How to Avoid Family Fighting in My Estate?

Many clients are eager to avoid family fighting in their estates, here is a three part process to help avoid any problems.

It’s not uncommon for parents to modify their first estate plans when their children become adults. At that point, many parents’ estate plans are designed to help efficiently transfer assets to the surviving spouse and ultimately to the adult children. However, at this stage clients are frequently eager to avoid family fighting in estates.  However, like all plans we make, sometimes things don’t go the way we want them to.

Forbes’ recent article entitled “Three Steps To Estate Planning Without The Family Friction” explains that there are a number of reasons for sibling animosity in the inheritance process. The article says that frequently there are issues that stem from a lack of communication between siblings, which causes doubts or suspicion as to how things are being done. In addition, siblings may not agree if and how property should be sold and maintained.  This is exacerbated with blended families, so see here for ideas on estate planning post divorce.  https://galligan-law.com/estate-planning-after-divorce/

To help avoid these problems, consider using this three-step process for estate planning.  Not everyone will be comfortable with all three steps, but these processes can help prevent family in-fighting in your estate.

Work with an experienced estate planning attorney. Hire an estate attorney who has many years of working in this practice area. This will mean that they’ve seen—and more importantly—resolved every type of family conflict and problem that can arise in the estate planning process.  Such an attorney can anticipate such conflicts and plan for them in the estate planning documents. That’s the know-how that you’re really paying for, in addition to his or her legal expertise in wills and trusts.

Create a financial overview. A financial overview is another part of the process to avoid family fighting in the estate.  This will help your beneficiaries see what you own and avoid suspicions between family.  A financial overview can simplify the inheritance process, and it can help to serve as the foundation for you and your executor to frankly communicate with future beneficiaries to reduce any lingering doubts or questions that they may have, when they’re not in the loop. Your inventory should at least include the following items:

  • A list of all assets, liabilities and insurance policies you have and their beneficiaries
  • Contact information for all financial, insurance and legal professionals with whom you work; and
  • Access information for any websites your beneficiaries may need for your online accounts.

As an aside, it is a really good idea to have this information gathered for your executor just to make their job easier, regardless of the potential for conflict.  You may also consider preparing a a legacy letter that discusses non-financial items for your children.

Hold a family meeting. Next, conduct a family meeting that includes the parents and the children who will be inheriting assets. Some topics for this meeting include:

  • The basics of your estate intentions (and make SURE your current estate plan reflects this)
  • Verify that a trusted person knows the location of your important estate documents
  • State who your executor and other involved people will be and your rationale
  • Make certain that all parties value communication and transparency during this process; and
  • Discuss non-financial legacy items that are important for you to give to your children.

This three-step process can help keep your children’s relationships intact after you are gone. Hiring an experienced estate planning attorney, creating a clear financial overview and communicating what’s important to you are critical steps in helping to keep your family together.

Reference: Forbes (July 2, 2020) “Three Steps To Estate Planning Without The Family Friction”

Continue ReadingHow to Avoid Family Fighting in My Estate?

How to Become an Organ Donor

If you want to become an organ donor, you need to communicate your wishes.
If you want to become an organ donor, you need to communicate your wishes.

If you want to become an organ donor, you should communicate those wishes to the people who will carry them out.

Organ donation is one of the most regulated aspects of the healthcare industry, and the legalities of being an organ donor have very unique considerations. Essentially, organ donation is the physical transfer of the body parts of a person (the donor) to another person through surgical means. Organ donation can occur during the donor’s lifetime or at the organ donor’s death. Here we’re focusing primarily on the transfer of organs at the time of the organ donor’s death.

Although the need for organ donations is exceptionally high worldwide, the supply is often low. The lack of clearly communicated and documented consent by a potential organ donor is one of the most common challenges to organ donation. Despite an individual’s desire to donate organs, a failure to follow the right protocol can render the individual’s decision unenforceable.

What You Can Donate

Scientific advancements now allow for a single donor to donate organs to up to seventy-five donees. Organ donors can provide their kidneys, liver, heart, lungs, and pancreas. Donors can also donate tissue such as bone, skin, tendons, corneas, bone marrow, and stem cells. There are even instances where hands and feet have been successfully transferred. However, for many of these organs, the transfer must be initiated within twenty-four hours. Additionally, each potential donor must be evaluated on a singular basis with respect to the particular organ at issue.

Alternatively, some donors are interested in donating their entire body to scientific research. If you are interested in this route, you must be careful to avoid organ donation opportunities because scientific research requires complete bodies. In such instances, identifying the scientific institute you are interested in donating to and working with that institute directly is the best method. As you work with them, be careful to document your specific intent to donate your remains to science.

Making Your Wishes Known

There are a number of ways to make your wishes regarding organ donation known and increase the likelihood that they will be enforced. The most effective approach is a comprehensive one. This involves registration as a donor, legal planning, and communication of your wishes. The first and most important step is registering as an organ donor, which you can do in two ways: (1) find your state’s unique registry on www.organdonor.org and register online or (2) register at your local department of motor vehicles. In the latter scenario, your license will likely state that you are an organ donor.

The next step you can take is ensuring your wishes are recorded in your estate planning documents. An advance healthcare directive and living will are key documents that can include your end-of-life wishes. Finally, to ensure that your wishes are known, communicate them to your friends and family. These are the people who will end up intimately involved with your end-of-life decisions. Carefully select your healthcare agent and clearly communicate to that agent your desire to donate your organs.

It is important to note that the steps described above should not be taken in isolation. This is particularly true regarding your estate plan and communication of your wishes to friends and family. If there are conflicts between your plan and what family members think your wishes are, some states give greater weight to the documents memorializing your wishes. Your estate plan should contain your wishes, as well as information on any donor registrations you have made. Your documented wishes should then be expressed to those closest to you and who will carry out your wishes after you pass away.

Continue ReadingHow to Become an Organ Donor

Some Common Drugs May Increase Risk of Dementia

Some common drugs may cause increased risk of dementia.
Some common drugs may cause increased risk of dementia.

Research conducted in 2019 has strengthened the connection between the risk of dementia and a common class of drugs used to treat a variety of symptoms.

Anticholinergics are a type of medication that blocks the action of acetylcholine. That’s a chemical messenger (or “neurotransmitter”) in the brain that help coordinate breathing, digestion, urination and other functions.

Anticholinergics can treat a variety of ailments, including urinary incontinence.

Considerable’s recent article entitled “These common prescription drugs could boost your risk of dementia” reports that anticholinergics include a roster of drugs for depression (such as Paxil), psychosis (such as Thorazine), Parkinson’s disease (such as Cogentin) and bladder disorders (such as Ditropan).

The 2019 study found a nearly 50% increase in chances of dementia in those people who received more than 1,095 daily doses of these drugs in a 10-year period.

The research was published in JAMA Internal Medicine.

The study, sponsored by the University of Nottingham, monitored 284,343 patients age 55 and older between 2004 and 2016. The researchers examined the total standardized daily doses (TSDDs) of anticholinergic drugs during that time period.

The researchers said that this was the equivalent to a senior taking a strong anticholinergic medication daily for at least three years.

Researchers looked at each person’s anticholinergic exposure and found the most frequently prescribed anticholinergic drugs were antidepressants, drugs to treat vertigo, motion sickness or vomiting and an overactive bladder.

The researchers at the University of Nottingham discovered that some other anticholinergic antihistamines and gastrointestinal drugs failed to correspond to a higher incidence of dementia.

The UK study shows a correlation between these specific anticholinergic drugs and increased chances of dementia. However, the researchers cautioned that seniors shouldn’t stop taking any medications without talking with their doctor.

Reference: Considerable (July 1, 2020) “These common prescription drugs could boost your risk of dementia”

 

Continue ReadingSome Common Drugs May Increase Risk of Dementia