President Obama’s pet project of health care reform seems to have a lot of people worried. His talk of living wills encouraging people to specify their end-of-life wishes in particular are the topics bandied about most often in tense (or downright frightened) conversations. Some people seem to think that the very act of specifying your wishes in a living will is going to put you on the Do Not Resuscitate list. We’re here to tell you that nothing could be further from the truth.

In fact, creating a living will is a smart idea, one that can save no small amount of expense, suffering and confusion on the part of your family and your medical care providers, and we aren’t the only ones who think so. Robert Powell of The Wall Street Journal’s MarketWatch agrees with us, and has written an excellent article answering the frequently asked questions about living wills, explaining the differences between a living will and a health care directive, and outlining why each and every adult should have one of these documents.

If you still aren’t convinced you should have a document specifying your wishes for end-of-life treatment, call our office and we’ll be happy to answer any further questions you have. For those of you who need no convincing, we can help you execute the documents you need to get the care you want when you aren’t able to care for yourself. A living will or health care directive is a standard document in any estate plan, so if you’ve been considering creating an estate plan this may be a good time to take the plunge. Apparently executing a living will or health care directive is no longer beneficial only to you and your family; it’s also good for your country.

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Google is getting into the healthcare industry. Google recently made it possible for individuals to store their healthcare records online through their Google Health Records Management Service, a move that has met with mixed reviews. Even more recently, Google Health has started offering another, similar, service: storage of your “end-of-life wishes” along with your healthcare records in their online database.

At first glance, this may seem like a great idea; what could be better than having your healthcare records and your end-of-life wishes stored in one easily accessible place? And Google does their best to make it easy for you to create an advanced directive with them as well. The problem is, not all advanced directives are created equal.

As important as it is to have an advanced healthcare directive, and to specify your wishes for your healthcare agent and your end-of-life care, it is just as important to do it the right way. First of all, each state has its own rules and regulations regarding the legality of your healthcare directive. Secondly, those laws have a tendency to change periodically, and if you aren’t going to be able to keep abreast of these changes you need to have an attorney who will. And last but not least, hospitals take their responsibility regarding patient privacy, the wishes of the patient, and the wishes of the family very seriously. Hospitals will not talk to your agent or release information about your healthcare status unless you have a directive that complies with all the laws of your state AND you have a signed and updated HIPAA Authorization.

Before jumping on the “great deal” Google offers, talk to your attorney about your own healthcare directive and HIPAA Authorization. If you are determined to take advantage of the opportunity to put all of your healthcare documents online, rather than using Google’s “easy” forms, it might be a better idea to upload your own professionally created documents.

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If you have adult children then you know that it’s more than just credit limits and investment accounts that have been affected by the slow economy; companies also are tightening their belts, and people of all ages are finding it harder to get (or keep) jobs. As a result, more and more adult children have been moving back in with their parents.

Of course every parent wants to do what’s best for their child, but Ruth Mantell of the Wall Street Journal writes in her article that in this case, being tough may be what’s best. This isn’t to say that you should refuse if your out-of-work child comes to your door asking for help, but that parents or grandparents need to do what’s necessary to protect themselves before they welcome their adult children back home. “With job losses continuing to mount, older Americans’ wallets are being stretched by their own children,” Mantell writes, but having your adult children back in your home can actually be a good experience for all—if you know what to expect and take the right steps first.

In her article Mantell offers five useful tips to help keep the peace and keep your finances secure, including suggestions such as making sure everyone knows who is boss (you as the homeowner), asking for household contributions (even if all your children can afford is a token financial contribution or a contribution of manual labor), and especially preserving your retirement plans at all costs.

Although the practice has fallen out of style, multi-generational households used to be the norm. It may not be the ideal situation today, but with the right communication, and with everybody on the same page, temporarily sharing the house with your adult children can be an acceptable—and maybe even rewarding—experience.

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On the Fourth of July we look to our nation’s history and appreciate the people and events of the past that have brought us to where we are today. In that spirit of reflection, we offer on our blog this holiday weekend some of our nation’s history as relates to estate planning: the last wills and testaments of some of our more famous presidents. It is interesting to see not only a glimpse into the minds of some of our beloved historical figures, but also how this most important of legal documents has changed throughout the years.

Below are links to the wills of:

• George Washington

• Thomas Jefferson

• John F. Kennedy

• Richard Nixon

Not all of our admired thinkers had the time (or in some cases the forethought) to write a will. Among the presidents who died without either a valid will or no will at all are Abraham Lincoln, Andrew Johnson, Ulysses S. Grant, and James A. Garfield.

Our firm wishes you a happy and safe Fourth of July weekend!

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The past week has been filled with media speculation about Michael Jackson and his will: Did he have one and what might be in it? Well the waiting is finally over… kind of. It turns out Michael Jackson did create a will, which was submitted to the California probate courts earlier this week. The will (which can be viewed here) is five pages long, and because it pours “my entire estate” into the Michael Jackson Family Trust, the will itself reveals very little about the specifics Jackson’s estate or his instructions regarding the administration of it.

A will, although it can remain private during your life, becomes a matter of public record once it is submitted to the probate courts after your death. In fact, the last wills and testaments of many public figures can be found online if you’re curious. But a trust is a private document, and remains private even after your death.

Jackson’s will does reveal a few details, though, namely who he chose as guardian for his children. In paragraph 8 of his will, on page 4, just above his signature, Jackson states:

“If any of my children are minors at the time of my death, I nominate my mother, KATHERINE JACKSON as guardian of the persons and estates of such minor children. If KATHERINE JACKSON fails to survive me, or is unable or unwilling to act as guardian, I nominate DIANA ROSS as guardian of the persons and estates of such minor children.”

Whether Jackson’s wishes for guardianship will be followed remains to be seen. As Jackson’s ex-wife and mother of his two oldest children, Deborah Rowe would normally automatically be awarded custody. However, there are still too many unanswered questions about the status of Rowe’s parental rights—and her desire to assert those rights—to make any claims for certain.

The one thing that is certain, however, is that whatever odd and inexplicable things Jackson may have done during his life; he seems to have done what he should to provide for his family’s financial needs and their privacy after his death.

Have you done the same?

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Michael Jackson’s death on Thursday shocked the world. As fans and mourners line up to pay their respects (and snap up Jackson music and merchandise) the question now on the minds of many is: What will happen to Michael Jackson’s estate and to his children?

It is still too early to know what legal steps Jackson may have taken to dispose of his estate and protect his three young children. But the truth is that even if Jackson does have all the requisite estate planning documents in place, execution of his wishes is not likely to be simple. According to this article in the associated press Jackson was deep in debt at the time of his death—so much so that one source wonders, “[will there be] anything left after you pay off the debts?”

But the more immediate question for many people—especially parents—is what will happen to Jackson’s children? Jackson had full custody of his three children (two by ex-wife Debbie Rowe and one by a surrogate mother, both of whom gave up their custodial rights), and although no guardianship documents have yet been revealed, according to news sources “it was Jackson’s intention for his children to pass to his mother, Katherine,” should anything ever happen to him. However, rumors that Rowe plans to battle for custody, and that the 79 year old Katherine may be in poor health, promise that this too is not likely to be a straightforward process.

It seems that the days of simple wills are a thing of the past. Even for your average Joe, blended families, shared assets, and traded debts make the execution of an estate plan more convoluted than ever. Does this mean we shouldn’t even try? Quite the contrary. It means that it’s more important than ever to document your wishes for your children, family and estate.

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“We are pleased to inform you of the result of the Lottery Winners International programs… Your address attached to ticket number 2051146 won in the second category, you have therefore been approved to receive a sum of 1,000,000.00 Euro. Congratulations!!!”

You probably recognize the paragraph above from a common mail/e-mail scam letter. This letter (or something like it) makes the rounds quite frequently in an attempt to part unsuspecting people from their money. Most of us simply trash the letter and move on, but the elderly are more likely to fall victim to the scam and end up losing hundreds—sometimes thousands—of dollars before they realize they’ve been duped. A recent article in the Wall Street Journal tells the story of one of these elderly victims and his family’s attempts to save him from the con artists:

“In less than a year, this Ivy League-educated professional sent at least $23,000 to slick con artists who came to know his personal interests, as well as his bank-account, credit-card and other personal information.”

The article states that the elderly are more likely to fall victim to these scams if they live alone, are grieving for a lost spouse, or have started to lose cognitive capacity. Luckily, there are ways to protect a loved one from scammers; protections from con artists and creditors can be built into trusts and estate plans, or in extreme situations a trusted family member can be given power of attorney over bank accounts and financial matters.

If you are worried about a loved one and would like to take more immediate action, here are a few steps you can take:

• Sign up phone numbers on the FTC’s Do Not Call Registry.
• Gather scam mail in one envelope and place it in your mailbox with the note “Forward to Postal Inspector—suspected mail fraud.”
• Place a short “I’m sorry, I’m too busy to talk right now. Thank you for your call” script by the phone to help respond to telemarketing calls.

If the fraudulent activity continues you can call the AARP Foundation Fraud Fighter Call Center at 1-800-646-2283. But the best thing you can do for your loved one is to be patient, supportive, and aware.

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Summer is a time for iced tea and watermelon, long days in the pool, vacations at the shore… and for many people summer is also a time to volunteer for your favorite charity. With school out and free time at a maximum the time is ripe to get to know your community—and contribute with a donation of time.

Whether by volunteering your time in a soup kitchen, helping out at grandma’s nursing home, teaching handicapped kids to ride horses, or donating a percentage of your income, a majority of the population chooses to give back to their community in some way. There are organizations and websites (such as www.volunteermatch.org) dedicated solely to helping us in our charitable endeavors. And the good news is that a Living Trust can help you continue giving even after your death.

With a Living Trust you as grantor can choose to give any amount of your estate to your favorite charity. Some people leave a specific dollar amount; others leave a percentage of their entire estate. And you can name your one favorite charity or divide the amount among many charities. A Living Trust gives you endless possibilities to take care of the important people—and causes—in your life.

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The realm of personal finance is in the midst of being revolutionized. The crash on Wall Street has made many armchair investors mistrustful of professional financial advice, and many people are now taking the time to manage their own personal finances with the focus shifted from investing and earning to budgeting and saving. The problem is that after all the effort people put into learning how to spend and play the market from their laptops, many now don’t know how to budget and save responsibly.

This is where the revolution begins.

A recent article in The Wall Street Journal has collected some of the best websites on the internet to help you keep track of and plan your finances. These online tools run the gamut of personal finance categories; from budgeting your household expenses to creating a financial plan to managing personal loans between friends and family. And these aren’t just educational resources, these are interactive tools to help you implement the processes you prefer—and many of these tools are free.

We hope our readers will find these resources helpful, but if you are one of those who would still like the advice and services of a professional financial planner and aren’t sure who to trust, please contact our office. We work with a number of reputable financial professionals, and would be happy to recommend one who would fit your family’s needs.

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Americans love our technology; cell phone, laptop, wi-fi, Kindle, iPod—all of these things keep us socially connected, culturally informed, and satisfy our growing need for instant gratification. But there is an assumption that this technological savvy and appreciation stops once you reach a certain age. We expect teens, twenty and thirty-somethings, and baby-boomers to be “plugged in”, but assume that Facebook and Wikipedia won’t be of interest to the elderly.

Turns out, we couldn’t be more wrong.

Stephanie Clifford of the New York Times writes that “among older people who went online last year, the number visiting social networks grew almost twice as fast as the overall rate of Internet use among that group.” For home-bound or wheelchair-bound seniors the internet and social networking sites can be a sanity-saver, keeping them from loneliness and isolation.

This growing trend is being helped along by social networking sites such as MyWay Village, designed specifically for seniors, their friends and families. These online senior networking groups allow members of the physically challenged elderly population to keep in touch with distant family members, meet people from their own cohort all over the country, and reconnect with old friends and co-workers—all at their own pace.

These are the same things we all love about the social networking sites, young or old. It turns out our aging parents aren’t so different from our teenage kids, or even from ourselves. If you think that your parents (or even you yourself) are too old to catch on to the latest internet trend, reconsider. Everyone needs a community, even if that community is out in cyber-space.

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