In light of recent events, we thought it would be a great time to remind local residents of a very useful Emergency Notification System available to area residents through their cell phones. Please note that this notification system only works within Bastrop, Blanco, Burnet, Caldwell, Fayette, Hays, Lee, Llano, Travis, and Williamson Counties.
Since an increasing number of area residents rely exclusively on their cellular telephones as their primary telephone, CAPCOG (Capital Area Council of Governments) has added the ability to notify you on your cell phone if there is an emergency near your home, business, or other location.
You may now link your cellular telephone number to one or more locations within the 10-county CAPCOG region listed above, including your home, business, and the homes of relatives. If a participating local government activates the system for an area containing one or more of the locations registered to a specific cellular phone number, then the system will attempt to send the emergency message to that cellular telephone.
The registration process only takes a few minutes and could potentially make a big difference to someone's well being during an emergency situation. Please pass along this helpful tip to your family members, friends, and neighbors!
To register for this service, click here.
If you have previously registered and want to make changes, click here.
The Greening Law Firm, P.C.
Practicing Exclusively Estate Planning, Probate, Medicaid Planning, and Estate Administration.
Wednesday, April 17, 2013
Tuesday, April 9, 2013
Legal Issues for Family Caregivers
There are two phases of legal planning for a caregiver: How to
protect the independence, assets, and family of the person needing care
in the good days and during the time of needing help due to mental or
physical incapacity. The best planning provides maximum personal
independence, protection of assets, and protection of other family
members. The following are some legal techniques that can help accomplish planning goals.
Phase One: The Good Days (or mostly good days). This phase assumes
that the person creating a plan is competent. This means they are
mentally and physically able to contract.
• Sign a Financial Power of Attorney. This gives the person
listed the right to do modest financial business on behalf of the
person who signs the documents.
• Sign a Health Power of Attorney and Living Will. This
document provides for the person who can make health decisions with the
treating health professionals, and also allows for an election of the
type of care to be provided when death is near.
• Sign a Last Will and Testament. This document will
indicate who is in charge of the finances after death and who is to
receive the decedent’s property.
• If a caregiver spouse or the person being cared for is a
Veteran, contact the Veteran’s administration or an attorney accredited
with the Veteran’s Administration to see what benefits are available to
help pay for caregivers.
If one of the planning goals includes protecting assets for
the person being cared for, as well as their spouse or family, there
are more complex legal plans that can help.
• Have the individual requiring care sign a
revocable trust, providing for others to manage finances and make health
decisions. This trust also covers who is to receive that individual’s
assets when they die.
• For a married person, often the healthy, caregiver
spouse, can sign a Last Will and Testament, that provides if the
healthy spouse dies first, the deceased spouse’s share of the family
assets will be set aside for the benefit of the ill spouse, in a manner
that continues to provide support but will not interfere with the ability
to receive government benefits.
• Single and married people can protect substantial
assets if they have the ability to pay their expenses for at least five
years.
Phase Two: The Bad Days – Incompetency. At this time the individual
being cared for lacks the mental or physical capacity to contract and,
therefore, cannot sign legal documents.
• It may be possible for the incompetent person’s agents on
the financial power of attorney, the health power of attorney, and the
Trustee of a revocable trust to work with those documents without the
need for a court order.
• If there is no financial power of attorney and no health
power of attorney, it may be necessary to file papers in the local Court
to ask that someone be appointed as Conservator and Guardian for the incapacitated person in order to give someone the legal right to make
financial and health decisions for the vulnerable person. The
Conservator makes financial decisions, and the Guardian makes the health
and housing decisions. Many times the Conservator and the Guardian are the same
person. It is necessary to use an attorney to help with this process.
• The caregiver needs to consider how to pay for the care required.
Friday, March 29, 2013
Effect of Presidential Budget on Estate Planning
Nothing about the law is ever entirely static. Obviously legal
rules and principles change over time. However, some practice areas are
far more stable than others. For example, the general process to
recover for personal injuries in a car accident is roughly the same now
as in the past. At the other end of the spectrum, certain estate
planning processes can change virtually every year. This is because
much of this type of planning is centered on tax savings. In this way, it
mirrors applicable tax rules, and any change in these rules requires
changes in estate planning details.
Possible Changes
For example, consider the estate planning changes that may need to be made if the latest presidential budget proposals are enacted. Advisor One recently shared information on those possible alterations. The President's proposed 2013 budget includes some so-called "tax loophole" closings which may alter what planners do for future clients. For one thing, "grantor annuity trusts" (GRATs) would be curtailed under the latest proposals. GRATs are often helpful in eliminating the gift tax costs of transferring assets to others. This works by creating a trust that is funded with an asset that will appreciate in value. The grantor retains the right to the annuity interest for a set number of years with the remaining assets being transferred to beneficiaries as long as the grantor is still alive. As it now stands grantors can set up GRATs while collecting interest for as little as two years. However, the latest proposals would add risk into the mix by having a minimum of a ten year term with maximum life expectancy of annuitant plus ten years.
In addition, dynasty trusts may be affected by the President's proposed budget. The story explains how these trusts are often used to transfer assets throughout generations without gift or estate tax penalties. However, the latest proposals would cap those benefits at 90 years, potentially limiting the value of the trust.
It is important to note that these possible changes are not guaranteed. As with so many of these issues in recent years, everything ultimately depends on how the executive and legislative branches are able to hammer out any sort of compromise. At this point it is mostly a guessing game as to what will or will not make it into law.
Of course there is little that the individual community members can do to influence these decisions. At the very least it is important to be aware of potential changes and work with an estate planning attorney to understand what decisions are smart now in anticipation of possible changes in the future.
Possible Changes
For example, consider the estate planning changes that may need to be made if the latest presidential budget proposals are enacted. Advisor One recently shared information on those possible alterations. The President's proposed 2013 budget includes some so-called "tax loophole" closings which may alter what planners do for future clients. For one thing, "grantor annuity trusts" (GRATs) would be curtailed under the latest proposals. GRATs are often helpful in eliminating the gift tax costs of transferring assets to others. This works by creating a trust that is funded with an asset that will appreciate in value. The grantor retains the right to the annuity interest for a set number of years with the remaining assets being transferred to beneficiaries as long as the grantor is still alive. As it now stands grantors can set up GRATs while collecting interest for as little as two years. However, the latest proposals would add risk into the mix by having a minimum of a ten year term with maximum life expectancy of annuitant plus ten years.
In addition, dynasty trusts may be affected by the President's proposed budget. The story explains how these trusts are often used to transfer assets throughout generations without gift or estate tax penalties. However, the latest proposals would cap those benefits at 90 years, potentially limiting the value of the trust.
It is important to note that these possible changes are not guaranteed. As with so many of these issues in recent years, everything ultimately depends on how the executive and legislative branches are able to hammer out any sort of compromise. At this point it is mostly a guessing game as to what will or will not make it into law.
Of course there is little that the individual community members can do to influence these decisions. At the very least it is important to be aware of potential changes and work with an estate planning attorney to understand what decisions are smart now in anticipation of possible changes in the future.
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