LIVE WELL and BE REMEMBERED as the HERO you already are.

Do you have your own business?  It's great, isn't it?  Making all those decisions.  Having to buy the staples and copier.  And your delightful relationship with your silent partner, the IRS. Once all the euphoria of the above has passed, what's your succession plan?   How's the business going to pass along to other generations?  If you drop dead or are disabled, will your family have to clean up the mess?  If you are in a business with others, what's the succession look like? Most business succession plans include some sort of buy-out .  Normally, no one really thinks about this after the initial attorney drafts it.  How would you fund the buy-out?  Are you going to sell business assets?  Are you going to run a business with someone's widow, child, or girlfriend?  Or, is their life insurance on the business owners to fund it? Have I blogged on this before?  Yes .  Does it bear repeating? Yes . If you are in a small bu...

As an attorney who assists clients with Wills, Trusts, Probate, and Powers of Attorney, I see both good ideas and bad ones.  Here are a few of the really bad ones: Misspelling Names - whether it's your Will, Trust, Power of Attorney, Beneficiary, or Payable on Death forms, get the names correct.  Those coming behind you and wrapping up your affairs do not need to be explaining why you called "William" "Bobo".  Whether it's a financial group or a Trustee, matching a name on a document to a person should not be a challenge.  The solution, take a few extra minutes to confirm the names you are listing are the actual legal names of the people you wish to bless. Donating To The Government- You have a poor relative who is receiving Medicaid Long Term Care Services (they are in a state nursing home).  You would like to bless this relative upon your passing, so you list them in your Will, Beneficiary form, etc.  When you pass they now move from being poor, to a hi...

I know I'm a bit of an insurance nerd, but Long Term Care (LTC) insurance coverage simply fascinates me.  For many people, it's the bridge, in their final years, between health insurance (often Medicare) and life insurance. There are many fascinating variations of LTC, but the ones that interests me the most are those that are participating in the LTC Partnership program (Qualified State Long Term Care Partnership Program). What's that mean?  That means that the policy has met certain criteria, so that when the policyholder passes away AND Medicaid (in my case, Tenncare) has a recovery interest in their estate, then the estate gets credit, due to the LTC policy, to offset any recovery efforts by Medicaid. (This means there's a better chance of the kids getting granny's old house.) What does this benefit the policyholder? They have more control over where they spend their final years, as opposed to having Medicaid dictate where they reside. And, their estate gets a...

  In my Estate Planning, the topic of "planning for Medicaid" often comes up. I don't know why we, in the U.S., have gotten so oriented toward thinking we'll need "Medicaid" when we are one of the richest countries in the world.   I believe that planning for Medicaid is akin to planning for FAILURE. Why do I believe this?   As a teen, I worked in Nursing Homes and Assisted Living Centers. The staff always knew which beds were "Medicaid Beds". Those beds were always limited. Did they receive essentially the same care? Sure, but it was still known that the spot was "Medicaid".   Medicaid has limited options. Medicaid is subject to change at lawmakers' whims. Medicaid is designed for the truly poor. Why would triggering Medicaid be your goal?  Have you ever been in a Medicaid predominant  (only) facility and liked it?  Would you want to live that way?   I prefer to see people have more options as they age. I prefer to see people take mor...

  Are you concerned for yourself or a loved one aging?   A fantastic resource is from an unlikely source, the Centers for Disease Control (CDC).  STEADI (Stopping Elderly Accidents, Deaths & Injuries) has many resources worth your time.  The page I like the best is here .  Whether you are planning for yourself or a loved one, it is always easier to take a few steps toward the future than to play "catch up".  

When you started your business, you generated an Operating Agreement or some similar document. The document looked all nice and legal at the time. You signed it and moved on. The business had very little worth at the time, so you didn't pay much attention. Now, you are years into the business and you haven't given this document another thought. As you have aged and the business or partnership grew, you start to think about the agreement. In most Operating / Partnership Agreements there is a "Buy-Sell Clause" that is triggered by death or disability . When you started the business, those issues didn't matter. Now, they do.  What if? Do you have the capital to fund a buyout of your partner(s)? Do you like the idea of owning a business with your partner's wife and her new husband?   Wouldn't you like a source to fund this part of the agreement? Maybe it's time to take a second look at that document and figure out a way to fund it for pennies on t...