Category: Estate Planning

When drafting a will, don’t forget about your online “assets”

As Facebook, Twitter, Instagram and other online services play larger and larger roles in our lives it's surprising that so few of us think of our online presence when drafting our wills. Though these electronic records will likely outlive us all, existing online in some for or another perhaps forever, few of us take stock of our internet accounts and make plans for their disposition after our death. Online calendars, Google Documents, social media profiles, pictures, journals, you name it, they've got it online. Electronic accounts hold more valuable information than many of us may at first believe. A 2011 study by McAfee found that the average American values their unprotected online assets at close to $55,000.

Read more

Alabama enacts Elder Abuse Prevention Act

Although estimates vary, it is generally believed that 4-6% of the elderly are subject to abuse. According to the National Incidence Study on Elder Abuse, approximately 450,000 elderly experience abuse each year in nationwide. The scale of the problem is massive and it comes as a relief that Alabama Governor Robert Bentley recently signed into law the Elder Abuse Prevention Act. The bill is designed to prevent and prosecute those that engage in elder abuse. Senator Tammy Irons of Florence, Alabama spent the better part of three years fighting to make the Act a reality. Senator Irons said, "I am grateful that Governor Bentley realized the importance of protecting our senior citizens and signed my bill into law this session. This is the first step in protecting our senior citizens from abuse in all of its disgusting forms--physical, emotional and financial."

Read more

What is a living will and how does it work?

What a living will is and why you need oneA living will (also known as an advance medical directive) is a statement of your wishes for the kind of life-sustaining medical intervention you want, or don't want, in the event that you become terminally ill and unable to communicate. A living will is typically used by people to identify the point at which they no longer desire certain types of life-prolonging medical treatment, but it can also lay out an individual's desire for continuation of treatment.

Read more

What is a power of attorney?

If you've begun thinking about the importance of estate planning to safeguard the future of yourself and the family members who rely on you, a critical component of any plan is a power of attorney. A power of attorney is a legal document you can use to give someone else the authority to take specific actions on your behalf, such as signing your checks to pay your bills or selling a particular piece of real estate for you. The principal (you) determines the amount of power given to the attorney-in-fact (the person acting in your stead), and this individual can be given the authority to deal with only one particular issue (a specific power of attorney), or to handle most of the principal's personal and financial matters (a general power of attorney).

Read more

May is Elder Law Month in Alabama

NAELA, the National Academy of Elder Law Attorneys, Inc. established May as Elder Law Month as a way to educate seniors and their families about their legal options in dealing with elder abuse and fraud, long-term and health care planning, Medicaid, Medicare, estate planning, and other important issues that effect the senior population. "With the elderly population growing each day, driven in large part by the graying of the Baby Boomer generation, it is crucial to assist older Americans and their families in finding legal services and resources to improve their quality of life," said NAELA President Edwin Boyer.

Read more

Four frequent estate-planning mistakes

While there are many mistakes people can make while planning their estates, a recentcolumn on Forbes.com, lists some of the errors most frequently encountered. 1. Not having a plan Not having a will means that at your death the distribution of your assets will be dictated by the inheritance laws of the state where you were domiciled, likely Alabama. These "intestacy laws" leave a percentage of assets to various members of your family. While there's a small chance that the laws will accomplish what you wanted, that's unlikely. Your will applies to the disposition of your "probate assets," those things that are not following a beneficiary designation. Non-probate assets will pass by operation of law or contract.

Read more