Thomas Kinkade, the “Painter of Light,” is best known for his works of beautiful cottages, villages and churches – paintings of idyllic country life. In April of this year Kinkade died of an accidental overdose of alcohol and valium. The Kinkade estate battle that has transpired since then has not been beautiful country life. [Read more…]
Rock Star Jim Morrison’s Will Demonstrates an All-Too-Common Error
Many families have resolved to get an estate plan in place, or reviewing an older, existing one. This should be high on everyone’s list. Yet, many still won’t find time to get around to it this year. This year, how about a celebrity’s estate planning tragedy, that is all too common, to help encourage you…
Jim Morrison, the late lead singer of The Doors, died in 1971 at age 27. Before his death he had signed a simple, one-page Will that left everything to his girlfriend, Pamela Courson (or if she died before he did, to his brother and sister).As a result of the Will, Courson inherited his entire estate when he passed. Unfortunately, Courson, herself, died shortly afterward. Because Courson didn’t have a Will, most of Morrison’s fortune then went — by law — to Courson’s closest living relatives: her parents. [Read more…]
5 Tips For Mindful Charitable Giving During the Holidays
Believe it or not, the end of the year is upon us. Even though it always sneaks up on me, I never cease to be amazed by how the year flies!
This time of year gets many of us thinking about charitable giving. The holiday season inspires us to give, and the New Year gets us thinking about taxes. In future posts we will discuss some of the considerations of charitable giving and gifting, and how they may effect your estate planning.
Today, let’s think about deciding where to invest our charitable contribution when donating. The last few years, a light has been shone on charities and how they use their resources. Unfortunately, some charities have been shown to misuse funds, in some cases fraudulently, and in some cases simply inefficiently. [Read more…]
Some Seniors are Losing Their Homes Due to Unpaid Property Taxes
An 81-year-old woman in Rhode Island was evicted shortly before Christmas from the home she had lived in for more than 40 years – because she failed to pay a $474 sewer bill. A corporation then bought her house at a tax sale for $836.39…and later resold it for $85,000. While this is an extreme case, it’s a symptom of a growing trend. More and more seniors around the country are being forced to pay large, unnecessary fees – or even losing their homes – as a result of unpaid property taxes.
Because property taxes aren’t regular monthly expenses like utility or cable bills, they’re often among the first things that seniors overlook if they begin to have some difficulty managing their own affairs. And they’re frequently missed by children and caretakers as well. Also, many older people who have recently finished paying off a mortgage aren’t used to paying their property tax bills, because for decades they were paid directly by the lender. [Read more…]
Back-to-School Emergency Plan: Four Things You Need To Do Now as Part of Your Estate Plan
Contrary to popular belief, your school Emergency Contact Form will not keep your children from spending time in the hands of social services if something bad happens to you. The emergency form only gives named contacts permission to pick your child up if they are sick, not to take short-term custody of your children if one or both parents die or are incapacitated due to illness or an accident.
For this reason, I recommend creating a back to school emergency plan as your kids head back this fall, so there is no confusion or legal headaches should you find yourself in this situation. This plan, with the help of your estate planning attorney, can be created in four easy steps: [Read more…]
Is Your Loved One in Nursing Home or Long-Term Care for Alzheimer’s or Dementia? New Massachusetts Legislation Will Regulate Care
These days it can be difficult to meet someone whose life has not been touched by Alzheimer’s. Most people have seen a parent, grandparent, or perhaps an in-law suffer from this disease, and the havoc it can wreak on the family.
According to the Alzheimer’s Association, nearly 120,000 have Alzheimer’s in Massachusetts and that number will grow as baby boomers age. Nearly 50% of those aged 85 and older will develop Alzheimer’s, and of those aged 65, nearly 1 in 8 will develop the fatal disease.
Until very recently, there was even more for Massachusetts families to worry about. Before bill H 3947 was signed into law by Governor Patrick this week, nursing homes could advertise dementia or Alzheimer’s care without actually having any special accommodations for residents suffering from these conditions or any kind of special training for their staff. [Read more…]
Special Needs Trust Planning Vital to those with Special Needs Children
Many improvements have been made improving the quality of life for the 400,000 people living with Down syndrome in the United States. Life expectancy for people with Down syndrome has risen from age 25 in 1983 to age 60 presently. Similar improvements have also been made across the board for those living with special needs. With quality educational programs, a stimulating and supportive home environment, good health care, and positive support from friends and the community, people with Down syndrome can develop their full potential and lead fulfilling lives. However, the longer life expectancy has families dealing with issues they may not have had to deal with in the past. Considering a Special Needs Trust is a great way to overcome this obstacle. [Read more…]
Many Power of Attorney and Health Care Proxy Documents Should be Revised in Massachusetts
If you’ve had legal documents drafted in Massachusetts pertaining to your health, financial, and long-term care wishes, you should have them reviewed and revised now! Massachusetts laws relating to powers of attorney and health care proxies have recently changed. This along with federal medical privacy laws can affect your already-created documents.
The federal law, known as the Health Insurance Portability and Accountability Act (HIPAA), generally prevents health care providers from disclosing your personal medical information to anyone other than you and someone you’ve named as your “personal representative.” Frequently you will sign medical releases at your physician’s office allowing them to communicate with any specialists you are seeing, like a podiatrist or a cardiologist. Protecting your medical privacy is very important but the law can create some complications. [Read more…]
Estate Planning Lessons from Rachael Ray
I’d love to be able to tell you that I make it home in time to fix a delicious and nutritious home-cooked meal every weeknight. But, as I’m sure you know, until someone comes along to invent the 28-hour day, it doesn’t happen as often as I’d like. Fortunately, my husband is at least semi-skilled with a spatula and measuring cup.
Inspiration from the Food Network
Still, I do love the challenge of a new, never-been-tried recipe. Usually it’s something that friends or family have recommended or I’ve managed to catch a few minutes of on Food Network. Personally, I’m partial to Bobby Flay and Alton Brown, Rachael Ray‘s great when I don’t have a lot of time. Who’s your favorite? Let me know in the comments. [Read more…]
Whitney Houston’s Estate Plan: Good, But Not Great
Whitney Houston’s tragic death provides an example of how a trust that takes effect upon death can work as part of an estate plan. But Houston’s estate plan has some surprising aspects as well; there were pieces of her plan that could have, and likely should have, been better.
The late singer’s will leaves everything to her 19-year-old daughter, Bobbi Kristina, but Kristina can’t access her mother’s estimated $20 million fortune right away because it is in a trust. [Read more…]
