Tempe Arizona Estate Planning

DJ Casey Kasem’s Daughter Shares Her Family’s Legacy and Battle for Elder Abuse Laws

A radio personality in her own right, Kerri Kasem and her siblings were kept away from their famous father at the end of his life. That experience led them to fight for change, and to create a law that has been adopted in twelve states.

After Kerri Kasem and her siblings were prevented from visiting her father, while he was sick and dying by her stepmother, they launched an initiative to prevent any other family from having that experience. She recently spoke at the Seventh Annual Training of the Greater Augusta Coalition Against Adult Abuse, held in the Waynesboro, VA area. The News Virginian reported in its story, “Kasem speaks against elder abuse,” that Kasem presented “Isolated: How Casey Kasem’s Family fought, changed the law, and survived.”

Like her father, Kerri Kasem is an American radio personality. She hosted Sixx Sense and The Side Show Countdown with Nikki Sixx.

Kasem relayed her family’s story of the fight to see her ailing father. She explained about early warning signs of abuse and prevention. She also provided tips on how law enforcement and Adult Protective Services should approach these cases, for the victim’s rights to be protected.

“I learned very quickly there are no laws in the U.S. protecting adult children,” she said. “There needs to be stronger laws in this country protecting our elderly.”

Kasem fought to see her father and eventually created the Kasem Cares Visitation Legislation. The bill “provides an open path for family members to ask the court to rule on visitation, without incurring the enormous expense and time that comes with a challenge to guardianship or conservatorship,” the website explains. The bill became law in twelve states.

The organization is advocating for changes in the laws in Alabama, Arkansas, California, Illinois, Iowa, Louisiana, Maryland, Nebraska, Texas, Wisconsin and Virginia.

During her fight, many people contacted her in letters saying they were going through the same ordeal. She hopes the legislation and the Kasem Cares Foundation will help other people.

“I knew there were so many families going through this,” she said. “I couldn’t let them go through that. I knew I had to do something. That’s why I created Kasem Cares.”

The Kasem Cares Foundation addresses the experiences of families who need protection from elder abuse, regardless of their financial status. It focuses on the needs of adult family members to try to protect ailing relatives, whose lives are being controlled by someone who restricts their access to a vulnerable adult.

At the Soto Law Firm we help couples and families plan for times of incapacity by allowing them to name those individuals they trust to make the right decisions on their behalf.  Especially in situations of blended families and step-parents, it is vital to speak with an estate planning attorney who can help you put in place the proper documentation that can accomplish your family’s goals.  Contact the Soto Law Firm today for a free consultation to discuss your options.

Reference: The News Virginian (May 13, 2018) “Kasem speaks against elder abuse”

Estate Planning Mistakes You Can Fix Before They Get Expensive

Not having an estate plan in place, makes seniors vulnerable to financial elder abuse.

Are you among the 60% of Americans 60 years old and older who don’t have estate planning documents in place, or the 40% who understand how important it is to protect themselves and their families? If you’re in former group, the time to address these matters is now.

CNBC’s recent article, “These costly estate planning mistakes can be fixed,” says that, when it comes to planning for your estate, the odds are you haven't made all the provisions you should.

A new Wells Fargo survey found that four in ten senior Americans don’t have the important documents that will address financial and health matters, if they’re incapacitated or dying. Those gaps in financial planning have the potential to leave the elderly vulnerable to elder financial abuse. While 20% of Americans age 65 and up are victims of financial abuse, only one in ten think it can happen to them. Consider these actions you can take now to reduce your financial vulnerability.

Store your documents in an accessible place. Your estate plan and other important documents should be stored in a secure but accessible location. There are programs that allow you to create and store your plans online.  As a result, everything is in one place and accessible to family out-of-state.

Break down your to-do list into small items. Make a list of the items of your estate plan that need your attention and work your way down the list. The four key documents everyone should have in place are a will, a power of attorney for financial matters, an advance health care directive, and a power of attorney for health care.  Those with more substantial assets may also wish to have a trust in place to avoid the complication, cost,  and privacy issues associated with probate.

Update your plans regularly. One in six older Americans surveyed by Wells Fargo said their documents are out of date. Many, even the elderly, postpone these tasks because of a lack of urgency. Create a deadline for yourself and your family, for when you want to accomplish these tasks. Follow up when you receive prompts from your estate planning attorney and software (like Outlook) that says your plans need updating.

Talk about your wishes with your loved ones. About 72% of those surveyed by Wells Fargo indicated they believe their finances are a private matter. However, failing to discuss your money will make things harder for your family if you should suddenly—or even gradually, from dementia—be unable to manage your own financial affairs or make decisions.

The simple truth is, putting an estate plan in place, having a will or trust and updating both on a regular basis, will give you a surprising sense of peace. You’ll be more prepared, and your family will be better protected.  Contact the Soto Law Firm today for a free consultation to find out how easy it is to obtain this peace of mind for you and your loved ones.

Reference: CNBC (May 10, 2018) “These costly estate planning mistakes can be fixed”

Your golden years might be three decades long, so planning your retirement and income has to match up with a longer and more active lifestyle.

Today’s retirement could last two or three decades, as people stay healthier and live longer, according to a recent article from WTOP, “Are you ready for 8,000 days or more in retirement?”

Along with this good news come the issues and questions surrounding the transitions before and during retirement. As you near retirement, you may be pondering how you want to spend your days and if you’ll have the savings to live the life you want. Hopefully, if you have been planning, you have a good sense of your cash flow and assets available for retirement.

A complete financial plan addresses cash flow sources and a realistic living budget, as well as Social Security, Medicare, long term care, insurance, taxes and estate planning. It’s critical to envisioning your future retirement. Many professionals believe it’s important to incorporate both quantitative and qualitative planning to allow for a fulfilling retirement and a life well-lived.

At the MIT Age Lab, instead of looking at retirement as an end, they consider a new retirement story that lasts on average for 8,000 days. The MIT Age Lab divides a person’s life into four equal parts of 8,000 days. Each segment lasts approximately 22 years: Learning (birth through college); Growing (start of professional career, relationship/marriage, start young family from your 20s to mid-40s); Maturing (prime career years, bigger homes, raising older children from mid-40s to mid-60s); and Exploring (retirement beginning mid-60s).

In its studies, MIT found that most people only had a vague idea of what they would do in retirement.  It is remarkable that many see retirement as a single state. MIT found that without a clear vision, many retirees are unprepared for what comes next. While you may know exactly what you plan to do on Day 1 of retirement, do any of us really have a clear vision of Day 4,000? Initially in retirement, most have resources, good health and time for leisure activities, travel and social connections, along with the desire to pursue new interests.

Individuals and couples also begin addressing crucial “tactical” decisions that include where to live, how you will get around and with whom you will spend your time. That includes planning where and with whom to retire, as well as how much it will cost.

Meet regularly with your attorney to be certain your long-term plan is intact, can accommodate any changes and is in harmony with your estate plan.

Remember that retirement planning is not just about saving as much money as possible and figuring out the best way to manage the money through the stages of retirement. Planning for a loss of independence, including not being able to get around as easily or needing full time health care are also parts of retirement and aging that need to be addressed.  This is where strategic planning, such as having a Financial Power of Attorney, successor Trustee for your Trust, or and Health Care Agent can make the more difficult parts of your retirement much easier to handle.  Contact the Soto Law Firm today to discuss what options are available to ensure smooth sailing in your golden years.

Reference: WTOP (May 9, 2018) “Are you ready for 8,000 days or more in retirement?”

What is the Purpose of a Conservatorship?

What is the Purpose of a Conservatorship

Conservatorships are granted by a court to a guardian or a caregiver, when a person can no longer care for themselves or an estate is in chaos. It is usually the end result of a bad situation.

Establishing a conservatorship is a complex and time-consuming process, best done by an experienced attorney. This usually occurs when no advance planning has been done, including setting up a trust, creating powers of attorney, or healthcare directives.

The San Diego Union-Tribune’s recent article asks, “What is conservatorship and how do I get it? According to the article, the San Diego Superior Court website conservatorship page has an overview of the types of conservatorships available. It also contains downloadable forms, links, FAQs, and an outline of steps required to set up a conservatorship. Something similar to this service may be found on the Arizona Courts website.

Seeking conservatorship is pretty much the point of last resort. A conservatorship of an estate can be avoided, if a person prepares in advance by creating a trust or arranges for appropriate powers of attorney with family members. These can be used without court intervention.

 However, setting up a conservatorship may be unavoidable, if a parent or other loved one—even a person who’s signed an advanced care directive and appointed an agent for power of attorney—becomes uncooperative, refuses to accept help, won’t go to a doctor, doesn’t eat properly, fails to maintain appropriate personal hygiene, or has become the victim of a scam artist.

Getting a conservatorship can be difficult, especially if the individual requiring assistance refuses and challenges the action in court. In that instance, they may hire an attorney of their own, or receive a court-appointed lawyer, to fight this.

When a conservatorship of a person or estate is granted, it is not the end of work for a conservator. In both situations, the court will follow up with investigator visits to make sure the conservatee or the estate are being cared for or managed properly. In the case of a conservatorship of an estate, there must be an accounting of all assets.

If it is at all possible, speak with an experienced estate planning attorney and put a plan in motion before the situation becomes urgent. It may be possible to avoid problems in the future, including the need to establish a conservatorship. Giving adult children or close relatives powers of attorney, naming an agent, creating an advance health care directive and funding a trust may help avoid lengthy and expensive legal actions.  Contact the Soto Law Firm today to discuss these issues with an attorney in a free consultation.

Reference: San Diego Union-Tribune (April 25, 2018) “What is conservatorship and how do I get it?

Why Does My Estate Plan Need to be Reviewed?

Why Does My Estate Plan Need to be Reviewed

Tax laws change, so do lives. You could be missing out on planning opportunities, or forget to make an important change that cannot be fixed after you pass.

Creating an estate plan entails a detailed review of every aspect of your life, from personal finances to personal relationships. Sometimes that brings issues to light that are difficult to deal with, but need to be addressed.

The Smyrna-Clayton Sun-Times reports in its article, “Change plan as plans change,” that most financial plans begin as a snapshot of your financial life, with a thorough review of your assets, liabilities, and cash flow.

Your estate planning attorney will then use this to show what your financial life may look like, under a wide range of future scenarios.  However, when it comes to forecasting numbers and assumptions, it’s not uncommon for things to turn out differently than planned. You need to recalibrate your planning based on your situation, as well as where the markets and your circumstances are heading.

For example, most people set their 401(k) allocations and name beneficiaries when enrolling in the plan and never look at it again. This also happens with life, property and casualty insurance policies. The renewal notices arrive in the mail when your policy is renewed, but do you actually read them? You should review every property and casualty renewal to be sure your coverage selections are adequate. Don’t assume that the renewal has the same exact coverage as last year, or that it was the right amount of coverage. Review your beneficiary designations every time you pay your life insurance bill.

In the same fashion, estate plans are rarely reviewed yearly. However, there are parts of your estate plan that may be worthless, if they’re too old. There may also be new opportunities that you are missing.

Every few years, your health care power of attorney or durable power of attorney needs to be reviewed. They may not need to be updated, but they should be reviewed. An appointment with your estate planning attorney should be treated like a visit for a physical examination—there might not be anything wrong, but you still need a check-up to be sure.   Contact the Soto Law Firm today to set up a free consultation to review your existing estate planning documents.

Reference: Smyrna-Clayton (DE) Sun-Times (April 17, 2018) “Change plan as plans change”

Health Care Directives and End of Life Planning Exemplified by Two First Ladies

Health Care Directives and End of Life Planning Exemplified by Two First Ladies

Barbara Bush’s final days are an example of what some call “a good death.” She left this world with dignity and on her terms. Her health care directive likely ensured that her wishes would be followed, and is an example of a life well-lived.

When First Lady Barbara Bush passed recently, Americans of all political parties felt the loss. The “Silver Fox” was the matriarch of a family at the forefront of politics for more than four decades. As reported by Forbes in its article, “Barbara Bush And Betty Ford - How Two First Ladies Mastered Unique Aspects Of End Of Life Planning,” this wife, mother, grandmother and great-grandmother should be an example to us all of how to prepare for and handle our final days.

Mrs. Bush’s death is a drastic contrast to how most Americans approach the dying process. The average American doesn’t have a well-planned approach to how they wish to handle death. In 2017, the University of Pennsylvania's Palliative and Advanced Illness Research Center found that only 29% of all Americans even have a health care directive. This is an important document to help your family as well as medical and legal professionals understand your wishes about medical treatment, palliative care, and funeral plans.

Likewise, Betty Ford used her estate documents to express her last wishes in a unique way. Betty wanted her eulogy to be a political statement on how the increased partisanship in Washington was creating a negative impact on the country. She asked journalist Cokie Roberts to eulogize her, and the eulogy was to be specific. Betty wanted Roberts to speak about Washington in the 1960s and 70s and how the DC crowd had to get along and work together. That was because they were frequently at dinner parties at each other’s home on the weekends. This was the statement she wanted to be certain was communicated.

Another powerful use of the health care directive is to provide our wishes for treatment, in the event we lack capacity, or our condition is terminal.

Barbara Bush’s health care directive stated that treatment for her chronic obstructive pulmonary disease (COPD) and congestive heart failure would stop, and she’d return home to focus on being comfortable in her last days. She was surrounded by family and on her final day, her husband of 72 years sat at her bedside and held her hand. She even had a final bourbon!

Regardless of their political preference, everyone should have a health care directive. Think through how you feel about everything from palliative treatment to funeral plans. Create a health care directive with the help of an estate planning attorney. It will make a difficult time less stressful for your family, and they will appreciate knowing your final wishes.  Contact the Soto Law Firm today to set up a free consultation to discuss these important issues.

Reference: Forbes (April 18, 2018) “Barbara Bush And Betty Ford - How Two First Ladies Mastered Unique Aspects Of End Of Life Planning”

Fight Elder Abuse in Your Family with Vigilance and Involvement

Fight Elder Abuse in Your Family with Vigilance and Involvement

It’s a sad fact, but many of the worst crimes against seniors are committed by members of their own family, and most of them go unreported.

Elder abuse, including financial abuse, often starts when relatives ask their victims to provide them with power of attorney or have themselves assigned as guardians by a court. It often begins with something small, and if no one else in the family is paying attention, can grow until the victim has lost everything. The best defense: a family member who is involved with their aging relative or parent and is paying attention to the details of their life.

Forbes’s recent article, “5 Ways To Spot And Stop Elder Financial Abuse,” quotes NASAA President and Alabama Securities Commission Director Joseph Borg, who explained that "A guardian is a person or entity appointed by a court to exercise some or all authority over a person and/or estate."

A guardian has the authority to make decisions related to the health and safety of the incapacitated person. Financial abuse by guardians happens when the guardian improperly uses the protected individual’s financial accounts, usually for their own benefit. Here are a few red flags that can signal that there’s a problem:

• Using guardianship authority to transfer property for the guardian’s benefit;
• Receiving personal payments from a protected individual without the court’s permission;
• Authorizing regular cash withdrawals from the senior’s accounts without explanation;
• Using or borrowing property for personal benefit without the judge’s authorization; and
• Making unexplained decisions that aren’t in the senior’s best interest.

The best weapon in the fight against elder financial abuse is vigilance, experts say. You should call a family meeting to talk about the best ways to protect a loved one.

Older relatives may eventually need someone in the family to act as their financial agent under a financial power of attorney, as well as a health care agent under a health care power of attorney. These documents will ensure that, if a senior is incapacitated, a responsible third-party can make decisions on his or her behalf.

At a certain age, older relatives may begin to have trouble doing things like paying bills or watching over their investments. It's a natural consequence of aging and cognitive decline, and they may be suffering from dementia.

Some experts recommend that more than one person in a family be granted power of attorney. Ask your estate planning attorney for help in drafting this document.

It’s important to remember that seniors today are being targeted with scams of all kinds. If they are isolated socially and suddenly have a best friend who has asked for their financial help, start asking questions. You may need to call on other family members, or even local law enforcement for help.

Reference: Forbes (March 30, 2018) “5 Ways To Spot And Stop Elder Financial Abuse”

 

Having “The Talk” with Parents: This Time, About Retirement Planning

Like any tough topic for families, listening without being judgmental is a big part of a success. It is also important to remember that your parents have worked hard to earn their retirement.

Discussing retirement and estate planning is not as much fun as planning a multi-generation vacation, but the conversation is very important, as noted in a recent article from Motley Fool, “3 Tips for Talking to Your Parents About Retirement.”

A 2016 Fidelity study found that 38% of parents say they don't talk to their adult children about retiring, because the conversation never comes up. The survey also found that 93% of adult children and 95% of parents had greater peace of mind, after having "any" detailed conversation about the parents' estate planning.

These conversations can be difficult, but here are a few ideas that may help when talking with parents.

Listen First. Some families still see conversations about money as taboo, and some parents may not think they need to discuss their finances with their adult kids. It is, therefore, important to listen to what your parents are saying when they do talk about the subject. Try to listen first and figure out what they want. Sometimes, they want input on their decisions.  There are other times when they just want to let you know what decisions they've already made.

Research. If your parents talk to you about their retirement plans, it can be tempting to immediately offer your opinions. It’s quite possible that your parents and you need to do some more homework before finalizing any retirement plans or offering advice. It’s also possible that they have done a lot of research on their own.

It's Their Money, Not Yours. Remember that you can't dictate how your parents spend their money. If they want to blow their retirement savings on big vacations or assisting family members to their own detriment, it’s their decision.

This topic gets more complicated if you're the one who might end up financially supporting your parents as they get older. But you can't and shouldn't be trying to control your parents' financial decisions.

Each family should have respectful conversations about their parents’ estate plans. If you learn that your parents do not have an estate plan, including wills, advance directives, and other necessary documents, encourage them to see an estate planning attorney. They may feel more comfortable using the same estate planning attorney that you or another family member has worked with.

At the Soto Law Firm we recognize that family dynamics can be difficult to manage.  Our approach to estate planning focuses on education and providing options, so that our clients can make the right decisions for their family’s situation.   We provide free consultations for those interested in understanding what options are available when planning for the next generation.  Contact us today to get your family’s estate planning headed in the right direction.

Reference: Motley Fool (March 31, 2018) “3 Tips for Talking to Your Parents About Retirement”