Summer Reading...

We recently read On Pluto: Inside the Mind of Alzheimer’s by Greg O’Brien and recommend the reading of this book to anyone who knows someone who is facing Alzheimer’s or any other cognitive disease.

The author, an investigative reporter, was diagnosed with early onset Alzheimer’s and speaks personally about living with the disease on a day-to-day basis. Although some of the legal aspects stated in the book seemed to be a bit inaccurate, I found that the author’s frank and insightful observations into what it is like to experience early onset Alzheimer’s to be invaluable to caretakers as well as to the medical profession.

While this book isn’t a “light” summer read, the narrative is very informal and can definitely be read on the beach.

New in NH Law

Real estate transfer taxes are no longer imposed for transfers into or out of revocable trusts where the ownership interests of the transferor and transferee are identical. (RSA 78-B:2 (XXII))

Apparently, however, the NH Department of Revenue Administration and the county registries have not been updated regarding this change. We will keep you informed and are hopeful that all applicable parties will soon be on the same page.

Do You Have a Child in College?

We know that the summer is a great time to spend at the beach, but did you know that it is also a great time for your college kids to execute powers of attorney while they are home.

Many parents are surprised to learn that when their children attain the age of 18, they can no longer gain access to their children’s health care information, or schedule doctor’s appointments on their behalf. 

In NH, an 18 year old is considered to be an adult and for that reason, in order to act on behalf of your now adult child, either medically or financially, your child needs to execute a financial power of attorney and health care power of attorney.

Reflections on Freedom from an Estate Planning Perspective

As we approach the 4th of July and are thinking about the celebration of the Declaration of Independence, we would also like to reflect briefly on freedom from an estate planning perspective.

• Freedom to choose who you want to act on your behalf when you no longer can, instead of the Court deciding who this person(s) will be.
• Freedom to allocate assets to whomever you want, instead of the State of New Hampshire deciding for you.
• Freedom to minimize taxes, instead of burdening beneficiaries who then face adverse tax implications.
• Freedom to protect loved ones and to make their lives easier and less costly in the event of a disability or of a death, rather than having them involved with the Court and other bureaucracies.

Be proactive and celebrate the freedom to plan for yourself and for those dearest to you. Wishing you a happy and safe 4th of July and a wonderful summer!

Common Misconceptions When Only One Spouse Needs Long-term Care

People are frequently unsure about asset protection issues, especially  in cases where only one spouse is in need of long-term care. 

In one case, our client had been told about a five-year “look-back,” and didn’t know whether his home and other assets were protected. He and his wife were also worried about the fact that he had not done any planning. 

Fortunately, and despite common misconceptions, there are times when it is possible to transfer assets between spouses, even though one of them is in a nursing home...

Read case study...

Elder Exploitation

Continuing with the topic of a new law relating to elder abuse that criminalizes elderly financial exploitation, which is not limited to an incapacitated person, here are some of the most common ways in which people exploit the elderly:

• Using a financial attorney as a license to steal.
   
• Treating joint accounts as your own even though you are only on the account for estate planning purposes.
   
• Using another person’s ATM card and/or checks for one’s own benefit.
   
• Threatening victim to get money.
   
• Refusing to obtain needed medical care for the elderly person so that assets will continue to be available for abuser.
   
• With respect to caregiver, keeping the change from errands, falsifying time sheets, spending time on the phone instead of doing what they are paid to do, etc.

New Elder Abuse Law

There is a new law relating to elder abuse that criminalizes elderly financial exploitation…this law is not limited to an incapacitated person.

• Makes it a crime for fiduciaries who knowingly, or recklessly for their own profit or advantage, deprive or take real or personal property of an elderly, disabled or impaired adult for the benefit of someone other than the adult.
   
• Makes it a crime for a person through the use of undue harassment, duress, force, compulsion or coercion acquires possession or control of an interest in real or personal property of an elderly, disabled or impaired adult, or establishes a relationship with a fiduciary obligation to an elderly, disabled or impaired adult that gives the person control or interest in real or personal property or other financial resources.
   
• Prior to this statutory change, unless the incident involved an obvious crime, like a forged check, the police often considered reports of financial exploitation to be family or civil matters allowing the perpetrators to continue the exploitation without fear of criminal liability, which as you can imagine was very frustrating.