
by Tara Cheever ~ Attorney at Law
July 22, 2022
Estate Planning, Power of Attorney, Trusts, Wills
In a financial power of attorney, you designate a trusted decision maker (agent or attorney-in-fact) to act on your behalf if you become disabled or unable to manage your financial affairs. Depending on the provisions you choose to include, your agent may have the power to buy and sell property, the power to invest, and powers regarding your retirement benefits. When you are selecting powers to give your agent, you should carefully consider the following three powers in particular: (1) the power to gift, (2) the power to make or change your estate plan, and (3) the power to prosecute and defend legal actions.
Depending on how it is written, the power to gift authorizes your agent to make gifts of your money and property to any person or organization on your behalf. On the one hand, this power could be quite beneficial because it can enable your family to accomplish necessary Medicaid and other public benefits eligibility planning after you become incapacitated.
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How Estate Planning Can Reduce The High Cost Of Dying – Part 1
by Tara Cheever ~ Attorney at Law
July 19, 2022
Estate Planning, Trusts, Wills
According to Census figures, the pandemic caused the U.S. death rate to spike by nearly 20% between 2019 and 2020, the most significant increase in American mortality in 100 years. More than two years and 1 million deaths later, it’s more apparent that death is not only ever-present but a central and inevitable part of all our lives.
Yet, in what may be one of its few positive outcomes, some in the end-of-life industry believe that the pandemic’s massive loss of life has created an opportunity to transform the way we face death, grief, and all of the other issues that arise when we lose someone we love dearly. In fact, this sentiment is the mission of the new startup Empathy, an AI-based platform designed to help families navigate the logistical and emotional challenges following the death of a loved one.
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Three Things You Need to Know about Cryptocurrency and Your Estate Plan
by Tara Cheever ~ Attorney at Law
July 15, 2022
Digital Assets, Estate Planning, Trusts, Wills
Suppose you own cryptocurrency that has substantially increased in value or that you anticipate will substantially increase in value. In that case, it is essential to discuss with your estate planning attorney ways you can minimize potential income, estate, and gift tax consequences.
As cryptocurrency increases in popularity, more people have cryptocurrency holdings that must be considered part of their estate. Because cryptocurrencies are generally stored so that no personally identifying information is tied to them, owners of cryptocurrencies must inform their beneficiaries that these assets exist, or they could be lost forever at the owner’s death.
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5 Common Estate Planning Concerns For Your Second (Or More) Marriage
by Tara Cheever ~ Attorney at Law
July 12, 2022
Estate Planning, Trusts, Wills
Whenever you merge two families into one, you will naturally encounter some challenges and conflict. To this end, blended families present several particularly challenging legal and financial issues from an estate planning perspective. Indeed, though all families should have an estate plan, planning is essential for those with blended families.
Suppose you have a blended family, and something happens to you without a carefully considered estate plan. In that case, your loved ones are at risk of significant misunderstanding and conflict and having your assets tied up in court instead of passing to those you want to receive them. Unless you are okay with setting your loved ones up for heartache, confusion, and pain when something happens to you, you need an estate plan that’s intentionally designed by an experienced lawyer (not an online document service) to keep your loved ones out of court and out of conflict.
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Important Questions to Ask When Investing in a Vacation Property
by Tara Cheever ~ Attorney at Law
July 8, 2022
Asset Protection, Estate Planning, Trusts, Wills
According to the National Association of Home Builders, in 2018, there were approximately 7.5 million second homes, making up 5.5 percent of the total number of homes. These homes are not only real estate that must be planned for, managed, and maintained, they are also the birthplace of happy memories for you and your loved ones. Following are some significant estate planning questions to consider to ensure that your place of happy memories is protected.
The fate of your vacation property at your death largely depends on how it is currently owned. If you are the property’s sole owner or if you own it as a tenant in common with one or more other people, you need to decide what will happen to your interest in the property. Suppose you own the property with another person as joint tenants with rights of survivorship or with a spouse as tenants by the entirety.
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What Happens to My Spouse’s Debts at Their Death?
by Tara Cheever ~ Attorney at Law
July 1, 2022
Estate Planning, Probate, Trust Administration & Probate, Trusts, Wills
Most Americans have some debt. The obligation to pay debts does not go away when a person dies. While most debts are paid by the deceased’s estate (money and property owned by the decedent at their death) and do not transfer to a surviving spouse or other beneficiaries, in some cases, you may be responsible for paying off your deceased spouse’s creditor claims.
If the legal duty to pay off a spouse’s debt falls to you, it has implications for your finances, so you will want to be clear on the laws where you live. If debt collectors contact you, know that you have rights as well. You should discuss questions about your debt payment obligations and rights with an attorney who specializes in estate planning and administration.
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Estate Planning FAQs For LGBTQ+ Couples
by Tara Cheever ~ Attorney at Law
June 28, 2022
Estate Planning, Trustee, Wills
As we wrap up another Pride Month, the LGBTQ+ community faces an increasingly uncertain legal landscape. In the wake of the Supreme Court overturning Roe v. Wade, ending the recognition of a constitutional right to abortion, many are worried that other rights, especially those enjoyed by same-gender couples, might also be threatened.
In fact, with Roe overturned, legal experts warn that the Supreme Court’s new Republican majority may come for landmark LGBTQ-rights decisions next, including marriage equality established by Obergefell v. Hodges. In light of this potential challenge, same-gender couples must ensure their estate plans are carefully reviewed and updated by an estate planning lawyer who understands the special needs of LGBTQ+ planning to address any such developments.
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3 Reasons Why Single Folks With No Children Need An Estate Plan
by Tara Cheever ~ Attorney at Law
June 21, 2022
Estate Planning, Trusts, Wills
While most adults don’t take estate planning as seriously as they should, if you are single with no children, you might think there’s no need to worry about creating an estate plan. But this is a huge mistake. Having an estate plan can be even more essential if you are single and childless.
If you are single without kids, you face several potential estate planning complications that aren’t an issue for those married with children. And this is true whether you’re wealthy or have minimal assets. Indeed, without proper estate planning, you’re jeopardizing your wealth and assets and putting your life at risk, too. And that’s not even mentioning the potential conflict, mess, and expense you’re leaving for your surviving family and friends to deal with when something unexpected happens to you.
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Do You Update Your Estate Plan as Often as Your Resume?
by Tara Cheever ~ Attorney at Law
June 17, 2022
Estate Planning, Trusts, Wills
A resume is a snapshot of your experience, skill set, and education that provides prospective employers insight into who you are and how you will perform. Imagine not updating your resume for five, ten, or even fifteen years. Would it accurately reflect your professional abilities? Would it do what you want it to do? Probably not. Estate plans are similar in that they need to be regularly updated to reflect changes in your life and the law so they can do what you want them to do. Outdated estate plans, like outdated resumes, do not work.
Think for a moment about all of the changes in your life so far. What has changed since you signed your will, trust agreement, and other estate planning documents? If something has changed that affects you, your trusted helpers, or your beneficiaries, your estate plan probably needs to reflect that change.
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Updating Your Estate Plan: How Many Tweaks Are Too Many?
by Tara Cheever ~ Attorney at Law
June 10, 2022
Estate Planning, Trust Administration & Probate, Trusts, Wills
Imagine a recipe card you have used for years. The card may still be readable if you have crossed out and replaced one or two ingredients. However, the recipe is probably confusing if you have altered the ingredients many times. If your loved ones cannot read your instructions to determine whether to add a cup of flour or a cup of sugar, your recipe will not work. You have a fifty-fifty chance for a great dish—or a complete disaster.
The same can be said about a will or revocable living trust. Making one or two changes to a document is generally acceptable, but your instructions may become confusing when revisions are numerous or comprehensive. The primary reason for the confusion is that the old document and any new documents must be read together to understand the full instructions. For this reason, starting over with a new will or a complete restatement may serve you better.
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How To Pass On Family Heirlooms & Keepsakes Without Causing A Family Feud
by Tara Cheever ~ Attorney at Law
June 7, 2022
Estate Planning, Trusts, Wills
Smaller items, like family heirlooms and keepsakes, which may not have a high dollar value, frequently have the most sentimental value for our family members. But for a number of reasons, these personal possessions are often not specifically accounted for in wills, trusts, and other estate planning documents.
However, it’s critical that you don’t overlook this type of property in your estate plan, as the distribution of such items can become a source of intense conflict and strife for those you leave behind. In fact, if you don’t properly address family heirlooms and keepsakes in your estate plan, it can lead to long-lasting disagreements that can tear your family apart.
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An Estate Plan Should Not Be a Set-It-and-Forget-It Endeavor
by Tara Cheever ~ Attorney at Law
June 6, 2022
Estate Planning, Trusts, Wills
As we all know, life happens. There is really nothing we can do about it. However, some of the most common life events can have a dramatic effect on your estate plan. If you think your estate plan is like a slow cooker and you can set it and forget it, you and your loved ones may be in for a stomach-turning surprise when it is time to put your plan into action. Let us take a look at some common life changes and the impact they may have on your already established estate plan.
It is common for parents to have their estate plan prepared after the birth of their first child. However, depending on what provisions are in the first iteration, a second child might have difficulty getting their share without court involvement if the clients do not revise their plan after the birth of a subsequent child.
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Don’t Let Your Kids Leave Home Without Signing These 3 Documents
by Tara Cheever ~ Attorney at Law
May 31, 2022
Estate Planning, Healthcare, Trusts, Wills
The first document your child needs is a medical power of attorney. A medical power of attorney is an advance healthcare directive that allows your child to grant you (or someone else) the immediate legal authority to make healthcare decisions on their behalf if they become incapacitated and are unable to make these decisions themselves.
Without a medical power of attorney in place, if your child suffers a severe accident or illness that requires hospitalization and you need to access their medical records to make decisions about their treatment, you’d have to petition the court to become their legal guardian. While a parent is typically the court’s first choice for a guardian, the guardianship process can be slow and expensive – and in medical emergencies, time is of the essence.
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