12 Wealth Threats - check out the table of contents
16 years ago
Wednesday, July 6, 2011
We're in the Ahwatukee Foothills News!
On June 30, 2011 the Ahwatukee Foothills News ran a story featuring Kristel K. Patton P.C. and discussed the importance of estate planning. We had a great time meeting with the reporter, and are thrilled that this information is reaching more and more people. Check it out HERE and share it with your friends!
Tuesday, July 5, 2011
July is National Recreation and Parks Month!
Did you know that 75 percent of Americans live within two miles of a public park or recreation facility, and that more than 75 percent of us visit them each year? In recognition of the importance of parks and recreation facilities in our lives, and to foster the well-being of our environment and communities, the National Recreation and Park Association designated the month of July as Recreation and Parks Month in 1985.
As an estate planning law firm, we tend to focus on the financial security of our clients and their families. Of course, we are also concerned with their physical and emotional well-being. This is why we wholeheartedly support National Recreation and Parks Month and hope that it will serve as a reminder for our readers to take advantage of our nation's valuable resources.
Here are just a few of the benefits afforded by taking advantage of what America's parks and recreation facilities have to offer:
As an estate planning law firm, we tend to focus on the financial security of our clients and their families. Of course, we are also concerned with their physical and emotional well-being. This is why we wholeheartedly support National Recreation and Parks Month and hope that it will serve as a reminder for our readers to take advantage of our nation's valuable resources.
Here are just a few of the benefits afforded by taking advantage of what America's parks and recreation facilities have to offer:
- Improved physical and mental health. Recreation and active living can help increase life expectancy by as much as two years and make for a more balanced, happier life
- The development of specialized skills, a positive self-image and creativity in children and grandchildren
- Increased ability to concentrate and learn
- The opportunity to build stronger family relationships by spending quality time together, which in turn helps creating a lasting legacy for your family
- And, perhaps most of all, the opportunity to get out and enjoy time spent with family and friends in a beautiful setting
If you would like to learn more about the parks and activities near you, visit NRPA.org. Then, take advantage of the next nice day, gather your family and friends together, and head out to the nearest park for a little recreating!
Tuesday, June 28, 2011
Natural Catastrophes and your Estate Plan
From the tornados that ripped through Alabama and Missouri just last month and the two catastrophic fires currently raging in south-eastern Arizona, Mother Nature has not been too kind lately. And as hurricane season has officially begun, coastal cities hope they're not added to the casualty list. Natural disasters like this serve as an apt metaphor and constant reminder of the importance of proper estate planning.
It is very hard to predict the exact time and severity of a natural disaster, so it is always important to be prepared. Similarly, you just won't know when life's "tornado" will affect you and your loved ones, so taking the steps to create and execute an estate plan is also an important part in preparing for your future.
Many people have been lucky to survive these recent catastrophes, but still countless others have been injured and left disabled. Disability planning is another crucial component in an effective estate plan. Special needs trusts, health care directives, and powers of attorney are just a few of planning tools that most people overlook, to their peril, even if they do have an estate plan.
Also, because natural disasters--and any tragedies in life--are so unpredictable, it is imperative that you keep your plan up to date. We recommend that you enroll in a formal maintenance program with your estate planning professional. As an alternative, you should review your plan with an estate planning attorney once every two years, and after a significant life change has occurred such as divorce or a new child.
Be prepared for the unexpected by ensuring that you have a thorough, effective estate plan in place before you get caught out in the rain.
It is very hard to predict the exact time and severity of a natural disaster, so it is always important to be prepared. Similarly, you just won't know when life's "tornado" will affect you and your loved ones, so taking the steps to create and execute an estate plan is also an important part in preparing for your future.
Many people have been lucky to survive these recent catastrophes, but still countless others have been injured and left disabled. Disability planning is another crucial component in an effective estate plan. Special needs trusts, health care directives, and powers of attorney are just a few of planning tools that most people overlook, to their peril, even if they do have an estate plan.
Also, because natural disasters--and any tragedies in life--are so unpredictable, it is imperative that you keep your plan up to date. We recommend that you enroll in a formal maintenance program with your estate planning professional. As an alternative, you should review your plan with an estate planning attorney once every two years, and after a significant life change has occurred such as divorce or a new child.
Be prepared for the unexpected by ensuring that you have a thorough, effective estate plan in place before you get caught out in the rain.
Tuesday, June 21, 2011
June is Gay and Lesbian Pride Month!
Since 2000, June has been declared Gay and Lesbian Pride Month. This designation is based on the principle that lesbian, gay, bisexual and transgendered (LGBT) individuals should be able to live openly, without discrimination based on sexual orientation or gender identity.
At Kristel K. Patton, P.C., we believe that this is also a good time to consider estate planning needs that are unique to members of the LGBT community. Certain legal documents, for example, should be drafted differently for LGBT individuals or couples (e.g., in states where a couple cannot be legally married.) And still other documents take on added significance.
On this latter point, we advise all our LGBT clients to have us prepare advance healthcare directives, the legal documents needed in a hospital emergency to make sure one's healthcare wishes are honored. We do this because we know that without these documents, our LGBT clients could be prevented from having the person of their choice as their medical decision-maker.
On a positive note, as mentioned in our previous blog post, there has been some recent legal progress on healthcare equality for LGBT folks: As of last fall, hospitals are now required to permit all patients to have any visitor they choose, including a same-sex partner or other non-relative. Nonetheless, if the patient can't speak for him or herself and hasn't put these wishes in writing, the door is still open for a family member to try to ban a same-sex partner and others from visiting at the very time when they are need most--at the patient's bedside.
At Kristel K. Patton, P.C., we also recognize that creating advance directives is not enough. It's a known fact that most people do not carry these documents around with them. And, it's also a known fact that they can be needed quickly, especially for an LGBT patient. This is why we provide all our clients enrolled in our Empowered Legacy Planning process with membership in the DocuBank Healthcare Directives Registry, free of charge. With this registry, a wallet card provides immediate access to our clients' healthcare directives 24/7/365, so that documentation can be produced and the wishes of each of our clients can be protected at a moment's notice.
It's also worth noting that the Human Rights Campaign (HRC) recently announced its new status as an LGBT Affiliate of DocuBank. The largest LGBT civil rights organization in the nation, HRC has team up with this registry to help its members ensure that they can produce the legal proof of their wishes when it counts.
At Kristel K. Patton, P.C., we believe that this is also a good time to consider estate planning needs that are unique to members of the LGBT community. Certain legal documents, for example, should be drafted differently for LGBT individuals or couples (e.g., in states where a couple cannot be legally married.) And still other documents take on added significance.
On this latter point, we advise all our LGBT clients to have us prepare advance healthcare directives, the legal documents needed in a hospital emergency to make sure one's healthcare wishes are honored. We do this because we know that without these documents, our LGBT clients could be prevented from having the person of their choice as their medical decision-maker.
On a positive note, as mentioned in our previous blog post, there has been some recent legal progress on healthcare equality for LGBT folks: As of last fall, hospitals are now required to permit all patients to have any visitor they choose, including a same-sex partner or other non-relative. Nonetheless, if the patient can't speak for him or herself and hasn't put these wishes in writing, the door is still open for a family member to try to ban a same-sex partner and others from visiting at the very time when they are need most--at the patient's bedside.
At Kristel K. Patton, P.C., we also recognize that creating advance directives is not enough. It's a known fact that most people do not carry these documents around with them. And, it's also a known fact that they can be needed quickly, especially for an LGBT patient. This is why we provide all our clients enrolled in our Empowered Legacy Planning process with membership in the DocuBank Healthcare Directives Registry, free of charge. With this registry, a wallet card provides immediate access to our clients' healthcare directives 24/7/365, so that documentation can be produced and the wishes of each of our clients can be protected at a moment's notice.
It's also worth noting that the Human Rights Campaign (HRC) recently announced its new status as an LGBT Affiliate of DocuBank. The largest LGBT civil rights organization in the nation, HRC has team up with this registry to help its members ensure that they can produce the legal proof of their wishes when it counts.
Thursday, June 16, 2011
Who Can Visit You in the Hospital? Anyone You Want!
We've all experienced it. We wanted to visit a friend or relative in the hospital, but were told that visits were restricted to immediate family members.
No More! Under new federal regulations, hospitals are now required to allow patients to have any visitors they want.
This new policy, which took effect in November 2010, recognizes that a patient should be able to choose whoever they'd like to be at their bedside. Hospital care should be as "patient-centered" as possible, not guided by blanket rules designed to make life easier for hospital staff. The policy recognizes that it's important for the patient to have the person who knows the patient's medical condition best to be present to talk with hospital staff, especially if the patient has difficulty recalling or communicating their own medical information. In many cases, this person is not always a member of the patient's immediate family or "next of kin."
Of course, hospitals have the right--and the responsibility--to limit this visitor permission in certain circumstances, such as infection control, bad behavior of visitors, and other circumstances that would "jeopardize the care of the patient or other patients." But these limitations are expected to be the rare exception rather than the rule.
So, while it's still probably not a good idea to invite the entire neighborhood to a party in your hospital room, you now have a great deal more control over which smiling faces you invite to come by and spend time with you. And that can mean a lot!
No More! Under new federal regulations, hospitals are now required to allow patients to have any visitors they want.
This new policy, which took effect in November 2010, recognizes that a patient should be able to choose whoever they'd like to be at their bedside. Hospital care should be as "patient-centered" as possible, not guided by blanket rules designed to make life easier for hospital staff. The policy recognizes that it's important for the patient to have the person who knows the patient's medical condition best to be present to talk with hospital staff, especially if the patient has difficulty recalling or communicating their own medical information. In many cases, this person is not always a member of the patient's immediate family or "next of kin."
Of course, hospitals have the right--and the responsibility--to limit this visitor permission in certain circumstances, such as infection control, bad behavior of visitors, and other circumstances that would "jeopardize the care of the patient or other patients." But these limitations are expected to be the rare exception rather than the rule.
So, while it's still probably not a good idea to invite the entire neighborhood to a party in your hospital room, you now have a great deal more control over which smiling faces you invite to come by and spend time with you. And that can mean a lot!
Thursday, April 7, 2011
April 16, 2011 is National Health Care Decisions Day!
Most people are not aware of the importance of healthcare directives. Because it is often difficult to express your wishes regarding what would happen should you become severely disabled or die, these communications almost never happen, and loved ones are left without guidance if such a situation ever arises.
In an effort to highlight the importance of advance healthcare decisions, the law office of Kristel K. Patton, P.C. is offering FREE HEALTHCARE DIRECTIVES FOR THE MONTH OF APRIL 2011. (Services will include a Healthcare Power of Attorney and Living Will.)
Everyone from the young to the young at heart are encouraged to take advantage of this opportunity. The most precious gift you can give your family is advanced planning regarding major healthcare decisions. This will ensure that they can focus on you during times of crisis, and not be burdened with heavy decision-making. Peace of mind is priceless, but these directives are completely complimentary, with no obligation to use the firm for any additional services.
For more information or to schedule an appointment, please call us at 480.855.8383.
Tuesday, March 15, 2011
Why Counseling? Why the Three Steps?*
Many people think of estate planning as a way to save estate taxes and perhaps a way to avoid probate. There are many more important reasons for estate planning.
For example, have you considered the following questions?:
I suggest that most of people would answer "yes" to all these questions. So how can you make sure your plan is accomplishing these things?
Problem #1 with Traditional Estate Planning: Most estate plans are upside down! They focus on tax planning instead of personal concern, protections, and goals.
Problem #2 with Traditional Estate Planning: Most estate plans just don't work! A plan works when every expectation of the client is met. These expectations aren't met because clients and professional advisors see estate planning as a transaction ending in documents, instead of the process ending in results. Things change. Estate plans should, too.
We believe that client families will achieve the best estate planning results with a Three Step Strategy that uses clear, comprehensive, customized instructions for their own care and that of their loved ones. The instructions might include a will, a trust, a power of attorney, a living will, and other documents.
Step #1: Work with a Counseling-Oriented Attorney as opposed to a word-processing attorney. Most estate planning in the U.S. is little more than word-processing. You don't need a professional for that! The professional's value come from the counsel and advice based on knowledge, wisdom, and experience.
Step #2: Establish and Maintain a Formal Updating Program. There is a constant change in personal situations, both family and financial. Tax laws and other laws change every year in ways that will impact many estate plans. Finally, because attorneys don't know everything, the attorney's experience and expertise change. Without updating, plans won't work the way the family intended them to. Without a Formal Updating Program, the updating rarely happens.
Step #3: Assure that My Wisdom is Transferred Along with My Wealth. In many families, the parents have an abundance of wisdom that has often been earned the hard way. Through Wealth Reception, an approach that prepares children and grandchildren (or nephews and nieces, or godchildren, or friends) to receive wealth, parents' wisdom can help make their money a benefit instead of the burden that is often becomes.
Most financial windfalls, including inheritances, disappear within 18 months. Our clients can avoid that unfortunate conclusion to an otherwise worthy inheritance with proper Wealth Reception planning.
*Adapted from the Planning Partners Press.
For example, have you considered the following questions?:
- How do you want to be cared for when you can't take care of yourself?
- If your wife remarries after you die, do you want to make sure that her new husband can't spend your money?
- If your husband hits a van full of lawyers after you die, do you want to make it harder for them to collect your money when they sue him?
- If your wife divorces her new husband after her remarriage, do you want to make sure that he doesn't get half of your money?
- Do you want to make sure that your guardians know how to share your values while they finish raising your children?
I suggest that most of people would answer "yes" to all these questions. So how can you make sure your plan is accomplishing these things?
Problem #1 with Traditional Estate Planning: Most estate plans are upside down! They focus on tax planning instead of personal concern, protections, and goals.
Problem #2 with Traditional Estate Planning: Most estate plans just don't work! A plan works when every expectation of the client is met. These expectations aren't met because clients and professional advisors see estate planning as a transaction ending in documents, instead of the process ending in results. Things change. Estate plans should, too.
We believe that client families will achieve the best estate planning results with a Three Step Strategy that uses clear, comprehensive, customized instructions for their own care and that of their loved ones. The instructions might include a will, a trust, a power of attorney, a living will, and other documents.
Step #1: Work with a Counseling-Oriented Attorney as opposed to a word-processing attorney. Most estate planning in the U.S. is little more than word-processing. You don't need a professional for that! The professional's value come from the counsel and advice based on knowledge, wisdom, and experience.
Step #2: Establish and Maintain a Formal Updating Program. There is a constant change in personal situations, both family and financial. Tax laws and other laws change every year in ways that will impact many estate plans. Finally, because attorneys don't know everything, the attorney's experience and expertise change. Without updating, plans won't work the way the family intended them to. Without a Formal Updating Program, the updating rarely happens.
Step #3: Assure that My Wisdom is Transferred Along with My Wealth. In many families, the parents have an abundance of wisdom that has often been earned the hard way. Through Wealth Reception, an approach that prepares children and grandchildren (or nephews and nieces, or godchildren, or friends) to receive wealth, parents' wisdom can help make their money a benefit instead of the burden that is often becomes.
Most financial windfalls, including inheritances, disappear within 18 months. Our clients can avoid that unfortunate conclusion to an otherwise worthy inheritance with proper Wealth Reception planning.
*Adapted from the Planning Partners Press.
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