Director's Message
Estate Planning February 2010
I recently read an informative article by attorney Jerome Lamet in the Senior Sunshine Times. He states that Americans will inherit more than $100 trillion in the next two decades (Vol. 1, Issue 9, page 2), and that billions of that will be stolen. We all hear the sensational stories about very wealthy people like Brooke Astor, but these problems can occur on any scale. Perhaps your most valued object is a quilt made by your grandmother which you intend to go to your eldest granddaughter, but you never told anyone. Mr. Lamet discusses five of the greatest dangers.
Outright theft – Valuables (financial or emotional) may be stolen from the home by burglars during the funeral or when it is empty, but also by family members. It is recommended that you photograph and make a list of valuables and distribute it among several family members. Put your valuables in a safe deposit box or with a trusted relative until they can be distributed according to your wishes. Have conversations with family to find out what items they value and to ensure that everyone understands your wishes.
Undocumented loans – Parents often help children with large purchases, often without a written contract. Mr. Lamet recommends that all loans be fully documented, signed and kept with other important papers. Will the remainder on the loan be a gift at the time of your passing? Update your records periodically and give a copy to a trustee.
Denigration of fellow heirs – One heir may try to influence you by belittling the others. Protection against this includes maintaining direct contact with your heirs and seeking confirmation of any criticisms you hear.
Undue influence – A family member or advisor may create a close relationship to coerce/confuse you into leaving them a larger inheritance. Maintain comfortable relationships with many family members and discuss any concerns you have with a trusted advisor.
Forgery – This occurs when fake documents are presented that give the forger a larger inheritance. You can protect against forgery by distributing copies of your will and other estate-planning documents among your heirs and to your attorney.
Jerome Lamet adds these advice tips:
It is not comfortable to contemplate our own deaths, and often not easy to discuss with family members. Old family conflicts can be stirred up. You may be also surprised to learn what your family treasures. Following these tips can prevent conflict, ensure that your plans are respected and ensure that you leave a memorable legacy.
Susan Hoskins, LCSW
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Previous MessagesJune 2013 - Age Friendly Communities June 2013 - Age Friendly Communities May 2013 - Navigating a Changing HealthCare Landscape March 2013 - Navigating Life’s Transitions February 2013 - Partners in Caring Princeton January 2013 - Men as Caregivers December 2012 - The Safety Net October 2012 - Documenting Your History September 2012 - A Journey of Transformation July - August 2012 - Gratitude & Moving March 2012 - Patient-centered Care February 2012 - Can you Spare an Hour? January 2012 - Challenges & Opportunities December - Are you Prepared for Emergencies? October - Chocolate for Memory September- Looking Back and Looking Forward Lessons and Legacies, March 2011 Independent Living February 2011 Witness to my Life December 2010 Elections, benefits and open enrollment November 2010 Strategic Planning September 2010 Hiring Home Care December 2009 Annual Giving by Sharon Naeole November 2009 Flu Pandemic 2009 October 2009 Healthy Memory, Healthy Mind September 2009 A Personal Perspective on Caregiving July/August 2009 Wei Ji: Crisis, Danger and Opportunity April 2009 Write your own obituary March 2009 Hope and Vision in Challenging Times Medicare Changes 2008: Take A Look! December 2008 Scams, Frauds and Rip-offs November 2008 Engaged Retirement: Beyond Financial Planning October 2008 September 2008 Caregiver Dilemmas Finding Rhythm and Purpose July/August 2008 V + OA = ER (Volunteering + Older Americans=Engaged Retirement)May 2008 Have You Had the Talk Yet? March 2008 Get Moving with FitRhythms™! February 2008 What Are Social Services? November 2007 Plan for the Future September 2007 The Up-side of Aging Summer 2007 National Conference on Aging: Let's ReThink Aging April 2007 Season of Giving December 2006 April Hill McElroy October 2006 Civic Engagement September 2006 White House Conference on Aging May 2006 Are You Prepared? October 2005 Watch Your Language September 2005 The End of the Journey May 2005 New Dietary Guidelines February 2005 Civic Engagement with GrandPals October 2004 The Challenge of Giving Care May 2004 Seniors On The Move April 2004 Random Acts of Kindness December 2003 Civic Engagement November 2003 |