Monthly Archives: February 2015

Estate Planning

What You Can Learn From Estate Planning Mistakes Made by Celebrities

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Most people assume that the rich and famous have bullet-proof estate plans to protect their expansive estates. The reality, however, is that celebrities make the same estate planning mistakes as everyone else.

Below are some of the mistakes celebrities have made and that you should avoid, including failing to:

  • Appoint proper guardians. When choosing a guardian for your children, it is important to take a wide variety of factors into consideration. For example, Michael Jackson appointed his elderly mother to serve as the guardian of his children. Diana Ross was named as a successor guardian. However, due to his mother’s age, it left questions about what would happen if Mrs. Jackson died before his youngest child becomes an adult or if she became unable to care for the children. When choosing a guardian, you should consider whether the individual will be able to care for your minor children until they reach at least 18 years of age.
  • Update your estate plan. As your life progresses, your circumstances can change. Certain events require you to update your estate plan, such as births, deaths, divorce, marriage and other changes that your family changes. Failure to update your estate plan after one of these events can lead to unintended consequences. You should look at these concerns at least annually to consider changes.
  • Organize finances. The rich and famous typically have complicated finances that include a variety of accounts, insurance policies, and numerous valuable assets which often include business investments. Your financial situation may also be complex, even if it is to a lesser extent than that of a celebrity. Whether your estate is big or small, it is important that you organize your financial records. The more difficult it is for your loved ones to locate your assets, the hard the administration of your estate will be for them.
  • Avoid taxes. It is important to consult with an estate planning attorney regarding how to prepare your estate to avoid unnecessary taxation. Again, Michael Jackson provides an example of an estate that was subjected to costly taxes, among other problems. If he had created a trust, created a limited liability company to hold assets and/or purchased a large life insurance policy, he could have minimized the taxes against his estate and solve many other problems.

One of the most important steps you can take in avoiding common estate planning mistakes is to work with a knowledgeable professional you can trust. The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Estate Planning, Uncategorized

Should You Include Your Pets in Your Estate Plan?

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Most people think about their spouse, children and friends when they are creating their estate plan. However, another loved one that you may want to consider is your pet. If you want to plan for the maintenance and care of your dog, cat or other animal after you are gone, there are several options to consider. You can appoint somebody to take care of your pet, but you may also want to financially provide for your animal’s care.

To plan for your pet, you need to work with a lawyer who is experienced in this area. An animal is not legally allowed to own money or assets, so you cannot make a direct transfer to your pet. However, you are allowed to appoint another person to take possession of your pet upon your death and you may leave money with your request that it be used to pay for the care of the animal. It is essential that you understand that unless you leave the money in trust, this individual may be morally obligated to honor your wishes and use the funds to care for your pet, but this person is not legally obligated to do so. You should also understand that unless you provide specific instructions for any remaining money left after your pet dies, the individual will be allowed to keep it. If the option of leaving it to an individual, and trusting them to do the right thing does not seem satisfactory to you, a pet trust may be something to consider. Most states recognize trusts created for the benefit of animals as being valid, but you should confer with an experienced local estate planning attorney to understand what your jurisdiction allows.

A pet trust can allow you to dictate how the money can be used for taking care of your pet, including:

  • Appointing the person to take care of your pet
  • Appointing a successor to take your pet if your first appointee is unable to do so
  • Appointing the individual to manage the pet trust
  • Outlining they type of care your pet requires
  • Leaving instructions for what to do with any remaining money after your pet dies

If you are interested in learning more about pet trusts or you have questions regarding other estate planning matter, contact our attorneys to schedule an appointment. The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Estate Planning

An Elder Law Attorney’s Tips for Interviewing a Nursing Home

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Looking for the right nursing home for yourself or a loved one can be a complicated task. It is an important decision that should only be made after conducting due diligence. You should ask your friends and family for references, as well as look online for feedback. You should also visit and interview the staff at more than one facility. Below are some of the questions you should consider asking:

  • What is involved in the admission process? Are there specific financial requirements?
  • Is your nursing home certified by Medicaid and Medicare?
  • What is included in the monthly fee? What are additional items that may be billed?
  • How many staff members are on duty during each shift?
  • How are staff members trained and screened?
  • Are there extra-curricular or educational activities for the residents to attend?
  • Do residents have access to transportation for errands or non-emergency medical services?
  • Does the facility have a physician on the premises?
  • Are residents allowed to go outside? If so, is the outdoor area safe?
  • Will the resident have a roommate or share a bathroom with others?
  • How are meals served? You may want to sample the food for yourself.
  • How often will a resident’s plan of care by reviewed and/or updated?
  • Can you observe your loved one by video to make sure they are not being abused?
  • How do they control visitors of your family member?

The above list is not exhaustive, but it gives you an idea of some of the areas you should cover with each facility you tour. It is also important to select a living facility that is close to friends and family because having visitors is important to a resident’s well-being.

If you have questions regarding elder law matters, contact our knowledgeable attorneys for an initial consultation. The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Estate Planning

Should you Pre-Plan Your Funeral?

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Even if you are a planner in all areas of your life, you are probably like most people and you do not like to think about dying. However, by pre-planning your funeral, you can remove a significant burden from your family. Planning a funeral right after losing somebody is stressful and can feel overwhelming. If you have already made the decisions for your family, they not only avoid the burden, but they also have the peace of knowing the plans are what you wanted.

What should be included in your pre-planned funeral arrangements? There is flexibility in creating your plan so you can select where you want to be buried, songs you want to play at the ceremony, speakers, topics, poems or verses to be read, the time alloted, the type of celebration, or anything else that is important to you.

Should I pre-pay for my funeral? It is usually not recommended that you pre-pay for your services. If the funeral home should file bankruptcy or otherwise close its business, you may lose your money; or terms and conditions sometimes change, making it different than what was expected. It is much safer to create a trust account, designated bank account, specifically designated insurance policy or other similar way to set aside the funds to pay for your funeral expenses when the time comes.

It is worth mentioning that if you have created your estate plan, your documents probably include a provision for paying your final expenses, which include the cost of your burial. Even so, you should still leave instructions regarding the final disposition of your body. For example, you should specify whether you want to be buried or cremated, as well as whether you want to be an organ donor.

If you are interested in creating an estate plan or learning more about pre-planning your funeral, contact us to schedule your appointment. The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Estate Planning

The Importance of Medicaid Planning

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If you are thinking about your “golden years” and you are worried about ending up in a nursing home and how you will pay for it, it is time to begin Medicaid planning. We can help you create a strategy to protect your assets and to reduce the financial strain of nursing home care. Let us help you obtain the peace of mind knowing that your medical needs are going to be met without depleting your entire estate.

There are a variety of ways people pay for long-term care, including private funds, insurance, veteran’s benefits, Medicaid and Medicare. Individuals can benefit from being qualified for Medicaid because it pays all the expenses associated with qualified nursing homes, assisted living and other long-term care facilities. However, to qualify for Medicaid, you must meet strict requirements, including diminishing most of your financial assets. Because Medicaid pays less than private care, the quality of care may differ for you as an individual. You should carefully consider whether Medicaid eligibility is critical for your estate.

With careful planning, we can legally restructure your assets so you are eligible for Medicaid benefits. Some of the strategies we use include:

  • Gifting assets and money to loved ones (be careful of this. Done improperly, you could deplete your assets and be ineligible for Medicaid!)
  • Transferring property to an irrevocable trust
  • Creating a special needs trust for the benefit of a child with disabilities
  • Establishing a testamentary trust to provide for your surviving spouse
  • Buying annuities
  • Decreasing your wealth by paying your mortgage loan, repairing your home, buying a vehicle and prepaying funeral expenses

The most effective means for protecting your assets is to begin your Medicaid planning as soon as possible. Being proactive allows you to not only ensure you qualify for benefits, but also helps you protect your property and your loved ones. If you plan early, you can avoid Medicaid’s look-back period. It is legal to transfer property in order to qualify for Medicaid, but you want to accomplish this at least five years prior to applying for the benefits. Otherwise, you could incur costly penalties and jeopardize your eligibility.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Asset Protection, Estate Planning

Succession Planning & Your Family Business

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When you have a family business, it can be difficult to balance work and family. Keeping family issues separate from business matters can be tough. As a result, it is important to establish a strategy for transitioning the company to future generations.

It is common for the owner of a family business to want his or her children to manage and run the company once he or she is gone. Even if your children have the desire to take-over the business, it doesn’t mean they have the skill or ability to do so effectively. When you are creating a succession plan, you want to pick somebody that has a combination of skills such as management, marketing, accounting and several others.

If you have more than one child working in the family business, you should observe how he or she is able to handle the daily operations as well as the other demands of the business. This isn’t the time to be “fair” or politically correct. It is the time to choose the best leader for your company. You should also observe how the children work together. If they aren’t good partners with one another, transferring the family business to them will not be a blessing.

Most business owners want to protect all of their children involved in the family business, but also be fair to those children not in the business. One option for accomplishing this is to provide the other children with non-voting stock. This allows all of the children to own a stake in the business. You could also establish a board of directors consisting of all of your children so that they can give advice and guidance, but the decision-making authority rests with the child or other relative you appointed to run the business. There are really too many options to emphasize just one or two here. Each family and business has unique problems and concerns.

If you are a family business owner and you want to learn more about creating a succession plan or a comprehensive estate plan to protect your loved ones, contact us today to schedule an initial consultation.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Estate Planning

Estate Planning & How to Leave Your “Story”

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Most people think about estate planning as a way to distribute their assets, but it can be much more. It is also a way for you to pass on the “story” of your life and the meaning behind your possessions. Everything you own has a history behind it and it is important for your loved ones to know that history.

If you are a “collector,” it is likely that whatever items you collect each have stories. Whether it is pieces of art, classic cars, or figurines, every item means something to you. Was it something you bought while traveling? Does it remind you of a certain time in your life? These stories are worth passing on to your loved ones. All it takes is a little time and effort.

The easiest way to pass your stories to future generations is to not only tell them to your family members, but also to write them down. You can write a detailed letter to be kept with your estate planning documents. You can also take advantage of technology and create an audio CD or video for your loved ones. Additionally, there are certain websites created to guide you in taking inventory of your assets and leave notes or stories regarding each of them.

If your family members understand the sentimental value of your possessions, they will be much more valuable to them. Providing the history and meaning behind your assets gives your family and friends something they can truly treasure.

If you are interested in creating or updating an estate plan, we can help you not only ensure that your loved ones are protected, but that they understand the sentiment behind your possessions as well.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Estate Planning

Elder Law & the Unique Legal Issues of Seniors

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Many people understand that “elder law” refers to helping older adults, but most people don’t really know the specific areas where an elder law attorney can help. There is a wide range of areas where we can provide legal guidance ranging from ways to protect your assets, to protect your loved ones, and to protect your personal health and care. Below are a few examples of elder law services our lawyers provide:

  • Powers of attorney. Having a power of attorney means that you have appointed a trusted individual to supervise and manage your personal affairs should you become unable to do so for yourself. The power of attorney can be granted the authority to make financial decisions for you. Without a power of attorney, your loved ones may be forced to go through the costly and time-consuming process of having a guardian appointed by the court.
  • Living will. A living will or advance healthcare directive allows you to appoint somebody to make medical decisions on your behalf if you are incapacitated. Your living will may set forth your wishes regarding what types of medical treatment you want (including life-sustaining care), organ donation and other important decisions. This is a very important document because it removes the burden of making extremely difficult decisions from your loved ones if a medical crisis occurs.
  • Medicaid planning. Senior citizens have unique needs when it comes to planning for long-term healthcare. We can assist you with achieving Medicaid eligibility, which often includes advance planning and the creation of wills, trusts, and other important legal documents. We focus on reducing the costs of nursing home or other extended care and preserving your assets for your loved ones.
  • Guardianships. We can help you appoint a guardian to care for you if become incapable of making your own decisions due to advanced age or illness. Guardians can be granted the authority to make personal, financial and medical decisions on behalf of the incapacitated person.
  • Conservatorship or Trust. We counsel clients on the wisdom of relying on a court-appointed conservator, or creating a trust to manage financial affairs in the event of incapacity.

Let us help you enjoy your retirement years without worrying about your finances and medical care. The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Estate Planning

Are there Different Types of Wills?

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When you create an estate plan, your will or trust is the document that sets forth how you want your estate distributed to your family, friends and other loved ones. A will or trust can be very specific and detail itemized assets that should pass to specific beneficiaries, or you can even exclude a certain relative from inheriting anything from you. Your will can also appoint a guardian for your minor children if you should become incapacitated or die.

There are several different kinds of wills, including:

  • Joint wills. When two people, usually a married couple, make a will together it is called a “joint will.” In a joint will, when one person passes away, the estate passes on to the other person. The surviving party is not allowed to alter the terms of a joint will once the first individual has died. It is rare that we recommend use of a joint will.
  • Mutual wills. A mutual will is one that has identical and reciprocal provisions as another separate will, but neither party is bound by the terms of a mutual will unless there is an agreement to do so.
  • Holographic wills. A handwritten will is referred to as a “holographic will.” Typically, this type of will is not witnessed and it must comply with certain statutory requirements before it can be deemed valid. For example, a holographic will must be in the testator’s own handwriting, and must be signed and dated at the end of the document.
  • Pour-over wills. When you create a trust, a pour-over will is used to transfer any omitted assets into the trust upon your death. This is typically an effective way to either avoid the need for a probate or to limit the scope of any probate.
  • Living wills. A living will is not a Will to dispose of property. It is also called an “advance directive.” This document allows you to state your wishes regarding the medical care you want or do not want in the event you are faced with a serious accident or illness (in other words your end of life care). Having a living will allows you to provide physicians and other healthcare providers with instructions regarding your treatment if you are in a coma, have an illness that will cause death, or you are otherwise unable to express your wishes.

If you are interested in drafting a will or other estate planning documents, contact us for the advice and guidance you need. The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Estate Planning

Recently Divorced? Time to Update Your Estate Plan

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When you create an estate plan, it is important that you do not file it away and forget it. If your life undergoes a significant change, it is important to update your estate plan to reflect those changes. Some of the common life changes that warrant updating your estate plan are marriage, death, birth and divorce. Many people don’t think about updating their estate planning documents during the divorce process, which can lead to unintended consequences.

When you file for divorce, you should contact us to update your will, trust, power of attorney or healthcare directive. Below are a few factors to consider:

  • Inheritance planning.  Your estate planning documents probably direct that all of your property and assets should be distributed to your former spouse upon your death. While the divorce is pending and after your divorce is finalized, you will likely want to name other beneficiaries in your will or trust.
  • Incapacity planning.  If you named your ex-spouse as your healthcare proxy or as the power of attorney over your finances, you should consider whether you should appoint somebody else to look after you or your money if you should become incapacitated.
  • Account beneficiaries. If you have accounts, policies, or other types of assets that allow you to designate beneficiaries, you should consider updating them during and after your divorce. This includes life insurance, pay-on-death bank accounts, IRA’s and retirement accounts.

If you are facing divorce or you have been divorced for a while and you need to update your estate plan, we are ready to help you.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.