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How to Discuss Estate Planning Without Unnecessary Drama

Friday, September 11th, 2020

Littman Krooks Retirement PlanningFamilies can usually agree on the importance of creating a New York estate plan. However, as crucial as having a comprehensive estate plan is, recent studies show that only a small percentage of couples – most of them older – have current estate planning documents in place. When those who do not have an estate plan are asked why that is the case, the most common response is that they are avoiding having a difficult conversation with their loved ones. For parents, this concern is primarily centered around not wanting to cause problems between siblings.

The first step toward drama-free estate planning is understanding what causes drama between siblings in the first place. Of course, parents cannot necessarily resolve existing sibling rivalries or long-standing disagreements between siblings, which can make the process more challenging. In addition, the estate planning process itself can cause other types of issues to arise. For example, siblings who may not communicate that often may be skeptical of the others’ motives; they may disagree on who should pay for final arrangements, or how assets should be divided. Parents can take specific steps to make the estate planning process easier and reduce the chance of starting arguments between their children.

Create a Financial Overview

littman krooks elder lawWhile a comprehensive estate plan provides a detailed explanation of where a couple wants their assets to end up after they pass on, it does little to explain to children what those assets are and where they are located. A financial overview solves this problem by providing a list of all family assets and their location. For example, parents may have bank or investment accounts that at least one child is unaware of. If a child believes assets are only made known to certain siblings, it can start to build resentment, which may grow over time. By sharing a financial overview with all children, parents can reduce the perception of favoritism.

A proper financial overview should include the following information:

  • A list of all assets, liabilities and insurance policies, as well as how they are titled and any named beneficiaries.
  • Contact information for all financial, legal and insurance professionals.
  • Usernames and passwords for all financial and insurance websites.
  • A legacy letter outlining the non-financial assets, such as family heirlooms, that parents want to pass on to their children.

By creating a financial overview, parents can not only make the estate administration process easier for the executor but can also reduce the chances of starting family conflict. However, ongoing and open communication will also be essential.

Schedule a Family Meeting

After parents create an estate plan and a financial overview, the next step is to schedule a family meeting. Both parents, as well as all children who will be inheriting assets, should attend the meeting. While ideally, family members would meet in person, if children live across the country or a family is concerned about maintaining social distance, a family meeting could be held virtually.

Topics to cover at the family meeting include:

  • Discussing the basics of the estate plan;
  • Ensuring at least one person knows the location of the estate planning documents;
  • Explaining who will be the executor of the estate, as well as any other necessary parties, such as trustees;
  • Discussing the importance of transparency and openness during the estate administration process;
  • Outlining the parents’ plan for important non-financial items, such as family heirlooms; and
  • Discussing the importance of keeping things fair and using the process to bring the family together.

For many parents, the process of discussing their estate plans with their children is a topic to be avoided. However, these are crucial conversations that must take place to increase the likelihood of a smooth and drama-free estate administration process.

Speak With a New York Estate Planning Lawyer for Immediate Assistance

Creating an estate plan to address your family’s unique needs is crucial to securing your legacy and ensuring that future generations are cared for. At the New York estate planning law firm, Littman Krooks, LLP, we have over 30 years of experience helping families effectively plan for their financial future. We pride ourselves in providing an exceptional level of service to individuals of varying net worth, helping our clients ensure that future generations are well taken care of and reducing the tax burdens on their estates. To learn more about how our dedicated team of attorneys can assist your family with its unique needs, call 914-684-1200 to schedule a no-obligation consultation today.

 

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A Message to Our Clients and Our Littman Krooks Family

Friday, March 13th, 2020
Dear Client and Friends, 
At Littman Krooks, the health and safety of our clients and staff is our highest priority. We pride ourselves on exemplary and individualized services to our clients. We are writing to provide you with the steps that we are taking to protect you and our staff against the spread of the Coronavirus (COVID19). We understand the paramount importance of these tasks, as we serve many elderly clients and families with children with health concerns.
Steps We are Taking To Protect You and Our Staff:
  • We are maintaining social distancing, which means that we will not be shaking hands, hugging or touching anyone.
  • Hand sanitizer is available in our reception area and we are asking you to apply a generous amount to both of your hands upon entry to our office.
  • Staff know to wash their hands each time they enter our building before touching anything and frequently throughout the day.
  • We have remote access for employees who are ill or need to work from home.
  • If you or someone you have been in contact with is experiencing symptoms of coughing, high fever and/or shortness of breath, we ask that you not come to our office.
  • If you do not feel comfortable visiting our office in person, because you may be sick or for any other reason, please consider meeting with us virtually either via conference call or through FaceTime or similar service. Call our office at (914) 684-2100 to let us know that you would like to change your meeting to a virtual one. Our staff will be happy to assist.
Protect Yourself and Those Around You: We encourage all to follow basic hygiene measures that protect us from respiratory viruses. As the Center For Disease Control recommends, these actions include:
  • Washing your hands often and thoroughly with soap and water for at least 20 seconds. If soap and water are not available, use an alcohol-based sanitizer.
  • Avoiding touching your eyes, nose and mouth with unwashed hands.
  • Avoiding close contact with people who are sick.
  • Staying at home if you are feeling sick, especially if you have a fever, are coughing and/or have shortness of breath. If you have those symptoms, please seek medical care early.
  • Covering your mouth and nose with the inside of your elbow when you cough or sneeze and, if using a tissue, dispose of it immediately into a closed bin and clean your hands with alcohol-based sanitizer or soap and water.
  • Cleaning and disinfecting frequently touched objects and surfaces by using disinfectant spray or wipes.
Extra Protections for Those at Higher Risk: If you are at higher risk of getting very sick from COVID-19, meaning if you are older or have a health condition, you should:
  • Stock up on supplies.
  • Take everyday precautions to keep space between yourself and others.
  • When you go out in public, keep away from others who are sick, limit close contact and wash your hands often.
  • Avoid crowds as much as possible.
  • Avoid cruise travel and non-essential air travel.
  • During a COVID-19 outbreak in your community, stay home as much as possible to further reduce your risk of being exposed.
We thank you for your understanding and cooperation as we navigate this challenging time. We understand that the situation is evolving and we will continue to actively monitor it and take the necessary precautions. Our firm remains dedicated to providing our clients with the highest level of client service in every way possible
For additional information regarding the Coronavirus, here are resources from the CDC and the New York State Department of Health:

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Caregivers Need Care Too—How to Help, Effectively

Tuesday, September 24th, 2019

Littman Krooks Elder LawCaring for a loved one is a labor of love, very often with an emphasis on the work. Caregivers bear an incredible weight in making sure that their loved one is getting what they need while their own life is put on hold. Burnout is common. 

 

With good intentions and a little forethought though, a small amount of kindness to a caregiver can go a long way. The key to being an effective helper is to act with the caregiver in mind, to give them what they want, not what you think they need.

 

Get Personal

 

If you know the caregiver and have an idea of their situation and what they enjoy, you can focus on something from which you know they would benefit. For example, if they have always taken pride in their yard but have not been able to find time to take care of it as well as they usually do, ask if you can weed the garden or cut the grass (or hire someone who can). If they have a hobby, help them be able to do that activity by caring for their loved one or by performing other tasks. If you do not know the person well, you can ask someone who does what they would enjoy or offer something that is generally enjoyable or helpful. 

 

Be prepared for them to decline your offer caregivers may not want to burden anyone or feel awkward about accepting help. You may need to offer again later and remind them that you want to help.

 

You may need to be creative in how you facilitate giving them a hand. If they are anxious or unable, to leave the person they care for, then try to figure out how to accommodate that. Otherwise, your offer to help may cause more stress than good.

 

Show Up

 

Forget about asking the caregiver to let you know when/if they need anything. Chances are good that they will either never ask or have no clue how to respond to an open-ended request. Instead, make a specific offer and follow through. 

 

A small break from the endless responsibility of being a caregiver can be very refreshing. Take something off the caregiver’s plate. Pick up some groceries or an indulgent treat and drop it off to them. Sit and listen to them talk. Help with chores. Watch a movie together. There is no need to spend money or obsess over what to do. Simple, thoughtful gestures are often enough and very much appreciated.

 

Learn more about our elder law  estate planning or Medicaid Planning services. Contact us with additional questions.  

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It’s Time to Protect Your Family and Your Future: April is National Financial Literacy Month

Monday, April 1st, 2019

Estate planning is a financial process that can protect you and your family, and is a very important component of your overall financial planning. April is National Financial Literacy Month to put your estate planning house in order. If you don’t have an up-to-date estate plan and you happen to get hurt or sick and cannot manage your financial affairs, the courts will have to appoint someone to manage them for you. The person they appoint might not be the one you would want to perform those tasks.

Without an estate plan when you pass away, your affairs will be settled by default through a complex legal system called “probate.” The handling of your financial affairs can turn into a costly and frustrating ordeal for your family and heirs.

The crafting of a good estate plan starts with planning, followed by the proper drafting and signing of appropriate legal documents such as wills, trusts, buy-sell agreements, durable powers of attorney for asset management, and an advanced health-care directive or health-care power of attorney. Having these documents in place saves you and your family a lot of money and time at a very difficult and emotional time.

Your estate planning should also address the coordination of the way you hold title to your various assets, your beneficiary selections, and the possible transfer of certain assets while you are alive.

Regardless of the extent of your net worth, estate planning is important for everyone. Complex strategies may be used by wealthy people to reduce death taxes and costs. Others may only require a simple will and/or trust to pass on property to their heirs and provide for minor children.

Even if a simple will is all you require, an estate plan is an essential part of your financial planning. Everybody will need it someday. The time to address or update your estate plan is now.

CHECKLIST — SIX STEPS TOWARD SUCCESSFUL ESTATE PLANNING

1. DEFINE YOUR GOALS: What do you want to happen to your assets in the event of your death or disability? If your beneficiaries predecease you, who are your alternate selections? How will your assets be distributed, and when will these distributions take place?

Decisions on distribution of your estate assets should take into account the size of the estate, the ages and abilities of your children, and your personal desires. For example, a distribution to children over time might consist of 10 percent of the estate at age 18, 25 percent at age 21, 50 percent at age 24 or upon completion of college, and the balance at age 30.

Choose your appointees for important roles: Who will be your executor and, if applicable, trustee and/or guardians? It is advisable to list at least a first and second alternate for each appointment in case your first choice is unwilling or unable to serve.

If you have children who are minors, the appointment of a guardian is probably the most important decision you’ll make. With the court’s approval, this person, or persons, will raise your children. Consider appointing a family member and spouse, or another close couple who’ll care for your children the way you would want.

You may want to consider listing multiple executors, trustees and guardians to serve together in handling the details of your estate. This can provide a check-and-balance system for the appointees and help them avoid oversights or misappropriations. Consider appointing family members, friends, professionals, advisers and/or trust companies for this position.

There is some risk here: If these people disagree and have problems, they can each be represented in court by counsel paid for by your estate, so be very careful in making your selections.

Living trusts have become popular because less administration is required in comparison with a will. Be aware that having a living trust does not eliminate the need for a will and administration at either the first or second spouse’s death.

To get the benefits of the trust, certain details must be attended to, and this is the job of your appointees. For example, leaving a trust for the surviving spouse requires that the trust be funded properly and in a timely manner at the first death, or major tax benefits can be lost.

Is estate privacy an issue for you? Do you want your estate to be public record upon your death? Do you have any special gifts you want made to charity? Do you want an elderly parent or friend to be financially cared for? All of these circumstances should be noted in your plan.

2. GATHER & ORGANIZE YOUR DATA: There are three basic tasks to be accomplished:

  • Review and update your financial position.
  • Review how you hold title to your assets. Is it consistent with your estate plan?
  • Review your beneficiary selections. Are they aligned with your estate plans?

Did you know that how you hold title to assets has a higher legal priority than your will? For example, if you and your best friend held title to an investment club account as joint tenants and you died, the property would revert to your friend even though you had willed your interest to your spouse.

3. ANALYZE YOUR SITUATION: Start by determining your current net worth, assuming your death occurred today. This can be done by totaling your current assets and liabilities, and adding the value of any life insurance.

Try sketching a picture or flow chart of your existing estate plan. Review your appointees:

  • Executor
  • Guardian of the Person/of the Property
  • Trustee
  • Power of Attorney – Property Management
  • Advanced Health-Care Directive or Health-Care Power of Attorney

 

Check with your financial advisors for updated information.

4. DEVELOP YOUR STRATEGIES: With the assistance of your estate planning advisor(s), identify the legal documents that need drafting or make any necessary adjustments to existing documents. Determine any other actions that must be taken for your wishes to be carried out.

5. IMPLEMENT YOUR PLAN: Do what needs to be done — i.e., create new wills, trusts and powers of attorney, adjust title to your properties, change alternate beneficiaries of retirement plans and life insurance policies to trusts.

6. TRACK & MONITOR YOUR PROGRESS: Check your estate plan annually or any time there are changes in your family situation or net worth. Use your financial planning calendar to schedule your next review.

These materials are provided as a public service by The NAEPC Education Foundation for “free-use” on websites, newspapers, newsletters, magazines, and other media broadcasts during the months of April and October as it relates to National Financial Literacy Month and National Estate Planning Awareness Week. For additional information or materials contact us at The NAEPC Education Foundation.

To assist with your estate planning, visit our website at www.elderlawnewyork.com.

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Is Your Estate Plan Up To Date?

Friday, March 22nd, 2019

By: Amy C. O’Hara, Esq., Littman Krooks LLP

In order to ensure your existing estate plan meets your objectives, it is imperative that it be reviewed at least every 3-5 years and updated when needed.  Here are some issues that might necessitate updating your estate plan:

  • You want to avoid probate;
  • You or a beneficiary become disabled or have a long-term illness;
  • Death of a beneficiary;
  • Marriage, divorce or remarriage;
  • Birth or adoption of a child;
  • Death or change of executor, trustee, and/or guardian;
  • A change in the distribution of your estate;
  • A significant increase or decrease in your net worth;
  • Retirement;
  • Expecting to change state of domicile; and
  • Finally, any time you feel uneasy about any of your documents, making changes and/or speaking with your estate planning lawyer to make you feel comfortable with them.

Never make any changes on your current estate planning documents.  Mark-outs, interlineations and other informal changes are of no effect and will not be honored during an illness or after your death.  It is important to meet with an experienced estate planning lawyer to ensure you estate plan is updated properly to protect you and your loved ones.

 

Learn more about our elder law  estate planning or Medicaid Planning services. Contact us with additional questions.  

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National Financial Literacy Month: Six Steps Toward Successful Estate Planning

Tuesday, October 10th, 2017

In support of National Financial Literacy Month (April) and National Estate Planning Awareness Week (3rd week in October), the following estate planning article contains a very important message:

Estate planning is a financial process that can protect you and your family and is a very important component of your overall financial planning. Now is the perfect time to put your estate planning house in order. If you don’t have an up-to-date estate plan and you happen to get hurt or sick and cannot manage your financial affairs, the courts will have to appoint someone to manage them for you. The person they appoint might not be the one you would want to perform those tasks.

Without an estate plan, when you pass away, your affairs will be settled by default through a complex legal system called “probate.” The handling of your financial affairs can turn into a costly and frustrating ordeal for your family and heirs.

The crafting of a good estate plan starts with planning, followed by the proper drafting and signing of appropriate legal documents such as wills, trusts, buy-sell agreements, durable powers of attorney for asset management, and an advanced health-care directive or health-care power of attorney. Having these documents in place saves you and your family a lot of money and time at a very difficult and emotional time.

Your estate planning should also address the coordination of the way you hold title to your various assets, your beneficiary selections, and the possible transfer of certain assets while you are alive.

Regardless of the extent of your net worth, estate planning is important for everyone. Complex strategies may be used by wealthy people to reduce death taxes and costs. Others may only require a simple will and/or trust to pass on property to their heirs and provide for minor children.

Even if a simple will is all you require, an estate plan is an essential part of your financial planning. Everybody will need it someday. The time to address or update your estate plan is now. See the checklist provided below to help update your estate plan:

CHECKLIST — SIX STEPS TOWARD SUCCESSFUL ESTATE PLANNING

1. DEFINE YOUR GOALS: What do you want to happen to your assets in the event of your death or disability? If your beneficiaries predecease you, who are your alternate selections? How will your assets be distributed, and when will these distributions take place?

  • Decisions on distribution of your estate assets should take into account the size of the estate, the ages and abilities of your children, and your personal desires. For example, a distribution to children over time might consist of 10 percent of the estate at age 18, 25 percent at age 21, 50 percent at age 24 or upon completion of college, and the balance at age 30.
  • Choose your appointees for important roles: Who will be your executor and, if applicable, trustee and/or guardians? It is advisable to list at least a first and second alternate for each appointment in case your first choice is unwilling or unable to serve.
  • If you have children who are minors, the appointment of a guardian is probably the most important decision you’ll make. With the court’s approval, this person, or persons, will raise your children. Consider appointing a family member and spouse, or another close couple who’ll care for your children the way you would want.
  • You may want to consider listing multiple executors, trustees and guardians to serve together in handling the details of your estate. This can provide a check-and-balance system for the appointees and help them avoid oversights or misappropriations. Consider appointing family members, friends, professionals, advisers and/or trust companies for this position.
  • There is some risk here: If these people disagree and have problems, they can each be represented in court by counsel paid for by your estate, so be very careful in making your selections.
  • Living trusts have become popular because less administration is required in comparison with a will. Be aware that having a living trust does not eliminate the need for a will and administration at either the first or second spouse’s death.
  • To get the benefits of the trust, certain details must be attended to, and this is the job of your appointees. For example, leaving a trust for the surviving spouse requires that the trust be funded properly and in a timely manner at the first death, or major tax benefits can be lost.
  • Is estate privacy an issue for you? Do you want your estate to be public record upon your death? Do you have any special gifts you want made to charity? Do you want an elderly parent or friend to be financially cared for? All of these circumstances should be noted in your plan.
  • GATHER & ORGANIZE YOUR DATA: There are three basic tasks to be accomplished:
  • Review and update your financial position.
  • Review how you hold title to your assets. Is it consistent with your estate plan?
  • Review your beneficiary selections. Are they aligned with your estate plans?
  • Did you know that how you hold title to assets has a higher legal priority than your will? For example, if you and your best friend held title to an investment club account as joint tenants and you died, the property would revert to your friend even though you had willed your interest to your spouse.

3. ANALYZE YOUR SITUATION: Start by determining your current net worth, assuming your death occurred today. This can be done by totaling your current assets and liabilities, and adding the value of any life insurance.

  • Try sketching a picture or flow chart of your existing estate plan. Review your appointees:
  • Executor
  • Guardian of the Person/of the Property
  • Trustee
  • Power of Attorney – Property Management
  • Advance Health-Care Directive or Health-Care Power of Attorney

4. DEVELOP YOUR STRATEGIES: With the assistance of your estate planning advisor(s), identify the legal documents that need drafting or make any necessary adjustments to existing documents. Determine any other actions that must be taken for your wishes to be carried out.

5. IMPLEMENT YOUR PLAN: Do what needs to be done — i.e., create new wills, trusts and powers of attorney, adjust title to your properties, change alternate beneficiaries of retirement plans and life insurance policies to trusts.

6. TRACK & MONITOR YOUR PROGRESS: Check your estate plan annually or any time there are changes in your family situation or net worth. Use your financial planning calendar to schedule your next review.

 

Learn more about National Financial Literacy Month by clicking here. For more information on estate and financial planning content contact v.sabuco@TheFinancialAwarenessFoundation.org.

 

 

 

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How to Make Health Care Decisions for Someone Else

Friday, January 23rd, 2015

By: Bernard A. Krooks, J.D., CPA, LLM (in taxation), CELA®, AEP® (Distinguished)

Maybe you’ve been named guardian (of the person) for a family member, colleague, or friend. Maybe you’ve been listed as an agent in a health proxy. Maybe you’re a family member with authority to make health care decisions (New York, like a number of other states, permits family members or others to make most health care decisions in at least some cases). How you got there is not the point, at least not for today. Today’s question: how do you go about making decisions for someone else when you have been given the power — and responsibility — to do so?

For centuries the American common law (and its English predecessor) focused on the “best interest” of someone who was no longer able to make their own decisions. It was not until relatively recently that the concept of “substituted judgment” began to seep into legal discussions. Today the latter notion drives health care decision-making in most cases.

But what does that mean? One early description suggested that a person making decisions for someone else should try “to reach the decision that the incapacitated person would make if he or she were able to choose.” That means that the decision-maker should try to substitute the patient’s decision for his or her own, not the other way around. In other words, the guardian/agent/surrogate should first try to figure out what the patient/principal would want in the circumstances.

Let’s simplify some of the language, just to keep things from bogging down in legalisms. Let’s use “principal” for the person signing a health care proxy, or subject to a guardianship, or (however they got there) presently incapable of making decisions. The person making the decision, signing the hospital’s forms, choosing a facility, or whatever — we’ll call him or her the “surrogate”.

So now you’re the surrogate, and you’re trying to figure out what you should consider when making your decisions. Here’s a list (probably not comprehensive) of things you might look to:

Did the principal sign any documents? A living will, for instance, might give some insight into the principal’s wishes. There are plenty of other documents that might be useful, though — from worksheets filled out at a seminar on advance directives to letters to family members to descriptions of other patient’s circumstances.

Did you have any conversations with your principal? Maybe you talked about other patients in the news, and how your principal felt about their stories. Be careful here — we remember one client who adamantly said she didn’t want to “go through what Terri Schiavo did.” It wasn’t until we followed up with the client that we figured out that she meant that she thought it was terrible that the legal system allowed Ms. Schiavo to die. We had assumed that she meant she wouldn’t have wanted to be kept alive, but that was the exact opposite of her meaning.

Did anyone else have conversations with your principal? Ask family, friends, co-workers and others who might have discussed health care issues with the principal while they were still capable of forming a decision.

Ask your principal. Is he or she able to talk at all? Then ask for direction. That doesn’t mean you have to follow whatever a now-demented patient says he or she wants — the principal might simply respond affirmatively to almost every question, making the answer depend on how you ask. But just because you’ve been given responsibility for the decision it does not follow that your principal’s opinion is no longer relevant.

Consider your principal’s life history. Was he or she particularly religious, or irreligious? Do you know what family members would prefer (and whether your principal would be more likely to agree with or oppose the family)? Did other family members or acquaintances go through similar circumstances, and is your principal’s response helpful to you while making this decision?

Talk to the medical team. What seems like a major decision might not seem so significant after you’ve discussed the risks and burdens associated with a given procedure (or decision to forego a procedure).

If you can’t figure out what your principal would want, then you move from applying “substituted judgment” principles to determining the “best interests” of your principal. But that doesn’t necessarily mean that you have to approve treatment.

Weigh the “burdens” of treatment against the benefits. Is a proposed operation painful, dangerous, or uncertain? Or might it alleviate pain, make your principal more comfortable, or increase the odds of recovery?

Strive for consensus. You are supposed to be figuring out what your principal would want, but the input of family, friends and the medical community is worth considering in an attempt to avoid infighting, undercutting and acrimony. Your principal’s care might not be best-served by having a difficult situation made more tense.

As a last resort, consider submitting difficult choices to the courts for resolution. That gives everyone a chance to air their positions in a formal setting, and focuses the questions on the principal’s wishes — and care. But it is time-consuming and expensive, and should not be invoked unless there is real difficulty in making the correct decision.

It is a challenge to make health care decisions for someone else. It is also a terrific gift to the principal to accept the responsibility and discharge it carefully and well. Another day we’ll write about how you can make that job easier when you’re the principal rather than the surrogate. In the meantime, take the surrogate’s job seriously, and do your best to substitute your principal’s decisions for those you might make for yourself.

 

Learn more about our services by visiting www.littmankrooks.com.

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Advance Directives Need to Be Accessible

Tuesday, July 8th, 2014

When drafting advance directives, a common problem for many people is making these documents easily accessible for their loved ones.

What is an advance directive? A legal document in which a person specifies what arrangements should be taken for their health if they are no longer able to make decisions for themselves because of illness or incapacity. There are different ways of creating advance directives, including a living will, a durable power of attorney and also a health care proxy.

People may feel that their advance directive should be kept with their attorney or in a safe deposit box. However, decisions about medical treatment often need to be made quickly, so it is important that an advance directive be not only safe, but easy to get to.

If an individual’s advance directive appoints another person as health care proxy, then that person should have a copy of the document, or know where it is kept. If a patient is incapacitated, then it is important that the health care proxy be able to present the document to medical personnel.

It may also be wise to keep a copy of the document in electronic form, stored in such a way that it is accessible from a smartphone or other device. Such electronic copies have the same legal authority as the original paper document, and they can be accessed more easily. Ask your attorney what they recommend for digital or cloud storage for these documents to ensure the security of your private information. Learn more about our services within elder law and advance directives by clicking here.

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How Divorce and Remarriage Affect Social Security Retirement Benefits

Tuesday, March 11th, 2014

People considering divorce as their 10-year wedding anniversary approaches should know that delaying the split until after the decade mark can result in higher Social Security retirement benefits for a spouse with a lower earning record.

Taking the example of a divorced couple where the ex-husband had a higher earnings record, if the couple was married for 10 years or more, then the ex-wife can receive higher benefits based on his record, provided she is age 62 or older and has not remarried.

Even if the ex-husband has not applied for retirement benefits, the ex-wife may receive benefits based on his record, provided they have been divorced for more than two years. If the woman remarries, then she would no longer be able to collect the benefits unless the later marriage ends.lawyer-or-notary-with-cl

Recent years have seen a rise in both marriages and divorces later in life, and statistics suggest that divorcing couples may take retirement benefits into account, as there is a measurable increase in divorce after the 10-year mark. As might be expected, the effect is most pronounced for couples nearing retirement age. A recent study found that for people 55 and older, there is an 11.7 percent increase in the likelihood of divorce at about the decade mark. For couples age 35 to 55, that drops to a 6 percent increase in likelihood of divorce at 10 years, and for people under age 35, there is almost no effect.

Other researchers are skeptical that many people take retirement benefits into account in their divorce decisions, pointing to studies that show that only 13 percent of people are very knowledgeable about how Social Security benefits are calculated.

Whether divorcing couples currently consider retirement benefits in timing their divorce, many advisers agree that they should. Divorcing just short of the 10-year mark could result in thousands of dollars in lost benefits, so it may be worthwhile for some to delay the process.

Financial considerations are often part of making decisions about divorce, so it is important to be aware of how Social Security benefits can be affected.

 

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Posted in Alzheimers, Asset Protection, Caregivers, Elder Law, Estate Planning, LGBT, Long Term Care, Medicaid, Social Security, Tax Planning, Wills | Comments Off on How Divorce and Remarriage Affect Social Security Retirement Benefits

Sharing Caregiving Responsibilities Among Siblings

Thursday, November 14th, 2013

Caring for an elderly parent in declining health is a big responsibility, and one that can have a significant effect on the caregiver’s financial and emotional well-being. Having a sibling to share in that responsibility can make things easier, but it can also lead to conflict and resentment. It is important to understand the issues that may arise when two or more adult siblings are caring for an elderly parent, and the best ways to resolve problems.

One question that usually comes up at the outset is who will be the primary caregiver. If only one sibling lives close to the parent who needs care, that is often the deciding factor. When two or more siblings live close by, then the decision often depends on work schedules. If none of the siblings live close to the parent or have time available, then the question becomes how to divide the expense of hiring an in-home health aide or perhaps an assisted living facility, depending on the circumstances.

Good communication is probably the most important factor in making these decisions. Ideally, responsibilities will be divided in whatever way feels fair to everyone involved, and arriving at the best outcome depends on communication. Siblings should be encouraged to share exactly what they feel they should contribute and why. Factors such as an individual’s family income or work schedule are legitimate concerns that may play into decision-making. Feelings about this should be stated plainly so that later resentments can be avoided. Siblings should try their best not to let old sibling rivalries get in the way. Adult siblings caring for an elderly parent are taking on new roles, and they are best served by not replaying old ones.

In addition to family income and work schedules, siblings should consider each other’s particular skills. If one sibling is a more frugal money manager, it may make sense for him or her to hold the power of attorney for the parent. Someone with experience as a caregiver may do the best job handling day-to-day care. One fact that should not be forgotten is that caregiving is valuable and important work. Siblings who are not involved with day-to-day care may not be aware of just how much work is involved. The caregiving sibling should not be afraid to speak up and share with the others how much time goes into giving care for their parent. It can be easy for a sibling that is contributing more time or contributing more money to feel that his or her contribution is unfair or is going unrecognized. Full and frank discussion is the best solution.

Finally, as with most things, careful planning will save a lot of headaches. Just as mom or dad’s schedule of doctor’s appointments and daily medications needs to be kept track of, so should the finances be kept in careful order. An estate planning attorney or financial adviser can be invaluable in preparing a budget that accounts for the cost of different types of care that may be needed.

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Posted in Caregivers, Elder Law, Estate Planning, Long Term Care, Power of Attorney, Social Security, Tax Planning, Trusts, Wills | Comments Off on Sharing Caregiving Responsibilities Among Siblings

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