Tag: #EstatePlanning

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Stephen J. Silverberg Speaking at Nassau County Bar Association on November 17th.

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Seniors aren’t the only ones who find Medicare options confusing. On Friday, November 17, Stephen J. Silverberg will present “Medicare Supplement vs. Medicare Advantage,” a program examining the different programs to help attorneys better assist their eligible senior clients.

The program, a joint meeting of the Senior Attorney and Elder Law, Social Services, and Health Advocacy Committees, will take place at the Founders Room at the Nassau County Bar Association, starting with networking at 12:30 – 1:00 pm and Mr. Silverberg’s presentation from 1:00 to 2:00 pm. The Nassau County Bar Association is located at 15 West Street, Mineola.

“In our Elder Law practice, we always ask clients to bring their Medicare information with them to the office, especially during Open Enrollment season,” said Mr. Silverberg. “Our reviews almost always find something that’s either outright wrong or that can be better. I’m hoping my colleagues at the Bar Association will be able to use the information from the presentation to help their clients.”

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Are You One Medical Crisis Away from Losing Control of Your Life?

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If nothing else has you calling our office to ensure your Power of Attorney and Power of Attorney for Healthcare documents are in order, this recent article from The Washington Post will do it.

It is the story of an 80-year-old retired pilot driving his Ford Mustang convertible into a gas station. Someone thought he looked very distressed and called 911. He was placed in the responding ambulance and taken to the hospital, where doctors said he had suffered a stroke.

Most people do not realize the appointment of a guardian is a request to strip the incapacitated individual of their civil rights to manage their affairs. The United States Constitution requires a full court proceeding is necessary as Section 1 of the 14th Amendment to the Constitution provides in part:

No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal protection of the laws.

Because he lived alone and there was no evidence of family, when he didn’t improve, hospital officials went to court and told the judge he needed a guardian. The judge agreed, and the formerly independent man lost his civil rights and many freedoms, including the right to vote, how to spend his money, and where to live.

More than a million Americans are in guardianship, many of whom are elderly. Despite many horror stories, there seems to be no end to the abuse. Excessive billing, missing funds, and disposition of personal possessions occur with no penalty.

As America continues to age, there’s a little more focus on this arrangement, especially in Florida, where so many seniors go to retire. Florida has 2 million residents aged 75 or older – more than the population of 14 other states. They move to Florida from different parts of the country, away from families, and when they show up in emergency rooms, they are vulnerable.

What happened to the pilot? His family in Pennsylvania began searching for him. After his stroke, he couldn’t tell anyone to call his family, and it’s not clear how hard the hospital tried to reach any relatives. He lived alone, had never married, or had children, but he had a niece who he had regularly visited with other family members in the Philadelphia region.  

When he was finally ready to be discharged from the hospital, a staff member of the Orlando hospital signed a petition to the court stating the pilot had no one to take care of his finances or medical decisions. He ended up in a nursing home.

The attorney hired by the hospital made a recommendation for a guardian. The attorney for the hospital was the guardian’s attorney. There is no rule in Florida prohibiting an attorney from representing both the hospital and the guardian recommended by the hospital in the same case.

It’s a long, ugly story where no one responded to the family’s search for their uncle, the court delayed responding to the niece’s query about her uncle’s whereabouts, and the real estate agents undersold the home by more than $100,000. The pilot died two days after Florida declined to pursue a criminal investigation despite a preponderance of evidence of fraud, intent to deceive, and elder abuse.

Takeaways for seniors and their children:

Regular check-ins – by phone, online video chats, and in-person visits, are the best way to keep an eye on family members. Even an estranged family member deserves some regular contact – no matter how grouchy they are.

Estate planning documents are necessary. Everyone, especially seniors living alone, should have their estate planning documents prepared long before they expect to need them. We never know when a stroke or heart attack will happen. These are the important documents everyone should have:

  • Durable Financial Power of Attorney – you appoint a person you know and trust to manage your money, pay bills, and manage your household.
  • Healthcare Power of Attorney – names a person you know to make medical decisions on your behalf.
  • Last Will and Testament – A Will directs the distributions of your property to your beneficiaries. It also names an executor, who is legally responsible for marshaling your assets and paying any debts, taxes, and expenses. The executor is also responsible for making sure the beneficiaries receive their legacies.
  • Trusts – can hold assets in case of incapacity, when only the named trustee will have access to funds and as much or as little discretion as you wish to use the funds.
  • HIPAA Release – The Release names an individual(s) who can discuss your medical issues with your medical team. Federal law prohibits medical professionals from discussing and accessing your medical records and history without the Release.
  • DNR – Do Not Resuscitate – declares your wish not to have CPR performed in the event of a heart attack.
  • MOLST (Medical Orders for Life-Sustaining Treatment) – a medical order form signed by a doctor or nurse practitioner to tell others the patient’s wishes for life-sustaining treatment. It is the only document used to document DNR and Do Not Intubate (DNI) orders in a non-hospital setting. Most states allow MOLSTs, but the form may vary from state to state.
  • Living Will – A Living Will is a document expressing your wishes if you cannot communicate your wishes yourself. In an end-of-life situation, i.e., if you are in a persistent vegetative state or have a terminal illness, the Living Will expresses your wishes regarding everything from painkillers, artificial nutrition and hydration, dialysis, organ donation, and life-prolonging treatments.

If you don’t have these documents in order, call our office to get things started to protect yourself and your family.

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Reference: The Washington Post (November 4, 2023) “The retired pilot went into the hospital. Then his life went into a tailspin.”

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The IRS Offers Tax Prep Software – Free – Is it For You?

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It’s been a long time coming, but next year, for the first time, some taxpayers will have a new filing option: a free tax prep software program created by the IRS and named “Direct File.”

The roll-out will be slow. Direct File will be available only in thirteen states, including New York. Note that the IRS warns that it’s not suited for all taxpayers. You’ll need a special invitation to use Direct File in the first cohort. The IRS expects to send the invitations around mid-February.

If all goes well with the early filers, the program will slowly open up to more users. The goal is to have the program available to anyone who wants to use it in the thirteen states by the tax deadline in April 2024.

The IRS created Direct File following research reflecting potential users’ preference to use an IRS program only if it can process federal and state returns. For the first year, Direct File will be available only to taxpayers in the nine states without a state income tax, plus four states that agreed to work with the IRS to integrate Direct File with their state websites to file tax returns. New York, Massachusetts, Arizona, and California are among the states participating in the program.

The IRS says it’s open to any state willing to participate and expects more states to join if the 2024 filing season is a success.

There are limitations to be aware of. You can’t itemize deductions, which over 10% of taxpayers still do. Also, only certain tax credits and forms of income will be allowed. You won’t be eligible to use the software if you claim a credit for child-care expenses or have interest income above $1,500. And self-employment income isn’t listed as one type to be processed, which means freelancers and gig workers are not eligible.

Direct File will process three major tax credits: Earned Income Credit, Child Tax Credit, and Credit for Other Dependents. It will also let users deduct teacher’s expenses and student loan interest. But that’s it, at least for now.

There are options if you aren’t eligible for Direct File but are searching for a way to file your taxes for free. You can complete your taxes and submit them electronically or on paper. People with an annual income below $73,000 can get free access to some commercial tax software through the Free File program. Older adults and those with an annual income below $63,000 can have volunteers prepare taxes free at Volunteer Income Tax Assistance programs supported by the IRS nationwide.

Because only 3% of Americans use the Free File program, even though 70 percent of Americans are eligible, it will be interesting to see how Direct File does.

We are taking a wait and see position on this. New software of any kind is subject to unexpected glitches, given the complexity of the tax laws. We recommend waiting until the completion of the first tax year of Direct File to see its success. While we’re always excited about new technology, we will wait and see.

Reference: The Washington Post (October 17, 2023) “IRS to offer a new option to file your tax return”

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Don’t Make These Medicare Mistakes

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Medicare can be complicated and mistakes can be expensive. Knowing the pitfalls in advance can make a big difference for seniors.

Here’s an example of what can go wrong. A 66 year old actor from California enrolled in a Medicare Advantage plan. After receiving a prostate cancer diagnosis last year, he learned the specialists he wanted to see weren’t in his United Healthcare HMO’s limited network. He faced delays getting tests and treatment.

Worse, when he tried to get access to more doctors by switching to traditional Medicare. Worried about the steep out-of-pocket costs, he tried to get a fill-in policy known as a Medigap plan. He was denied because of his diagnosis.

Medicare beneficiaries don’t know they have a right to purchase a Medigap policy only at certain times and if they don’t get them at the correct time, they may not be able to purchase them at a later date.

Medicare’s open enrollment period started October 15 and runs until December 7. This is the time when beneficiaries can pick new plans for next year. This includes traditional Medicare or Medicare Advantage plans, private insurance benefits.

Ads for Medicare Advantage plans promise all kinds of benefits such as dental and vision coverage and generous financial terms. But consumer advocates warn seniors to be careful about the limits of Medicare Advantage plans.

Here are five of the biggest pitfalls:

Medigap or Medicare supplement insurance doesn’t have the same rules as most health insurance. Medigap insurance companies can reject applicants or charge more based on medical conditions. The best time to get Medigap is when you join Medicare, when you have a six-month window and insurers can’t turn you down or charge you more because of your health conditions. There are other “protected window” times, but you might not be able to get a policy outside of those times.

Medicare Advantage plans can have limited access to doctors and hospitals. The plans, especially health maintenance or HMOs, can have limited networks, which means you can’t go to the doctors or hospitals you want. As for the directories of in-network doctors on the insurance companies’ websites, be careful. They can be wildly inaccurate. Call the insurer and be specific about what plan you are discussing and what doctors and hospitals you want.

Medicare Advantage plans can sometimes delay or block access to treatment. This is downright frightening. A recent government investigation found beneficiaries were denied services that should have been covered. You may need to get approval from the insurer before getting surgery, or a referral from a primary care doctor before you can see a specialist. When seniors start using the more expensive care, this is when the limitations of the Medicare Advantage plans become evident.

Will your drug coverage be sufficient? Drug coverage can come in through a stand-alone Part D plan, or part of your Medicare Advantage plan. This is something you’ll want to review every year. You may also want to go to the insurer’s website to look at restrictions on access.

Is the advice you’re getting legitimate? Ads selling Medicare Advantage programs can be deceptive, featuring Medicare card photos and a toll-free hotline that may look official but isn’t the federal government’s office. Be careful, as websites are often tied to particular insurance companies or insurance agencies incentivized to promote certain plans, regardless of whether they are the right fit for you.

Call us if you have questions. Every year we prepare a guide to Medicare that answers many questions about Medicare and how to determine the best plan for you. You can pick it up at the office, or we can send it to you by email. We aren’t selling anything – we understand how confusing Medicare can be, and we’re here to help.

Reference: The Wall Street Journal (Oct. 15, 2023) “The Big Mistakes People Make in Medicare—and How to Avoid Them”

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Stephen J. Silverberg Named To 2023 Super Lawyers Metro New York – Scott B. Silverberg Named Rising Star 2023

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For the seventeenth consecutive year, Stephen J. Silverberg has been named to the New York Metro Super Lawyers list as one of the top New York metro area lawyers in Elder Law for 2023. Each year, the research team at Super Lawyers selects only five percent of the lawyers in the state to receive this honor. Super Lawyers has named Stephen J. Silverberg to its select list of attorneys for seventeen consecutive years, from 2007 to 2023.

Stephen J. Silverberg is recognized nationally as a leader in estate planning, estate administration, asset preservation planning, and Elder Law. He is a past President of the National Academy of Elder Law Attorneys (NAELA), an organization of almost five thousand Elder Law attorneys throughout the country. He was named a NAELA Fellow, the highest honor bestowed by NAELA to “attorneys… whose careers concentrate on Elder Law, and who have distinguished themselves both by making exceptional contributions to meeting the needs of older Americans and by demonstrating a commitment to the Academy.” Mr. Silverberg was a founding member of the New York State chapter of NAELA and served as President of the chapter.

He is a Certified Elder Law Attorney (CELA), designated by the National Elder Law Foundation under the auspices of the American Bar Association. To obtain this designation, an applicant must pass a full-day written examination and is subject to rigorous blind peer review. Since 1993, fewer than 525 Elder Law attorneys in the United States have earned the designation. Martindale-Hubbell has rated Mr. Silverberg AV Preeminent (5.0 out of 5.0), the highest possible designation.

For the fourth consecutive year, Scott B. Silverberg was named to the 2023 New York Metro Rising Stars list. To qualify, New York Metro Rising Stars must be younger than 40 or have been practicing for less than ten years. Each year, the research team at Super Lawyers designates no more than 2.5 percent of the lawyers in the state to receive this honor.

Scott is President of the New York State Chapter of NAELA and a member of the National Board of Directors of NAELA. He also serves as Co-Chair of the Technology Committee of the Elder Law and Special Needs Section Executive Committee of the New York State Bar Association. In 2022, he became a member of the Estate Planning Council of Nassau County, a member chapter of the National Association of Estate Planners and Councils (NAEPC). He is also a member of the Nassau County Bar Association.

Scott has attained the LL.M. (Master of Laws) in Elder Law from Stetson University School of Law. This rigorous program is offered only to Elder Law practitioners who have provided legal services in Elder Law matters in complex areas of the law. Stetson’s L.L.M. Elder Law program faculty comprises many leading attorneys in Elder Law.

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Stephen J. Silverberg Named to 2024 Edition of Best Lawyers, Scott B. Silverberg Named to 2024 Ones to Watch

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Attorney Stephen J Silverberg

For the tenth consecutive year, Stephen J. Silverberg, based on extensive peer review, is listed in the 2024 Edition of The Best Lawyers in America® in the practice area of Elder Law.

Scott Silverberg

For the first time, Scott B. Silverberg is listed in the 2024 edition of The Best Lawyers in America: Ones To Watch® in the practice areas of Elder Law and Trusts and Estates.

For the 2024 edition of The Best Lawyers in America®, a review of over 13.7 million votes resulted in over 76,000 leading lawyers being honored in the milestone 30th edition.

 For the 2024 edition of Best Lawyers: Ones to Watch® in America, over 2.4 million votes were analyzed, which resulted in over 25,000 lawyers being honored in the new edition.

Stephen holds the AV® Preeminent (5 out of 5) rating, the highest possible designation from Martindale-Hubbell, and has been on the Super Lawyer New York metro list since 2007.

He is designated a Certified Elder Law Attorney (CELA) by the National Elder Law Foundation, as authorized by the American Bar Association. Applicants must pass a stringent written examination and substantial independent peer review to receive this designation. Although the test started in 1993, fewer than 520 attorneys have earned the CELA designation. Silverberg is a graduate of Hartwick College and Brooklyn Law School. He has been a New York and Florida Bars member for over forty years.

Stephen J. Silverberg is a nationally recognized leader in estate and tax planning, estate and trust administration, asset preservation planning, and Elder Law. He is the past President of the prestigious National Academy of Elder Law Attorneys (NAELA). In 2003 he was named a NAELA Fellow, the highest honor given by NAELA to “attorneys… whose careers concentrate on Elder Law, and who have distinguished themselves both by making exceptional contributions to meeting the needs of older Americans and by demonstrating commitment to the Academy.” Silverberg is also a former President and is a member of the New York State chapter of NAELA. 

Scott B. Silverberg is President of the New York Chapter of the National Academy of Elder Law Attorneys (NAELA) and a member of the National Board of Directors of NAELA. He also serves as a member of the Board of Directors of the Elder Law Practicum of national NAELA. As a New York State Bar Association member, Scott serves as Vice-Chair of the Practice Management Committee of the Elder Law and Special Needs Section Executive Committee. Previously, he chaired the Technology Committee.

In 2022, Scott became a member of The Estate Planning Council of Nassau County, a member chapter of the National Association of Estate Planners and Councils (NAEPC).

Scott earned an LLM (Master of Laws) in Elder Law from the Stetson University School of Law, a leader in special needs planning. He is the only attorney in New York who holds this degree. He graduated from Fordham Law School (JD, 2013) and holds a Bachelor of Science from the internationally renowned Cornell University School of Industrial and Labor Relations.

The Law Office of Stephen J. Silverberg, PC, represents clients in estate planning, tax, estate administration, asset preservation planning, Elder Law, and related issues. The Law Office of Stephen J. Silverberg, PC is at 185 Roslyn Road, Roslyn Heights, NY 11577, 516-307-1236 and www.sjslawpc.com.

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Chadwick Boseman

Lack of Estate Planning Turns a Private Life into Public News: Chadwick Boseman

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Chadwick Boseman, the actor known for performances in “Black Panther” and “Ma Rainey’s Black Bottom” was only 43 when he died. Despite knowing he was seriously ill from colon cancer, he did not have a will, so Boseman’s family was tasked with managing his estate in a public manner, the direct opposite of how he lived his life.

The estate had significant expenses and it wasn’t too hard for reporters to find the details because there was no will. Court documents obtained by several news sources reveal the estate was initially valued at $3.8 million before taxes, court fees and funeral expenses. The final amount to be divided between his widow and is parents is $2.5 million.

In October 2020, his widow Taylor Simone Ledward petitioned the court to make her an administrator with limited authority of his estate, and then filed a probate case in Los Angeles.

Chadwick did not have an estate plan with trusts that could have provided the family with privacy, reporters and others were able to access court papers to learn details like the exact amount and breakdown spent on his funeral, moneys used to purchase burial spaces for other family members and the court’s determination on several private matters.

You don’t have to be a celebrity for details of your life to be made public. All probate and administration proceedings are public records, and copies of these documents can be obtained by anyone who shows up at the court. Creditors, family members and anyone who wants to pry into the details of your life can obtain these documents. Having an estate plan with the methods and tools best suited for your estate can keep your life private and minimize estate expenses.

But another lesson from the passing of Chadwick Boseman is that families do have the ability—even celebrity families—to treat each other with kindness and respect. His widow asked the court to divide his estate evenly between herself and Boseman’s parents. Most families facing an estate without a will end up in court, battling for an inheritance. Sadly, this is the exception and not the rule with estates. Having an estate plan can prevent the likelihood of your family facing this situation.

 

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Top Six Reasons to Delay Having an Estate Plan

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Despite two years of COVID, two-thirds of Americans still lack an estate plan

It doesn’t make sense but is true. While we’ve never so closely known life’s fragility and know the importance of having a will, trust, or Power of Attorney, only a third of Americans have actually sat down with an estate planning attorney to create their estate plan. Many people equate estate planning with estate tax planning. Nothing can be further from the truth. Estate planning, simply stated, is making sure your assets end up with those you want to receive them

Why is this still so difficult for the average person, who stands to benefit both during and after their lifetime and whose family will be far better protected if they have an estate plan?

Mortality. Who wants to think about dying or what their family will do after they are gone? No one. But not addressing your estate plan could leave your family in a world of trouble. Estate taxes are the least of it. What if your estranged sister and brother-in-law inherit everything you own? Without a valid will, clearly stating how you want your assets distributed, it could happen.

We don’t have enough assets to need a will. People of modest means need a will, sometimes even more than people with significant wealth. You have assets worth protecting if you own a home, a retirement account, and a bank account. Without a will, those assets will pass according to the laws of your state. Remember, wealth is relative. Regardless of the value of your estate, preserving assets is the goal.

It’s expensive. Not having a will is far more costly. Without a will, administering your estate can cost more and is more closely supervised by the courts than if you had a will. An administrator’s powers are much more limited when there is no will than the powers of an executor under a will. The court will likely require an estate administrator to post a surety bond to protect the estate heirs. A bond can cost thousands of dollars per year until the estate is settled. When there is a will, the settlement of an estate is easier. If there is no will, a court proceeding known as an Accounting is required.

I don’t have time. Having a will made is something you make time for, just as you make time to see family and enjoy your favorite streaming shows.

Creating a comprehensive estate plan, including a Power of Attorney, Health Care Proxy, HIPAA Release Form, and a Living Will, helps your loved ones avoid arguing about your wishes if a serious medical emergency occurs. It will also save the time and cost of your loved ones from going to court to be named your guardian to act in your best interest. Your healthcare providers can decide based on your expressed wishes, but only if you have completed the proper healthcare documents. Otherwise, your adult children or healthcare providers will determine your end-of-life care; and it may not be the decision you want.

It’s too overwhelming. An estate planning attorney will walk you through the information you need to gather and help guide you and your loved ones through the process. They’ll tell you what you need and why. You have only to follow their instructions.

I have so many questions. We have answers. We are highly experienced estate planning attorneys and have worked with people like you to help them put their wishes into their estate plans and prepare for the future.

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The House passed “SECURE 2.0’ on March 29 – Now It’s Up To the Senate

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The other day, we sent out information about the SECURE Act and your estate plan. Now the law is on the verge of changing again.

The Securing a Strong Retirement Act (H.R. 2954), known as the SECURE Act 2.0, was approved in the House on March 29 with the most bipartisan approval in recent memory – 415-5. Now it’s headed to the Senate.

A significant change is the age when Required Minimum Distributions (“RMDs”) commences. This may seem odd since Congress is usually looking for tax revenue generated by RMDs. The legislative report says raising the age for RMDs recognizes the increased life expectancies in America. Starting in 2022, you must take distributions beginning at age 73, 74 in 2029, and 75 in 2023. Before the first SECURE Act, the age was 70 ½.

The intent of the SECURE Acts is to increase the ability of Americans to save for a secure retirement. Those are the bold strokes. Expanding coverage, increasing retirement savings, simplifying the retirement system (which is maddeningly complex), protecting Americans and their retirements. Does it accomplish this?

It depends on your situation.

One provision requires employers to automatically enroll eligible workers in 401(k) plans at 3% of salary, which increases to 10%. The employees may opt out, but studies show the chances of an employee saving for retirement as an automatic opt-in is higher than if they have their own savings plan.

Government studies show that only about half of all private-sector workers participate in the retirement plans at work.

Younger workers with higher wages will benefit; the average worker struggling to pay bills will not likely see this as an advantage.

Another advantage for young workers is electing all or some of their employee matches into a Roth 401(k).

For small business owners and nonprofits, provisions in the bill contain inducements to help them with the start-up costs of offering new plans. Another provides tax credits for matching worker contributions.

For part-time employees, a way of life for so many Americans today, access to a retirement savings plan from their employer would be required after two years of service instead of the three-year requirement.

An increase for older workers near retirement allows people ages 62-64 to make catch-up contributions of $10,000 annually. The current limit is $6,500.

The bill includes four revenue-raising provisions to offset costs over the next decade, most of which would take effect in 2023. The biggest offsets would mandate any employee catch-up contributions for employees over age 50 who contribute to Roth-style accounts. Employees may put employer matching contributions into the Roth-style accounts instead of traditional tax-deferred retirement accounts.

Roth accounts are robust savings accounts for the future. They are funded with after-tax contributions, and then withdrawals are not taxable. More Roth-style accounts would mean more revenue in the near term for the federal government. Still, they would also mean less future revenue. The cost of these provisions may become burdensome over the life of the ten-year budget window.

Two bills are pending in the Senate with similar provisions. Will the SECURE Act 2.0 will make it through the Senate? Stay tuned.

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Why Should I Update My Estate Plan?

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Estate plans need to be updated every few years or a significant life event like birth, adoption, death, marriage, divorce, relocation, or the sale of a business or real estate.

Even after years of a global pandemic, about half of all American adults still don’t have a will. A recent report by Caring.com revealed those between 18 and 34 years are more likely to have a will than those in the age 35-54 age group.

If you do have a will or, better yet, a comprehensive estate plan, here are several things to review:

Who is your executor? Do you have the same relationship now as you did years ago when you named your executor? Does the person still live near you and are they still willing to serve in this important role? An executor need not live next door, but if you are in New York and moved to Arizona, some tasks may become more onerous. The executor needs to liquidate accounts, pay final taxes, pay estate taxes, and oversee selling your assets, which could include a home.

Who is the guardian for your minor children? The same relative who would have been a great guardian when your children were four, seven, and ten might not be interested in taking responsibility for three teenagers. Grandparents who adore their grandchildren may not manage the storms of adolescence. Consider who would manage your children right now and make the changes necessary. Before you name a couple as guardians, do you want the survivor as guardian if one spouse dies? Don’t neglect to add a second or even a third name for a guardian to avoid any chance of your children ending up in the foster care system. It does happen due to oversight in estate plans.

Is your Power of Attorney up to date? Suppose your life has become more complicated over the years. In that case, the same Power of Attorney (“POA”) form from ten years ago could land your estate and your heirs into trouble. The standard POA form isn’t the right fit if you have a business that will need to be sold, property in multiple states, or need to plan for a catastrophic illness. A custom drafted POA can help avoid these problems and prevent the need for a guardianship proceeding. A generic POA opens the door to potential issues.

Financial institutions often refuse to accept general POAs, especially if they are outdated. It’s wise to check in with your bank and financial advisor to see if they have their own POA forms. These forms supplement your general POA but only apply to that bank. The bank knows nothing about how your estate plan works. Protect it with a POA suited for your unique situation.

Does your estate plan include trusts? There are as many types of trusts as there are reasons to have a trust, but one thing they all share: they need to be reviewed every few years. Trusts are legal entities used to hold assets on behalf of beneficiaries. A Medicaid Asset Protection Trust is used to protect assets from being countable to qualify for Medicaid. An Irrevocable Trust is often used to remove assets from your taxable estate. It also provides directions on how trust assets can be used and when they should be distributed. A revocable trust can be used during a person’s lifetime while allowing the person to maintain control over the trust.

What kind of trust you need depends upon your situation. This document should be created with your family in mind by an experienced estate planning attorney. Let’s say you established a trust specifically to fund a grandchild’s college education. The child is now eighteen and has decided not to pursue an undergraduate degree. Do you still want them to have access to the funds? Or would you like the funds to go to another grandchild, one headed for a program requiring a post-graduate degree? An estate planning attorney who has seen the various situations that occur will create a trust with some flexibility for the future, or one that can be revised as needed.

Don’t forget beneficiary designations. Suppose your pension plan was created twenty or thirty years ago, and you haven’t looked at it since it was started. In that case, you may be leaving a windfall to an ex-spouse or someone you don’t even know anymore. Review all accounts with beneficiary designations, including pensions and retirement accounts, life insurance policies, investment accounts, Health Savings Accounts (HSAs), and any property titles.

If your estate plan hasn’t been reviewed for three or four years, it’s time for a review. And if it’s been over ten years, make an appointment today to speak with an estate planning attorney. The longer you wait, the more serious the potential consequences for your loved ones.