Steven Andrew Jackson

Attorney and Councellor at Law

Estate Planning News and Articles


75% of Us Don’t Have a Current Will

Studies show that 75% of Americans do not have a current Will, let alone a current Living Trust, Health Care Power of Attorney, or Financial Power of Attorney. 

 In the April 25th edition of Forbes Magazine, they listed the seven most common mistakes made in Estate Planning.  Number one was not having a current Estate Plan.  If you don’t have a current Will or Estate Plan, you’re not going to have the right people in the right places at the right time to carry out your wishes.  Further, you’re not going to have your assets, or your “Life’s Work”, go to the people or charities you want, in the way that you want, or at the time you want.

 Most people seem to do Estate Planning when they get married and first have children, and then maybe one more time when they retire.  The problem with this is that life pushes forward.  There are three (3) things in Estate Planning that are always changing:  (1) your relationships—those who should help take care of you and your Estate Plan at the right time and in the right roles; (2) what you own—your property is often changing as you’ll have different homes, different cars, different banks, different investment accounts; and (3) the law.  The law is changing in ways that effect your Estate Plan.  That can be in both State and Federal Taxes and in the ways in which you can protect and control assets. These are some of the reasons that your Estate Plan should be constantly updated. 

 At the Law Firm of Steven Andrew Jackson, Attorney and Counsellor at Law, we have helped hundreds of families protect themselves and their loved ones, avoid Estate Taxes and Probate Costs, and keep their Estate Plans current with the law through The Customized Protective Estate Planning Solution™.

Posted on: May 15th, 2012 by patti | Tags: , , , ,
Posted in Estate Planning, Wills

 


Redo Your Estate Plan If You Separate or Divorce

We see many, many situations where a person has become separated from their spouse or divorced, but still has their estranged or ex-spouse as their Trustee and Beneficiary under their Living Trust, or Personal Representative and Beneficiary under their Will.  Further, they forget to change out the Death Beneficiaries on many of their financial vehicles. 

Specifically, we see cases where someone will have their ex-spouse listed as the Death Beneficiary on their Life Insurance, IRA, 401(k), 403(b), Annuity, Certificate of Deposit, or some other financial vehicle.  The named Death Beneficiary will control and, therefore, you will be leaving your “Life’s Work™” to your ex-spouse—possibly the one person who hates you more than anyone else on the planet!

In North Carolina, one must live separately—under different roofs—for more than a year before they can file for divorce.  During that time of separation from your spouse, one may become sick, mentally disabled, or pass on.  Again, you would have the “worst case scenario” in leaving someone in control of your Health Care decisions or control over the care facility in which you are placed in the event of Mental Disability if the angry estranged spouse is in control.  They could receive everything you own if you pass on during this interim one year period.  Also, you’ll get the same result after the divorce if you have not specifically changed your Estate Plan and Death Beneficiaries. 

Anytime someone becomes separated from their spouse or divorced, they should have their Estate Plan and Death Beneficiaries reviewed immediately.  Make sure that it is reviewed with an experienced Estate Planning Attorney and not with your divorce lawyer.  The divorce lawyer is trained in the divorce laws not Estate Planning laws. 

At the Law Firm of Steven Andrew Jackson, Attorney and Counsellor at Law, we have helped hundreds of families protect themselves and their loved ones, avoid Estate Taxes and Probate Costs, and keep their Estate Plans current with the law through The Customized Protective Estate Planning Solution™.

 


7 Major Errors in Estate Planning

Forbes Magazine on April 25 published an article titled “7 Major Errors in Estate Planning.”  The seven errors listed are a no-nonsense list of the mistakes we Estate Planning lawyers see daily.  They are:

1.  “Not having an Estate Plan.”

2.  “Online Do-It-Yourself Estate Planning rather than using an experienced Estate Planning attorney do the work.”

3.  “Failure to Review Beneficiary Designations and Titling of Assets.”

4.  “Failure to Consider the Estate and Gift Tax Consequences of Life Insurance.”

5.  “Not Maximizing Annual Gifts.”

6.  “Failure to Take Advantage of the Estate Tax Exemption in 2012.”

7.  “Leaving assets outright to Adult Children.”

 Click here to view the entire article.

 At the Law Firm of Steven Andrew Jackson, Attorney and Counsellor at Law, we have helped hundreds of families protect themselves and their loved ones, avoid Estate Taxes and Probate Costs, and keep their Estate Plans current with the law through The Customized Protective Estate Planning Solution™.

 


What Is A Living Will?

A Living Will is a legal document that normally states that if you are terminal and incurable and death is imminent, or if you are in a permanently vegetative state and not coming back, the medical providers may remove you from a ventilator, if you are on one.  It may also authorize the removal of feeding tubes if you have been placed on those. 

We all remember back with Teri Schiavo in Florida when there was a fight between family members over whether or not she should be taken off the ventilator which she had been on for years.  Some family members believed that she was permanently brain damaged and would not be returning, and that letting her pass on was the more humane action.  Other family members believed that she should stay on the ventilator until she eventually died on the ventilator.

 We may remember that it was a big political issue with the U.S. Senate meeting into the evenings on this issue.  They were considering passing a Federal Law that would require a Federal Judge to issue an order authorizing the removal from the ventilator.  Voters started calling into their Congressmen and Senators with the sentiments being that 95% believed it was a family issue for the family to decide and that the government should “get out” of these family concerns.  The federal legislature stopped their meetings and moved away from trying to regulate that sensitive family area. 

 In the Teri Schiavo case, Ms. Schiavo was a young adult of approximately 30 years of age when she had a stroke.  She did not have a Living Will.  Most young people think they are “bullet proof.”  It is only as we get further along in life that we realize that things are out of our zone of control and that we could be involved in an accident or have health concerns even as a young person.

 You will want to make sure that you have a Living Will that is current and properly written.  You’ll also want to make sure it works across state lines.  Like many Health Care Powers of Attorney (also know as Health Care Proxies in some states), they are often drafted with state specific statutes which may not be recognized in another state.  We never know when or where we might get sick or have an accident that would require the Health Care Power of Attorney and Living Will be used for medical care and end-of-life decisions.

 We design Living Wills and Health Care Powers of Attorney to work in different states as our clients travel.

 At the Law Firm of Steven Andrew Jackson, Attorney and Counsellor at Law, we have helped hundreds of families protect themselves and their loved ones, avoid Estate Taxes and Probate Costs, and keep their Estate Plans current with the law through The Customized Protective Estate Planning Solution™.

Posted on: April 24th, 2012 by steve | Tags: , , ,
Posted in Estate Planning, Health Care, Living Wills

 


Will Your Health Care Power of Attorney/Proxy Work Out of State?

Most Health Care Powers of Attorney (also know as Health Care Proxies in some states) are designed to work within the state in which the lawyer drafted them.  Many times they contain written references to state specific statutes, such as here in North Carolina.  Unfortunately, they may not work in another state when you cross state lines.  Healthcare providers often do not recognize out of state Health Care Powers of Attorney. 

 Here in Western North Carolina, we are closer to three other state capitals than our own.  We are also within an hour and a half drive to four other states from Asheville.  We design our Health Care Powers of Attorney to work across state lines and be enforceable in other states.  If they are not, they defeat the purpose for which they are created. 

 We all travel.  We don’t know if we’re going to get sick or involved in an accident out of state. 

 At the Law Firm of Steven Andrew Jackson, Attorney and Counsellor at Law, we have helped hundreds of families protect themselves and their loved ones, avoid Estate Taxes and Probate Costs, and keep their Estate Plans current with the law through The Customized Protective Estate Planning Solution™.

Posted on: April 17th, 2012 by steve | Tags: , , ,
Posted in Health Care

 

Steven Andrew Jackson, Attorney and Counsellor at Law
One North Pack Square, Suite 306 | Asheville, NC 28801
(828) 252-7300 | Fax (828) 254-6599

Legal disclaimer and IRS circular 230 disclosure