SOMA Living August 2022

WAYS TO SHOW THAT YOU LOVE YOUR FAMILY

A few years ago, my husband and I sat down with all of our children and their spouses for a family meeting. It started with, “Our plan is to live forever. But just in case….” Then we proceeded to tell them about our new estate plan; who would have which responsibility, where important data is kept, who takes care of things for us, who our doctors are, and who to call if something happens. We told them where the documents are kept and where they would find our passwords. If you’ve never made an estate plan, now is the time. Failing to make a plan often results in chaos, uncertainty, disputes among surviving next of kin, and expensive, time-consuming legal proceedings. Also, the Plan that was fine when you signed it might not be so fine with new circumstances. Estate plans must be in writing. What’s in an estate plan? Powers of Attorney & Health Care Proxy are vital because they enable someone to step in to handle things for you if you are injured or otherwise unable to manage. The Will appoints someone to handle the Estate, can appoint a Guardian for your minor children , and divides your assets. It can also include Trusts , which are especially important if your beneficiary is young, disabled, unable to manage their own affairs, or in the throes of financial troubles. Life insurance can be a fantastic tool to provide cash to fund such a Trust. Your Will can also include protective provisions for dividing Real Estate among your heirs. Remember to evaluate assets that have beneficiary designations (such as IRAs) to make sure they fit your overall plan. Our lives are like locked boxes. At some point, it’s important to create clear documents and share your protected information with the ones you trust, so that they know how to open the boxes later .

This article is not intended to provide any case-specific legal advice, and is only general in nature.

The author, Linda S. Ershow-Levenberg, Esq is an attorney focusing on special needs planning, elder law, and estate planning. Her office is at 60 Walnut Ave., Clark NJ 07066 and she can be reached at 732-382-6070. Follow her blog at www.FinkRosnerErshow-Levenberg Marinaro.com

20 somalivingmagazine @ gmail.com

@somalivingmagazine