There are four primary mistakes that individuals make with regard to their planning and it appears that the late artist Prince, could have been guilty of one of them. These include:
• Having no will
• Forgetting to plan ahead for disability
• Failing to update estate plans regularly
• Failing to set up a trust
It has come to light in recent news that Prince’s sister knows of no existence of a will and this means that Prince’s estate could pass through Minnesota intestacy laws. Without any proper estate planning his estate may have a tax bill of approximately 50% of its worth which is estimated to be about $300 million.
Consulting with an experienced Massachusetts estate planning attorney can help address your concerns not just as it relates to passing on assets to your loved ones but also for identifying strategies that can help minimize your tax bill. Frequently, individuals are surprised to learn that they need more than a will to accomplish their estate planning goals which is where strategies like trusts can be important.
Outlining your estate planning wishes after an initial consultation with an attorney is important but it is just as important to update these estate plans as your life changes. For example, a birth, death, marriage or divorce may be cause for updating your estate planning documents. Set up a regular meeting with your Massachusetts estate planning attorney to learn more about what needs to be updated and the strategies and tools you can use to minimize tax bills.
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How An Adam Sandler Movie Is Changing Dementia Care
Well, nobody saw this one coming.
An Adam Sandler movie, of all things, has inspired an effective new trend in healthcare and therapy for dementia patients. And it only took 11 years for it to catch on
50 First Dates made its way to theaters in 2004 and has aired ad infinitum on cable ever since then, so many of you may already be familiar with its premise. Sandler plays a bachelor living the wild life in Hawaii, but when he meets a lovely young lady named Lucy (Drew Barrymore), he sees fit to change his ways. The only problem? Lucy suffers from short-term memory loss and starts each morning with no memories from the previous day.
It’s a silly romantic comedy, but according to TIME, one plot point in particular caught the attention of dementia care providers. In the film, Sandler’s character records videos to help comfort Lucy and remind her of who he is — and who she is.
One nursing home, the Hebrew Home at Riverdale in New York City, decided to give that ideal a whirl for their own patients suffering from Alzheimer’s or dementia.
“[The film] was fluff, but it made me think, ‘How could that translate to our residents with memory loss?’” says Charlotte Dell, the home’s director of social services.
It’s working, Hebrew Home tells NBC New York. The video program helps to set a positive tone each morning, establish routine, and trigger residents’ memories.
Of course, every patient is unique. Alzheimer’s and dementia present differently in different people. Experts expect the therapy to be more effective in some people than in others.
Still, isn’t it nice to know that life-changing inspiration can come from the most unexpected places?
Estate Planning Disasters!
A solid estate plan is a great disaster-avoidance tool. The majority of Americans don’t have so much as a Last Will and Testament in place, and that’s a recipe for family feuds and assorted complications.
Every now and then, though, an estate plan can actually cause a disaster. Almost always, it’s because the person doesn’t consult with a professional first, or because they forget to update their plans following major changes in their lives.
Forbes recently assembled six such scenarios, all of them real-life stories about families learning the hard way that prudent planning matters. Some are amusing, others distressing, and they all serve as encouragement to give our estate plans a second look.
There was, for instance, the man whose wife died, followed a short time later by his own death. Since she was the only beneficiary listed in the will, his estate went to his next of kin — a woman he’d never met living in a country far away and his late wife’s estranged daughter. Not quite what he intended!
Another woman was distressed to learn that her husband had never updated his will after divorcing his first wife. Much to his widow’s surprise, most of his major assets — including a big life insurance policy — went to his ex. Meanwhile, the widow had to split the rest of the estate with her mother-in-law (as you might have guessed, they don’t get along).
Gleaning a few life lessons out of these cautionary tales, Forbes offers the following bits of advice to all of us who are still among the living:
- Chose your Personal Representative with care. Just because a child was born first, doesn’t mean he or she is the best choice.
- Update your will and ensure that it’s valid (don’t simply assume).
- When crafting wills/trusts, dispose of your estate’s assets with specificity.
- Amend your list of beneficiaries after any birth, death, wedding, etc.
- From a tax perspective, never underestimate the value of your personal property.
- Don’t give large sums of money to minors without restrictions.
Sage advice, certainly! Having an estate plan is very important, but it’s equally essential that it be capable of carrying our your intended wishes. An outdated or sloppily drafted estate plan can have unfortunate and unforeseen consequences. Diligence really does pay off.
If you’d like to make doubly sure that your own estate plan is safely outside the “disaster zone,” please don’t hesitate to contact me for an easy review.