10 Estate Planning Questions to Ask Yourself

We are all busy, right? We have things to do, places to visit, and people to see. So, it is understandable why people do not often think about what would happen in an emergency, where something happens and you can no longer do things you want, visit the places you plan, and see the people you want.

While a proper estate plan cannot avoid these issues, it can leave you better equipped to address these situations when they arise.

Here are 10 estate planning questions to get you started. How many of these questions can you answer, "Yes" to?

1.    Have you appointed a trusted financial decision-maker for financial decisions during your life?

2.    Have you appointed someone who knows your health care wishes if you cannot communicate them?

3.    Have you shared your health care desires with your health care decision-maker?

4.    Do your beneficiary designated-assets, reflect your current wishes?

5.    Would someone know how to access your online accounts if they need to access them?

6.    If you wish to avoid the probate process, does your current plan accomplish this?

7.    Have I planned for a potential stay in a nursing home?

8.    Have you shared your wishes with your family, so your desires will be followed upon your death?

9.    Will your medical records be accessible to your family if they need to view them?

10. Does your current plan reflect your current wishes?

Proper consideration of these factors now can avoid needless time, effort, and headaches, for your loved ones.

Take the first step now and talk with an estate planning attorney today about putting in place a plan, so you can answer "Yes" to all ten questions!

Timing is Everything in Legal Life Planning!

With Christmas fast approaching and the New Year practically upon us, discussions of goals and resolutions for the upcoming year frequently come up.  Invariably, when legal life planning is discussed, many times a "We'll do that next year" approach is adopted.

The legal life planning process, though, can only fully use all available tools if sufficient time exists.  Adequate preparation can mean the difference between having options and protecting your assets versus facing additional expenses and headaches down the road.

One of the best ways to plan ahead is to formally nominate someone to make health care and financial decisions for you when you are unable to communicate those desires.  Failing to execute Health Care and Financial Power of Attorney documents can result in your loved ones being forced to go to court, spending time and oftentimes thousands of dollars, to gain such authority.

Planning ahead about how best to pass your assets can also help ensure a smooth process for your chosen beneficiaries, while minimizing administrative costs.  Wills and other non-probate tools, like a payable-on-death (POD) designation or a life estate deed are often used, but other legal options, like a revocable trust, may deserve consideration too.

When attempting to protect assets from a future need for a nursing home stay and qualify for the government program that pays for such care ("Medicaid"), planning ahead is especially critical.

If you have gifted or sold any assets for less than fair market value within 5 years of trying to qualify, the Medicaid system requires the difference to be repaid before you qualify (the "5-year look back period").  Putting in place legal tools now to safeguard those assets before a need for nursing home care arises can avoid this issue.

Timing is everything in legal life planning!  Protections to put in place now to protect yourself and your loved ones will be discussed at our first seminar of the new year on Saturday, January 14^th at 10:30 a.m.  This seminar will be held at the Weyers-Hilliard Library in Green Bay.  More details can be found here:  http://www.theestateplanninggroup.com/event/life-and-legacy-planning-weyers-hilliard/

From all of us at Davidson Law Office and The Estate Planning Group, we wish you a Merry Christmas and a safe and happy New Year!

Who do we give the Packer Season Tickets to?

Green Bay Packers Season Tickets. As of the writing of this article, the current wait list is around 120,000 people. So, it is easily understandable why families with tickets want to pass them on to loved ones.

But for some, the answer to who to give the tickets to is a challenging decision. We recently had someone come to see us who was really struggling over who to give his tickets to because he did not want to appear to favor any of his children. Thankfully though, he is making this difficult decision now.

All too often, inadequate instructions can cause conflict among family members and yes, sometimes even lawsuits (See Milwaukee Journal Sentinel Article, "Brother sues brother over Packer Tickets.").
While these are hard decisions, understanding the rules can streamline the process.

Green Bay Packer Ticket Policy requires that the owner of every season ticket be either an individual or a business (no co-ownership allowed). This bears noting because if you have multiple beneficiaries, they may not agree on a single individual owner and in the absence of agreement, no transfer occurs.

Without any direction from a season ticket holder, upon their passing, season tickets will likely first go to a surviving spouse, and if no spouse, then to surviving children. Remember, if the surviving children, cannot agree on a single child owning the tickets, no transfer takes place.

If you have put in place a will or a trust, you can specify who you desire to take ownership of the Packer tickets. Importantly, your will or trust can also list alternate beneficiaries, if your first choice, passes away before you.

In endeavoring to assist individuals, the Packers organization has also put together a Season Ticket Transfer Form to memorialize your desires and pass your tickets to your chosen beneficiary.

For more tips and suggestions on ensuring all of your assets, including your Packer tickets, pass smoothly to your chosen beneficiaries, come to our final seminar of 2016 at the Heart of the Valley Chamber of Commerce Building in downtown Kaukauna on Saturday, December 3^rd at 10:00 am. Refreshments will be provided. For information on how to sign-up, click here!

The Estate Planning Group, Appleton, Kaukauna, Kimberly and Green Bay Estate Planning Attorneys