tag:blogger.com,1999:blog-32541287960080909222024-03-13T12:38:13.679-07:00JudithPikeLawBlogJudith R. Pikehttp://www.blogger.com/profile/00051523618794545257noreply@blogger.comBlogger129125tag:blogger.com,1999:blog-3254128796008090922.post-31696207620405278442017-04-27T11:25:00.003-07:002017-04-27T11:28:42.584-07:00Hot, hot, hot<!--[if gte mso 9]><xml>
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<span style="font-size: small;"><span style="font-family: "trebuchet ms" , sans-serif;">I have been writing lately about estate planning. Let’s shift back to real estate. The real estate market is <i>hot, hot, hot.</i> Multiple buyers are vying for the same
property, even offering more than the asking price in an effort to secure their
purchase. Homes for sale are staying on
the market only a very short time before they are scooped up by anxious buyers,
and sellers are just sitting back and cooling their heels while the buyer insanity
continues.</span></span></div>
<div class="MsoNormal">
<br /></div>
<span style="font-size: small;"><span style="font-family: "trebuchet ms" , sans-serif;">
</span></span><br />
<div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: "trebuchet ms" , sans-serif;">If you are a potential buyer, you must be prepared to move quickly not only
financially but in all other respects as well.
It is important to honor the dates set forth in the offer, and to keep
the seller under agreement (by the Offer) so that you don't lose the deal. Some buyers write personal letters to the
sellers advocating for why the sellers should choose their offer. Other try to make their offer more attractive
by foregoing a mortgage contingency—this is a personal choice, but it is important
that buyer have sufficient financing to purchase the property. Essentially it is an allocation of risk that
sits squarely with buyer from onset. Generally
the mortgage lender will do what is necessary to approve buyers’ application
and meet the closing date, but once in a while (rarely, fortunately) things don’t
work out with the lender as the buyers hope.
If buyer does not get mortgage approval, the buyer is still contractually
bound to purchase the property, (with funds from other sources, if necessary),
and if they don’t or can’t buy, they will be in default and the seller will be
entitled to keep the deposits paid as damages.
</span></span></div>
<span style="font-size: small;"><span style="font-family: "trebuchet ms" , sans-serif;">
</span></span><br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: "trebuchet ms" , sans-serif;">If nothing goes wrong, things will move along in the normal
course, and the lender will finally approve the loan to close. At least three days before closing, lender must
give buyer a Closing Disclosure which will set out all of the terms and costs
involved in the transaction. At that
time, the buyer will be informed of the total amount necessary to close. That figure will include not only the balance
of the price due, but also all closing costs associated with the
transaction. The buyer will be instructed
to provide those funds at closing, either by wire transfer or cashier’s check.</span></span></div>
<span style="font-size: small;"><span style="font-family: "trebuchet ms" , sans-serif;">
</span></span><br />
<div class="MsoNormal">
<br />
<span style="font-size: small;"><span style="font-family: "trebuchet ms" , sans-serif;">So what are the closing costs that are added to the balance
of the price due? They will include fees
paid to the lender for processing your loan, funds for escrows if the lender
will be maintaining escrow accounts for taxes and insurance, legal fees, registry of deeds recording fees,
and perhaps some other small fees charged
by the lender or the attorney. Depending
on the closing date, the lender may also charge “prepaid interest”—this is the amount
of interest due on the principal for the balance of the month in which closing
occurs. On the first of each month
thereafter, you will make your usual monthly payment.</span></span></div>
<span style="font-size: small;"><span style="font-family: "trebuchet ms" , sans-serif;">
</span></span><br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: "trebuchet ms" , sans-serif;">You will be obligated to put homeowners insurance into place
and provide a binder to the lender.
Often the lender requires that the full year’s premium must be paid for closing. You will obligated to pay for a loan policy
of title insurance on behalf of the lender.
As I have stated in earlier posts, you absolutely should purchase the
optional owners policy of title insurance, which is available at a discount at
closing if it is purchased at the same time as is the loan policy. The
closing attorney takes care of just about all of the processing on behalf of
buyer. Buyer should be sure to be
responsive to any lender requests, but a good lender’s attorney should manage
all pieces of this in a smooth manner leading to a successful closing.</span></span></div>
<span style="font-size: small;"><span style="font-family: "trebuchet ms" , sans-serif;">
</span></span><br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: "trebuchet ms" , sans-serif;">So, buyers, put on your running shoes and go after the house
you want. But remember one thing: there
is no such thing as just one perfect house.
There are many, many houses available for sale, and odds are you will be
happy with any of them. Kind of like online
dating. </span></span></div>
<span style="font-size: small;"><span style="font-family: "trebuchet ms" , sans-serif;">
</span></span><br />
<div class="MsoNormal">
<br /></div>
Judith R. Pikehttp://www.blogger.com/profile/00051523618794545257noreply@blogger.com0tag:blogger.com,1999:blog-3254128796008090922.post-519249775161745722016-12-12T13:12:00.000-08:002016-12-12T13:12:19.431-08:00Estate Planning: the Perfect Holiday Gift<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-sv2urzMUyMI/WE8RxTAmnzI/AAAAAAAAATU/1gmtYUmJ0-YLzJp_yJQ4xWsJuSqt2hqOwCLcB/s1600/Estate-Planning-Graphic-copy.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="197" src="https://3.bp.blogspot.com/-sv2urzMUyMI/WE8RxTAmnzI/AAAAAAAAATU/1gmtYUmJ0-YLzJp_yJQ4xWsJuSqt2hqOwCLcB/s320/Estate-Planning-Graphic-copy.jpg" width="320" /></a></div>
<span style="font-family: Calibri;">The information in this post is somewhat redundant to
earlier posts on the same topic,<span style="mso-spacerun: yes;"> </span>but it
bears repeating for those of you who are not inclined to delve deep in the
database of my earlier posts.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<o:p><span style="font-family: Calibri;"> </span></o:p><span style="font-family: Calibri;">It’s a clear and concise message:<span style="mso-spacerun: yes;"> </span>Everyone, yes, even you, should have an
estate plan.<span style="mso-spacerun: yes;"> </span>It doesn’t matter where you
are in life (ok, maybe millennials are excluded for now).<span style="mso-spacerun: yes;"> </span>You may be the parent of young children.<span style="mso-spacerun: yes;"> </span>You may be a single, divorced or widowed
individual.<span style="mso-spacerun: yes;"> </span>You may be an elderly
couple.<span style="mso-spacerun: yes;"> </span>You may be an unmarried couple
with or without children.<span style="mso-spacerun: yes;"> </span>You may be
part of a blended family.<span style="mso-spacerun: yes;"> </span>No matter what
your circumstances in life, you should be sure your affairs are in order and
are clearly communicated to those who must administer your estate after death.<o:p></o:p></span></div>
<span style="font-family: Calibri;"></span><br />
<span style="font-family: Calibri;">There are many different kind of documents which may be
appropriate for your circumstances.<span style="mso-spacerun: yes;"> </span>My
regular procedure, when approached by new clients, is to begin by sending
them a questionnaire, which asks for detailed information about what assets
they own and how they are titled.<span style="mso-spacerun: yes;"> </span>This
allows me to advise clients with respect to estate taxes, probate and other such matters.<span style="mso-spacerun: yes;"> </span>The questionnaire also
asks for family information and sets out a list of questions that the clients
should consider in determining the provisions of their documents.<span style="mso-spacerun: yes;"> </span>Once I receive and review the questionnaire, I
will then proceed to a initial meeting with the clients in which I will explain
all options, answer all questions, and make a recommendation for the proper
plan based on all of their personal and financial information.<o:p></o:p></span><br />
<br />
<div class="MsoNoSpacing" style="margin: 0in 0in 0pt;">
<o:p><span style="font-family: Calibri;"> </span></o:p><span style="font-family: Calibri;">So what does an estate plan consist of?<span style="mso-spacerun: yes;"> </span>In every plan, there are three documents
which will always be included. <span style="mso-spacerun: yes;"> </span>They are
a Will, a Durable <span style="mso-spacerun: yes;"> </span>Power of Attorney, and
a Health Care Proxy.<span style="mso-spacerun: yes;"> </span>The Will in
simplest form will set out the client’s wishes for distribution of assets, and
appoint a Personal Representative (the new term for “Executor”) who is charged
with administering the estate at the death of the decedent.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<br />
<div class="MsoNoSpacing" style="margin: 0in 0in 0pt;">
<o:p><span style="font-family: Calibri;"> </span></o:p><span style="font-family: Calibri;"><i style="mso-bidi-font-style: normal;">Even if you do
nothing else, sign a Durable Power of Attorney.</i><span style="mso-spacerun: yes;"> </span>This is an absolutely crucial document that
each and everyone person should have.<span style="mso-spacerun: yes;">
</span>This document appoints an attorney-in-fact and grants that appointee
broad powers to act on behalf of the principal with respect to financial,
business and other such affairs in the event the principal is incapacitated.<span style="mso-spacerun: yes;"> </span>Absent this document, it would be necessary
for some involved individual to petition Probate Court for appointment as a
conservator.<span style="mso-spacerun: yes;"> </span>This is a timely and costly
process.<span style="mso-spacerun: yes;"> </span>A valid Durable Power of
Attorney saves all of that time and expense, and gives the appointee the legal
power to act on behalf of the principal.<o:p></o:p></span></div>
<br />
<div class="MsoNoSpacing" style="margin: 0in 0in 0pt;">
<o:p><span style="font-family: Calibri;"> </span></o:p><span style="font-family: Calibri;">A Health Care Proxy is also recommended.<span style="mso-spacerun: yes;"> </span>It is simplest form, the principal will
appoint an agent who is authorized to make medical decisions on behalf of the
principal in event of incapacity, customarily in the context of a terminal
condition with no reasonable likelihood of recovery.<span style="mso-spacerun: yes;"> </span>A longer form Health Care Proxy gives the
principal the opportunity to express their wishes with respect to the types of
medical interventions they may want provided or withheld in the
circumstances.<span style="mso-spacerun: yes;"> </span>Whichever you choose, you
ensure that your medical decisions are being made by a person you trust to
carry out your wishes.<o:p></o:p></span></div>
<br />
<div class="MsoNoSpacing" style="margin: 0in 0in 0pt;">
<span style="font-family: Calibri;">An estate plan may also include one or more trusts to address
the clients’ personal circumstances and needs.<span style="mso-spacerun: yes;">
</span>Trusts may be funded during life, or after death. A couple with young
children may want to establish a trust that requires assets to be held back
from the children until they reach an age older than 21 years.<span style="mso-spacerun: yes;"> </span>Parents of a spendthrift child may want to create
a trust that will prevent the spendthrift child from receiving a large
distribution all at one time.<span style="mso-spacerun: yes;"> </span>Parents who
have a disabled child may need a special needs trust for that child. Some
trusts address the distribution of assets for a blended family.<span style="mso-spacerun: yes;"> </span>And some trusts are created simply for the
purpose of avoiding probate in the estate of the Settlor.<span style="mso-spacerun: yes;"> </span>These are just a few of many examples of how
trusts can become an integral part of your total estate plan.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<br />
<div class="MsoNoSpacing" style="margin: 0in 0in 0pt;">
<span style="font-family: Calibri;"><strong>Most of all,</strong> however, the client must work with an
attorney with whom they feel comfortable, someone who will listen to the clients’
wishes, be sensitive to the clients’ needs, work in partnership with the
clients to achieve their goals, and when necessary, provide emotional support when
addressing any difficult situations, all while presenting recommendations based
on the clients’ individual circumstances.<span style="mso-spacerun: yes;">
</span>I understand that this can be a very difficult process for many people
who don’t want to think about their eventual death (I keep a box of kleenex in
the conference room), and I think a good estate planning attorney should be gentle,
supportive, sensitive yet highly knowledgeable at the same time.<span style="mso-spacerun: yes;"> </span>I like to think that describes who I am as I
work with my clients.<span style="mso-spacerun: yes;"> </span>I am proud to say
that the feedback I get from existing clients supports that.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<br />
<div class="MsoNoSpacing" style="margin: 0in 0in 0pt;">
<span style="font-family: Calibri;">This post could be far longer, but it gives you a
preliminary understanding of what is involved and, most notably, the importance
of having an estate plan.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>More detailed discussions will follow in
future posts.<span style="mso-spacerun: yes;"> </span>In the meanwhile,
however,<span style="mso-spacerun: yes;"> </span>you would be well advised to
make that phone call or send that email to me, or whomever else you may choose,
and get started on this crucial work.<span style="mso-spacerun: yes;"> </span>It
is a gift to everyone.<o:p></o:p></span></div>
Judith R. Pikehttp://www.blogger.com/profile/00051523618794545257noreply@blogger.com0tag:blogger.com,1999:blog-3254128796008090922.post-21898014846514737092016-09-15T12:27:00.001-07:002016-09-15T12:27:57.162-07:00Respect at the End of Life<div class="MsoNormal">
<a href="https://1.bp.blogspot.com/-y2y0IfGMUbQ/V9r0qPjtJPI/AAAAAAAAASw/dGPGEx0dmcAvaSub2vnjze5ZlllDT1x6wCLcB/s1600/End%2Bof%2Blife.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="152" src="https://1.bp.blogspot.com/-y2y0IfGMUbQ/V9r0qPjtJPI/AAAAAAAAASw/dGPGEx0dmcAvaSub2vnjze5ZlllDT1x6wCLcB/s200/End%2Bof%2Blife.jpg" width="200" /></a><span style="background-color: #eeeeee; font-family: Calibri, sans-serif;"><span style="color: #674ea7; font-size: x-large;"></span></span></div>
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<span style="color: #674ea7; font-size: x-large;"><span style="background-color: #eeeeee; font-family: Calibri, sans-serif;"><span style="color: #674ea7; font-size: x-large;"><br /></span></span></span></div>
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<span style="color: #674ea7; font-size: x-large;"><span style="background-color: #eeeeee; font-family: Calibri, sans-serif;"><span style="color: #674ea7; font-size: x-large;"><br /></span></span></span></div>
<span style="color: #674ea7; font-size: x-large;">Do you sense a theme here?</span><br />
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<span style="background-color: #eeeeee; font-family: Calibri, sans-serif;"><span style="color: #674ea7; font-size: x-large;">This topic is one that I have thought about often and researched, and I have some very specific and personal thoughts, which I feel compelled to share. There is certainly a legal component, but also deep and philisophical aspects.</span></span></div>
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<span style="background-color: #eeeeee; font-family: Calibri, sans-serif;"><span style="color: #674ea7; font-size: x-large;">As part of a complete estate plan, clients will execute a Heath Care Proxy. This document appoints an agent who is
authorized to make health care decisions in the event of incapacity of the principal. <o:p></o:p></span></span></div>
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<br /></div>
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<span style="background-color: #eeeeee; font-family: Calibri, sans-serif;"><span style="color: #674ea7; font-size: x-large;">The
Health Care Proxy, however, is limited in that it focuses strictly on medical care, but
not on other wishes you may have regarding your care as you near the end of
life. It is just as important that your agent and
others close to you understand your wishes with respect non-medical
matters. It is crucial to have meaningful discussions
with those on whose behalf you will be making decisions. There are many decisions to be made that go
beyond an understanding of strictly medical matters.<o:p></o:p></span></span></div>
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<br /></div>
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<span style="background-color: #eeeeee; font-family: Calibri, sans-serif;"><span style="color: #674ea7; font-size: x-large;">Just
as important as the medical care is an understanding of what the patient wants
toward the end of life. While the
patient is still mentally competent, ask the patient: <span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">What
is your understanding of the situation and its potential outcomes? What are
your fears and what are your hopes? What are the trade-offs you are willing to
make and not willing to make? </span><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">What are your priorities beyond merely being safe and living
longer? </span><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">And what is the course of action that best serves this
understanding?<o:p></o:p></span></span></span></div>
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<span style="background-color: #eeeeee; font-family: Calibri, sans-serif;"><span style="color: #674ea7; font-size: x-large;">These
questions, and the responses to
them, help the agent and the family
understand the wishes of the patient separate and apart from the strictly
medical realm. When does a patient cross
the line from quality of life, to no quality of life? If quality of life exists, the patient may wish
to continue treatment in order to maintain that quality. Quality
of life means something different to each indivudual. Of course, the severity of the treatment must
also be considered—will the treatment be so invasive or painful that quality of
life is compromised? The decision is different for everyone, and it
is crucial to understand not only what medical procedures are to be withheld
or provided, but also to understand the patient’s fears, hopes and goals as
they progress to the end of life. <o:p></o:p></span></span></div>
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<span style="background-color: #eeeeee; font-family: Calibri, sans-serif;"><span style="color: #674ea7; font-size: x-large;">Ultimately,
everyone hopes for a good death, a death with dignity. Understanding the patient’s philosophies, fears,
hopes, goals, and how to implement those, will guide the agent and the family
when faced with making some very difficult choices. It is not only about
medical interventions, but also about the decisions one must make in respecting
the wishes of the patient. It is about
death with dignity, however defined for each individual.<o:p></o:p></span></span></div>
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Judith R. Pikehttp://www.blogger.com/profile/00051523618794545257noreply@blogger.com0tag:blogger.com,1999:blog-3254128796008090922.post-457887257920348162016-09-15T11:47:00.001-07:002016-09-15T11:52:41.707-07:00Ethical Wills<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-E6eTcpykMPg/V9rr-OB5VnI/AAAAAAAAASQ/ziC6CPX9iP8hUf6Lu2E4jLp4uatAFTRJQCLcB/s1600/Values-Heart-web.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="188" src="https://2.bp.blogspot.com/-E6eTcpykMPg/V9rr-OB5VnI/AAAAAAAAASQ/ziC6CPX9iP8hUf6Lu2E4jLp4uatAFTRJQCLcB/s200/Values-Heart-web.jpg" width="200" /></a></div>
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<span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="color: #8e7cc3; font-size: x-large;"><b>A
typical estate plan includes, among other documents, a Health Care Proxy which
guides the appointed agent in making decisions about end of life care. This
document, however, is strictly legal in nature and does not allow the
principal to express any other thoughts and wishes. <o:p></o:p></b></span></span></div>
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<span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="color: #8e7cc3; font-size: x-large;"><b>Many
who take the steps to establish an estate plan ruminate over how to communicate
matters important to them other than
those strictly financial. This may be done
by an Ethical Will.<o:p></o:p></b></span></span></div>
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<b><span style="color: #8e7cc3; font-size: x-large;"><br /></span></b></div>
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<span style="color: #8e7cc3; font-size: x-large;"><b><span style="font-family: "garamond" , serif;">Unlike a "living will" or
"last will and testament," an Ethical Will isn't a legally binding
document. It could be a letter—ranging from half a page to a bound book—or a
video recording, addressed to those parties with whom you wish to share it.
There are no rules governing what goes into it, or when the contents should be
shared with the heirs, but the idea behind it is simple: Convey values, not
valuables.</span><span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><o:p></o:p></span></b></span></div>
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<b><span style="color: #8e7cc3; font-size: x-large;"><br /></span></b></div>
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<span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="color: #8e7cc3; font-size: x-large;"><b>Ethical
Wills are becoming more common as a way to express non-legal thoughts. It is a
letter or document in which you can set out other things that are or have been
important to you during your life.<o:p></o:p></b></span></span></div>
<div style="margin-bottom: 12.0pt; margin-left: 0in; margin-right: 0in; margin-top: 0in; vertical-align: baseline;">
<span style="font-family: "garamond" , serif;"><span style="color: #8e7cc3; font-size: x-large;"><b>The Ethical Will is written for the
benefit of the heirs, but the process can be very cathartic for the author as
well. The author has the opportunity to reflect
on his life in ways he might otherwise never do.<o:p></o:p></b></span></span></div>
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<b><span style="color: #8e7cc3; font-size: x-large;"><br /></span></b></div>
<div class="MsoNoSpacing">
<span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="color: #8e7cc3; font-size: x-large;"><b>Ethical
Wills may take many forms. One verson
might be more formal, and include any or all of the following items, or any
others not listed here with are important to you:<o:p></o:p></b></span></span></div>
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<b><span style="color: #8e7cc3; font-size: x-large;"><br /></span></b></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="font-family: "garamond" , serif; text-indent: -0.25in;"><span style="color: #8e7cc3; font-size: x-large;"><b>Your history,
past and present.</b></span></span></div>
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<span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="color: #8e7cc3; font-size: x-large;"><b> Your
earliest memories and childhood.<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in;">
<span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="color: #8e7cc3; font-size: x-large;"><b> Your
teenage years.<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in;">
<span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="color: #8e7cc3; font-size: x-large;"><b> College
years.<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in;">
<span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="color: #8e7cc3; font-size: x-large;"><b> Early
Adult years.<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in;">
<span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="color: #8e7cc3; font-size: x-large;"><b> Marriage.<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in;">
<span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="color: #8e7cc3; font-size: x-large;"><b> Children.<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in;">
<span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="color: #8e7cc3; font-size: x-large;"><b> Grandchildren.<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="color: #674ea7; font-size: x-large;"><span style="color: #8e7cc3; font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><b>Work<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="color: #674ea7; font-size: x-large;"><span style="color: #8e7cc3; font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><b>Travel<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="color: #674ea7; font-size: x-large;"><span style="color: #8e7cc3; font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><b>Your later
years<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="color: #674ea7; font-size: x-large;"><span style="color: #8e7cc3; font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><b>Personal Values
and beliefs<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in;">
<span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="color: #8e7cc3; font-size: x-large;"><b> At
different points of your life, and why?<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in;">
<span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="color: #8e7cc3; font-size: x-large;"><b> What
values resonate with you?<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in;">
<span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="color: #8e7cc3; font-size: x-large;"><b> What
values are most important to you?<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in;">
<span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="color: #8e7cc3; font-size: x-large;"><b> Who
taught you these values?<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in;">
<span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="color: #8e7cc3; font-size: x-large;"><b> What
values do you wish to see in others around you?<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in;">
<span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="color: #8e7cc3; font-size: x-large;"><b> What
values do you wish to leave to others?<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="color: #674ea7; font-size: x-large;"><span style="color: #8e7cc3; font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><b>Your hopes for
the future<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in;">
<span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="color: #8e7cc3; font-size: x-large;"><b> Hopes
and dreams for loved ones<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in;">
<span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="color: #8e7cc3; font-size: x-large;"><b> Family
traditions to be continued<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in;">
<span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="color: #8e7cc3; font-size: x-large;"><b> How
to help others <o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in;">
<span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="color: #8e7cc3; font-size: x-large;"><b> How
to do good in the world?<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in;">
<span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="color: #8e7cc3; font-size: x-large;"><b> How
to make a difference?<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in;">
<span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="color: #8e7cc3; font-size: x-large;"><b> How
to find peace<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="color: #674ea7; font-size: x-large;"><span style="color: #8e7cc3; font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><b>Life lessons
and achievements<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="color: #674ea7; font-size: x-large;"><span style="color: #8e7cc3; font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><b>Growth from
losses and failures<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="color: #674ea7; font-size: x-large;"><span style="color: #8e7cc3; font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><b>Achievements
and accomplishments<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="color: #674ea7; font-size: x-large;"><span style="color: #8e7cc3; font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><b>Gratitude: what are you thankful for, and why?<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="color: #674ea7; font-size: x-large;"><span style="color: #8e7cc3; font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><b>Advice to your
family and friends<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="color: #674ea7; font-size: x-large;"><span style="color: #8e7cc3; font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><b>Personal
values and beliefs<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="color: #674ea7; font-size: x-large;"><span style="color: #8e7cc3; font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><b>Any closing
thoughts<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in;">
<span style="color: #8e7cc3; font-size: x-large;"><b><br /></b></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in;">
<span style="color: #8e7cc3; font-size: x-large;"><b><br /></b></span></div>
<div class="MsoNoSpacing">
<span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="color: #8e7cc3; font-size: x-large;"><b>Another
version may be more informal, and simply be an enumeration of things you would
want others to remember about you.<o:p></o:p></b></span></span></div>
<div class="MsoNoSpacing">
<b><span style="color: #8e7cc3; font-size: x-large;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="color: #8e7cc3; font-size: x-large;"><b>In
simplest form, an Ethical Will talks about quality of life issues, what
constitutes a “good death”, and when that good death should be allowed to
happen. It provides guidance to your
Health Care Agent which, in the context of a grave or terminal condition,
expresses at what point you feel your quality of life would be so compromised,
or non-existent, so that you wish further treatment to be discontinued. In
making such decisions, you might discuss with your doctor, and/or your loved
ones, what fears you have, what your priorities are, <o:p></o:p></b></span></span></div>
<b><span style="color: #8e7cc3; font-size: x-large;"><br /></span></b>
<div class="MsoNoSpacing">
<span style="font-family: "garamond" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="color: #8e7cc3; font-size: x-large;"><b>Ultimately,
it can be whatever you choose it to be.
It may provide history, thoughts, feelings and hopes about your life and
those you hold dear. is a gift to your
loved ones.</b></span><o:p></o:p></span></div>
Judith R. Pikehttp://www.blogger.com/profile/00051523618794545257noreply@blogger.com0tag:blogger.com,1999:blog-3254128796008090922.post-73411008319843896422016-06-28T13:37:00.002-07:002016-06-28T13:41:40.929-07:00The Gifts that Keep on Giving<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: large;"><br /></span>
<span style="font-family: "trebuchet ms" , sans-serif; font-size: large;">I often work with seniors in putting together estate plans
designed to see them through the rest of their lives. Their goals are diverse, and my job is to
help them put their affairs in order as they choose. In addition to executing
the documents appropriate for that stage of life, however, there are other
things seniors can to do ensure the orderly administration of their
estates. Customarily, each spouse will
name the other as the Personal Representative of their estate, so the surviving
spouse will be charged with that responsibility after the loss of the first to
die. After the death of the survivor,
most commonly one or more of the children are named as Personal Representative(s),
and will be responsible for the administration and probate of the estate of one,
and possibly two, parents. There are, as I call them, three gifts that parents
can give their children to make the administrative process easier when the time
comes. </span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: large;"><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: large;"> First, the parents
can do what is known as “pre-need funeral planning”. The parents make all arrangements in advance,
from choosing a funeral home, to arranging for burial or cremation, to the
selection of items such as a casket or urn, an officiant, the type and location
of a funeral or memorial service, a wake or shiva, and all other matters that
are important to them. The parents pay for all in advance, so upon their passing, everything is already in order. This takes an enormous burden off of the
children who are otherwise faced with making many choices very quickly at a
time when they may not be in an emotional condition to make rational decisions.
There is also no need to worry about
having access to sufficient funds to cover the costs of a funeral. <o:p></o:p></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: large;">The next gift the parents can give their children is to keep
accurate, organized and complete financial records in one location so that the
Personal Representative doesn’t have to wander through stacks of random
paperwork to determine what mom or dad owned at death. I have an image in my mind of an incredibly
disorganized client whose random bank statements, stock
certificates, investment account information, retirement account statements, life
insurance policies and who knows what else (you get the idea) are bursting out
of drawers all over the house. The assembly
and unraveling of all of that information will be like the most frustrating treasure
hunt the searcher will ever experience.
So even if you are the most disorganized pack rat known to man, give
your children the gift of breaking that habit, at least for these purposes. <o:p></o:p></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: large;">Finally, I often tell my senior clients that one of the
greatest gifts they can give their children (with tongue in cheek) is to “clean
the attic”. Often parents have been
living in the same home for decades and have amassed a staggering collection of
items that they have not thought of in almost as long. When the time comes that the children must
clean out the house, the job will be far more challenging if nothing has been
done to purge in advance. Many
professional organizers offer services to help seniors assess and dispose of
ancient and unwanted items, so that dismantling the home will be more
manageable for the children later on. Of
course, this does not apply to the antique tiffany lamp sitting in the attic for
three decades that two of the children suddenly both want and will fight over
for weeks, nor does it apply to the situation where the children each put a
colored sticker on various items around the house in order to lay claim to them. (All true stories, and it amazes me sometimes
what happens to sibling relationships when it is time to divide up mom and dad’s
personal property.) That aside, there is
no doubt that the attic and basement will be stuffed with long-forgotten items
that can be disposed of in an organized purge with the assistance of a
competent professional organizer.<o:p></o:p></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: large;">I urge seniors to consider whether they wish to address these “gifts”. Any or all of
the above will be greatly helpful to those you leave behind. Unless, of course,
you have “ungrateful children” and want to make them work as hard as they can
on purpose. This is the last gift you
can offer to your children, from the grave.<o:p></o:p></span></div>
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Judith R. Pikehttp://www.blogger.com/profile/00051523618794545257noreply@blogger.com0tag:blogger.com,1999:blog-3254128796008090922.post-91197581107429523702016-04-27T10:56:00.000-07:002016-04-27T14:16:54.886-07:00But I Don’t Like or Trust My Child’s Spouse! Trusts, part two<br />
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<span style="font-size: large;">In the post immediately prior to this post, I discussed
the use of a trust to prevent a spendthrift child from squandering his or her
entire share of the parents estate. This
form of trust has another purpose as well.</span></div>
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<div class="MsoNoSpacing">
<span style="font-size: large;">Consider the situation where mom and dad really dislike
or do not trust their child’s spouse (for fun, let’s call him or her the “evil
spouse”). They don’t want the evil spouse
to have access to their child’s share, lest the evil spouse divert those assets
and use them for purposes that Mom and Dad never intended. Customarily the parents intend that the child’s
share pass on to the next generation at the death of the child, but if the evil
spouse can access the assets, he or she may have other ideas. So what are Mom and Dad to do?<o:p></o:p></span></div>
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<div class="MsoNoSpacing">
<span style="font-size: large;">The answer again is to establish a trust for the benefit
of their child. Such a trust will be
substantially the same as the one described in the last post. While the purpose of a trust for a
spendthrift child is to protect against inappropriate spending, the purpose of a
trust in this case is to keep the evil spouse from getting access to the assets
so long as they remain in the trust. The
evil spouse will have access only to those assets which have been distributed
outright to the child. The child has the
option to maintain assets in trust to keep the assets beyond the reach of the
evil spouse. This will prevent the evil spouse from commandeering
the assets meant for the child. Mom and
Dad will rest much easier knowing that the evil spouse only has access to the
trust assets to the extent their child chooses to request outright
distribution, and one can only hope that the child has the wherewithal to
prevent the evil spouse from spending the assets in ways that were not intended.<o:p></o:p></span></div>
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Judith R. Pikehttp://www.blogger.com/profile/00051523618794545257noreply@blogger.com0tag:blogger.com,1999:blog-3254128796008090922.post-9489490815500187612016-04-27T10:46:00.001-07:002016-04-27T10:53:16.216-07:00The Spendthrift Child: Trusts Part One<div class="MsoNoSpacing">
<a href="https://1.bp.blogspot.com/-mrrLV8nSgoo/VyD6P9TT3PI/AAAAAAAAARU/SQVSBZk2FOkgSolKAZ1tWbQGF-gLWB2ZACKgB/s1600/spendthrift.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="" border="0" height="141" src="https://1.bp.blogspot.com/-mrrLV8nSgoo/VyD6P9TT3PI/AAAAAAAAARU/SQVSBZk2FOkgSolKAZ1tWbQGF-gLWB2ZACKgB/s200/spendthrift.jpg" title="" width="200" /></a><span style="font-size: large;">I often work with clients who have adult children, and as
is typical, wish to leave their estate to their children in equal shares. Customarily, at the death of both parents,
the shares for adult children will be distributed to each outright, free and
clear of all trusts. But sometimes one of
the children is financially irresponsible, and the parents are uncomfortable simply
handing over that child’s share of the estate outright. There may be concern that the child will not
manage his or her share responsibly or in the way that the parents
intended. So how do parents of such a
child protect that child’s share of the estate and prevent such events from
occurring?<o:p></o:p></span></div>
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<span style="font-size: large;">The answer is for the
parents to create a trust, and maintain the share for the spendthrift child in
that trust for the life of the spendthrift child as beneficiary of that trust. Most often, the trust will be in the form of
a testamentary trust contained in each parent’s Will. Upon the death of the second parent, the share for the
spendthrift child will not pass outright, but instead will pass to the trust
established for his or her benefit. The trustee
appointed to oversee the trust will have the authority to make distributions of
income and principal to the beneficiary, in the trustee’s discretion for the “best
interest and general welfare” of the beneficiary. The trustee may release trust assets to the
spendthrift child for purposes consistent with the language of the trust and
has broad discretion to do so. <o:p></o:p></span></div>
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<span style="font-size: large;">The parents must appoint a trustee to manage and
distribute trust assets according to the foregoing standards. If the siblings have a good relationship, the
parents may appoint one of their other children as trustee, knowing that the trust
assets will be made available to the beneficiary for appropriate purposes without
acrimony. If the parents are concerned
about straining the relationship among their children, however, naming one
child to act as trustee for another may be a poor choice. In that case, the parents might identify an
independent person or corporate trustee to serve. Such a trustee is likely to be more conservative
about making distributions only according to the specific language of the
trust.<o:p></o:p></span></div>
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<span style="font-size: large;">Whatever the terms of the trust may be, the establishment
of a trust to hold the share of a spendthrift child is an effective way to
ensure that the spendthrift child will not fritter away the whole share in ways
that are inconsistent with the parents’ intentions.<o:p></o:p></span></div>
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Judith R. Pikehttp://www.blogger.com/profile/00051523618794545257noreply@blogger.com0tag:blogger.com,1999:blog-3254128796008090922.post-37440304989186366242016-03-24T10:32:00.000-07:002016-03-24T10:38:48.814-07:00It's a Jungle Out ThereLots of buyers looking, not a lot of inventory. Bidding wars, multiple offers, lost opportunities. The March 20, 2016 Business section of the Sunday Boston Globe has much to say about this topic. Take a look. <a href="https://www.bostonglobe.com/business/2016/03/18/low-inventory-puts-squeeze-first-time-homebuyers/wiU1ujYCBgcTjvg4CjYxJK/story.html" target="_blank">Home Buyers' Blues</a>.<br />
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<br />Judith R. Pikehttp://www.blogger.com/profile/00051523618794545257noreply@blogger.com0tag:blogger.com,1999:blog-3254128796008090922.post-54526415078306024652016-03-23T06:39:00.000-07:002016-03-23T06:40:17.541-07:00Home InspectionsYou are looking to buy a house. You find something you love, and to your pleasure and possible amazement, your Offer is accepted. So what comes next? The home inspection. The buyer wants to know absolutely everything about the property and be informed of all possible defects. The inspector wants to find everything and cover their tail so that the buyer doesn't come back to them later alleging negligence for missing something. (This often leads to inspectors flagging small issues that turn into big issues during negotiations.) The seller, of course, doesn't think there is anything wrong with the property, and questions the inspector's conclusions. So what happens? The parties (usually via the brokers) will enter into negotiations to try and resolve their differences and come to some agreement about what seller will repair and what seller will refuse to address. In some cases, seller will agree to perform, or have performed by a hired worker, a specific task. In other cases, when seller doesn't want to get involved in the actual work, the parties will negotiate a dollar amount which seller gives buyer as a credit at closing to cover the defect. <br />
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<a href="https://2.bp.blogspot.com/-5277Um-12SE/VvKaiTkT7kI/AAAAAAAAAP4/_5Dx0PtXRKQ_Jcgbj5TOUmFhfytZDo8fw/s1600/Home-Inspection.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="150" src="https://2.bp.blogspot.com/-5277Um-12SE/VvKaiTkT7kI/AAAAAAAAAP4/_5Dx0PtXRKQ_Jcgbj5TOUmFhfytZDo8fw/s200/Home-Inspection.jpg" width="200" /></a></div>
<div>
Often, the buyers will see the inspection as an opportunity to negotiate price reductions or free repairs from the seller. In truth, that is not the purpose of the inspection. Generally, a buyer should be worried about major issues, and not whether the faucet leaks. I often counsel clients that the issues to be addressed should be only of the sort that seller would have to repair in order to sell the house to <i>anyone</i>. This includes things like a defective boiler or HVAC system, a leaking roof, the presence of asbestos, mold, radon or other such substances, substantial rotting, or structural defects. The seller is likely to be uninterested in loose toilets or dryer hoses, missing screens on windows and small matters of that sort. Buyers should pick and choose those issues that are most serious and most important.</div>
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In a seller's market (where we are now), the seller is less likely to agree to address any inspection issues at all, because there are probably four more offers in the wings. In those cases, the purpose of the inspection is only to give the buyer information and not to use as a point of negotiation. Based on the inspector's findings, is the property sound? Are the repairs limited in scope and within budget for the buyer to repair? Or are there hidden defects that make a buyer choose to walk away?</div>
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<div>
Except in cases of substantial defects, buyers are best served by examining the home inspection for informational purposes, and not for the opportunity to extract concessions from the seller.</div>
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Judith R. Pikehttp://www.blogger.com/profile/00051523618794545257noreply@blogger.com0tag:blogger.com,1999:blog-3254128796008090922.post-59427351995666655612016-03-13T05:21:00.000-07:002016-03-14T19:59:04.873-07:00End of Life Care: Part Three<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-LwaK14HhpQg/Vud6VIir4OI/AAAAAAAAAPk/JquYLfIzS20coGfjXukVUxsyzN40FS8Mg/s1600/death%2Bwith%2Bdignity-crop.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://1.bp.blogspot.com/-LwaK14HhpQg/Vud6VIir4OI/AAAAAAAAAPk/JquYLfIzS20coGfjXukVUxsyzN40FS8Mg/s200/death%2Bwith%2Bdignity-crop.jpg" width="176" /></a></div>
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="font-family: "trebuchet ms" , sans-serif;">I</span> have written twice previously about the important topic of discussing the subject of end of life care with aging seniors, a significant concern for those approaching the end of life and and those who care for and love them. The discussion of this subject has, apparently, "gone viral", and this is a positive thing. The topic that previously we rarely heard about in the context of estate planning, medicine and other relevant places is now everywhere. Why the sudden global interest? Whatever the case, the issue is being discussed in many different contexts. Things are changing for the better. </span><br />
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span>
<span style="font-family: "trebuchet ms" , sans-serif;">Seniors age 65 and older are entitled to Medicare coverage, which provides health care insurance to the older population during the last years of life. And as I have discussed, in addition to strictly medical concerns, several other factors contribute to an assessment of whether patients are getting the care they want or need as they approach the end of their lives. In many cases, the wishes of those patients are unmet.</span><br />
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span>
<span style="font-family: "trebuchet ms" , sans-serif;">To the credit of the Centers for Medicare and Medicaid Services, as of 2016, Medicare will begin covering advanced care planning, including discussions between physicians and other health care professionals and their patients regarding end-of-life care and patient preferences. </span><br />
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span>
<span style="font-family: "trebuchet ms" , sans-serif;">I am encouraged that the populations of seniors approaching the end of life are finally being afforded the consideration and respect they have long deserved but not always received.</span><br />
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span>
<span style="font-family: "trebuchet ms" , sans-serif;">We all die. Wouldn't it be nice if we could all express our philosophies and our wishes in a meaningful way, and be heard, so we can die with dignity, just as we have lived?</span>Judith R. Pikehttp://www.blogger.com/profile/00051523618794545257noreply@blogger.com0tag:blogger.com,1999:blog-3254128796008090922.post-12063656633340105242016-03-12T05:02:00.000-08:002016-03-24T10:43:59.007-07:00Are Mortgage Opportunities Coming Back?The mortgage industry has been in a challenging place for several years, and many very qualified borrowers have been unable to obtain a mortgage loan simply because they lacked sufficient funds to provide the required down payment. The New York Times now reports that once again, it may be possible to obtain a mortgage with a smaller down payment and without incurring the obligation to pay mortgage insurance. Read more at <a href="http://www.nytimes.com/2016/03/12/your-money/mortgages/a-smaller-down-payment-and-no-mortgage-insurance-required.html?emc=edit_tnt_20160311&nlid=10789246&tntemail0=y&_r=0" target="_blank">http://www.nytimes.com/2016/03/12/your-money/mortgages/a-smaller-down-payment-and-no-mortgage-insurance-required.html?emc=edit_tnt_20160311&nlid=10789246&tntemail0=y&_r=0</a>.Judith R. Pikehttp://www.blogger.com/profile/00051523618794545257noreply@blogger.com0tag:blogger.com,1999:blog-3254128796008090922.post-26048856868817496522016-03-10T14:32:00.000-08:002016-03-10T14:33:54.472-08:00Testamentary Trusts<div class="MsoNormal">
<span style="font-size: medium;"><br /></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: medium;">A testamentary trust is an estate planning
tool whereby a trust is established through a testator’s will, and comes into
effect when the testator dies. In the
past, absent a particular circumstance, clients were advised to avoid
testamentary trusts for several reasons.
The Will would have to be filed for probate in order for the trust to
take effect. The court would then have
continuing oversight of the testamentary trust, and the trustee was required to
provide the court with annual accounts.
In order to avoid the ongoing administrative obligations and costs of probating
an estate and managing a testamentary trust, most often estate plans would avoid
testamentary trusts and instead include a “pourover trust”. The testator’s will would provide for the
estate to “pour over” into a separate trust over which the court would have no
authority or supervision. The pourover
trust might contain essentially the same provisions as would the testamentary
trust, but would be administered privately without the court’s
involvement. <o:p></o:p></span></div>
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<div class="MsoNoSpacing">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: medium;">Under the new
Massachusetts Uniform Probate Code, testamentary trusts have come back into favor.
The Court no longer has continued supervision over a testamentary trust, and the
previous administrative obligations no longer exist. With
the relaxing of the former requirements, testamentary trusts will often be a
more simple, direct and appropriate method for leaving estate assets in trust.<o:p></o:p></span></div>
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<div class="MsoNoSpacing">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: medium;">It should be
noted, however, that although testamentary trusts may be a simpler yet equally
effective method of trust planning, it will be necessary to file the will for probate
in order for the provisions of the testamentary trust to be implemented. If probate avoidance is an important
component of a client’s wishes, a testamentary trust will not be the proper
vehicle. Rather, to avoid probate, all
assets must be held in non-probate form, and the pourover trust will continue
to play an important role in achieving the goal of probate avoidance. Under the new MUPC, however, testamentary
trusts have regained favor and are often the estate planning vehicle of choice.
<o:p></o:p></span></div>
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Judith R. Pikehttp://www.blogger.com/profile/00051523618794545257noreply@blogger.com0tag:blogger.com,1999:blog-3254128796008090922.post-60112194663536393702016-01-29T12:15:00.000-08:002016-03-13T05:22:15.114-07:00Postscript to January 7 Post "A Matter of Life and Death"<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-KytBg-fqBrw/VqvIARuhecI/AAAAAAAAAOA/pyvXoHM-A4s/s1600/Conversation.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="48" src="https://4.bp.blogspot.com/-KytBg-fqBrw/VqvIARuhecI/AAAAAAAAAOA/pyvXoHM-A4s/s320/Conversation.jpg" width="320" /></a></div>
<span style="font-size: large;"><br /></span>
<span style="font-size: medium;">I recently wrote a long and heartfelt entry about the issues of end-of-life decisions and death with dignity. Then I discovered that the topic, as often happens, has burst onto the scene, and discussions are everywhere. </span><br />
<span style="font-size: medium;"><br /></span>
<span style="font-size: medium;">One resource I have recently learned about that I think is interesting is a website called The Conversation Project, <a href="http://www.theconversationproject.org./" target="_blank">www.theconversationproject.org.</a> According to their home page, their mission is "dedicated to helping people talk about their wishes for end-of-life-care". The Conversation Project began in 2010, when well-known and prolific writer Ellen Goodman and a group of colleagues, media, clergy and medical professionals realized the importance of initiating conversations about dying and encouraging people to discuss their wishes for what they want to happen when the time comes. </span><br />
<span style="font-size: medium;"><br /></span>
<span style="font-size: medium;">I am certain there are many other organizations and websites which deal with the same topic, but The Conversation Project was called to my attention, and I thought it was worth sharing. Let me know what you think.</span>Judith R. Pikehttp://www.blogger.com/profile/00051523618794545257noreply@blogger.com0tag:blogger.com,1999:blog-3254128796008090922.post-83822149087786519452016-01-29T11:58:00.001-08:002016-03-13T05:23:12.719-07:00Big Changes in the Mortgage Industry<div class="MsoNormal">
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<span style="font-size: medium;">The Consumer Finance Protection Bureau has substantially
overhauled the compliance and disclosure requirements imposed on mortgage
lenders, and established a new and more comprehensive set of requirements
designed to better protect the consumer as they go through the mortgage
process. These new regulations went into
effect in October, 2015.<o:p></o:p></span></div>
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<span style="font-size: medium;">There are two important components to the new
regulations, known colloquially as “TRID” (TILA-RESPA Integrated Disclosure). The new rules integrate the former separate
disclosure requirements into one complete process. These rules do not apply to all loan
transactions, but generally they will apply to a conventional residential purchase
money or refinance loan.<o:p></o:p></span></div>
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<div class="MsoNoSpacing">
<span style="font-size: medium;">Under TRID, you will find that you will no longer receive
a sheath of paper from the lender to wade through once you submit your loan
application. Instead, just two
disclosure forms are involved. The first
is the Loan Estimate, which integrates the former Good Faith Estimate and the
early Truth in Lending forms given to the borrower following application. The new Loan Estimate combines the
information on all prior forms into one more detailed and complete document,
including an accurate disclosure of all closing costs. The Loan Estimate must be provided to the
applicant no later than three business days after a loan application is
submitted. <o:p></o:p></span></div>
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<div class="MsoNoSpacing">
<span style="font-size: medium;">The second document is the Closing Disclosure (CD). This
document integrates the former final Truth In Lending statement and the
RESPA-required HUD-1 settlement statement.
The CD, in one comprehensive document, not only itemizes the final closing
costs formerly shown on the HUD-1 form, but also states all of the other loan
terms, rights and obligations in easy-to-understand language. The CD must also
be provided to the applicant three business days before the loan closing. If the final figures on the CD diverge from
those on the Loan Estimate, the lender must explain why, and in some cases the
divergence will require the lender to prepare and provide a new CD, also
subject to an additional three day rule.
This gives the lender and other parties in the transaction incentive to
get it right the first time. And
thankfully, gone are the days when an overworked and understaffed lender is
scrambling to provide closing figures to a borrower just hours before a closing
is to take place. The new rule means
the lender must be more organized ahead of time in order to meet the three-day
rule requirement.<o:p></o:p></span></div>
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<div class="MsoNoSpacing">
<span style="font-size: medium;">These are big changes, and there is a substantial
learning curve still in process. In my
view, however, these rules will result in far better consumer protection, truth
and transparency in the mortgage industry.
<o:p></o:p></span></div>
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<span style="font-size: medium;">And a (somewhat self-serving) P.S.: TRID clearly states that the borrower may
choose the attorney who will close the loan transaction; the lender may no
longer refuse to work with the attorney of borrower’s choosing. This means that if you are working with an
attorney you like and trust, you may require that your attorney also close your
loan. I have written previously about
the benefit to a buyer of using the same attorney for both the purchase and
sale phase and the loan closing phase of the transaction. TRID now ensures that
the consumer is entitled to that benefit, so you will be sure the entire
transaction is handled by the attentive and competent lawyer you have selected. Like me.<o:p></o:p></span></div>
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Judith R. Pikehttp://www.blogger.com/profile/00051523618794545257noreply@blogger.com0tag:blogger.com,1999:blog-3254128796008090922.post-49980218992889749102016-01-07T14:37:00.000-08:002016-01-07T14:40:39.190-08:00A Matter of Life and Death<div class="MsoNormal">
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<span style="font-size: large;">I have been thinking a lot about death lately.<o:p></o:p></span></div>
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<span style="font-size: large;">Being an estate planner, I suppose this might be nothing
more than an occupational hazard. After
all, I spend much of my day counseling people about how to get their affairs in
order in advance of their demise. Yet despite my strong commitment to developing
a relationship with clients and to providing supportive assistance as they
navigate what can be a very emotional process, I confess that the process can
become very clinical at times. Day
after day, I confront this topic, and at times I can find myself removed from
the true meaning of the subject matter.<o:p></o:p></span></div>
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<span style="font-size: large;"><br /></span></div>
<div class="MsoNormal">
<span style="font-size: large;">Lately, however, I have come to a very different, and very
personal, place, which bears thought, and which I want to share. There is much to think about here.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-size: large;"><br /></span></div>
<div class="MsoNormal">
<span style="font-size: large;">Last summer, I read the outstanding book, “Being Mortal”, by
Dr. Atul Gawande. Dr. Gawande is a
practicing surgeon in Boston, as well as a prolific writer on a variety of
topics relating to the practice of medicine.
With great candor and frankness, “Being Mortal” addresses the inevitable
condition of aging and death, and advocates strongly that it behooves medical
practitioners, as well as loved ones, to assess the quality of life on a
personal level for infirm, aged and terminal patients and to ensure that these
patients experience a “good death” with dignity to the very end.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-size: large;"><br /></span></div>
<div class="MsoNormal">
<span style="font-size: large;">Recently I
had an epiphany. When I work with clients
on an estate plan, one component is a Health Care Proxy. This document appoints an agent with the
legal authority to make health care decisions on behalf of incapacitated and
terminal patients who are unable to make such decisions themselves. The form asks the client to “check the box”
with respect to various types of medical procedures they want provided or
withheld if they are unable to express those wishes themselves at the time
decisions have to be made. But in
thinking about it, I realized that this
document is a limited, clinical document.
It addresses only the narrow issues of actual scientific medical
procedures, but it does not allow the person to address not only the strictly
medical matters, but also what else they may want as they near the end of their
life, even before they are at the point of incapacity. It is just as important, maybe more
important, to take the time to understand that the patient is a person, with
fears, and hopes, and preferences for how they wish to live out the rest of
their days. How do we address the common
issues of loneliness, helplessness and fear?
How do we offer these patients opportunities that will create a better
quality of life from day to day? How do
we determine what constitutes “quality of life “for each patient, which may be
very different from person to person? And
how do we make life worth living at the end, when we are weak and frail and
unable to fend for ourselves any more? We
should be paying attention to those feelings.
Regardless of the patient’s condition, they have the right to express what
constitutes a life, and more importantly, a death, with dignity, and we have an
obligation to honor those wishes. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-size: large;"><br /></span></div>
<div class="MsoNormal">
<span style="font-size: large;">So what is the message here?
When a senior client signs a Health Care Proxy, I always tell them how
important it is to have a discussion with the agent, and with their family, about
the medical interventions they may or may not want at the end of life. These are very difficult but very necessary
conversations. I have come to understand,
however, that this discussion should not be limited only to the strictly medical matters. The discussion must also include a conversation
about other, non-medical aspects of the end of life. We should also know what they consider “quality
of life” as they near the end, what they fear, what they hope for, and how they
want to die. To me, it’s all about death
with dignity. And we are all entitled to
that. <o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: large;"><br /></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: large;"><br /></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: large;">[With reference
and thanks to the following sources:<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: large;"> “Being Mortal” by Atul Gawande<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: large;">“Happier
Endings: A Meditation on Life and Death” by Erica Brown</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: large;">“Lets Have a
Conversation”, a sermon by Rabbi Carl Perkins, September 23, 2015]</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<o:p></o:p></div>
Judith R. Pikehttp://www.blogger.com/profile/00051523618794545257noreply@blogger.com0tag:blogger.com,1999:blog-3254128796008090922.post-43701741966530359312016-01-04T11:43:00.000-08:002016-01-04T11:43:19.394-08:00Durable Power of Attorney: Get Yours Today!<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-skvQnMiDK84/VorIkvqUgjI/AAAAAAAAANo/u_j7bT8pgHk/s1600/durable-power-of-attorney-nj.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="176" src="http://2.bp.blogspot.com/-skvQnMiDK84/VorIkvqUgjI/AAAAAAAAANo/u_j7bT8pgHk/s320/durable-power-of-attorney-nj.jpg" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<span style="font-size: large;"><br /></span></div>
<div class="MsoNoSpacing">
<span style="font-family: "Garamond","serif"; mso-bidi-font-size: 12.0pt;"><span style="font-size: large;">Have
you executed a Durable Power of Attorney?
If not, call me right away to help you do so immediately. Some would consider a Durable Power of
Attorney (DPOA) to be the most important component of a complete estate
plan. A DPOA is a written document in
which the principal appoints another person to act as agent (sometimes referred
to as “attorney-in-fact”) who is vested with the legal authority to perform a
variety of financial and business actions on behalf of the principal during the
period when the principal is incapacitated and unable to manage those
affairs. DPOAs are desirable because they enable the principal to have his or her affairs managed privately and efficiently during a period of incapacity by a trusted family member or other individual. The document may be general or limited. A limited POA gives the agent the authority to act only in certain capacities, which the document must describe in detail. A general power of attorney grants broader powers to the agent, authorizing him or her to act in a wide variety of financial, administrative and other such matters.</span></span></div>
<div class="MsoNoSpacing">
<br /></div>
<div class="MsoNoSpacing">
<span style="font-family: "Garamond","serif"; mso-bidi-font-size: 12.0pt;"><span style="font-size: large;">In
the absence of a DPOA, it would be necessary for someone to petition Probate
Court to be appointed as Guardian of the incapacitated individual. This is a costly and time consuming process
and easily avoided by the creation of a DPOA.
<o:p></o:p></span></span></div>
<div class="MsoNoSpacing">
<br /></div>
<div class="MsoNoSpacing">
<span style="font-family: "Garamond","serif"; mso-bidi-font-size: 12.0pt;"><span style="font-size: large;">There
are two types of DPOAs. One is known as
a “springing” power, because it takes effect only when the incapacity of the
principal is determined. The other, less
common form in this context, is an “immediate” power, which takes effect as
soon as the document is executed. Whichever type of DPOA is used, the powers
granted vest in the agent at the moment specified in the document, without any
judicial proceedings. Generally, the
agent’s authority to act on behalf of the principal pursuant to a “springing”
DPOA remains in effect only during the period of the incapacity of the
principal. If the principal regains
capacity, the agent’s authority ceases.
Further, the principal, if competent, may amend or revoke the DPOA at
any time. DPOAs are valid only so long
as the principal is alive, regardless of capacity or condition. The document automatically terminates upon
the death of the principal, at which time the named fiduciaries under the will
or any trust will assume responsibility.<o:p></o:p></span></span></div>
<div class="MsoNoSpacing">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNoSpacing">
<span style="font-family: "Garamond","serif"; mso-bidi-font-size: 12.0pt;"><span style="font-size: large;">A
DPOA is crucial to the orderly management of your affairs if
incapacitated. If you have not executed
a Durable Power of Attorney, I invite you to contact me to implement this most important
document. </span><o:p></o:p></span></div>
Judith R. Pikehttp://www.blogger.com/profile/00051523618794545257noreply@blogger.com0tag:blogger.com,1999:blog-3254128796008090922.post-90227498913004523332015-12-30T13:11:00.000-08:002015-12-30T13:11:51.284-08:00SERVICE DOGS AND EMOTIONAL SUPPORT ANIMALS<br /><div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Trebuchet MS, sans-serif;">This post diverges somewhat from my usual practice areas,
but the topic interests me and I hope it will interest my readers as well.<o:p></o:p></span></div>
<div class="MsoNoSpacing">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Trebuchet MS, sans-serif;">Many people suffer from conditions which require assistance. Often, that assistance comes from animal
support in the form of a service dog.
Your legal rights vary depending upon the status of your service
animal. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Trebuchet MS, sans-serif;">The Americans with Disabilities Act (ADA) requires privately owned businesses that serve
the public to allow people with disabilities to bring their service animals
onto business premises in whatever areas customers are generally allowed. <o:p></o:p></span></div>
<div class="MsoNoSpacing">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Trebuchet MS, sans-serif;"> The ADA defines a
service animal as any guide dog, signal dog, or other animal individually
trained to do work or perform tasks for an individual with a disability. The task(s) performed by the animal must be
directly related to the person's disability. Service animals perform some of the functions
and tasks that the individual with a disability cannot perform for him- or
herself. People are most familiar with guide dogs for the blind, but service
animals that provide assistance for any other disability meeting this definition
are also considered service animals under the ADA. The ADA
does not require service animals to be licensed or certified by any
governmental entity, nor does it require service animals to wear a vest, ID
tag, or specific harness. Business owners
are not permitted to request any documentation for the animal, require that the
animal demonstrate its task, or inquire about the nature of the person's
disability. They may ask only whether
the service animal is required because of a disability, and what work or task
the dog has been trained to perform. People
who use service animals may not be isolated from or treated less favorably than
other patrons, and may not be charged additional fees due to the presence of a
service animal.<o:p></o:p></span></div>
<div class="MsoNormal">
<a href="http://4.bp.blogspot.com/-K5JOOY3Bmss/VoRIIgGzb9I/AAAAAAAAANc/dyD5qGKdLIw/s1600/Support-animal-1.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="155" src="http://4.bp.blogspot.com/-K5JOOY3Bmss/VoRIIgGzb9I/AAAAAAAAANc/dyD5qGKdLIw/s200/Support-animal-1.jpg" width="200" /></a><o:p><span style="font-family: Trebuchet MS, sans-serif;"> </span></o:p></div>
<div class="MsoNormal" style="margin-bottom: 6.0pt; margin-left: 0in; margin-right: 0in; margin-top: 6.0pt;">
<span style="font-family: Trebuchet MS, sans-serif;">Growing attention is being paid to the category of “emotional
support animals (ESA).” An ESA is not
a service animal as defined by the ADA.
Rather, an ESA is a companion animal that has been prescribed by a
licensed mental health professional for a person with a verifiable disability as
part of a treatment program, and is meant to bring comfort and minimize the
negative symptoms of a person’s emotional or psychological impairment. A formal prescription letter from a licensed
mental health professional is sufficient to categorize an animal as an
ESA. Unlike service dogs, ESAs do not need any
specific task-training. They are not
required to perform any specific tasks for a disability, but are meant solely
for emotional stability. Their presence
alone mitigates the symptoms for which they assist the owner. Any domesticated animal (not only dogs) may
qualify as an ESA. Once again, ESAs do
not need to be licensed or certified by any governmental entity, or wear a
vest, ID tag, or specific harness.<o:p></o:p></span></div>
<div class="MsoNoSpacing">
<br /></div>
<div class="MsoNoSpacing">
<span style="font-family: Trebuchet MS, sans-serif;">ESAs, however, are entitled to fewer legal protections
than those afforded to service animals. The
main difference is that with two exceptions, no public or private entity is
legally required to permit an ESA access to their establishment, and their
entry is not protected by law. The
proprietor of any establishment that does not permit pets has no obligation to grant
access to an ESA.<o:p></o:p></span></div>
<div class="MsoNoSpacing">
<br /></div>
<div class="MsoNoSpacing">
<span style="font-family: Trebuchet MS, sans-serif;">There are two exceptions to this ESA policy. First, under the Federal Department Air
Carrier Access regulations, an airline must permit an ESA to fly with its
handler in the cabin of an airplane without being charged a pet fee. The
carrier may require certain documentation, most customarily a letter from a
mental health professional verifying the necessity of the ESA for emotional or
psychological support. <o:p></o:p></span></div>
<div class="MsoNoSpacing">
<br /></div>
<div class="MsoNoSpacing">
<span style="font-family: Trebuchet MS, sans-serif;">The other exception relates to housing. The Federal Fair Housing Amendments Act of
1988 (FHA) requires “reasonable accommodations” in housing communities, even
those that have a “no pets” rule. An ESA
is considered a reasonable accommodation and must be permitted by property
owners and landlords without extra charge.
The FHA applies to most housing types, including apartments,
condominiums and single family homes.
Certain types of housing are exempted.
For more specific information, see <a href="http://portal.hud.gov/hudportal/HUD?src=/program_offices/fair_housing_equal_opp/FHLaws/yourrights">http://portal.hud.gov/hudportal/HUD?src=/program_offices/fair_housing_equal_opp/FHLaws/yourrights</a>.<o:p></o:p></span></div>
<div class="MsoNoSpacing">
<br /></div>
<div class="MsoNoSpacing">
<span style="font-family: Trebuchet MS, sans-serif;">One last caveat:
several creative entrepreneurs have established websites offering their
services to register your service animal or ESA with official-looking
organizations such as the “United States Dog Registry”, the “National Service
Animal Registry” the “United States Service Dog” registry, and others. Again, neither service dogs nor ESAs need be
registered anywhere, so do not be taken in by these commercial websites who
“facilitate” the registration of your animal for a sometimes substantial fee,
and while they are at it, try to sell you a variety of equipment such as vests,
tags and similar items which they suggest are necessary for proper
identification of your service animal. Those
items are not required. Do not be fooled
by these sites. <o:p></o:p></span></div>
<br />
<div class="MsoNoSpacing">
<br /></div>
Judith R. Pikehttp://www.blogger.com/profile/00051523618794545257noreply@blogger.com0tag:blogger.com,1999:blog-3254128796008090922.post-31231810237956736622015-12-24T09:25:00.000-08:002015-12-24T10:17:51.012-08:00Irrevocable Life Insurance Trusts<div class="MsoNormal" style="text-indent: .5in;">
<span style="font-family: Trebuchet MS, sans-serif;">Under federal and state estate tax
laws, the face (payout) amount of a life insurance policy owned by an
individual will be included in the taxable estate of such individual at death if
the policy is owned in the name of the insured during his or her life. If the life insurance policies have
substantial payout amounts, the decedent’s
taxable estate may exceed the allowable estate tax exemption. If life insurance policies represent much of
the taxable estate, a Irrevocable Life Insurance Trust (ILIT) is a good tool
for removing the face amount of a life insurance policy from the taxable estate
of the insured. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-indent: .5in;">
<br /></div>
<div class="MsoNormal" style="text-indent: .5in;">
<span style="font-family: Trebuchet MS, sans-serif;">The ILIT is created to own the life
insurance policies in its name, and is also named as the beneficiary of any
policies owned. Upon the death of the
insured, the proceeds of the policies on the life of the insured will be paid
to the ILIT and held by the ILIT in accordance with its terms. Generally the ILIT requires that the proceeds
of policies owned by the ILIT are held for benefit of the surviving spouse. Distributions
may be made to the spouse only at the discretion of the Trustees. Upon the death of the surviving spouse, the terms
of the ILIT will govern the division and distribution of the assets in the
Trust. Most commonly, upon the death of
the surviving spouse, the proceeds will be distributed to children according to
the terms of the ILIT, though any successor beneficiary may be named if there
are no children to receive a share. By
using an ILIT, the policy proceeds will not be included in the taxable estate
of either the insured or the surviving spouse. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="text-indent: .5in;">
<span style="font-family: Trebuchet MS, sans-serif;">If you are applying for new life
insurance and have established an ILIT, the application should be made by the
ILIT rather than by the individual. When
the policy is issued, it will be owned by the ILIT, and In that event, the tax
protections of an ILIT are immediately available. If you
transfer already existing policies into an ILIT, there is a three year waiting
period before the transfer is deemed complete.
If the insured dies within that three year period, the proceeds of the
ILIT will come back into his/her estate. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-indent: .5in;">
<br /></div>
<div class="MsoNormal" style="text-indent: .5in;">
<span style="font-family: Trebuchet MS, sans-serif;">It is important to note that or an ILIT
to be effective, the policy owner must give up all “incidents of ownership” in
the policy. Thus, an independent third party trustee must be named to take
active responsibility and control at inception.
it is important to name a trustee with whom the surviving spouse will
feel comfortable since the Trustee controls the payout of trust assets. It is prudent to name at least one successor
trustee in the event the initial trustee is unable to serve. Because of the potential length of time the
ILIT may exist, it is prudent to select a younger person as trustee to ensure
they will be able to serve for the duration, and to name a series of successor
Trustees to avoid a complete vacancy in that office. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-indent: .5in;">
<br /></div>
<div class="MsoNormal" style="text-indent: .5in;">
<span style="font-family: Trebuchet MS, sans-serif;">The Trustee will be responsible for all
administrative duties. One such duty is
the payment of annual premiums on the policy.
When a premium is due, the
insured may not pay the premiums directly. Instead the insured must make a “gift
“ in the amount of the premium to the ILIT, and the Trustee will then pay the
premium from that gift. To comply with
gift tax laws, the beneficiaries are entitled to withdraw a portion of the gift
within a 30 day period after the gift is made.
These are known as “Crummey Powers”.
The trustee must send written notices to each beneficiary of the gift
made and the right of withdrawal.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="text-indent: .5in;">
<span style="font-family: Trebuchet MS, sans-serif;">Although there are great advantages to
using an ILIT to own life insurance policies, there are certain downsides: <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="margin-left: 1.0in; tab-stops: -1.0in; text-indent: -.5in;">
<span style="font-family: Trebuchet MS, sans-serif;">1. An ILIT is <i>irrevocable. </i>The insured surrenders all control over the policies
and any other contributions made. The
settlor of the trust cannot change the beneficiaries, cancel the policies,
borrow against the trust, or otherwise alter the provisions of the trust if
circumstances change, nor can anyone compel the Trustee to do any of those
actions. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="margin-left: 1.0in; tab-stops: -1.0in; text-indent: -.5in;">
<span style="font-family: Trebuchet MS, sans-serif;">2. If an existing policy is transferred to
the Trust less than three years prior to the death of the insured, the
ownership of that policy will revert back to the estate of the insured and the
face amount thereof will be includible in the calculation of his or her taxable
estate.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="margin-left: 1.0in; mso-list: l0 level1 lfo1; tab-stops: -1.0in list 1.0in; text-indent: -.5in;">
<!--[if !supportLists]--><span style="font-family: Trebuchet MS, sans-serif;">3.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]-->The beneficiaries are given a mandatory
withdrawal right which could result in the exercise of that right in opposition
to your intent. <o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: .5in; tab-stops: -1.0in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 1.0in; mso-list: l0 level1 lfo1; tab-stops: -1.0in list 1.0in; text-indent: -.5in;">
<!--[if !supportLists]--><span style="font-family: Trebuchet MS, sans-serif;">4.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]-->The surviving spouse as beneficiary of
the ILIT does not receive the policy proceeds free and clear, but instead must
work with the independent trustee on matters of management and distribution of
trust assets.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<br />
<div class="MsoNormal">
<span style="font-family: Trebuchet MS, sans-serif;">Notwithstanding these limitations, an ILIT
it is widely considered to be a worthwhile tool in estate planning as a very
effective way of reducing the size of a taxable estate, thereby reducing estate
taxes by a substantial amount. </span><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></div>
Judith R. Pikehttp://www.blogger.com/profile/00051523618794545257noreply@blogger.com0tag:blogger.com,1999:blog-3254128796008090922.post-52951412732819590172015-12-24T08:06:00.000-08:002015-12-24T08:06:01.013-08:00Wow, technology is tough<span style="font-family: Trebuchet MS, sans-serif;">Greetings, loyal readers. Once again, I have not been able to post, simply because google has changed their platform and it has taken me until now to figure out how to get back into this blog page to post new entries. This is a test, and with luck, I will be back in and posting articles far more interesting than this one. Thanks for your patience. And here we go...</span>Judith R. Pikehttp://www.blogger.com/profile/00051523618794545257noreply@blogger.com0tag:blogger.com,1999:blog-3254128796008090922.post-58547914007039706042015-09-10T06:41:00.001-07:002015-09-10T06:41:23.323-07:00Mea Culpa<span style="font-family: Trebuchet MS, sans-serif;">To all of you loyal readers of this dormant blog-- it had been my intention to post regularly, but I I was thwarted by circumstances beyond my control, so I have been less attentive than I was previously. I am hoping to revive this and again post information of interest to my clients.</span>Judith R. Pikehttp://www.blogger.com/profile/00051523618794545257noreply@blogger.com0tag:blogger.com,1999:blog-3254128796008090922.post-69905533007392370162014-09-19T11:35:00.000-07:002014-09-19T11:37:19.991-07:00I'm a beneficiary under an estate. When will I receive my share?<div class="separator" style="clear: both; text-align: center;">
<a href="http://1.bp.blogspot.com/-eJVn4oBKhsE/VBx2kRJ2snI/AAAAAAAAAKU/AMWXg-uYvqY/s1600/Give.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://1.bp.blogspot.com/-eJVn4oBKhsE/VBx2kRJ2snI/AAAAAAAAAKU/AMWXg-uYvqY/s1600/Give.jpg" height="133" width="200" /></a></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><span id="goog_2033300008"></span><span id="goog_2033300009"></span></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">When I probate an estate of a dearly departed, one of the
first questions I am often asked is "When will I get my
inheritance?" Unfortunately, distributing the assets to the
beneficiaries can take several months, and is the last thing the Personal
Representative (PR) is likely to do.<span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">In the context of probating an estate, before the assets can
be distributed to the beneficiaries, the PR has several tasks, including:<span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 31.5pt; mso-add-space: auto; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-indent: -.25in;">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 31.5pt; mso-add-space: auto; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-indent: -.25in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Due to the adoption in Massachusetts
of the Uniform Probate Code, there are now two methods by which the appointment
may occur.<span style="mso-spacerun: yes;"> </span>These are known as “Formal”
and “Informal” probate.<span style="mso-spacerun: yes;"> </span>Generally,
informal probate is appropriate if the decedent had fewer assets or assets
consolidated into just a few places, and no real estate. This process is fairly
streamlined.<span style="mso-spacerun: yes;"> </span>The PR is granted the
authority to manage and dispose of assets without any further formal court
proceeding.<span style="mso-spacerun: yes;"> </span>Formal Probate is generally
necessary if the estate is of a higher value, or there are numerous separate
assets, or if the estate includes real estate.<span style="mso-spacerun: yes;">
</span>Formal Probate resembles the general probate laws under the old system.<span style="mso-spacerun: yes;"> </span>Both forms of probate require submission of
documents to the Probate Court, the payment of filing fees, and a certain
amount of time before appointment is issued.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 31.5pt; mso-add-space: auto; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-indent: -.25in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">Once the PR
is appointed, the PR must gather information and locate paperwork reflecting of
all of decedent’s assets, as well as any estate planning documents.<span style="mso-spacerun: yes;"> </span>The PR must value each asset at its date of
death value.<span style="mso-spacerun: yes;"> </span>This is important for the
beneficiaries, who receive a step-up in the tax basis of any asset when</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> sold.<span style="mso-spacerun: yes;"> </span>It is also
important for purposes of determining estate tax liability, if any.<span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 31.5pt; mso-add-space: auto; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-indent: -.25in;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">Next, the PR must notify the decedent’s creditors, primarily by
publication, and then pay the decedent's final bills and ongoing administration
expenses.</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> <span style="mso-bidi-font-weight: bold;">The PR must then file applicable tax returns and pay applicable taxes.</span>
These may include a final income tax return, an estate income tax return, and
estate tax returns if applicable, and pay any taxes due.<span style="mso-spacerun: yes;"> </span>The PR is personally responsible for all
unpaid bills, administrative expenses and/or taxes due, so the PR wants to be
absolutely certain that all liabilities have been accounted for.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 31.5pt; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 31.5pt; mso-add-space: auto; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-indent: -.25in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">4.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Finally, after all of the above is
accomplished, the PR may distribute the remainder to the beneficiaries.<span style="mso-spacerun: yes;"> </span>The timing of distribution will depend on
many factors, including the types of assets the decedent owned, the value of
those assets, a determination of taxes and expenses due, how many beneficiaries
are involved, whether the beneficiaries get along, and the skills and diligence
of the PR is administering the estate. A simple estate or trust may be settled
within a few months, while a complicated estate or trust may take one or more
years to settle.</span></div>
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<br /></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">The above explanation addresses the steps to be taken in the
context of filing a will for probate due to the Decedent’s ownership of probate
assets. Probate assets consist of assets owned by the decedent, outright in
individual name. Non-probate assets consist of (a) property held jointly with a
right of survivorship, (b) assets for which a beneficiary is named, such as
retirement funds or life insurance, and (c) assets held in trust.<span style="mso-spacerun: yes;"> </span>While the concept of “avoiding probate” is somewhat
overstated, assets held in trust are not subject to the probate process, are
likely to be organized in advance, and areup to date on payment of liabilities.<span style="mso-spacerun: yes;"> </span>For this reason, the creation and funding of
a Revocable (Living) Trust may save a great deal of time at the death of the
decedent.</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">I am available for more information or to work with clients
to establish an efficient estate plan.</span></div>
Judith R. Pikehttp://www.blogger.com/profile/00051523618794545257noreply@blogger.com0tag:blogger.com,1999:blog-3254128796008090922.post-70301910066710257132014-08-08T05:46:00.000-07:002014-08-08T05:46:52.914-07:00What do I Tell My Heirs?<!--[if gte mso 9]><xml>
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<a href="http://2.bp.blogspot.com/-KfFFBdGtW18/U-TGCFpaH3I/AAAAAAAAAKE/GUOLDlgUFM8/s1600/dont+share.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://2.bp.blogspot.com/-KfFFBdGtW18/U-TGCFpaH3I/AAAAAAAAAKE/GUOLDlgUFM8/s1600/dont+share.jpg" height="149" width="200" /></a></div>
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When a client completes an estate plan, I am often asked
whether they should give a copy of the documents to their children, or
otherwise share the content.<span style="mso-spacerun: yes;"> </span>Unless
there is close relationship or unusual circumstances, I generally advise the
client not to do so.<span style="mso-spacerun: yes;"> </span>I do recommend that
they give a copy of the Durable Power of Attorney and Health Care Proxy to both
the primary and the alternate appointees, because those are documents that might
have to be accessed quickly in the case of sudden illness or catastrophe. But
otherwise,<span style="mso-spacerun: yes;"> </span>I encourage clients to keep
the contents of the other documents to themselves.<span style="mso-spacerun: yes;">
</span>Even if assets are distributed equally among children, one may be
appointed in a fiduciary role, which may insult another child.<span style="mso-spacerun: yes;"> </span>One child may feel that he or she is entitled
to more than their equal share.<span style="mso-spacerun: yes;"> </span>One may
have special needs that warrant giving such child a larger share of the estate.<span style="mso-spacerun: yes;"> </span>There may be an asset (such as a vacation
home) which some children want but others don’t.<span style="mso-spacerun: yes;"> </span>Any or all of these, and many other
circumstances, may create ill will among the children that the creator
of the plan would rather avoid. There are myriad circumstances that
warrant keeping the information private until death, so that the children have
no opportunity to influence a parent to make changes during life time.<span style="mso-spacerun: yes;"> </span>It is best to make your own assessment, and you may determine that keeping the information to yourself is the best course
of action.</div>
Judith R. Pikehttp://www.blogger.com/profile/00051523618794545257noreply@blogger.com0tag:blogger.com,1999:blog-3254128796008090922.post-3499732658902037442014-07-05T04:32:00.000-07:002014-07-05T04:32:01.658-07:00More on Digital Estate PlanningLast February I posted an entry about how to manage on-line accounts and social media sites after death. The New York Times has caught up to me with this recent article:<br />
<br />
<a href="http://www.nytimes.com/2014/07/03/technology/personaltech/how-to-digitally-avoid-taking-it-to-the-grave.html?emc=edit_tnt_20140702&nlid=10789246&tntemail0=y&_r=1">http://www.nytimes.com/2014/07/03/technology/personaltech/how-to-digitally-avoid-taking-it-to-the-grave.html?emc=edit_tnt_20140702&nlid=10789246&tntemail0=y&_r=1</a><br />
<br />
Worth reading.Judith R. Pikehttp://www.blogger.com/profile/00051523618794545257noreply@blogger.com0tag:blogger.com,1999:blog-3254128796008090922.post-71845459634260365852014-06-02T04:24:00.004-07:002014-06-02T04:24:57.859-07:00Good Advice for College GraduatesThis isn't really within my usual range of topics, but as I watch both of my children graduate this spring, one from high school and one from college, I found this article of interest.<br />
<a href="http://www.bostonglobe.com/business/2014/05/31/post-graduation-course-budgeting/wXMbYYRJmGPEWTfkxQ2wLM/story.html" target="_blank">http://www.bostonglobe.com/business/2014/05/31/post-graduation-course-budgeting/wXMbYYRJmGPEWTfkxQ2wLM/story.html</a>Judith R. Pikehttp://www.blogger.com/profile/00051523618794545257noreply@blogger.com0tag:blogger.com,1999:blog-3254128796008090922.post-45529252910784025742014-05-03T04:52:00.001-07:002014-05-03T04:53:44.342-07:00It's Time To Have That Talk<a href="http://2.bp.blogspot.com/-9C6JV_Gm_Qo/U2TYK_gnZ9I/AAAAAAAAAJs/7i-oVj6Ib0Y/s1600/end-of-life-careNew.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://2.bp.blogspot.com/-9C6JV_Gm_Qo/U2TYK_gnZ9I/AAAAAAAAAJs/7i-oVj6Ib0Y/s1600/end-of-life-careNew.jpg" height="132" width="200" /></a>As parents age, many families still have difficulty discussing end of life care. Adult children don't like to think of their parents as mortal, and if they refuse to have the discussion, maybe mom or dad will never die. Unfortunately, this is not true. Perhaps the adult children feel that such a discussion is unnecessary. Perhaps they are just too busy to find the time. But many adult children become caregivers for their elderly parents, either physically, by having mom or dad move in with them, or administratively, by ensuring that mom and dad get the needed care elsewhere, such as in assisted living, or home with a caregiver. It is very important for adult children to sit down with mom and dad and discuss a couple of things. One is end-of-life care in the event of a terminal illness-- what medical interventions would they want, and not want, as they see the end of their life? For this, a Health Care Proxy is an invaluable tool on which the adult children can rely for guidance, but it is no substitute for the conversation. The other major topic is burial and funeral wishes. Some wish to be buried in a plot, others wish to be cremated. Some would like a funeral or memorial service, others do not. Some would like visiting hours or shiva, others would prefer to skip those things. By having the discussion with elderly parents ahead of time, when mom or dad passes away, the children will not have to guess what to do, especially at such an emotional time. Most funeral homes offer advance arrangements, such as identifying a burial plot and discussing the type of services that will be needed. This is difficult stuff, and losing a parent might be one of the greatest emotional challenges an adult child will ever face, but it is a gift you can give both to your parents and to yourself if you are armed with this information in advance. Judith R. Pikehttp://www.blogger.com/profile/00051523618794545257noreply@blogger.com0