Why should you see an estate planning attorney? Let me explain ...

     "I don't have an estate, why do I need an estate plan?"  I cannot tell you how many times I have heard this question as an estate planning attorney.  Most individuals, whether they know it or not, have an estate.  For example, most clients own a home, vehicle and have at least one checking account.  Just having these three things could cause a number of complications if organization and planning is not completed on the front end.

     Consider an elderly client who is not married but has a number of children and grandchildren.  The client owns a home in Georgia and a small farm in South Carolina.  He also has three vehicles, some valuable farm equipment, a checking account and a CD.  The client has not consulted an estate planning attorney and has no Will in place.  When he passes away, probate will be required in his state of residence (Georgia).  Additionally, an ancillary probate will be required in South Carolina where he owned the farm.  Typically, the surviving family members will hire an attorney to handle the probate process, which requires court supervision.  After all the paperwork has been filed, notice given to all heirs, title transferred and accounts closed, the estate will be closed.  This process typically takes anywhere from 2 to 12 months, depending on the complexity of the estate, and the legal fees can add up quickly.

     In many circumstances where two probates may be required, the client can avoid BOTH probates with a properly funded Living Trust.  The Living Trust is a valuable planning tool that allows the client to retain total control and access to his property during life and transfers the assets to beneficiaries, outside of probate, at death.

     The need for a Will can be emphasized by numerous examples.  Consider that one of the client's children has special needs and is receiving government assistance.  The receipt of a large inheritance can cause that child to lose those benefits, resulting in complications for that child and the loss of the client's assets that could have been preserved through a testamentary special needs trust.  Consider a young client who has minor children.  The Will can be used to designate a guardian in the event that she unexpectedly passes away.

     These examples are just a small sample of the issues that an experienced estate planning attorney is trained to spot and plan for.  If you haven't taken the time to consult an experienced estate planning attorney, there is no better time than now.

The importance of long term care planning - an all too common story

     The individuals named in the story are fictitious.

     Peggy and her husband, John, got married at a young age.  After a wonderful marriage lasting over 60 years, John became sick and required around-the-clock care.  Peggy did everything she could to take care of John herself; however, after a few months, she began to have medical problems of her own that prevented her from providing John with the care he needed.  Reluctantly, Peggy had to find a skilled nursing facility to take care of John.

     The couple had always been frugal and saved about $350,000 over their lifetime.  They owned their house outright.  Over time, the nursing home bills significantly ate into Peggy and John's lifetime savings.  When John finally passed away, Peggy was left with only a small fraction of what was saved over a lifetime.  She would survive him by 15 years, living mainly off of Social Security.

     We have seen stories similar to this one much too often.  Please take the time to seek counsel from an Attorney with the knowledge and ability to help you protect your hard-earned savings from the costs of long term care.

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