Living Trust Planning | Estate Planning Attorney

Tag: living will

  • 3 Estate Planning Documents Your Parents Need Right Now

    3 Estate Planning Documents Your Parents Need Right Now

    Today we’re diving into a topic that’s absolutely crucial: estate planning for your parents. As they gracefully navigate their golden years, ensuring their peace of mind (and yours!) becomes a top priority. Whether they raised you the way you want, or showed you how you want to do it differently, as your parents age, one of the very best things you can do for your own best future, and that of your entire future lineage – your children, grandchildren, and beyond – is to take great care of the people you were born to or raised by.

    The questions you need to start asking now are: How will you help them if they become ill or injured? Who will take care of their bills and make sure their health needs are met? How do they want to be cared for, if and when they cannot care for themselves?

    The starting place is open conversation and a power trio of estate planning tools: the general power of attorney, the power of attorney for healthcare (including a living will), and the HIPAA waiver.

    Let’s break down why these tools are the unsung heroes of comprehensive estate planning for your parents, and how to bring them up so you can support your parents to get them created or updated, no matter how much or how little money they have in the bank.

    1. General Power of Attorney (POA)

    A general power of attorney (or POA)  grants a person you name (often a family member or trusted friend) the authority to manage your financial affairs if you become unable to do so yourself. From handling bills to making investment decisions, the general POA ensures that your financial matters are handled, whether you’re experiencing a temporary illness or a long-term inability to manage your money, such as in the case of memory problems.

    If your parents have assets that you must be able to access easily in the event of their incapacity, you may decide that a POA for accessing their accounts isn’t sufficient, as it can be difficult to get access to bank accounts even with a POA in place and will require court action. In that case, the best course of action is to ensure that their assets are titled in the name of a trust, with you or someone you trust as the named successor trustee, who can step in and handle financial matters for your parents, without any court involvement, when needed.

    2. Power of Attorney for Healthcare and Living Will

    It’s possible your parents already lean on you for guidance with their healthcare decisions, and it’s equally possible they don’t share details of their healthcare with you at all. No matter which side of the spectrum your parents stand on, the question of what will happen to their healthcare needs if they become seriously ill can feel overwhelming —  and trust me, it’s even more overwhelming during moments of medical crisis.

    Thankfully, a power of attorney for healthcare and living will allow your parents to explain their medical wishes to guide medical providers and family members on what treatments and life-saving measures they’d like to have, even in the toughest of times.

    The power of attorney for healthcare designates someone to make these medical decisions on behalf of your parents if they’re unable to do so. This trusted individual becomes the advocate, ensuring that healthcare choices align with your parents’ values and preferences.

    Meanwhile, the living will – also known as a declaration to physicians – outlines your parents’ wishes regarding life-sustaining treatments in the event they’re unable to communicate. From CPR to artificial hydration, this document provides clarity amidst uncertainty, giving both your parents and their loved ones peace of mind that the decisions being made around their care are what they themselves would want.

    3. HIPAA Waiver

    In the digital age, privacy is paramount – but what happens when privacy becomes a barrier to essential healthcare-related communication? Enter the HIPAA waiver, the ultimate tool for opening communication roadblocks in times of need.

    HIPAA (the Health Insurance Portability and Accountability Act) protects the privacy of individuals’ medical records. While this is crucial for safeguarding sensitive medical information, it can sometimes hinder the flow of communication between healthcare providers and family members, especially for the elderly and those incapacitated by an illness or injury.

    By signing a HIPAA waiver, your parents authorize specific individuals to access their medical information and speak directly to their medical providers, ensuring seamless communication and informed decision-making. This is essential in medical emergencies but is also extremely helpful if your parents need help hearing their doctor or understanding their medical advice.

    How to Bring Up Estate Planning With Your Parents

    The best way to bring up estate planning with your parents is to get your own planning handled first. Then let your parents know that in the process of handling your own planning, your lawyer raised the question of whether you were an agent under anyone else’s power of attorney, or named as a successor trustee in your parents’ trust, or if you’re going to be caring for aging parents at some point.

    If you’ve worked with a lawyer and they didn’t ask you those questions, give us a call and let’s review your plan and your parents’ planning to make sure that everything you’ll need is dialed in. This can all get quite messy very quickly, and now is the time to talk with your parents.

    Why the Urgency?

    You might be thinking, “Why the rush? Can’t we tackle this later?” Here’s the scoop: Life is unpredictable, and procrastination can be a costly gamble. Waiting until a crisis strikes to get these tools in place can lead to a whirlwind of legal and emotional chaos, leaving your parents’ wishes unfulfilled and their affairs in disarray.

    By proactively planning ahead, you’re not just checking items off a to-do list – you’re investing in your parents’ peace of mind and yours.

    Don’t wait for a storm to hit – schedule a 15-minute call today to learn how our unique Life & Legacy Planning process is designed with your family’s well-being in mind, offering personalized guidance and support every step of the way.

    This article is a service of Jeannette Marsala, Personal Family Lawyer. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning Session, during which you’ll get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life and Legacy Planning Session.

  • From ‘I Do’ to ‘What If’: Estate Planning Must-Do’s for Newlyweds – Part 1

    From ‘I Do’ to ‘What If’: Estate Planning Must-Do’s for Newlyweds – Part 1

    Wedding season is winding down, and if you’re a newlywed or are planning to tie the knot soon, it’s time to make your first legal move as a married couple – creating an estate plan. With all the joy and happiness a new marriage brings, planning for your potential incapacity and future death may feel out of place, but creating your estate plan as part of your post-nuptial to-do list is the greatest gift you can give your new spouse.

    A lot changes once your marriage is official, but how you and your spouse want your finances to be managed or how you would want medical decisions to be made for each other aren’t automatically documented when you say “I do.”  

    If you become incapacitated for any reason before your estate plan is complete, your spouse wouldn’t have the legal authority to make medical decisions for you even though you’re married. Your loved one would also have no access to your bank accounts, and in the event of your death, could even be put into a position of losing the home and possessions that you owned together.

    Instead, your choices for yourself, each other, and your life together need to be properly documented to ensure your wishes are respected and honored no matter what the future holds.

    Here are 6 essential estate planning tools you need to put in place right now. 

    01 | Updated Beneficiary Designations

    One of the easiest estate planning tasks that newlyweds often overlook is updating their beneficiary designations. Some of your most valuable assets, such as life insurance policies, 401(k)s, and IRAs, don’t transfer via a will or trust. Instead, they have beneficiary designations that allow you to name the person (or persons) you’d like to inherit the asset upon your death.

    While every couple should consider creating and using a trust to transfer retirement (only with the guidance of a lawyer, as this can be complex) or life insurance distributions, you shouldn’t wait until your trust is created or your estate plan is complete to update your beneficiary designations. Until your estate plan is finished, if you would want your spouse to receive your retirement account benefits or life insurance at your death, you need to proactively name your spouse as your primary beneficiary, and then name at least one contingent, or alternate, beneficiary in case your spouse dies with or before you. 

    If you have minor children at home, remember to never name a minor child as a beneficiary of your life insurance or retirement accounts, even as a contingent beneficiary. If a minor is listed as the beneficiary, the assets would be distributed to a court-appointed custodian, who will be in charge of managing the funds until the child reaches the age of eighteen, at which point the funds would be distributed to them outright, to do with what they want. Instead, you can set up a trust and name the trust to receive your life insurance or retirement account benefits.

    If you have children or you plan to have children in the future, you should set up a trust to receive those assets instead so they can be properly managed for your child’s well-being while keeping the funds safe from any future overspending, debt, or legal trouble your child may have. Creating a trust to hold and distribute assets to your children is even more important if your marriage creates a blended family, as it will ensure your children inherit from you in the way you want and avoid conflict between step-siblings.

    If you aren’t sure how to update your beneficiary designations in the best way, contact my office today at (650) 600-1735 for a Family Wealth Planning Session. During the session, I’ll look at exactly what you own and guide you on exactly how your beneficiary designations should be filled out now and after your other estate planning tools like a will or trust are created. 

    02 | A Durable Financial Power of Attorney

    Estate planning isn’t just about planning for what happens when you die. It’s equally about planning for your life and the unexpected events life throws your way like a serious illness or accident that may leave you incapacitated. 

    If you become incapacitated and haven’t added your spouse as an owner on your bank accounts or legally granted them permission to manage your financial and legal interests, they may have to petition the court to be appointed as your guardian or conservator to handle these affairs for you. This is surprising to many newlyweds and long-time married couples who assume their spouse has automatic access to all of their assets at any time. Sadly, this isn’t the case, and without giving written permission to your spouse through a durable financial power of attorney, that authority could be given to someone else by the court, even a stranger or a family member you would never want to have control over your financial life. 

    A durable financial power of attorney would grant your spouse the immediate authority to manage your financial, legal, and business affairs in the event of your incapacity, and give them a broad range of powers to handle things like paying your bills and taxes, collecting government benefits for your care, selling your home or car, and managing your banking and investing.

    Creating a durable financial power of attorney is especially important if you don’t live in one of the community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. In every other state, the law doesn’t assume your spouse has any ownership of property in your name alone, which means your spouse could be forced to move out of your shared home or give up your shared property with little notice and little legal recourse.

    03 | A Power of Attorney for Health Care and Living Will

    Where a durable financial power of attorney gives your spouse the authority to manage your financial and legal matters, a power of attorney for health care lets them make medical decisions for you if you can’t communicate them for yourself. 

    For example, a power of attorney for health care would let your spouse make decisions about your medical treatment if you’re in a serious car accident or hospitalized with a debilitating illness. If you don’t name your spouse as your power of attorney for health care and you do become incapacitated, your spouse would have to petition the court to become your legal guardian before they can make any major medical decisions on your behalf. 

    Even though your spouse is generally the court’s first choice for your legal guardian, relatives may also petition the court to be appointed as your guardian, which can create severe conflict and financial strain in your family. Creating a power of attorney for health care that names your spouse as your decision-maker far in advance will spare your spouse the time, money, and stress involved with a court guardianship process.

    Within or attached to your power of attorney for health care should be your living will. A living will explains to medical providers and to your decision-maker how you would want your medical care handled, particularly at the end of life. Because a power of attorney for health care and a living will go hand-in-hand, they’re often combined into a single document. 

    In your living will, you can explain your wishes for life support, whether you would want hydration and nutrition supplied intravenously, and even what kind of food you want and who can visit you in the hospital. It’s always a relief to your spouse to have instructions and wishes written out by you in advance that they can lean on, rather than having the added stress and trauma of trying to guess what your wishes would be in these situations.

    Through Sickness and Health, We Can Help

    Between moving in together, establishing a new routine, and combining your finances, estate planning can seem like a low priority for newlyweds. But in reality, estate planning shortly after getting married is one of the smartest decisions you can make for your marriage. Creating your plan shortly after your wedding is also the most convenient time to plan since you will inevitably be going to the bank and contacting your financial institutions to update your new marital status. 

    To make sure your new spouse has immediate access to your assets and that you can always care for them in the way they would want, give me a call at (650) 600-1735. It would be my honor to help you and your spouse plan for your new life and your future through my unique, heart-centered process. 

    If talking about finances and death shortly after your wedding feels heavy, don’t worry. I’ll guide the discussion in a way that feels casual, natural, and helps facilitate open communication between you and your new spouse.

    Read Part Two!

    This article is a service of Jeannette Marsala, Personal Family Lawyer. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session, during which you’ll get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.

  • 4 Ways to Use AI to Make Life Easier for You and Your Family

    4 Ways to Use AI to Make Life Easier for You and Your Family

    Whether you’re turning on the news or scrolling through Instagram, it’s hard not to hear about AI technology, so this week I wanted to take some time to cover what the buzz is about and how you can use this technology to make your own life easier. 

    AI (artificial intelligence) language models like ChatGPT and Jasper in particular are enjoying the spotlight this year. Essentially, these are online software programs that have the ability to interpret natural language and provide human-like responses. In a nutshell, that means you can type in questions or commands as if you were writing a message to a real person, and the software will produce an equally human-like response. 

    What has the world buzzing over these programs is their ability to understand and interpret the text you enter into them in the same way a real person would, including an ability to modify its response based on your follow-up questions or commands.

    If you think AI technology seems a bit too “sci-fi” for daily use, I’m happy to share that there are a number of ways you can use an AI language model to make your family’s life easier right now, from saving you time, helping you communicate, and even helping you plan that much-needed vacation. 

    Here are three everyday applications for AI that you’ll want to start using today.

    1. Get Help Writing a Tricky Email

    I think it’s safe to say that we all have times in our lives when we have to deliver an uncomfortable message via email, text, or phone. Maybe you’re resigning from a job, critiquing someone’s work, or delivering bad news. Whatever the situation might be, it can be stressful to try and deliver a message in a way that clearly delivers your message with the right tone for that situation.

    Instead of staring blankly at your email or anxiously picking up the phone, try drafting out your message in an AI language model like ChatGPT or Jasper first. 

    For example, I typed the following into ChatGPT to get a prompt for approaching an employee about a performance issue:

    “Imagine you need to give negative feedback to an employee. This employee is friendly and hard-working but makes many spelling mistakes in the company’s meeting minutes. You want the employee to know that you value having them on your team, but that their accuracy needs to be improved. Write an email that I could send to this employee.”

    ChatGPT provided the following sample email that I can use:

    “Dear [Employee Name],

    I hope this email finds you well. I wanted to take a moment to provide you with some feedback regarding the meeting minutes you have been responsible for drafting. First and foremost, I want to express how much we appreciate your hard work and dedication to the team. You are a valued member of our team, and we are lucky to have you.

    However, I have noticed that there have been a number of spelling mistakes in the meeting minutes recently. While I understand that mistakes can happen, accuracy is critical when it comes to recording important decisions and actions taken in meetings. I wanted to bring this to your attention so that we can work together to improve the accuracy of the meeting minutes.

    I would like to suggest that you take some extra time to review your work before submitting it to ensure that it is error-free. You might also consider using spell-check or grammar-check tools to assist you in catching any mistakes.

    Please know that we have confidence in your ability to improve in this area, and we are committed to supporting you in any way we can. Please feel free to reach out to me if you have any questions or concerns.

    Thank you again for your hard work and dedication to our team.”

    Not only did the software draft a natural-sounding email, but it suggested ways the employee could remedy the situation. What’s more, you can ask the AI to further modify and refine its previous responses. For instance, you could ask it to rewrite the email with a more empathetic or casual tone, or to shorten the length of the message. 

    Gone are the wasted hours trying to craft the perfect email for a challenging situation!

    Even if you need to communicate with someone over the phone, using an AI language model can help get the conversation off on the right foot by providing you with an outline for how to start the conversation or outlining the points you want to cover. 

    2. Find the Best Flight Prices Faster

    If you’ve ever planned a family vacation, you know how time-consuming searching for flights can be. What seems like an easy enough task on the surface can easily become a days-long marathon of comparing airlines, prices, layovers, seasons, and the difference in travel time if you fly from one city versus another.

    Now, thanks to an integration with KAYAK, you can ask ChatGPT questions about your travel plans and ChatGPT will sort through your travel options for you.

    For example, you could ask, “What’s the cheapest flight from Fargo to Orlando?” and the software will provide you with the best options that meet your request.

    Want a direct flight? You can alter your request by adding, “Show me direct flights only” to further narrow down your options. No need to worry about manners, you can simply be direct and to-the-point with your requests.

    Want to compare prices depending on what day of the week? You can ask the software, “What is the cheapest day to fly to Orlando from Fargo in June?” 

    The KAYAK integration is currently only available for paid ChatGPT subscribers, but plans are underway to make it available in the software’s free version. If you’re anxious to do some traveling and want to try out ChatGPTs KAYAK integration, paid subscriptions are billable based on how much you use the software and include a free five-dollar credit to get you started.

    3. Create a Better Resume and Cover Letter

    Whether you’re actively looking for a job or wondering how you could improve your resume to increase your chances of a promotion, having a great resume can mean the difference between getting an interview and being passed up. But it can be difficult to write a resume or cover letter that truly conveys the value of what you bring to the workplace without sounding overly self-promoting. Thankfully, using an AI language model like ChatGPT can help flesh out your resume and create a cover letter that will stand out to a company’s hiring manager. 

    For example, let’s imagine I’m a receptionist for a medical clinic and want to apply for a similar position at another clinic. I’ve written a resume, but I don’t feel confident that it highlights my skills in the role. In this situation, I pasted my skills from my resume into ChatGPT and entered the following instruction:

    “Improve this job description for my resume: 

    • Take patient phone calls and respond to messages
    • Schedule appointments based on the provider’s availability
    • Help team members with questions
    • Follow-up with patients to reschedule canceled appointments”

    ChatGPT provided the following improved bullet points:

    • Responding to patient inquiries via phone, email, and messages with a friendly and professional demeanor, while providing accurate and helpful information.
    • Coordinating and scheduling appointments based on the availability of healthcare providers, while ensuring that patient needs were prioritized.
    • Supporting and collaborating with team members by answering questions and providing guidance when needed.
    • Conducting timely follow-ups with patients to reschedule canceled appointments and ensure their continued care.

    The output from ChatGPT conveys my responsibilities as a receptionist in a more interesting and descriptive way, while also highlighting my skills by showing my focus on patient care and teamwork. 

    By using an AI language model such as this, you can either start your resume or cover letter from scratch or get tips for how to improve a resume you already have. You can also use the software to customize the same cover letter for different companies, saving countless hours in your job search.

    4. Get Help with Your Kids’ Homework 

    If you have kids, you know that helping them with their homework can sometimes feel just as tough for you as it does for them. The good news is that you can use an AI language model to walk through homework problems to make them easier for your child – and you – to understand.

    All you need to do is type the math problem into the software program and ask for an explanation. For example, I entered the following into ChatGPT:

    “Explain how to do this math problem to a 4th grader: 1/2 X 2/3 =”

    ChatGPT responded with the following:

    “Certainly! We want to find out what happens when we multiply these two fractions together. To do that, we need to multiply the numerators (which are the numbers on top) and then multiply the denominators (which are the numbers on the bottom).

    So 1/2 X 2/3 would look like this:

    To multiply the numerators, we just multiply the numbers on top:  1 X 2 = 2

    And to multiply the denominators, we just multiply the numbers on the bottom: 2 X 3 = 6

    So the answer is 2/6!

    But we can simplify this fraction by dividing both the numerator and the denominator by the greatest common factor, which is 2. If we divide 2/6 by 2, we get 1/3. So the final answer is 1/3!

    That means if we had one whole thing that we cut into two equal pieces, and then we shaded in one of those pieces, and then we took that one piece and cut it into three equal pieces, and then we shaded in two of those pieces, we would end up with 1/3 of the whole thing.”

    Pretty helpful, right? Now that was a pretty simple example, but you can even ask more complicated math questions or questions for other subjects as well.

    Not only can this help you and your child better understand their homework, but can help eliminate the frustration you two may feel over the daily homework struggle.

    More Than Legal Advice – Your Trusted Advisor

    By using AI technology, you can save time, communicate more effectively, and plan vacations with ease. I’ll use AI and other technology in my own practice to create more efficiencies and better service, so I can use my heart and humanity to serve you. I’m here to do the parts of lawyering that can never be replaced by a machine and be a trusted advisor for my clients and their families. I know that life can be hectic and stressful, and I’m here to provide resources that can make your life easier now and in the future. 

    In that vein, I love learning about new technologies and the ways they can improve our lives. But I also know that technology – no matter how good – can never replace the care and humanity that real people have to offer. To me, the best part about technology is that by saving us time, it frees us up to spend more time connecting with one another. 

    That’s why when it comes to your legal planning, I offer a Family Wealth Planning Session where I not only discuss how the law affects you and your loved ones, but I truly get curious with you about your life, your goals, and the legacy you want to leave behind, so you can rest assured knowing that your estate plan will work perfectly for you. By using the best technology and systems to do my work, I’m able to be more available to my clients when they need me most.

    If you’re interested in learning more about how I serve my clients differently than most lawyers or have questions about estate planning, please reach out to be today at (650) 600-1735.  I’m not just your family’s legal advisor. I’m a trusted advisor for life.

    This article is a service of Jeannette Marsala, Personal Family Lawyer. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session, during which you’ll get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.

  • Estate Planning Before You Travel: Why It’s Critically Important

    Estate Planning Before You Travel: Why It’s Critically Important

    Vacations can be the perfect opportunity to relax, disconnect from work and responsibilities, and enjoy your spouse, partner, kids’ or friend’s company. But before you head off on your next getaway, there’s something else you should consider doing that might not sound quite as fun—creating an estate plan. While it may not sound like the most thrilling way to spend a day, here are some reasons why you need to think about your estate plans before you travel. 

    • An estate plan ensures any medical decisions needed while away from home will be handled according to your wishes, and with as much ease as possible, no matter what the rules are where something happens. If you fall ill or become injured and can’t make medical decisions for yourself, your estate plan will ensure that decisions will be made by the person you choose, and with your indicated desires for your care at the forefront.
    • Without an estate plan in place, your family or friends could have a heavy lift to get you back home, locate your assets, keep your bills paid, and even ensure your children get taken care of by the right people in the right way.
    • Lastly, an estate plan ensures that any debts or liabilities are taken care of properly in case something happens while on vacation. This can help prevent creditors from trying to collect from surviving family members after the fact — something no one wants to deal with during such a difficult time. 

    Yes, Even Married Couples Need an Estate Plan

    You might think that because you’re married, you don’t need an estate plan. Or you might even think your will is enough and would just handle everything. But that’s generally not the case.

    Even if you’re married, you still need medical powers of attorney, making it clear that you want your spouse making medical decisions for you, or even potentially adding in additional decision-makers. You still want a living will to give clarity on how you want medical decisions made for you. 

    Finally, if you have dependent children, you want to ensure you’ve made it as easy as possible for their care needs to be continued by the people you want, in the way you want. Without a plan in place, decisions around their care could be tied up for months, including access to the financial assets their caregivers would need to ensure they have what they need along the way.

    The Benefits of Working With an Attorney 

    While you can create an estate plan without legal assistance, there are serious risks to the people you love, if your plan isn’t completed, not updated after it’s been done once, or not completed properly. The only real guarantee for the people you love to have as much ease as possible, is if you work with an experienced attorney specializing in estate planning, and particularly Life & Legacy Planning. We understand what needs to go into a thorough and complete estate plan — as well as the potential pitfalls or issues that could arise due to your unique personal and family dynamics — so you can rest assured knowing everything is being taken care of properly before you embark on your trip. 

    We can advise you on other important documents such as Wills, Trusts, powers of attorney (POA), health care directives (HCD), and guardianship paperwork (for minor children) so you can make informed decisions based on what you want to have happen if you become incapacitated or die. All these items should be considered when creating an effective estate plan — especially when one or both parties will be traveling outside their home country at any point. 

    Don’t Let a Lack of Planning Dampen Your Vacation Spirits! 

    Taking a few simple, yet critically important, steps now can save you and your family considerable headaches down the road if anything were ever to happen while on the road—not only do we want you to enjoy each moment spent together, but we want peace of mind knowing that whatever comes your way is handled according to your wishes! 

    We can help put a plan together now so that you don’t forget about this important task before packing up for your next adventure. Making sure all your affairs are in order will ensure nothing stands in the way between you and enjoying time together! Contact us today to get started.

    This article is a service of Jeannette Marsala, Personal Family Lawyer. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session, during which you’ll get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.

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