Garland Law Offices, P.A.

Don’t Overlook Key Parts of Estate Plan

“During the past four months, more than 141,000 Americans have died of COVID-19. Anecdotal evidence suggests that the pandemic has prompted some people to get serious about creating or updating their estate plans, according to Christine Benz, Morningstar’s director of personal finance.”

The importance of having key estate planning documents cannot be overstated. That includes a will, an advance directive, powers of attorney for health care and financial matters and guardianships for minor children. Trusts may also be part of an estate plan, and they need to be created and funded in a timely manner. However,, according to the article “7 Things Your Client’s Estate Plan Might Be Missing: Morningstar” from Think Advisor, there are a number of frequently overlooked additional parts to an estate plan that make a difference.

Financial Overview. This gives a broad outline of your assets and can be a useful discussion starting point, when one spouse manages the money and the other needs to be brought up to speed. It includes information about larger assets, including the home, investments, cars and other valuables.

A Directory. Creating a complete master list of all accounts, including the account number, website addresses and the names of any individuals that you deal with on a regular basis, avoids sending loved ones on a scavenger hunt. Keep this document safe—either encrypt it or keep it in a locked, fireproof safe in your home.

Personal Property. Wills contain directions about property, but not everything gets included. Make a list of any tangible personal property that you want to go to specific people, like jewelry or artwork, and create a detailed memo. It won’t be part of the will, but most states consider such memos legally binding, as long as they are mentioned in the will. Your estate planning attorney will know what is best for your situation and in your state.

Plan for Pets. The best way to do this is with a pet trust, which is enforceable. You name a person to take care of your pets, and how much money they should use to care for the pet. The will can be used to specify who should be your pet’s caretaker. You can leave assets for the pet, but the designated person is not legally bound to use the money for the pet’s well-being.

Digital Estate Plan. Make a plan for your digital property, including tangible digital devices, like computers and phones and the data stored on devices in the cloud and online accounts, including social media, websites, emails, photos, videos, etc. Start by making an inventory of all digital accounts, which needs to be stored in the same way your directory is: under lock and key.

End of Life Plan. Advance directives are used to direct your wishes towards life-extending care, but they don’t always go into detail. Providing additional information to loved ones who might need to make health care decisions could alleviate a lifetime of guilt. Having conversations is a starting point but putting your wishes into a document is better.

Ethical Will. An ethical will in which the person hands down their belief system to loved ones is a gift and part of your legacy. What would you want the next generation to know about your beliefs? What life lessons do you want to share?

Reference: Think Advisor (July 22, 2020) “7 Things Your Client’s Estate Plan Might Be Missing: Morningstar”

Will Vets Get to Train Service Dogs to Help with Mental Health Issues?

“A bill introduced two months ago that would give veterans the opportunity to train service dogs to reduce the effects of mental health issues has yet to come to a vote, even though it should be a “no-brainer,” one of the Republican co-sponsors said Tuesday.”

“It’s really simple: these service dogs can save lives, they can improve the veterans’ health, lower their incidence of mental health issues, reduce their amount of medication, give them their mobility back and give them their lives back,” Ohio Republican Representative Steve Stivers said at a news conference.

Military Times’ recent article, “Should veterans be able to train and adopt service dogs at the VA’s expense?” says the bill has 136 co-sponsors, 45 Democrats and 91 Republicans.

The grant program is devised to defray costs from veterinarian appointments, medical procedures, diagnostic tests and medications.

The legislation was introduced in September to instruct the Department of Veterans Affairs to execute a pilot program on dog-training therapy, pairing veterans diagnosed with PTSD with service dogs and encouraging them to train the dogs themselves.

When the program is concluded, the vets would be able to adopt their dogs to continue the therapy.

Representative Michael Waltz, R-Fla., another co-sponsor of the bill and an Army veteran, questioned why the VA doesn’t cover the costs of getting and training a service dog.

“This should be part of the menu of what the VA provides. […] The benefits are clear,” Waltz said. “Our veterans right now are finding [service dogs] through their own means or through wonderful veterans services.”

Nonprofit organizations associated with providing and training the dogs would be responsible for the training cost and some of the food, while the dogs are being trained.

Last summer, Joint Base San Antonio-Lackland announced that retired military working dogs are in search of families, homes and couches.

According to the 2019 National Veteran Suicide Prevention Annual Report, more than 6,100 veterans died by suicide in 2017. That accounted for 14% of all deaths by suicide among adults. The report said almost 60% had been diagnosed with a mental health disorder or substance abuse.

Reference: Military Times (November 19, 2019) “Should veterans be able to train and adopt service dogs at the VA’s expense?”

Should I Get Attorney to Write My Will?

“Estate planning can be tricky, which is why many people turn to attorneys to get the job done right.”

Drafting a will is an essential part of estate planning. Even though it’s vitally important, a recent survey from AARP revealed that two out of five Americans over the age of 45 don’t have one.

The Reflector’s recent article, “Things people should know about creating wills,” says that writing your wishes down on paper helps avoid unnecessary work and stress when you die. Signing a will allows heirs to act with the decedent’s wishes in mind and also will make certain that assets and possessions go to the right people.

Estate planning can be complicated. That is the reason why many people turn to estate planning attorneys to make sure this important task is done correctly and legally. Here are some of the estate planning topics to discuss with your lawyer:

List of Your Assets. Create a list of your assets and determine the ones covered by the will and those that will have to be passed through joint tenancy on a deed or a living trust. For instance, life insurance policies or retirement plan proceeds will be distributed by the beneficiaries you named in each account. Remember that your will can list other assets, like memorabilia, antiques, cars and jewelry.

Naming a Guardian. Parents with minor children should definitely designate the person or persons whom they want to become guardians, if they were to die unexpectantly. They can also use their will to name a person who will be in charge of the finances for the children.

Remembering Your Pets. It’s common for pet owners to use their will to detail guardianship for their pets and to leave money or property to defray the cost of their care. However, remember that pets don’t have the legal capacity to own property, so don’t leave money directly to pets in a will. A pet trust is legal in most states and is the best way to leave money and name a caretaker for your pets.

Stating Your Funeral Instructions. Settling probate won’t occur until after the funeral. As a result, any funeral wishes in a will frequently aren’t read until after the fact.

Designate an Executor. This is a trusted individual who will execute the terms of the will. He or she should be willing to serve and be capable of executing the will.

Those who die without a valid will become intestate. This will result in their estate being settled, based on the laws of where that person lived. A court-appointed administrator will have the authority to transfer the assets and property. This administrator is bound by the state’s intestacy laws and may make decisions that go against the decedent’s wishes. To avoid this, work with an experienced estate planning attorney to draft a will and other estate planning documents.

Reference: The Reflector (July 15, 2019) “Things people should know about creating wills”

How Do I Include My Pet in My Estate Plan?

“Here are a few financial planning tips/topics, if you are considering a new pet or looking to ensure that yours is cared for should you predecease it.”

A recent survey of pet owners showed that nearly half (44%) of pet owners have prepared for the future care of their animals, in the event their pets outlive them. With traditional financial planning instruments like living trusts, life insurance, and annuities, pet owners can have peace of mind knowing their pets’ needs will be met.

Forbes’s article, “3 Financial Planning Tips For Pets Owners,” says that typically, “pet estate plans” should cover more than simply who will care for the pet, when you are no longer around. Expenses such as food, doggie day care, veterinarian bills and medication should also be considered.

20% of all respondents in the survey said they have financially planned for their pets' future care. About 38% said they added the pet's future caregiver as a beneficiary to a life insurance policy and 35% added more coverage to their life policies. 13% also recently purchased annuities naming the pet's caregiver as the beneficiary.

However, many pet owners forget about end-of-life planning. Consider an individual trust for your pet or donating funds to your local humane society or pet shelter.

One question many have before adding a new animal to the family, is whether they can afford it. The cost of an animal from a breeder can be high, so a more affordable option is to check out your local humane society or animal rescue group. Remember that the costs of food, vet bills and other supplies are just as important to think about, before making a pet a part of your family. Pets are too often returned to animal shelters, because pet parents were unable to afford to properly care for the pet.

Last, ask about pet insurance at your veterinarian. Many clinics offer plans and staff members will be able to talk to you about the right option based on the type of animal, breed, age and other criteria of your pet.

Simple steps like these will make certain your pets are cared for properly and affordably.

Reference: Forbes (January 27, 2019) “3 Financial Planning Tips For Pets Owners”

How Do I Include My Pet in My Estate Plan?

“Here are a few financial planning tips/topics, if you are considering a new pet or looking to ensure that yours is cared for should you predecease it.”

A recent survey of pet owners showed that nearly half (44%) of pet owners have prepared for the future care of their animals, in the event their pets outlive them. With traditional financial planning instruments like living trusts, life insurance, and annuities, pet owners can have peace of mind knowing their pets’ needs will be met.

Forbes’s article, “3 Financial Planning Tips For Pets Owners,” says that typically, “pet estate plans” should cover more than simply who will care for the pet, when you are no longer around. Expenses such as food, doggie day care, veterinarian bills and medication should also be considered.

20% of all respondents in the survey said they have financially planned for their pets' future care. About 38% said they added the pet's future caregiver as a beneficiary to a life insurance policy and 35% added more coverage to their life policies. 13% also recently purchased annuities naming the pet's caregiver as the beneficiary.

However, many pet owners forget about end-of-life planning. Consider an individual trust for your pet or donating funds to your local humane society or pet shelter.

One question many have before adding a new animal to the family, is whether they can afford it. The cost of an animal from a breeder can be high, so a more affordable option is to check out your local humane society or animal rescue group. Remember that the costs of food, vet bills and other supplies are just as important to think about, before making a pet a part of your family. Pets are too often returned to animal shelters, because pet parents were unable to afford to properly care for the pet.

Last, ask about pet insurance at your veterinarian. Many clinics offer plans and staff members will be able to talk to you about the right option based on the type of animal, breed, age and other criteria of your pet.

Simple steps like these will make certain your pets are cared for properly and affordably.

Reference: Forbes (January 27, 2019) “3 Financial Planning Tips For Pets Owners”

Yes, You Can Provide for Your Furry Loved One in Your Will

Legal planning for pets is still the exception rather than the rule, but for animal lovers, the end result can be heartbreaking.

It’s not uncommon for seniors' pets to appear at an animal shelter. This is because they’re often abandoned when their owners become infirm or die without making any arrangements for their pets to be taken in by someone else.

Reuters’ recent article, “Your Money: How to protect your prized pet with a trust,” acknowledges that wills and estate plans are hard enough for most of us to comprehend, let alone thinking of planning for our pets. A total of only 67% of Americans over 55 have a will, and provisions for pets have been thought of as a fancy of the ultra-rich. Some of the bad association stems from a 2007 lawsuit over real estate tycoon Leona Helmsley's attempt to leave $12 million to her dog, which was later reduced to $2 million.

One way to solve this issue is to create a trust for your pets. Work in this area has evolved and  there are now ways for pet owners to make legal arrangements so their animal companions don’t end up abandoned. When a pet owner is incapacitated or dies and there’s no plan for the pet, by law, they are deemed to be abandoned and are required to go to a city shelter. In other words, the pets are deemed to be property.

Only about 25% of people make a provision for their pets in their wills. It’s easy to add. In fact, it can be as simple as providing “I leave my dog to...” However, you can also do more and write in details, such as “My dog Fluffy only eats Alpo dog food, and please take him to his vet, Dr. Applewhite.”

You can also leave funds for the care of the pet and more detailed instructions in a formal document. The average person leaves $25,000 for the animal’s care, but every situation is different. Speak with a knowledgeable attorney who specializes in estate planning for pet owners to protect your beloved furry family members.

Reference: Reuters (December 13, 2016) “Your Money: How to protect your prized pet with a trust”

Taking Care of Your Furry Friends When You Die

“What to do when your pet outlives you.”

Pets are part of your family and can give you a lifetime of love and companionship. A recent 12 News Phoenix article, “What if your pet outlives you? Here are some options,” says that being a responsible pet owner means much more than the day-to-day care of your animal. You must think about possible life-changing circumstances that might leave you unable to care for your pet—as well as what happens if your pet outlives you.

Pet trusts and estate plans can be created to help your pets—along with some other legal options. To set aside some money, you can create a fund inside a trust and have that money managed for the pet guardian. If you can’t find someone to take responsibility for your pet, there are several options to prevent Fluffy from going to a public county facility or shelter.

For example, there is Gilbert's Furever Friends Rescue in Arizona that helps pets who outlive their owners. They help those in need pass along their pets before they’re unable to care for them. With all of the retirees in the Copper State, it’s common for people to move to the Southwest; however, their families haven’t all moved with them. As a result, there’s no one in the retirement community to help them out.

The rescue is totally nonprofit, and it aims to decrease the number of intakes and euthanasia cases in Maricopa and Pinal counties. Since it started four years ago, Gilbert's has managed to adopt out more than 1,500 dogs and cats and has helped more than 300 families.

Gilbert's doesn’t charge for animal surrender, but pets must be vetted, spayed and neutered, and have up-to-date vaccines.

A little planning can go a long way to give pet owners peace of mind. Talk to an estate planning attorney about pet trusts and estate planning. It is best to make these decisions about your pets before you have to. Be certain your pet will be cared for, even if it’s not with you.

Reference: 12 News Phoenix (September 5, 2016) “What if your pet outlives you? Here are some options”