Guardianships & Stress

Clients with updated powers of attorney always makes us cheer because having these documents when someone has a stroke or gets in a car accident avoids the unnecessary stress of a guardianship proceeding.

Why are guardianships stressful?

Guardianships involve the court and can be costly and burdensome to family and friends who are already experiencing a stressful situation.

Also, with any nursing home issues, having the correct gifting provisions in your financial power of attorney can be essential to long term care planning and to the protection of the healthy spouse.

Please note that if your documents haven’t been updated in the last 5 years, they should be reviewed by your estate planning attorney to determine whether updating them is necessary. It should also be noted that some financial institutions are not accepting old documents.

Estate Planning FAQ's

Here are two of the most common questions we receive about estate planning:

QUESTION: WHAT IS PLANNING?

ANSWER: Planning occurs when you proactively state your wishes about who you want to receive your assets when you pass away. This can be done through joint ownership, beneficiary designations, wills and/or trusts.

QUESTION: WHAT HAPPENS WHEN YOU DON’T PLAN FOR YOUR ESTATE AFTER YOU DIE?

ANSWER: The State of NH plans for you.

Read the full article for examples of the State's planning...

Some Good News to Cheer About

As the new year unfolds, we find that despite the challenges that many people are facing that there are always things to cheer about and to be thankful for. Once such "good news" item that happened in 2014 is the increase in estate tax exemptions to $5.3+ million. This increase means that most people no longer need to worry about the possibility of incurring an estate tax when they pass away. Instead, we can simplify our trusts and focus more on minimizing income taxes for our beneficiaries. If you have any concerns regarding the estate tax exemption, please feel free to contact our office.

Caretaker Resources... Part 2

In our previous post we referenced some of the online tools that can help you generate advanced directives; we also noted that it is very important to execute a health care power of attorney in accordance with state law requirements.  

For example, New Hampshire along with four other states has unusual formalities which would likely cause any such computer generated health care power of attorney to be invalid.   For that reason, we recommend that you execute your advanced directives through your physician’s office or through your estate planning/elder law attorney’s office. 

However, if you would like to explore some of these websites, they include:

• Five Wishes (www.agingwithdignity.org)
• Caring Conversations (www.practicalbioethics.org)

Caretaker Corner: Planning Tools

There are many tools available that can help you and your loved one think about the important questions related to health care decisions.   Here are some websites that may help you get the conversation about advance care planning:

• The Conversation Starter Kit 
• Consumer Toolkit for Health Care Advance Planning:This website helps individuals discover what is truly important to them in the face of a serious illness. It even has a smartphone app you can download  
• PREPARE web site

There also are tools online that will generate advanced directives for you. However, it is very important to execute a health care power of attorney in accordance with state law requirements.

Estate Tax News!

The IRS has announced that the estate tax exclusion amount for the estate of those passing away in 2015 will be $5.43 million compared to $5.34 million in 2014. The lifetime tax exclusion also rises to $5.43 million, but the annual gift tax exclusion remains at $14,000.00.   Remember, this only applies to estate tax. There are no exclusions for gifts made within 5 years under the Medicaid rules.

Elder Law Questions

In several of our 2012 posts we answered a frequently-asked question about elder law, and also listed some of the components associated with our elder law practice.

Simply stated, our elder law practice involves helping individuals and families deal with a wide variety of issues including long term care, medical directives, incompetency, guardianship, disabilities, asset protection and Medicaid.

At Curtin Law Office, our services include reviewing estates for long term planning purposes, creating special needs trusts for disabled individuals and addressing concerns relating to the guardianship of a loved one. We also assist our clients with navigating the complicated legal waters of Medicaid.

Since many families are concerned about the high cost of nursing home care, we provide clients with advice relating to asset protection, should they require long term care either in a nursing home or at home. We also help to protect the community spouse’s assets and income, which may involve representation at elderly services and going to court for increased benefits.

Many people are unsure about the scope of elder law services, and we are happy to answer any questions you may have - please feel free to contact us!