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Estate planning is so NOT Important-and that’s why it is SO Important

By Doug Sisson, Probate and Bankruptcy Paralegal

At W M Law, we specialize in Estate Planning and probate. We breathe wills, trusts, affidavits, petitions so on and so forth.  We enjoy the fulfillment that our work brings us…But let’s stop for a second and inject a little honesty and perspective to the estate planning process.

Estate Planning: What IS Important vs. What IS NOT

Compared to life and death, love and grief – estate and financial planning seem pretty frivolous, and in the grand scheme of things – not that important. Here are a few examples:

  • Nurturing family relationships, grief, emotions and protecting family assets VS. Choosing who gets dad’s classic car, or mom’s jewelry set, or the family coin collection.
  • Recognizing the importance of keeping the family home, remembering the blood, sweat and tears put into paying off the home, and the importance of the memories created at the home Losing your home to qualify for Medicaid.
  • Admitting the relevance of decades of work spent building funds to secure a strong retirement Maximizing the tax and asset protections for inherited property.

Estate Planning – Allows loved ones to Focus on What Matters Most

Estate planning tools – powers of attorney, medical directives, wills and […]

By | October 3rd, 2018|0 Comments

¿Por qué los niños universitarios necesitan un poder notarial vigente?

Ana Ballesteros, W M Law Paralegal

En las próximas semanas, los padres con hijos universitarios van de un lado a otro preparando y haciendo todas las compras que los hijos necesitan para llevarse a la universidad: ropas, artículos para los dormitorios, libros.  También intentamos enseñarlos esas lecciones de último minuto. Pero, hay algo que usted también debe añadir a su lista de cosas que hacer: poner en marcha un poder notarial.

¿Por qué un niño con destino a la Universidad necesita un poder notarial? En primer lugar, estos estudiantes universitarios tienen ahora 18 años de edad o más y legalmente nosotros, los padres, puede que no podamos protegerlos rápidamente en momentos cruciales si no planeamos con antelación.  Cuando eran niños y pasaba algo, íbamos a rescatarlos y legalmente podíamos hacerlo porque éramos sus guardianes. Una vez que el niño cumple 18 años, los padres ni siquiera pueden acceder a sus calificaciones universitarias o registros de salud sin el permiso del niño adulto.

Los padres no quieren nunca pensar en lo  “impensable”, pero ¿qué pasa si su hijo está en un accidente, o experimenta una condición médica mientras está ausente y es incapaz de tomar decisiones o hablar por sí mismo? ¿Quién comunicará sus […]

By | August 22nd, 2018|0 Comments

Why Do College-Bound Kids Need a Power-of-Attorney in Place?

By Ana Ballesteros, W M Law Paralegal

As parents race around the next few weeks to buy their college-bound children dorm items, clothing, supplies and teach them last-minute life lessons, there is one more item they should add to their to-do list:  put in place a power of attorney.

Why would a college-bound child need a power of attorney? First of all, these college-bound students are now 18 years of age or older and legally we parents may not be able to protect them quickly in dire moments if we do not plan ahead.  When they were kids and something would happen, we would come to their rescue and were legally able to do so because we were their guardians. Once that child turns 18, parents cannot even access their college grades or health records without permission from the adult child.

Parents do not want their minds to wander to the “unthinkable” but what if their child is in an accident, or experiences a medical condition while away and is unable to make decisions or speak for themselves? Who will communicate their wishes? What if decisions need to be made quickly?  These situations do occur and in some cases require drawn-out legal procedures.

So, […]

By | August 10th, 2018|0 Comments

Estate Planning vs. Elder Law

By Doug Sisson, W M Law Probate and Bankruptcy Paralegal

Many clients and even attorneys are perplexed by the differences between estate planning and elder law.  Not all estate planning requires elder law, and elder law does not always require estate planning.  So, what’s the difference?

Estate PlanningWhat happens if I die?

An estate plan determines who, when, and how assets are divided upon your passing.  This is assuming you have assets left to distribute at the end of life. Any myriad of events could happen to you or loved ones between the creation of an estate plan and one’s passing – personal injury, mental incapacitation, inheriting other assets, becoming permanently disabled etc. etc.

Elder Law – focuses on the opposite, what happens if I live?  

The best estate plan in the world can’t protect against all the “what-ifs” that happen while you are still alive.  Elder law helps you stay in control as you age which entails everything from your healthcare decisions, to how you pay for a care, preservation of money now, income and assets, and what can be used for your benefit and care while you’re still alive.

So which do I need?  It really boils down to: is your […]

By | July 9th, 2018|0 Comments

Liens, Liens and More Liens

By Doug Sisson, Probate and Bankruptcy Paralegal
Liens survive virtually everyone and everything until released by a creditor. Countless folks in Kansas and Missouri have consulted with W M Law after inheriting real estate and other large assets.
One of the biggest and least expected issues can be a lien against real property the heirs may not even be aware of until it is too late.
If a loved one received any sort of medical benefits from a government or private entity, chances are they are not only owed money, but have attached a lien to property either before or after death.
The most common debts liens include: Medicare/Medicaid benefits, assisted living or nursing home care, unpaid taxes, unpaid insurance benefits, and even old judgment liens stemming from a lawsuit less than 10 years ago. There are many options to satisfy or waive these liens, however they are not going anywhere unless you are aware of them and address them appropriately.
–          If you are named as transfer on death or assigned a property from an estate, you are then liable for any debts associated with liens on the property. This is quite literally inheriting a debt.
–          In Missouri and Kansas, a lien typically lasts 10 years, […]

By | June 29th, 2018|0 Comments

Importance of Guardianship Decisions Prior to Leaving for Vacation

By Ana Ballesteros, W M Law Paralegal

With summer vacations starting, many of us are starting to plan or getting ready to leave for a family vacation. Whether the vacation is going to visit family or out to a different destination it is important to plan for the worst case scenario. What would happen to our dependents if something were to happen to us?

We do not like to think of such things but it is never wrong to prepare for the worst. Normally, the Judge looks for an immediate family member such as the grandparents or an aunt or uncle, whoever is willing and able to take care of the children. But what if the parents want someone else to take care of the kids? What if the parents do not trust crazy uncle Joe or fear that grandma and grandpa are too old to care for the kids?

There is only so much we can prepare for. As parents, we can write a request for the Judge to assign a Guardian for our children. The Judge will review the request which will impact the decision as to who will care for the children. There are many factors that go into the […]

By | June 7th, 2018|0 Comments

Tres sugerencias clave para evitar conflictos en su proceso de planificación patrimonial

 

Por Doug Sisson, W M Law Paralegal

El cariño de los beneficiarios para uno con el otro puede esté  fuera de su control, en vida o en muerte. Con esto en mente, los siguientes consejos y consideraciones le ayudarán a evitar futuros litigios, o al menos minimizarlo para evitar que los altos honorarios de abogado que muchos no tienen en cuenta: como dijo Robert Frost – “la tarde sabe lo que nunca sospechó la mañana.”

  1. Planifique cuando usted esté bien de salud

Cuando usted se enferma, todos sus recursos mentales y físicos deben estar dedicados a mejorarlo, no a redactar un plan de sucesión.  Uno debe idear un plan de patrimonio y reflexionar sobre su dinámica familiar mientras usted está bien y de mente sana.  Si espera a que se enferme para redactar su plan, puede que esté mal redactado o que no se complete en absoluto.  Diseñar un plan mientras que usted está bien también aliviará la carga de los miembros de familia para que no tengan que conjeturar sus deseos finales o decisiones médicas.

  1. Busque asesoramiento jurídico independiente de calidad sin influencia indebida

Recursos online (como este blog) pueden ayudarle a darle una idea aproximada de lo que va a […]

By | May 25th, 2018|0 Comments

Fideicomisos de Medicaid ó Miller fideicomisos ó fideicomisos de ingresos calificativos

 

Cuando se trata de necesidades de atención médica, siempre tratamos de retrasar lo inevitable, prepararnos para nuestras necesidades futuras. El costo promedio de por mes para un centro de cuidado de ancianos es de aproximadamente $6.000 más visitas hospitalarias y gastos de medicamentos costosos.

La forma en que Medicaid trabaja es que ellos pueden ayudarle a pagar sus gastos, pero sólo si sus ingresos demuestran que usted no tiene suficiente dinero para pagar la atención que necesita. Entonces, ¿qué sucede cuando sus ingresos se califican pero su cónyuge también trabaja, y lo pone por encima del requisito de ingresos de Medicaid? ¿o qué sucede si sus ingresos se califican pero usted tiene su casa pagada y tal vez algunos activos adicionales como un ira/401 (k) o una casa de vacaciones?

Medicaid puede poner gravámenes en su propiedad después de que ya no necesite el programa de asistencia o que usted haya fallecido. La mala noticia es que si usted no toma medidas de protección, puede perder todos los bienes que usted adquirió trabajando duramente.  La buena noticia es que hay un instrumento especial que usted puede crear para proteger sus activos y asegurarse de que puedan pasarse  a su familia como usted […]

By | May 25th, 2018|0 Comments

Medicaid Trusts AKA Miller Trusts AKA Qualifying Income Trusts

By Ana Ballesteros, W M Law Paralegal

When it comes to healthcare needs, we always try to delay the inevitable, prepare for our future needs. The average cost of per month for an elderly care facility is about $6,000 plus hospital visits and expensive medicine costs.

The way Medicaid works is that they can help you pay for your expenses but only if your income shows that you do not have sufficient money to pay the care you need. So, what happens when your income qualifies but your spouse also works, and it puts you above Medicaid’s income requirement? Or what happens if your income qualifies but you have your house paid for and perhaps some additional assets like an IRA/401(k) or a vacation home?

Medicaid can put liens on your property after you no longer need the assistance program or have passed away. The bad news is that if you do not take protective measures, you can lose all the items you worked hard for. The good news is that there is a special trust that you can create to protect your assets and ensure they can be passes on to your family like you have always intended them to be, it […]

By | May 22nd, 2018|0 Comments

How Long Do I have to Submit a Will for Probate after a Family Member Passes Away?

If you are the responsible person for wrapping up the estate of a loved one who has passed away, there are some very important timelines to consider.  One of those applies when the loved one had a Last Will and Testament.  In those cases, you must act relatively quickly to open an estate and admit the will or else the Last Will and Testament will be invalid.  Each state has its own timeline.  Since we practice in Kansas and Missouri only, we’ll stick with those states.  In Missouri, you have one year after the decedent’s death to admit a will to probate.  On the Kansas side, though, that time limit is only 6 months.  If the will fails to be admitted within those time periods, that will becomes invalid.  At that point, the rules of intestate succession will determine who obtains the property of the estate.  So, if you are named or believe that you are named as a beneficiary of a will, it is in your best interests to ensure that the will is admitted to probate promptly after the death of your loved one, particularly if you are not a person or entity who would inherit via the […]

By | April 13th, 2018|0 Comments