A new development occurred on January 1, 2010, that affects the vast majority of our clients. Changes to the federal estate tax will affect our estate planning clients, while changes to the way capital gains will be calculated will affect all of our clients, including our elder law clients. The lawyers at Oast & Hook have studied the potential impact of the repeal of the federal estate tax and the generation skipping transfer tax, and Oast & Hook will present a free seminar to those who think they could be affected by these changes. Make sure your estate plan is not obsolete. Reserve your seat now. Oast & Hook will present this seminar twice on February 22nd at the Virginia Beach Central Library, 4100 Virginia Beach Boulevard, Virginia Beach, Virginia 23452. The first presentation begins at 10:00 a.m., and the second presentation begins at 4:00 p.m. If you have any questions about this seminar or if you would like to register for it, then please phone Oast & Hook at 757-399-7506.
Archive for the ‘Estate Planning’ Category
New Developments in the Estate Tax Law, Are You Affected?
Monday, February 8th, 2010Oast & Hook Elder Law Seminar
Monday, October 26th, 2009There’s a simple way to improve your future; prepare for it.
You can more easily stay in control protecting your family and your assets by planning for your future. It’s that simple. It starts when you take advantage of the experience of Oast & Hook, a law firm that specializes in the unique challenges and opportunities at this stage of life. Get the most out of the help available. Protect yourself, protect your loved ones, with the important, convenient services offered by Oast & Hook.
Oast & Hook is offering a free seminar to discuss elder law. It will be held on November 5th at Knobbs Creek Recreation Center/Senior Center, 200 East Ward Street, Elizabeth City, NC 27909. There are 2 sessions to choose from, one at 2:30 pm and the other 5:30 pm.
Please call to register at 252-722-2890.
How to Approach Your Parents About Their Estate Plan
Friday, October 16th, 2009Oast & Hook often hears from children who are concerned that their parents may not have an estate plan in place. Many children are concerned that they would not be able to assist their parents in the event a parent had a disability such as a stroke or dementia. Understandably, these subjects may be hard for children to discuss with their parents as children do not want to appear greedy, and the parents may fear loss of control or independence
How can an individual approach their parents about these issues? First, we recommend individuals update their estate plan including properly executed durable power of attorneys and advance medical directives. After individuals complete their plan, they often feel they can approach their parents by referring to the work they have completed with an elder law attorney. We also recommend asking about a general durable power of attorney and advance medical directive rather than a will. Those documents plan for the parents care while they are still alive and show a desire to see parents cared for while they are still here rather than focusing on who will get assets after the parents have passed.
In Case of An Emergency
Friday, September 18th, 2009We never know when an emergency situation might happen. Because of this, it is important for every person to carry emergency contact information in a wallet or purse.
If a person has a cell phone, then it’s easy to list people one would like to have contacted in the event of an emergency. Many people indicate their emergency contact information under the entry “ICE” (an acronym for “In Case of Emergency”) and then list the person’s name and telephone number. This is an excellent idea, and every cell phone user should identify the user’s emergency contacts. This is important because an individual could, for example, have an elderly parent’s phone number in the contact list for convenience, but the individual would not want the parent to be the first one contacted in the event of an emergency. An e-mail circulated a few years ago reported that that using the ICE entry could result in viruses being passed to cell phones or premium charges being billed to the phone; this was proven to be a hoax.
Many people, however, do not have cell phones, particularly the elderly. Further, cell phones can be lost, damaged, or emergency medical personnel may not have the time or the ability to access the contact list. As a result, everyone should have an up-to-date listing of the emergency contact numbers in their wallet or purse. This is why Oast & Hook provides every client who executes an Advance Medical Directive (AMD) with a wallet card that includes the telephone numbers of the agents under the AMD. This also serves as an emergency notification card.
An advance medical directive (AMD) is a healthcare power of attorney and a living will. Why should you to register your AMD? Research has found that 75% of the time you need your AMD, it is not available, for example, when you are in a hospital emergency room. Oast & Hook can register your AMD with DocuBank, a company that ensures that your AMD is available worldwide, 24 hours a day, 365 days a year.
Advance Medical Directives
Friday, August 14th, 2009Question - Is it important to have an advance medical directive as part of your estate plan?
Answer - Yes, an advance medical directive is an important piece of one’s estate plan. One of the fundamental rights enjoyed by every American is the right to bodily integrity; individuals have the right to decide what treatment they receive and what treatment they refuse. No one can do anything to an individual’s body that they do not authorize. The advance medical directive is an important legal tool that continues this protection after a person is no longer capable of making reasoned judgments. Recent changes in Virginia law have now established that the advanced medical directive is the primary means by which one controls what happens to oneself from the moment one is found by a physicians to be incapacitated until either recovery or death. Because this is often the period in which one requires the most extensive medical treatment, it only makes sense for individuals to make their wishes clear beforehand.
What are the Benefits of Funeral and Burial Pre-Planning
Friday, July 17th, 2009Pre-planning your funeral service and burial can be one of the most thoughtful gifts to leave your loved ones. Here are several reasons why pre-planning is important.
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Pre-planning your funeral and burial can ensure that your survivors are carrying out your final wishes.
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Pre-planning your funeral and burial can prevent your family and you from incurring excessive costs, expenses, and fees.
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Pre-planning your funeral and burial will protect your family’s financial resources.
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Pre-planning your funeral and burial allows you to make the choices that are right for you.
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With funeral and burial pre-planning, your investment is protected.
Legacy Letters and Ethical Wills
Monday, June 15th, 2009A recent Investment News article by Kathleen M. Rehl discussed the value of parents leaving “legacy letters’ for their children and grandchildren to share after the parents are gone. Traditional estate planning is important for everyone, but many people want to focus on more than just property or financial assets. A legacy letter or ethical will is a good addition to an estate plan.
The author described the letter her mother had written shortly before her death. “Please know how important you are to me and how much I love you. Life has been such a fascinating and interesting adventure with you, my family, being a big part of this journey.” She wrote about her values, lessons life taught her, and her love for each member of the family. Ms. Rehl says that “[w]hat she experienced during her 84 years of life was much more valuable than the material stuff she left behind.”
Barry K Baines is the author of “Ethical Wills: Putting Your Values On Paper,” and his website is www.ethicalwill.com. The website includes samples of ethical wills, written by people at various stages of their lives. Theses transition times may include marriage, the birth of a child or grandchild, change of career, retirement, death of a spouse, health challenges or the end of life. People may find that writing these legacy letters can help manage these transition stages better.
Ms. Rehl says that writing a legacy letter not only helps loved ones by communicating the meaning of the author’s life, but is a gift for the writer. “In reflecting upon the past and recording thoughts on paper, writers learn about themselves, ponder what they stand for and have the opportunity to articulate that which is closest to their hearts.” People can write their initial letter and keep it updated each year.
What is Estate Planning?
Friday, June 5th, 2009Estate planning is the process by which a person plans for the management of his or her assets, affairs and healthcare if he or she becomes disabled or dies. Prior planning produces positive results upon a disability or death. Failing to plan is planning to incur unnecessary problems, delay, taxes and expense.
There is a 58% probability that you will suffer a disability of 90 days or more during your life. It is certain you will die. Failing to plan commonly results in the imposition of default “remedies,” such as guardianships, conservatorships, and intestate succession. These default remedies frequently will not produce the results that you would have chosen. Failing to plan will often result in additional or unnecessary expenses, taxes, and delays.
The AARP reports that only 60% of people over age 50 have wills, 45% of these people have durable powers of attorney, 30% of these people have advance medical directives, and only 23% have living trusts. These statistics indicate that most people fail to make a comprehensive estate plan. And of those who have completed their estate plans, the odds are that they haven’t reviewed their plans in years.
Pet Trusts
Tuesday, June 2nd, 2009Oast & Hook is often asked how can a client provide for a pet if the client becomes disabled or dies? Many states have adopted statutes that permit pet owners to establish trusts for the care of pets during the owner’s incapacity or after the owner’s death. Virginia joined these states on July 1, 2006, when Virginia Code § 55-544.08 became effective. This code section is modeled after a similar section of the Uniform Trust Code.
To plan for a disability, the client can include a provision in the client’s general durable power of attorney authorizing an agent to provide for the pet. The client can include a provision in the client’s will to make a gift of the pet and to provide a monetary gift to provide funds for the pet’s care. In Virginia, the client also has the option of creating a pet trust for the pet that appoints a trustee to manage funds for the pet’s care and appoints a caretaker for the pet. The Virginia pet trust statute provides for enforcement of the pet trust’s provisions.