My Family Life Plan

NY Man Without a Will Leaves Millions to State - Don’t Cheat Your Family!

Estate planning is not a do-it-yourself endeavor; there are plenty of opportunities to make costly mistakes. The biggest mistake is having no estate plan. Why? Because your life’s work may escheat to your state’s treasury by default.

At the very least, a proper will can avoid legal landmines like the escheat rule.

Escheat is the principle that there is no such thing as estate-limbo. Basically, an estate can sit in limbo for only so long before it gets swallowed up by the state where the decedent last resided. Consider the case of Roman Blum in New York, as reported in a recent Forbes article titled “N.Y. State Could Get $40 Million From Man Who Died Without A Will.” You can read all of the details in the original article, but Mr. Blum likely did not intend the State of New York to benefit from his life’s work as a real estate developer.

For whatever reason, many otherwise responsible Americans do not take time to meet with an estate planning attorney to ensure the proper administration and distribution of their estates. The failure to make proper estate plans is really a plan to fail at your estate planning.

If you have any questions or would like to schedule a consultation please call Attorney Patrick Kelleher at 781-871-PLAN (7526) or by email at Pat@myfamilylifeplan.com

Our firm helps families taking care of them for life.  We not only “create” their Will and Trust, but we “maintain it and keep it updated” for them throughout their life! The meter is not running for our ‘Client Care Plan’ members!

Patrick J. Kelleher is a South Shore, MA resident and estate planning attorney serving and protecting families and businesses in the South Shore, MA area. For more information on estate planning visit our firm’s website at www.MyFamilyLifePlan.com where you can check out our Blog, free Newsletter library, free Estate Planning Channel on Youtube and sign up for a Free e-Newsletter!

Also serving the following communities South of Boston; Quincy, Milton, Braintree, Randolph, Holbrook, Weymouth, Scituate, Norwell, Hingham, Cohasset, Hull, Hanover, Pembroke, Duxbury, Marshfield, Plymouth, Rockland, Hanson, Halifax, Plympton, Carver, Abington, Whitman, Kingston

 This article is not intended to provide legal or tax advice or create or imply an attorney-client relationship. This article is for educational and informational purposes. No information contained herein is a substitute for a personal consultation with an attorney.

Reference: Forbes (April 28, 2013) “N.Y. State Could Get $40 Million From Man Who Died Without A Will

Separate Marital Estate Planning Goal Challenges

Marriage is a partnership. Any partnership requires working together and, perhaps, compromise. But what if there is disagreement, especially when it comes to your estate planning?

Marriage counselors stay in business because of marital disharmony. Commonly, they represent both spouses and seek to find common ground in a team approach. When it comes to estate planning, however, attorneys face a potential ethical dilemma. For example, estate planning attorneys cannot favor one spouse over the other, nor can they keep the secrets of one spouse from the other spouse in the course of “dual representation.”

While there’s no sense starting trouble where there is none, nor in approaching anything in an overly legal or litigious way, sometimes spouses really do have different estate planning interests. It’s an ethical problem for the spouses and their estate planning attorney alike, as pointed out in a recent Forbes article titled “Ethics in Estate Planning for a Married Couple.” This certainly is an issue for attorneys (and their malpractice carriers) to fret about, but also for their clients to understand and appreciate. 

Indeed, at certain junctures it might be necessary for spouses to even engage separate counsel to wrangle their way through an estate planning impasse. This happens many times with prenuptial and postnuptial agreements, but in other instances as well.

Do you not need separate counsel? Great! Still, take a moment to read the Forbes article about potential hazards.  Above all, if you choose “dual representation,” make sure you both truly are represented – and included in all attorney-client communications.

If you have any questions or would like to schedule a consultation please call Attorney Patrick Kelleher at 781-871-PLAN (7526) or by email at Pat@myfamilylifeplan.com

Our firm helps families taking care of them for life.  We not only “create” their Will and Trust, but we “maintain it and keep it updated” for them throughout their life! The meter is not running for our ‘Client Care Plan’ members!

Patrick J. Kelleher is a South Shore, MA resident and estate planning attorney serving and protecting families and businesses in the South Shore, MA area. For more information on estate planning visit our firm’s website at www.MyFamilyLifePlan.com where you can check out our Blog, free Newsletter library, free Estate Planning Channel on Youtube and sign up for a Free e-Newsletter!

Also serving the following communities South of Boston; Quincy, Milton, Braintree, Randolph, Holbrook, Weymouth, Scituate, Norwell, Hingham, Cohasset, Hull, Hanover, Pembroke, Duxbury, Marshfield, Plymouth, Rockland, Hanson, Halifax, Plympton, Carver, Abington, Whitman, Kingston

 This article is not intended to provide legal or tax advice or create or imply an attorney-client relationship. This article is for educational and informational purposes. No information contained herein is a substitute for a personal consultation with an attorney.

 Reference: Forbes (April 26, 2013) “Ethics in Estate Planning for a Married Couple”

Have You Done Your Estate "Digital Asset" Planning?

Have you noticed more and more articles popping up about your “digital assets”? When the background chatter in the media finally catches your attention about something, that is usually a sign to start paying attention.

Proper planning means planning for all the lives you lead. It used to be that you had your life in the flesh and then you had your life in paper, that is, your accounts and records and even contracts. Nowadays, you live much of your life on the internet.

Your online life requires that information about your digital assets and accounts (especially passwords) must be included as part of your comprehensive estate plan. In turn, this information must be kept up-to-date and made available to your executors (also known as personal representatives), financial agents and trustees.

Likely, the digital age will only get more complex. Kiplinger recently addressed this subject of digital assets in a postmortem planning context in an article titled “Protect Digital Assets After Your Death.”

Everything from simple email accounts to Twitter, Facebook, Pinterest and then all the way to investment and banking sites, each of these contains information that can be of immeasurable value economically or sentimentally.

For example, what about your iTunes music collection or Kindle book collection? On the other hand, if your digital information is not secured postmortem, then it could become a liability in terms of identity theft.

Bottom line: without a comprehensive list of accounts and passwords, executors, trustees and even heirs might have a hard time accessing and/or closing your accounts.

Do not expect any help at common law either. These are largely uncharted legal waters. In fact, internet companies themselves are only just starting to address this issue.

If you have any questions or would like to schedule a consultation please call Attorney Patrick Kelleher at 781-871-PLAN (7526) or by email at Pat@myfamilylifeplan.com

Our firm helps families taking care of them for life.  We not only “create” their Will and Trust, but we “maintain it and keep it updated” for them throughout their life! The meter is not running for our ‘Client Care Plan’ members!

Patrick J. Kelleher is a South Shore, MA resident and estate planning attorney serving and protecting families and businesses in the South Shore, MA area. For more information on estate planning visit our firm’s website at www.MyFamilyLifePlan.com where you can check out our Blog, free Newsletter library, free Estate Planning Channel on Youtube and sign up for a Free e-Newsletter!

Also serving the following communities South of Boston; Quincy, Milton, Braintree, Randolph, Holbrook, Weymouth, Scituate, Norwell, Hingham, Cohasset, Hull, Hanover, Pembroke, Duxbury, Marshfield, Plymouth, Rockland, Hanson, Halifax, Plympton, Carver, Abington, Whitman, Kingston

 This article is not intended to provide legal or tax advice or create or imply an attorney-client relationship. This article is for educational and informational purposes. No information contained herein is a substitute for a personal consultation with an attorney.

Reference: Kiplinger (May 2013) “Protect Digital Assets After Your Death”

Your Estate Plan - Time for Some Spring Cleaning!

 

We all are familiar with the annual family ritual known as “spring cleaning.” With the changes in the estate tax laws, this may be a good time for some “spring estate plan cleanup.”

Estate planning is an ongoing process, not a one-time event. Not only are there changes in tax laws, but your life and the lives of your loved ones are in a constant change of flux as you move through life together. Accordingly, keeping your estate plan up with life changes requires action, not complacency.

This message was brought home in a recent article by The New York Times titled “Estate Planning Remains a Moving Target Under the New Tax Law.” The article notes that new tax law makes the estate tax a far less likely threat to the life’s work of many Americans. In fact, the “permanent” nature of this most recent iteration of the tax law allows individuals to exempt $5.25 million from taxation (doubled to $10.5 for married couples). Even better, the exemption is set to index for inflation.

All that noted, no changes to the estate tax or any other transfer tax will change the necessity for responsible adult Americans to make sure their estate plans are current. For example, wills, trusts, beneficiary designations and even medical directives should be reviewed periodically.  

As suggested in the original article, now is a great time to do some spring cleaning. It’s a chance to review what you have done, make any needed changes and perhaps tie up some loose ends.

If you have any questions or would like to schedule a consultation please call Attorney Patrick Kelleher at 781-871-PLAN (7526) or by email at Pat@myfamilylifeplan.com

Our firm helps families taking care of them for life.  We not only “create” their Will and Trust, but we “maintain it and keep it updated” for them throughout their life! The meter is not running for our ‘Client Care Plan’ members!

Patrick J. Kelleher is a South Shore, MA resident and estate planning attorney serving and protecting families and businesses in the South Shore, MA area. For more information on estate planning visit our firm’s website at www.MyFamilyLifePlan.com where you can check out our Blog, free Newsletter library, free Estate Planning Channel on Youtube and sign up for a Free e-Newsletter!

Also serving the following communities South of Boston; Quincy, Milton, Braintree, Randolph, Holbrook, Weymouth, Scituate, Norwell, Hingham, Cohasset, Hull, Hanover, Pembroke, Duxbury, Marshfield, Plymouth, Rockland, Hanson, Halifax, Plympton, Carver, Abington, Whitman, Kingston

 This article is not intended to provide legal or tax advice or create or imply an attorney-client relationship. This article is for educational and informational purposes. No information contained herein is a substitute for a personal consultation with an attorney.

 Reference: The New York Times (April 26, 2013) “Estate Planning Remains a Moving Target Under the New Tax Law”

Prenuptial Planning More Common These Days!

The air is still heavy from another tax season. However, if you lift your ears to the gentle spring breezes, you may hear distant bells announcing this year’s wedding season. With many of these weddings will come financial complications that require attention, well before the vows are exchanged. Marriage is not just “tying the knot,” so to speak. No, marriage by its legal nature includes tying together all of your financial resources and interests.

Unfortunately, these days marriage also has a dark side too: divorce. For those couples with important financial resources and interests in the marital mix, they may elect to use a prenuptial agreement as sort of an “insurance” policy in the event the marriage doesn’t work out as planned. Prenuptial agreements are nowhere as exotic as they are portrayed in the popular imagination. They can be, nevertheless, useful and important documents when produced through a spirit of full disclosure, careful deliberation, and independent legal representation. Otherwise, as pointed out in numerous articles these days, no prenuptial agreement is ironclad unless it is done correctly and, essentially, treated like the contractual understanding that it is.

 Recently, Forbes provides some guidance to evaluate the effectiveness of your prenuptial agreement in an article titled “Five Reasons Your Prenup Might Be Invalid.” In addition, The Wall Street Journal offers some specific guidance to get your prenuptial agreement ship-shape in an article titled “Shoring Up Your Prenup.” Used correctly, a prenuptial agreement, or even a post-nuptial agreement as the case may be, can help a couple frame their financial resources and interests in the context of their life together come what may. That can provide great peace of mind, especially when blending families and the children from those families.

If you have any questions or would like to schedule a consultation please call Attorney Patrick Kelleher at 781-871-PLAN (7526) or by email at Pat@myfamilylifeplan.com Our firm helps families taking care of them for life. We not only “create” their Will and Trust, but we “maintain it and keep it updated” for them throughout their life! The meter is not running for our ‘Client Care Plan’ members!

Patrick J. Kelleher is a South Shore, MA resident and estate planning attorney serving and protecting families and businesses in the South Shore, MA area. For more information on estate planning visit our firm’s website at www.MyFamilyLifePlan.com where you can check out our Blog, free Newsletter library, free Estate Planning Channel on Youtube and sign up for a Free e-Newsletter!

Also serving the following communities South of Boston; Quincy, Milton, Braintree, Randolph, Holbrook, Weymouth, Scituate, Norwell, Hingham, Cohasset, Hull, Hanover, Pembroke, Duxbury, Marshfield, Plymouth, Rockland, Hanson, Halifax, Plympton, Carver, Abington, Whitman, Kingston

This article is not intended to provide legal or tax advice or create or imply an attorney-client relationship. This article is for educational and informational purposes. No information contained herein is a substitute for a personal consultation with an attorney.

How To Protect My Family with Proper Estate Planning - “I really enjoyed your workshop!”

Fantastic estate planning workshop last night at the Learning Center!

Here are some of the recent comments said after the workshop:

“I really enjoyed your workshop!”

 “You bring a refreshing approach to a subject that is becoming increasingly important to more and more families.” 

Several more families now know how to properly protect themselves and their loved ones from the expenses and consequences of probate court, estate taxes, financial creditors & predators and nursing home liens!

Thanks for attending and be on the look-out for the next workshop!

Please share this with anyone you think could benefit from this important educational estate planning workshop.

See what people are saying about us here: http://www.myfamilylifeplan.com/Testimonials.php

If you have any questions or would like to schedule a consultation please call Attorney Patrick Kelleher at 781-871-PLAN (7526) or by email at Pat@myfamilylifeplan.com

Our firm helps families taking care of them for life.  We not only “create” their Will and Trust, but we “maintain it and keep it updated” for them throughout their life! The meter is not running for our ‘Client Care Plan’ members!  

Patrick J. Kelleher is a South Shore, MA resident and estate planning attorney serving and protecting families and businesses in the South Shore, MA area. For more information on estate planning visit our firm’s website at www.MyFamilyLifePlan.com where you can check out our Blog, free Newsletter library, free Estate Planning Channel on Youtube and sign up for a Free e-Newsletter!

Also serving the following communities South of Boston; Quincy, Milton, Braintree, Randolph, Holbrook, Weymouth, Scituate, Norwell, Hingham, Cohasset, Hull, Hanover, Pembroke, Duxbury, Marshfield, Plymouth, Rockland, Hanson, Halifax, Plympton, Carver, Abington, Whitman, Kingston

 This article is not intended to provide legal or tax advice or create or imply an attorney-client relationship. This article is for educational and informational purposes. No information contained herein is a substitute for a personal consultation with an attorney.

Only a few seats remaining - Free Educational Estate Planning Workshop this Wednesday, April 17, 6:00-7:00 P.M. at Hanover Family Estate Planning Center’s Learning Center!

Only a few seats remaining!

Free Educational Estate Planning Workshop this Wednesday, April 17, 6:00-7:00 P.M. at Hanover Family Estate Planning Center’s Learning Center! 

                                    

Patrick J. Kelleher & Associates, P.C.

1415 Hanover Street (Rte 139)

Hanover, MA 02339

Please register today at 781-871-PLAN (7526) or email pat@myfamilylifeplan.com or by our website http://www.myfamilylifeplan.com/workshops.php

We will cover how you and your family can plan to avoid the costs and expenses of Probate Court, save or reduce estate taxes, protect your assets from financial creditors and predators and Nursing Home liens!

Please share this with anyone you think could benefit from this important educational estate planning workshop.

See what people are saying about us here: http://www.myfamilylifeplan.com/Testimonials.php

If you have any questions or would like to schedule a consultation please call Attorney Patrick Kelleher at 781-871-PLAN (7526) or by email at Pat@myfamilylifeplan.com

Our firm helps families taking care of them for life.  We not only “create” their Will and Trust, but we “maintain it and keep it updated” for them throughout their life! The meter is not running for our ‘Client Care Plan’ members!

Patrick J. Kelleher is a South Shore, MA resident and estate planning attorney serving and protecting families and businesses in the South Shore, MA area. For more information on estate planning visit our firm’s website at www.MyFamilyLifePlan.com where you can check out our Blog, free Newsletter library, free Estate Planning Channel on Youtube and sign up for a Free e-Newsletter!

Also serving the following communities South of Boston; Quincy, Milton, Braintree, Randolph, Holbrook, Weymouth, Scituate, Norwell, Hingham, Cohasset, Hull, Hanover, Pembroke, Duxbury, Marshfield, Plymouth, Rockland, Hanson, Halifax, Plympton, Carver, Abington, Whitman, Kingston

 This article is not intended to provide legal or tax advice or create or imply an attorney-client relationship. This article is for educational and informational purposes. No information contained herein is a substitute for a personal consultation with an attorney.

Beware; Overlooked Area in Estate Planning - HIPAA Authorization

No one likes hospitals, except when you need one. Unfortunately, families caring for their elderly loved ones are finding hospitals and other care facilities full of legal red tape that is increasingly difficult to navigate.

Sometimes the red tape is simply hospital policy gone too far. Regardless, navigating the maze requires doing your homework ahead of time. For example, what do you know about HIPAA?

HIPAA is the “Health Insurance Portability and Accountability Act of 1997.” The title of a recent article in the New Old Age Blog of The New York Times summarizes the issue well: “A Privacy Law Often Misinterpreted.”

One purpose of the law is to ensure the privacy of medical data. This is often an overlooked area in the disability planning phase of a proper estate plan. What if your loved one is disabled or incapacitated and you would like to get a second opinion from a medical specialist and need your loved ones medical records?  Will you be able to ge them without HIPPA authorization? No! You will then likely need to spend thousands of dollars to hire a probate lawyer to have you appointed as a legal guardian with HIPPA powers for your loved one.

The original article is a worthy and enlightening read, whether you are a patient, a family member or even a medical professional.

Bottom line: make sure you work with a qualified estate planning attorney to memorialize your disability planning within your estate plan!

If you have any questions or would like to schedule a consultation please call Attorney Patrick Kelleher at 781-871-PLAN (7526) or by email at Pat@myfamilylifeplan.com

Our firm helps families taking care of them for life.  We not only “create” their Will and Trust, but we “maintain it and keep it updated” for them throughout their life! The meter is not running for our ‘Client Care Plan’ members!

Patrick J. Kelleher is a South Shore, MA resident and estate planning attorney serving and protecting families and businesses in the South Shore, MA area. For more information on estate planning visit our firm’s website at www.MyFamilyLifePlan.com where you can check out our Blog, free Newsletter library, free Estate Planning Channel on Youtube and sign up for a Free e-Newsletter!

Also serving the following communities South of Boston; Quincy, Milton, Braintree, Randolph, Holbrook, Weymouth, Scituate, Norwell, Hingham, Cohasset, Hull, Hanover, Pembroke, Duxbury, Marshfield, Plymouth, Rockland, Hanson, Halifax, Plympton, Carver, Abington, Whitman, Kingston

 This article is not intended to provide legal or tax advice or create or imply an attorney-client relationship. This article is for educational and informational purposes. No information contained herein is a substitute for a personal consultation with an attorney.

 Reference: The New York Times – The New Old Age Blog (March 27, 2013) “A Privacy Law Often Misinterpreted”

Do You Have Enough Life Insurance? – Hanover Family Estate Planning Center

It’s not too hard to properly insure a car or a valuable piece of art, because the value of the object can be determined, even in a shifting market. What about insuring your life for those who depend on you for financial support? How do you insure your life and how do you even begin thinking about life insurance?

For starters, it is essential to note that life insurance can be a complex subject, especially when it comes to the right “kind” and the right “amount” of insurance.

So what questions do you ask? Sometimes the important questions don’t come up when you click through those online life insurance calculators, and unfortunately, less so with some insurance brokers. Forbes recently addressed this important issue in an article titled “What A Life Insurance Calculator Can't Tell You.”

Generally speaking, insurance exists so you can pay a “premium” now that you can afford to protect against the risk of a catastrophic event later that you cannot afford. When it comes to life insurance, of course, the risk is to your family and loved ones if you were no longer there to care for them. Life insurance is a potent tool in this regard, but it is far from the only tool to protect for your loved ones in the event of your death.

The original article provides an excellent analysis of common “needs” that life insurance can protect. In the end, however, nothing can replace the advice and counsel of an experienced and qualified life insurance professional.

For some quotes on life insurance contact us and we will refer you to a qualified life insurance professional.

If you have any questions or would like to schedule a consultation please call Attorney Patrick Kelleher at 781-871-PLAN (7526) or by email at Pat@myfamilylifeplan.com

Our firm helps families taking care of them for life.  We not only “create” their Will and Trust, but we “maintain it and keep it updated” for them throughout their life! The meter is not running for our ‘Client Care Plan’ members!

Patrick J. Kelleher is a South Shore, MA resident and estate planning attorney serving and protecting families and businesses in the South Shore, MA area. For more information on estate planning visit our firm’s website at www.MyFamilyLifePlan.com where you can check out our Blog, free Newsletter library, free Estate Planning Channel on Youtube and sign up for a Free e-Newsletter!

Also serving the following communities South of Boston; Quincy, Milton, Braintree, Randolph, Holbrook, Weymouth, Scituate, Norwell, Hingham, Cohasset, Hull, Hanover, Pembroke, Duxbury, Marshfield, Plymouth, Rockland, Hanson, Halifax, Plympton, Carver, Abington, Whitman, Kingston

 This article is not intended to provide legal or tax advice or create or imply an attorney-client relationship. This article is for educational and informational purposes. No information contained herein is a substitute for a personal consultation with an attorney.

Reference: Forbes (March 28, 2013) “What A Life Insurance Calculator Can't Tell You”

Unequal Inheritance Can Cause Family Feuds – Tips to Avoid This!

If you are planning your estate, or have already inked your planning, how will your loved ones react to their inheritance? Are you providing a “fair” or an “equal” inheritance? While it is your estate, it may be helpful to communicate your wishes and rationale now to avoid misunderstandings (or worse) later on.

The Washington Post recently explored this subject in an article titled “Dividing up money can cause divisions in families.” The article tracks the case of a certain individual who can’t help feeling resentment over the estate plan his parents have created. He believes the basis for the estate plan is his chosen “lifestyle.”

He is gay and his married sister is not. He has no children and she does. The parents of these adult children have chosen to leave an inheritance “directly” to their grandchildren, instead of “through” their daughter. The grandchildren are set to each inherit one-sixth of the estate, with the children splitting the remaining two-thirds.

Although a good estate plan ought to be customized to meet a client’s goals and needs I believe that good communication is key early on to keep the family close. We use our unique estate planning process “Family Care Meeting” to explain the estate plan to the kids and helpers so there are no big surprises later in life. The clients love this step in the process because it is a proactive approach to keeping family harmony and avoiding nasty and expensive lawsuits and litigation when they are gone.

What about your own family and heirs – will they understand? What can you do to make yourself understood? Then again, if instead you are the one inheriting, have you thought it through from everyone’s perspective?

When all is said and done, it is your estate and you may distribute it as you wish. Period. Nevertheless, long-term family harmony often hinges on communicating your wishes while you are alive and able to explain them. Surprise is only a good thing when it comes to birthdays and anniversaries.

If you have any questions or would like to schedule a consultation please call Attorney Patrick Kelleher at 781-871-PLAN (7526) or by email at Pat@myfamilylifeplan.com

Our firm helps families taking care of them for life.  We not only “create” their Will and Trust, but we “maintain it and keep it updated” for them throughout their life! The meter is not running for our ‘Client Care Plan’ members!  

Patrick J. Kelleher is a South Shore, MA resident and estate planning attorney serving and protecting families and businesses in the South Shore, MA area. For more information on estate planning visit our firm’s website at www.MyFamilyLifePlan.com where you can check out our Blog, free Newsletter library, free Estate Planning Channel on Youtube and sign up for a Free e-Newsletter!

Also serving the following communities South of Boston; Quincy, Milton, Braintree, Randolph, Holbrook, Weymouth, Scituate, Norwell, Hingham, Cohasset, Hull, Hanover, Pembroke, Duxbury, Marshfield, Plymouth, Rockland, Hanson, Halifax, Plympton, Carver, Abington, Whitman, Kingston

 This article is not intended to provide legal or tax advice or create or imply an attorney-client relationship. This article is for educational and informational purposes. No information contained herein is a substitute for a personal consultation with an attorney.

 Reference: The Washington Post (March 29, 2013) “Dividing up money can cause divisions in families