WHEN THE SUNSHINE FADES, WHO WILL REMAIN?

When you are healthy you feel invincible, independent and less likely to feel sympathy for those that are ill. When you are healthy you go about your daily life; you work out, see your friends and family, enjoy the beautiful weather and ultimately just live.  

However when you become ill, life stops and you begin to view life through a different lens. Everything and everyone continues to move around you at their regular pace, and you are left by yourself to deal with your own misery. You might have some friends and family 'check in' on you, but the reality is, you are left to deal with the pain and the slow process of getting better all by yourself. 

It is not that your friends and family don't care about you, it's just that as humans, it is hard to put your life on hold to care for another when you yourself are healthy and have things you wish to do. Caring for another is somewhat a subconscious inconvenience. 

What if it is not simply a common cold, but something more severe where you require assistance from others on a more permanent basis. For instance, you are incapable of 2 daily acts of living and require the help of a caregiver. Or worse, you have become mentally incompetent to care for yourself. 

Don't assume that your spouse, your parents, or siblings will fill this role of caretaker for you (although you hope they would)  The reality is, just because life has stopped for you because of your illness, if they are healthy and able bodied they still have their own life to live and worry about.

This is why it is so important to make sure you have your Advanced Directives in place while you are healthy and able to make the decision for yourself. That includes your Durable Power of Attorney, Healthcare Surrogate and Living Will. You can even go so far as taking the burden away from your loved ones, by having a Long Term Care Insurance policy.

“Love me when I am healthy, but love me more when I am ill. Those that remain when the sunshine fades are the ones I want in my world”

Durable Power of Attorney: Name someone to manage your financial affairs either immediately or in the future should you become unable to do so yourself. 

Healthcare Surrogate: Name someone to act on your behalf if you become unable to make medical decisions for yourself.

Living Will: Document that will state how and if you want to prolong your life if you fall into a vegetative state

Long Term Care Insurance: Long-term care is care that you need if you can no longer perform everyday tasks (activities of daily living) by yourself due to chronic illness, injury or the aging process.  Long-term care is not only for the elderly. A large percentage of people receiving long-term care are under the age of 65.

“Caring for another is somewhat a subconscious inconvenience ”

You need to have an open discussion with whomever you wish to fill those roles and make sure they want to take on that responsibility for you. 

If you live in Miami-Dade, Broward, or Palm Beach contact an experienced estate-planning attorney at The Hershey Law Firm, in Fort Lauderdale, Florida, at (954) 303-9468 to discuss your estate planning needs.

REMEMBER: You can’t predict the future, but you can plan for it.
 

I WISH I COULD RECORD MY DREAMS AND WATCH THEM LATER

Do you ever wake up in the morning and you can vividly remember the details of a crazy dream you just woke up from? Then you get out of bed, start your day, drive to work, and make a few phone calls. By the time you get to work and want to tell your best friend about your dream, you realize you can't remember what the dream was even about. 

The dream obviously had some meaning to you, but without it being written down, it just slipped through your fingers and *poof* no longer exists.

“You may not be able to record your dreams and watch them later, but you can record your wishes and your loved ones can watch them fall into place when you are gone.”

 

People always say that they are 'thinking' about the perfect estate plan. They have it written in their head but it's not quit ready to be written down on paper.  They feel that once they have  come up with the perfect plan, they will write it down. Until then, ehh, it can wait for a rainy day.

Don't delay- start today. You may have forgotten what you want to happen.

What should an estate plan consist of in South Florida?

Last Will & Testament: State your final wishes regarding who will receive or who will not receive from your estate, name guardians for your minor children, state directions regarding organ donation and burial.

Revocable Trust (Living Trust): In depth document that will state your final wishes. You are able to place stipulations and retain control of your assets during your lifetime. 

Durable Power of Attorney: Name someone to manage your financial affairs either immediately or in the future should you become unable to do so yourself. 

Healthcare Surrogate: Name someone to act on your behalf if you become unable to make medical decisions for yourself.

Living Will: Document that will state how and if you want to prolong your life if you fall into a vegetative state

REMEMBER:  Your estate plan will never be perfect. Stop using the excuse that you will start planning once you know exactly how you want it written. There are so many moving parts in your life, that your estate plan will be consistently changing.

However, if nothing is written down, your wishes will not be known to your loved ones.

You may not be able to record your dreams and watch them later, but you can record your wishes and your loved ones can watch them fall into place when you are gone.  

If you live in Miami-Dade, Broward, or Palm Beach counties it is time to start discussing with loved ones their estate planning needs. You can’t predict the future, but you can plan for it.

Contact an experienced estate-planning attorney at The Hershey Law Firm, in Plantation, Florida, at (954) 303-9468 to discuss your estate planning needs.

Schools Out For Summer

Schools Out For Summer. If you are able to say that without singing Alice Cooper's version, you are a better man than I.

It is the three (3) months of the year that college kids get into a little (or a lot) of trouble. No real responsibilities, young summer love, and lots of traveling.

Since you can't stop your 'children' from making bad decisions, make sure they are prepared in case they do.

If you have 'children' between the ages of 18 and 24 make sure they have a Durable Power of Attorney, Healthcare Surrogate and Living Will prepared in case of an emergency. Without these documents, parents and loved ones are helpless.

Durable Power of Attorney:

Name someone to manage your financial affairs either immediately or in the future should you lack the capacity to do so yourself.

Healthcare Surrogate:

Name someone to make medical decisions on your behalf if you are unable to make them yourself.

“Since you can’t stop your ‘children’ from making bad decisions, make sure they are prepared in case they do.”

Living Will:

Document that will state how and if you want to prolong your life if you fall into a vegetative state. 

If you live in Miami-Dade, Broward, or Palm Beach contact an experienced estate-planning attorney at The Hershey Law Firm, in Fort Lauderdale, Florida, at (954) 303-9468 to discuss your estate planning needs. You can’t predict the future, but you can plan for it.

Dealing with Alzheimer’s and Dementia: The Need for Pre-Planning

One of the hardest things to deal with is seeing your parents’ and spouse’s mental capabilities deteriorate due to Alzheimer’s and Dementia.

As a caregiver for your parent or spouse, how do you tell your parent or spouse that they aren’t allowed to drive anymore? Or that they can’t leave the house without you because you are afraid they might wander off? At what point do you realize that things have gotten so bad that you need to declare the person legally incompetent?

Often time caregivers are not sure whether or not their loved one is dealing with Alzheimer’s and Dementia and have a difficult time taking away freedoms that many of us take for granted, in order to keep that person safe. There are signs you should look for as the disease progresses.

“There are documents that can prevent the need for a formal guardianship to be opened as well as taking the financial burden off family members acting as caregivers.”

Signs and Symptoms of Alzheimer’s and Dementia

If your loved one has one or more of the symptoms listed below, it doesn’t necessarily mean that they have Alzheimer’s or Dementia. There are seven (7) stages, from no impairment during the first stage to very severe decline in the final one. If you notice they are suffering from a large number of symptoms over a long period of time and the problem appears to be getting worse, their chances of having the disease increases.

Memory Loss

·      Do they ask the same question over and over? (especially recent information)

·      In the advanced stage of the disease they may forget important events and dates in their life completely.

Inappropriate Behavior

·      Regular behavior may ignore social norms

·      (i.e. bathing regularly, wearing clothes when going outside, or speaking politely around others)

Time and Place Confusion

·      They may have trouble remembering where they are, how they got there, and what’s happening to them.

Difficulty in Following Directions and Solving Problems

·      Getting lost when traveling to familiar places

·      Have trouble keeping track of their bills each month

·      Have trouble remembering recipes that they used to use a lot.

What should you include in your estate-planning portfolio to help protect your loved ones before it is too late? There are documents that can prevent the need for a formal guardianship to be opened as well as taking the financial burden off family members acting as caregivers.

Long Term Care Insurance

This is care that you need if you can no longer perform everyday tasks (of daily living) by yourself due to chronic illness. 

Disability Insurance

Provides for periodic payments of benefits when a disabled insured is unable to  work.

Durable Power of Attorney

State who will be in charge of financial decisions on your behalf 

Healthcare Surrogate

State who will be in charge of healthcare decisions on your behalf.

If you live in Miami-Dade, Broward, or Palm Beach counties it is time to start preparing your estate-planning portfolio. Make sure both you and your family are taken care of in the future. You can’t predict the future, but you can plan for it.

Contact an experienced estate-planning attorney at The Hershey Law Firm, in Fort Lauderdale, Florida, at (954) 303-9468 to discuss your estate planning needs.

Changing Roles of Parents and Children- Planning for Incapacity of Parents

As a child, you see your parents as superheroes. They are the most amazing people you will ever meet. They take care of you when you are sick, pack your lunch (sometimes not the best meal), or act as your personal chauffer from one after school activity to the next.

In a blink of an eye, you are an adult, acting as a superhero for your own children. You begin to realize that your parents, who did everything for you, now require your help. They might forget to pay their bills or may make decisions where you ask yourself, “Why in the world did they agree to that?” Roles have been reversed and you are now parenting your parents. 

When a parent is unable to make his or her own decisions (even if they aren’t deemed incapacitated), a power of attorney is necessary.

In Florida, a power of attorney is used by Florida estate planning attorneys to help their clients plan for incapacity. A power of attorney allows you to name the person who can act on your behalf so that the court does not have to.  The person who signs the power of attorney is the “principal”. The person authorized to act on behalf of the principal is known as the “agent”. Without proper planning, if actions need to be taken by a person who has lost mental capacity, there is a court procedure called a “guardianship”.  Guardianship proceedings require an attorney to represent you in court. In Florida, a guardianship can be financially costly and emotionally draining.

Preparing a power of attorney in Florida will allow you to name the person who can act on your behalf so that the court does not have to make that decision.  A power of attorney can save you thousands of dollars by avoiding guardianship proceedings.

“When a parent is unable to make his or her own decisions (even if they aren’t deemed incapacitated), a power of attorney is necessary.”

There are a number of power of attorney options available in Florida.

General Power of Attorney:  Given for all purposes and not limited in scope. The agent under a general power of attorney can take any act that the principal could take.

Specific Power of Attorney:  Granted for a specific purpose. For example, the principal might authorize the agent to buy/sell real estate.

Durable Power of Attorney:  Contains specific language stating that the agent’s ability to act on behalf of the principal is not affected by the principal’s subsequent incapacity.

Health Care Power of Attorney (Health Care Surrogate):  Allows someone to make end-of-life or other medical decisions on behalf of the principal.

Well planned estate planning includes a power of attorney. If you live in Miami-Dade, Broward, or Palm Beach counties and have elder parents, you may want to discuss preparing a power of attorney. You can’t predict the future, but you can plan for it.

Contact an experienced estate planning attorney at The Hershey Law Firm, in Fort Lauderdale, Florida, at (954) 303-9468 to discuss your estate planning needs.

Women Don’t Understand the Need and Importance of Estate Planning

Women today are not only in charge of running the household, but a majority of them are highly educated with masters and doctorate degrees. Some own their own businesses and others manage and oversee businesses of others. However, women still fall victim to thinking their husbands will take care of financial and estate planning needs for the household. Usually, that’s not the case.

Potential concerns for a Fort Lauderdale, Florida married woman in her late 30’s:

Rachel, a married woman has 1 young child from her first marriage and 2 young children from her second marriage. She owns 50% of a local South Florida business recently appraised for several million dollars. Rachel is concerned about disputes with her business partner. To top it all, she is in the process of a divorce with her second husband.

At this time, Rachel has no will or trust in place. She is a woman, getting divorced, with children different marriages, a multi-million dollar business, an estate possibly  subject to estate taxation, and problems with a business partner. The urgency and need to consult with an estate planning/asset protection attorney is huge. She needs to start planning now to avoid losing all that she has worked for!

Consequences for Rachel not having a will or trust in place:

Under Florida law of intestacy (meaning no estate planning in place), Rachel’s ownership interest in the business would be divided as follows: ½ to her ex- husband and ½ divided equally among her 3 children. All other assets (besides business ownership) would be divided the same way.

Without a will or trust, the assets her minor children would inherit will be subject to court supervised guardianship. This includes additional expenses that would not be applied if proper estate planning were in place. There will be fees for the guardian, attorney for the guardian, and the court will have to approve all expenditures. Worst of all, all assets inherited by each child will be turned over to the child at age 18 to do with whatever they please. 

With proper planning, assets for minors can be placed in a trust and you can direct (from the grave), how and when the child will receive their assets. For example, you may want to give ¼ of the assets to the child when they enter college, give another ¼ to the child when they graduate, then give the remaining ½ when they turn 25 or 30 years of age. You hope that at that time they will be responsible with their inheritance.

With respect to Rachel, her children and ex-husband would become partners in the business. The court appointed guardian would become a new partner in the business with respect to her minor children’s interest.

“Without a will or trust, the assets her minor children would inherit will be subject to court supervised guardianship.”

Rachel currently has a life insurance policy. Life insurance is an extremely useful tool in estate planning to help properly provide for your children’s needs you’re your death. Rachel would have to make sure that it was payable upon her to death to her children and not to her ex-husband. If the beneficiary information is not updated and changed, an ex-spouse can receive a nice chunk of change upon your passing.  Pretty sure no one would want that to happen!

Furthermore, Rachel has no planning in place in case she was unable to make financial or medical decisions for herself.  If she were to get into an accident, and was unable to make an emergency medical decision, and she had a health care surrogate drafted, that person could act on her behalf for medical decisions. If,by chance, she falls into a vegetative state and does not wish for her life to be prolonged, she would need to prepare a living will that clearly outlines her final wishes.

Rachel’s action plan to prepare her estate accordingly:

(1) Review all of her beneficiary designations and change them to someone other then her ex-husband.

(2) Prepare a will that will identify who she wants to care for her minor children

(3) Look over her life insurance policy and meet with a representative to see if she has enough coverage to care for her children.

(4) Prepare a trust so her assets can avoid probate.

(5) Prepare a living will, healthcare surrogate, durable power of attorney

(6) Make sure she has a buy-sell agreement with her business partner

(7) Make sure she has a business continuity plan to provide for continuation of the business in the event of her death or disability

Contact an experienced estate planning/asset protection attorney at The Hershey Law Firm, in Fort Lauderdale, Florida, at (954) 303-9468 to discuss your estate planning needs.