Redkey Gordon P.C.

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Do I Really Need Estate Planning? YES! Stop Avoiding This Important Part of Life

Have you thought about dying lately? Most of us don't. Make sure you do some estate planning today before things get complicated.

End-of-life planning is not a fun topic to think about. Nobody wants to think about passing away, but is that going to change the inevitable? Not a chance.

A recent article in The Huffington Post, titled “Why We Avoid Estate Planning,”gives us reasons most of us avoid estate planning:

I just don't have the time. This is kind of a lame excuse … everybody’s busy. However, there are some things that are so important you have to take the time to get them done—like estate planning. At the head of this important task are naming your beneficiaries and an executor.

I don't want to think about dying. Who does? The original article says this is one of the most common reasons people don't create an estate plan with an estate planning attorney. Do this right now while you’re healthy. Think about who will get custody of your minor children, who gets your money, and your funeral arrangements. Some of us don’t like flossing or balancing our checkbook, but it’s the smart thing to do and saves us, let alone our families, avoidable headaches in the future.

I don't understand it. Ok, that sounds like a good reason. But this is no reason to neglect your estate planning. An attorney can examine your estate and educate you on your options. Ok, you may not need a complicated trust, but you certainly should have a will. Do not forget your legal planning for incapacity, too. What if you become incapacitated from an accident, who will pay your bills and make key decisions regarding life support? This really should be simple enough to answer with the help of an attorney.

I don't really have much of an estate. It may not be just about money. Your estate planning attorney can help you with all of the issues. Without a will or a named beneficiary, the probate process can be a nightmare for your survivors.

Make sure you do your estate planning today! Contact Robert A. Gordon or Redkey Gordon Law Corp, an experienced estate planning attorney.

Reference: Huffington Post (February 27, 2015) “Why We Avoid Estate Planning”

Guardianship Lessons for the Elderly

Although many people feel frustrated by elder guardianship systems designed to protect adults no longer able to fend for themselves, what’s even sadder are the many instances where it turns out that the elder guardianship system is doing its job properly –and strangers have no choice except to step in and make decisions that families and friends simply cannot.

Elder guardianship can be complicated. Many question if our elderly loved ones are getting the proper care they deserve in those situations.

The (Sarasota, FL) Herald-Tribune, in a recent article titled “The takeaway lesson on elder guardianship,”says that one woman contacted the newspaper writer from an assisted-living facility, saying she had been incarcerated against her will. She moved to be closer to her son, but her daughter in Arizona had her under guardianship, which permitted limited contact with her son.

After the journalist spoke with both of them and read the court filings, it appeared the woman didn’t need to be locked away. She might be better off moving in with her local son and his family, who were willing to care for her. However, later it was revealed that this son was convicted of securities fraud.

Unique issues in a family can create wrinkles that are unforeseen.

Many efforts around the country are concentrated on legislative efforts to improve elder guardianship, and to ensure the process is implemented only in cases where other attempts to help have not succeeded.

It’s best to start early. Make legal plans now, so there will be no drama should you need help mentally or physically in the future. Who do you trust to take care of such matters for you?

Contact Robert A. Gordon of Redkey Gordon Law Corp, an experienced elder law attorney to help you. He understands these issues and can work with you and your family to find the best resolution.

Reference: The (Sarasota, FL) Herald-Tribune (February 27, 2015) “The takeaway lesson on elder guardianship”

Get These Documents in Order before Dementia Strikes

Accounting for the possibility of your own and your loved one’s eventual mental incapacity is a key part of any estate plan. If your loved one appears to be showing signs of diminishing mental acuity, ask if he or she has the proper documents in place. If so, find out who his or her agent(s) are so that you can alert them.

What if you or a loved one develops dementia? If you didn’t have the mental capacity to take care of yourself or your finances at some point, what would happen? You need to be prepared.

A recent articlein Physician’s Monthly Digest, titled “Dealing With a Loved One’s Cognitive Decline Is Simpler with Right Legal Documents in Place,”says that a healthcare proxy and a durable power of attorney are key legal documents to have before there are any signs of mental incapacitation. The documents allow you to designate another person to make medical and financial decisions on your behalf once you are unable to do so. This can be your spouse, an adult child, a friend, or a trusted adviser. Without a power of attorney, your spouse will need a court order to access any non-joint accounts that you have.

You should also draft a living will, or advance directive. That way your agent and your healthcare staff will have your instructions as to whether to administer life-sustaining medical treatment if you are in the late stages of dementia, terminally ill, or near death. The living will can take the burden off of your loved ones when it comes to making tough medical decisions like whether to keep you on life support or not.

You should also entrust someone else with the power to take control of your affairs with a healthcare proxy and power of attorney. These documents will only become effective when your medical staff decide you lack the wherewithal to make medical and financial decisions for yourself. The laws for these type of documents vary from state to state, so talk to an experienced elder law attorney about how it works where you live.

The original article also recommends that you make sure your loved ones not only know about these important documents, but also where you keep them. You should give copies of the executed documents to your appointed agents, and give copies of your healthcare proxy and living will to your healthcare providers. This simple step can help your doctors ensure that your wishes are respected.

Ensuring that you have the appropriate documents in place will give peace of mind to you and your loved ones. Contact Robert A. Gordon or Redkey Gordon Law Corp, an experienced elder law attorney. He can help you define your goals and can draft the documents accordingly.

Reference: Physician’s Monthly Digest (February 27, 2015) “Dealing With a Loved One’s Cognitive Decline Is Simpler with Right Legal Documents in Place”

Jon Bon Jovi Farms, so Why Can’t You? Get the 411 on Property Tax Breaks

People who own as little as three acres and engage in agricultural practices such as hay harvesting, bee keeping, chicken raising, and designating land for grazing animals may find themselves rewarded by localities with an enormous discount of up to 95% on property taxes. This tax break -- available in all states except Michigan -- has made for some surprising members of the nation’s farming community. Consider Malcolm S. Forbes Jr., Jon Bon Jovi, and former New Jersey Gov. Christie Whitman, among many other famous business folk, celebrities, and politicians with a sideline in farming.

While most tax breaks for landowners occur in a single year, according to a recent Barron’s article, property-tax discounts awarded for agricultural activities are “reaped” annually, just like soy beans, corn, and alfalfa. Barron’s talks about these land tax breaks and more in an article titled “A Harvest of Land-Related Tax Breaks.”

Taxpayers using their land to grow timber can find benefits beyond the property-tax break:  Timberland is great for wealth preservation. Even when land values or the demand for timber tails off, the trees on your farm continue to grow. Experts say that timber growth can provide an annual return of roughly 2% to 6% a year, and once you sell your timber, your profits are taxed as capital-gains, instead of higher income tax rates. It’s only when you manufacture products like pulp or poles from your timber crop that income tax will apply.

Consider a conservation easement as another vehicle from which to generate a substantial income tax deduction. How does this work? A conservation easement is a portion of land earmarked as off-limits to development, so you would see an income tax deduction equal to the value of the land assigned to the easement when it was created. The estate planning benefits are also worth noting: this easement depresses the value of the property, so when it’s subject to estate taxes in the future, this will be at a lower value. The property’s value will also be reduced when you sell. Be sure to consult with an experienced estate planning attorney about these scenarios.

If you plan on passing your land to future generations, you might be able to discount the value of your property for gift and estate tax calculations, but you need to start the property transfer process during your lifetime. Again, your attorney can help you. Make an appointment now to buy the farm before you “buy the farm.” Contact Robert A. Gordon of Redkey Gordon Law Corp, an experience estate planning attorney for further assistance.

Reference: Barron's (February 28, 2015) “A Harvest of Land-Related Tax Breaks”

A Father’s Wish for a Proper Military Burial Is Finally Granted, Thanks to Daughter

Until Feb. 20, when Missouri state authorities intervened to help Yvette James get control of her father's remains, James was stuck in a nightmare of red tape. All she wanted was to rightfully fulfill her father’s burial wishes, something she should have legally been allowed to do from the get-go.

It seems Yvette James was wrongly excluded from her father’s burial planning due, in large part, to her own military service. Even though she has the right to make those decisions under state law as the primary next of kin and only child, a funeral home allowed her cousin to make arrangements for the service and burial. This story was told in The Army Times, in an article titled “Soldier fights for right to bury her father.”

The cousin wanted to bury James’ father at a veterans’ cemetery in St. Louis. However, James wants to have her father cremated and buried at Arlington National Cemetery, as she plans to retire in Maryland. As James put it: "Arlington is the ultimate cemetery. My dad was so proud of his service. That's all he talked about. He did four years, and you'd think he did 30. He loved the Marines."

Until state authorities stepped in to help her get control of her father's remains, James was stuck in miles of red tape. The funeral home refused to speak with her, and she later discovered that a funeral was held for her father without her knowledge or input.

While this scenario may be unusual, disagreements concerning a loved one’s death, funerals, and burial arrangements are not. State laws in this area differ significantly. With service members often living far away from their parents, the military may need to give more legal assistance so families can deal with these kinds of issues, according to the original article.

After learning that a burial for her dad had already been arranged by James' cousin, the federal government immediately contacted the Veterans Affairs National Cemetery Administration and put a stop to the burial. It declared that James certainly had the legal right to decide how her father would be buried.

James told The Army Times that she took military leave to travel to St. Louis and settled matters with the burial. Investigators with the Missouri State Board of Embalmers and Funeral Directors called her and asked her to speak with them at the funeral home. She was then able to arrange for the transfer of her father's remains to another funeral home in preparation for interment at Arlington National Cemetery.

After all this, James admitted that she was "exhausted," but also relieved that finally she received proper recognition as her father's next-of-kin and could help him with his wishes for burial as a veteran.

If you are a veteran or the loved one of a veteran, then make sure you know where the DD 214 form is kept so funeral and other benefits can be arranged.

For more information about military burial rights, visit the U.S. Department of Veterans Affairs website. Also contact your local area experienced estate planning attorney, Robert A. Gordon of Redkey Gordon Law Corp for further assistance.

Reference: The Army Times (February 28, 2015) “Soldier fights for right to bury her father”