Category: Estate Planning

Before "I Do" Part III: Important Discussions to Have Before the Wedding About Unexpected Events

7/20/2023

Today’s post is the final installment in a three-part series about conversations to have with your future spouse before you get married. Today’s blog post focuses on discussing the unexpected with your future spouse. While these unexpected events are unlikely to occur, it is good to have a discussion with your spouse to express your wishes and desires if an unfortunate and unexpected event occurred.

What would happen if you or your partner became incapacitated or disabled?
What type of plans and understandings do you want to have in place for caregiving, finances, and handling other affairs, if the worst were to happen?
Do you want to execute a Healthcare Power of Attorney, Durable Power of Attorney, or will to provide direction about healthcare and financial decision-making and your estate?
Are you or your partner likely to receive an inheritance during the marriage? How would you like to use or save that inheritance?

The answers to these conversation starters may lead you to decide you would like to have a Prenuptial Agreement in place or complete your estate planning. A Prenuptial Agreement can solidify your financial agreements regarding which funds and accounts remain separate property of each spouse after marriage and which will become marital property held jointly by the spouses. You may also want to consider executing a Will, Healthcare Power of Attorney, or Durable Power of Attorney to provide for your spouse or children from a previous relationship, and to prepare for the worst-case scenario (just in case). Please reach out to our office so we can assist you. We are here to guide you on the legal aspects of your journey to marriage and beyond so you can focus on enjoying your new life.

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Before "I Do" Part II: Important Child-Related Discussions to Have Before the Wedding

7/13/2023

Today’s post is the second in a three-party series about important discussions to have before you get married. The conversation topics and questions for today are all about kids. Children will change your life and it is wise to discuss the child-related topics below before you get married. These conversations will lead to a stronger relationship and marriage with your future spouse.

Do you or your partner have children from prior relationships? How will their expenses be handled after your marriage?
If you plan to have children together, what would your ideal childcare situation be? Do you want one parent to leave their career and stay home? Consider how this might impact your future financial arrangements.
Do you want to send your future children to public or private school? How will you fund private school if that is your choice?
How do you and your future spouse feel about family traditions with your children?

The answers to these conversation starters may lead you to decide you would like to have a Prenuptial Agreement in place or complete your estate planning. A Prenuptial Agreement can solidify your financial agreements regarding which funds and accounts remain separate property of each spouse after marriage and which will become marital property held jointly by the spouses. You may also want to consider executing a Will, Healthcare Power of Attorney, or Durable Power of Attorney to provide for your spouse or children from previous relationship, and to prepare for the worst-case scenario (just in case). Please reach out to our office so we can assist you. We are here to guide you on the legal aspects of your journey to marriage and beyond so you can focus on enjoying your new life.

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The Legal Documents You Need When Your Child Turns 18

5/4/2023

The day your child turns eighteen they become an “adult” by legal standards, even if they are still in high school and living in your home. When your child turns eighteen, your parental legal decision-making capabilities fundamentally change. Without your child’s approval and consent, you can no longer call his or her doctor and talk about medications and treatment plans or call the bank and ask about funds that you deposited into his or her checking account. While you are preparing your child to leave the nest and go to college with dorm lists, book lists, and class syllabi, you should also be prepared with the legal documents necessary for you to continue to assist your adult child in making sound decisions medically, financially, and educationally. The four most important documents needed are listed below.

Healthcare Power of Attorney: When a child turns eighteen, parents no longer have the authority to make medical decisions for that adult child. If your adult child is injured or sick and is unable to make their own medical decisions, a health care power of attorney appoints a designated agent (a parent or family member) to make medical decisions on their behalf. An attorney can draft a healthcare power of attorney for your adult child to sign and designate an agent. It is wise to identify a back-up designated agent (a second parent or close other family member), in case the first parent is unavailable at the time an emergency medical decision needs to be made on your adult child’s behalf.
Durable Power of Attorney: If your child is going to college across the country or only a few hours away, it may be necessary for you to have the authority to make financial decisions on your adult child’s behalf. A power of attorney appoints a designated agent (presumably a parent) that allows the agent to sign off on tax returns, access bank accounts, and otherwise make financial decisions on the student’s behalf. A power of attorney can vest that decision making power upon the parent immediate after signing the document or only if your child becomes incapacitated, depending upon how it is drafted. As with the healthcare power of attorney, your adult child should designate an alternate agent in case the primary agent designated is unavailable.
HIPAA (Health Insurance Portability and Accountability Act) Authorization: What if your adult child was in an accident and in the hospital while you were hours away? If your adult child did not sign a HIPAA Authorization giving the hospital authority to share medical information with a parent or family member, the hospital would not be permitted to share your adult child’s healthcare status or information with you. A HIPAA Authorization permits healthcare providers to disclose your adult child’s healthcare information and records to you or anyone else they specify. Sometimes HIPAA authorizations are specific to healthcare providers, but an attorney can also prepare a general HIPAA authorization that your adult child can sign.
FERPA (Family Educational Rights and Privacy Act) Waiver: Once your child turns eighteen, Federal Law in the form of the Family Educational Rights and Privacy Act (“FERPA”) mandates privacy for your child’s educational records. Without your child’s consent, you no longer have access to your child’s educational records, including grades, even if you are paying their college tuition directly. Typically, the registrar’s office at your child’s college or university will have FERPA waivers available for your student to sign and give parents access to their educational records. Make sure that your college student has completed a FERPA Waiver so you if you need access to his or her grades or transcripts, you can do so without delay.

While going to college is a huge transition for the adult child and the parents, taking care of the formal legal documentation can the bring the peace of mind of knowing that as a parent you can care for your adult child even in a worst-case scenario. If you need any of these documents prepared for you or your adult child, please reach out to our office to schedule a consultation.

Divorce Differently

Before "I Do" Part III: Important Discussions to Have Before the Wedding About Unexpected Events

Before "I Do" Part II: Important Child-Related Discussions to Have Before the Wedding

The Legal Documents You Need When Your Child Turns 18

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