Planning For After Divorce

                                                         Planning For After Divorce
Divorce can take its toll on a person's physical, emotional, mental and financial well-being.  Even after the divorce is final, moving forward and starting anew can seem daunting especially when there are minor children of the marriage.  While keeping up the daily routines of preparing the family for school, going to work, team sports and household chores, it is easy to forget, or neglect to make  creating a new legal plan a priority.

Here are some suggestions for implementing a legal life care plan after a divorce:

 

1. Declaration of Preneed Guardian of a Minor. While your ex-spouse would have the legal right to care for the child in the event of your incapacity or unexpected demise he/she would not necessarily be entitled to handle any assets your child inherits from you. You can choose who administers your child's inheritance and a Court is required to appoint that person as financial guardian absent some disqualifying event (i.e. convicted of a felony).
2. Durable Power of Attorney: Designate a trusted person to handle your financial affairs in the event you are temporarily incapacitated. It can happen to anyone of any age (look at Terry Schiavo).  This document can help you avoid a legal guardianship proceeding which can be time consuming, expensive and result in a loss of your privacy.
3. Designation of Healthcare Surrogate: Designate a trusted person to make your healthcare decisions in the event something affects your ability to comprehend and give informed consent. This document helps you avoid a guardianship for medical decision-making.

These documents form the foundation. Your plan should be tailored to meet your needs and future goals and may warrant additional documents created such as: a Last Will & Testament; Revocable Trust; Living Will; Declaration of Designee for Funeral Arrangements, just to name a few. 

 

Realize too that your "children" over the age of 18 are legally adults and need to have their own legal documents, where you, the parent, can make decisions should the young adult become incapacitated, even temporarily. Learn more here.

 

 It is an investment in the new future you are creating.

 

     We want to be your trusted advisor through life.

Lessons I Learned from my Father

                         Lessons I Learned From My Father

My father, Howard Schneider, died on November 16, 2013.  When I graduated law school my father told me that the experience would serve me well and he was right.  My father's legacy is his work ethic, the importance of one's character and credibility, and the bravery he exhibited living with Parkinson's.  I am grateful for his legacy as it has made me a better person and a caring elder law attorney. During my 20 year career as an elder law attorney I have endeavored to educate and empower clients to make informed decisions that will bring them peace of mind.  In honor of my father  I would like to share with you my top tips to help clients and their caregivers as they experience the aging process. I hope that these tips will serve you well:

  

1.  Don't Be Penny Wise and Pound Foolish:  Sometimes you can take a shortcut to get to the goal line and sometimes you can't.   Don't use an internet program, or an attorney who is not a specialist, to create your legal documents just to save a few bucks.  When it comes to your legal plan do it right the first time by hiring a qualified professional. Otherwise, you may spend more money later to fix the problem.

2.  Don't Let Rumors Determine Your Future: I see clients who listen to neighbors for legal advice and  then make decisons based on fear.  Beware! There is a lot of misinformation floating out there. Do not add your children's names onto your accounts thinking it will avoid probate. You may create a problem by exposing your accounts to your child's creditors such as in a divorce or bankruptcy.  Invest in a well drafted Durable Power of Attorney that will give your children authority to handle your financial affairs (not own your assets) during your illness or incapacity.

3. Veterans Should Avoid Becoming Victims:  The VA provides a variety of benefits (financial assistance and healthcare) to veterans and their immediate family members.  Unfortunately, there are unscrupulous people who tell veterans that they can help them apply for benefits for a small fee.  Don't be duped into buying inappropriate investments with a promise of qualifying for benefits.The VA prohibits anyone, including an accredited advisor (like myself), from charging for assisting a veteran to file an application for benefits.  First seek advice from an accredited advisor and then have the local veteran service office assist you with the application, at no charge.

4.  Medicaid and The Home: In Florida we are fortunate to have homestead laws that protect the home from creditors including Medicaid. Don't panic and transfer your home to your child. You will make yourself ineligible for Medicaid benefits.  Consult with me and I will show you how to protect your home and qualify for Medicaid in the event of a long-term illness.

5. Social Security Survivor Benefits:  Healing from the loss of a beloved spouse can be challenging.  Sometimes, we  postpone dealing with things.  The one thing you do not want to put off is meeting with the Social Security office to determine your entitlement to receive spousal or survivor benefits.  If you are divorced you are entitled to benefits if you were married for 10 years. If you are married, you must be married 1 year to be eligible. The amount of the benefit is based on several factors including the surviving spouse's age, whether the surviving spouse has begun to receive benefits and whether the decedent suspended his/her benefits. Don't wait because you may lose the right to receive monies that can help you meet your financial obligations.

Today is a new day - seize it and be proactive. Meet with a qualified elder law attorney and create a plan that will make the aging process easier.  Our firm is here to guide you. We want to be your trusted planning advisor through life.

  

Is Your Child Graduating High School? Read this!

Are you planning your child's graduation celebration? Thinking about what present to give your child for graduating with good grades?  Look no further - give the gift that is priceless (as the MasterCard commercial says). Give your child, and you, the peace of mind of creating a legal plan now that they are adults. Yes, even though we call them our children and many of them may not be fiscally responsible they are adults under the law and we can no longer make medical or financial decisions for them.

When our children become18 year of age, they are legally adults and at minimum should have:

• a Durable Power of Attorney for financial decision-making and
• a Designation of Health Care Surrogate for medical decision-making. 

These documents can help your family avoid a costly court guardianship in the event your child is injured or incapacitated and cannot make decisions for themselves.  While events such as the Virginia Tech shooting and the Boston Marathon bombing thankfully don't happen frequently, statistics show that young adults have the highest rate of automobile accidents.  The medical privacy law called 'HIPAA' will not permit parents to make medical decisions for an adult incapacitated child absent legal authority. 

 

Visit our website to learn more at: http://www.fl-elderlaw.com/legal-planning-for-young-adults.html.

Remember: we lead our children by example so be sure you have your legal documents in place!

 

This is for informational purposes only and does constitute an attorney-client relationship