| Miller Law Firm, PLLC

Who needs estate planning? 10 reasons why estate planning is for everyone.

Written on June 7, 2010 by Aaron in Articles

Many people think that estate plans are for someone else, not them. They may rationalize that they are too young or don’t have enough money to put in place an estate plan. But, estate planning is for everyone, regardless of age or net worth.

1. Loss of capacity. What if you become incompetent and unable to manage your own affairs? Without a plan the courts will select the person to manage your affairs. With a plan, you pick that person (through a power of attorney).

2. Minor children. Who will raise your children if you die? Without a plan, a court will make that decision. With a plan, you are able to nominate the guardian of your choice.

3. Dying without a will. Who will inherit your assets? Without a plan, your assets pass to your heirs according to your state’s laws of intestacy (dying without a will). Your family members (and perhaps not the ones you would choose) will receive your assets without benefit of your direction or of trust protection. With a plan, you decide who gets your assets, and when and how they receive them.

4. Blended families. What if your family is the result of multiple marriages? Without a plan, children from different marriages may not be treated as you would wish. With a plan, you determine what goes to your current spouse and to the children from a prior marriage or marriages.

5. Children with special needs. Without a plan, a child with special needs risks being disqualified from receiving Medicaid or SSI benefits, and may have to use his or her inheritance to pay for care. With a plan, you can set up a Supplemental Needs Trust that will allow the child to remain eligible for government benefits while using the trust assets to pay for non-covered expenses.

6. Keeping assets in the family. Would you prefer that your assets stay in your own family? Without a plan, your child’s spouse may wind up with your money if your child passes away prematurely. If your child divorces his or her current spouse, half of your assets could go to the spouse. With a plan, you can set up a trust that ensures that your assets will stay in your family and, for example, pass to your grandchildren.

7. Financial security. Will your spouse and children be able to survive financially? Without a plan and the income replacement provided by life insurance, your family may be unable to maintain its current living standard. With a plan, life insurance can mean that your family will enjoy financial security.

8. Retirement accounts. Do you have an IRA or similar retirement account? Without a plan, your designated beneficiary for the retirement account funds may not reflect your current wishes and may result in burdensome tax consequences for your heirs (although the rules regarding the designation of a beneficiary have been eased considerably). With a plan, you can choose the optimal beneficiary.

9. Business ownership. Do you own a business? Without a plan, you don’t name a successor, thus risking that your family could lose control of the business. With a plan, you choose who will own and control the business after you are gone.

10. Probate. Without a plan, your estate may be subject to probate.

Those are just some of the reasons why Estate Planning is for everyone — please don’t assume that estate planning doesn’t apply to you.

Tags: Dallas, Dallas Attorney, Estate Planning, Plano Attorney

Why should I plan for long term care?

Written on May 31, 2010 by Aaron in Articles

1 Comment - Leave a comment!

Today we are going to talk about planning for long term care. As an estate planning attorney, I see many clients that have ignored the need for planning for the risk of long term care. And if that is you, you are not alone. Too many individuals are avoiding long term care risk protection as part of their overall planning. As a result, families are faced with many dilemmas and decisions on how to finance long term care if and when a need arises. Here are ten excellent reasons to plan now, versus waiting for a crisis.

1. No age group is exempt from facing the risk of needing long term care. Waiting until you are 65 or older to think about long term care issues can be too late. As you age, the probability you will need care, either at home or in an nursing facility, increases.

2. Planning ahead provides peace of mind. It helps reduce fear and worry. It provides you with the security of knowing that your plans have been made and your wishes will more likely be followed.

No title

Why plan for long term care? In short, proactive planning provides peace of mind.

3. Proactive planning means more choices and options are available to you. The options and choices available to you tend to decrease with age and increased health risks. Planning early allows you time to research options and gather information about potential choices before making decisions.

4. Planning early allows you time to determine, clarify and prioritize your goals. The decisions you make about how to finance long term care should help you achieve your overall financial goals. Planning allows you to identify and share your financial goals with others and to seek their input, if you so choose.

5. Planning early can help reduce the potential for misunderstandings and conflict between family members. It allows you to discuss your plans with your spouse, your children, and others. It also allows you to discuss the potential role these people may have in your care and any limitations they may have.

6. Making plans early will reduce the emotional burden for those close to you. By making plans while you are mentally competent, you will be able to choose your own direction rather than forcing someone to else make hard choices for you that you might not have wanted.

7. It is easier to make plans when you are physically and mentally fit. As time passes, your health may deteriorate making it more difficult or even impossible for you to select your options.

8. Planning early will allow you to seek advice from professionals working on your behalf, such as your financial planner, your elder care attorney, your insurance agent, and your care coordinator. They can provide information to help you maximize your options.

9. Planning early may allow you to purchase long term care insurance before your health deteriorates making you ineligible. Waiting to purchase long term care insurance usually increases the premiums and also increases your chances of becoming uninsurable.

10. Planning early will help you protect your own financial security and that of your loved ones. Why put your financial security at risk due to long term care costs? It is impossible to predict when any one individual might experience the need for long term care.

Protecting against changes in health and independence during your lifetime is an essential part of estate planning and risk protection. Don’t jeopardize your independence and your family’s legacy by waiting until you can no longer make decisions.

New credit card rules, and how to take advantage

Written on May 18, 2010 by Aaron in E-zine

0 Comments - Leave a comment!

This e-zine was originally sent on March 18, 2010. It may have been edited somewhat from the version that was originally emailed, so be sure to sign up to make sure you are getting our e-zines fresh!

“Old times never come back and I suppose it’s just as well. What comes back is a new morning every day in the year, and that’s better.”
- George Edward Woodberry

Hello,

Did you go somewhere fun for spring break? We just got back from Colorado where we’ve had a blast! No skiing but we did get to see some snow a couple of days before the “warm” weather came. The kids had a blast watching a play, visiting the Molly Brown house, ice skating, and jumping around the rocks at Red Rocks Auditorium just outside of Denver. It was nice having some time off, but now it is time to get back to work!

This week, I’d like to talk about some changes to banking regulations. A couple weeks ago, a new law went into effect. “The Card ACT” brought some new credit card rules in play, and I wanted to give you a “heads up” about the changes which affect YOU.

Read on!

Aaron Miller’s
“Straight Talk” Personal Strategy
How To Use New Credit Card Laws To Your Advantage

You may not have heard, but a new credit card law (“The Card ACT”) went into effect recently. The provisions of this new law that will impact most of us are the ones around interest rates, over-limit fees, payment allocation, and monthly statements. Now, if you don’t use credit cards in your family life, this doesn’t apply to you…but most people do, and you should know about what’s now being done by credit card companies in response to this new law.

So, here is a quick summary of what you should know so that you can take full advantage of these pro-consumer changes:

Interest Rates
The new rules will make it harder for credit card companies to raise a customer’s rates across the board. Under the so-called “universal default practice”, a consumer who was late on a payment for one credit card might have seen the interest rate rise on that card and another, unrelated credit card.

But now… interest rate hikes are going away during the first year an account is open and on existing balances. However, banks and card companies will still be able to raise interest rates in *some* cases, such as when you are more than 60 days late paying your bill or an introductory rate expires after six months.

Another important exception: Issuers can raise your rate before the first 12 months is up if your rate is “variable” and tied to an index–and that index rises. These indices are at historic lows, but when rates begin to rise (to keep inflation at bay), so will payments.

Over-Limit Fees Rising
Another major change involves the fee charged when a consumer charges more than his or her credit limit. Until now, many card companies have allowed consumers to continue charging beyond set limits–tacking on sometimes hefty over-the-limit fees in the process. Cardholders will now have to “opt-in” for over-the-limit spending.

How Payments Are Applied To Balances
With the new rules, card issuers have to apply payments to the part of a bill with the higher interest rate. For example, if an account has a $5,000 balance with a regular rate of 15 percent, and a $5,000 balance at a promotional rate of 5 percent, the monthly payment must be applied first to the balance with the 15 percent rate. This is good news for the consumer.

Monthly Statements
Credit card statements will have to show how long it will take to pay off a credit card if only minimum payments are made. The statements will also have to show how a consumer may pay off the entire bill in 36 months if payments are increased.

Lastly, you should be aware that, because of these new rules, credit card issuers will be forced to find other sources of revenue. Already, we’re seeing card companies take an “airlines” approach–identifying ticky-tack fees which can be justified as a “normal” course of business. Rewards transactions & international charging are two very-common places which card issuers are already applying fees. So watch your statements carefully.

Wishing you all the best!

Aaron Miller

Miller Law Firm, PLLC
Your Life Is Our Life’s Work!
101 E. Park Blvd., Suite 600
Plano, Texas 75074
Connect via: Facebook Twitter LinkedIn

PS–If you are receiving this and are NOT a subscriber to our weekly “Straight Talk” Personal Strategy Email series, click here to sign up.

To ensure we don’t make the folks at the IRS ornery, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein. This message may contain confidential and/or privileged information. If you are not the addressee or authorized to receive this for the addressee, you must not use, copy, disclose, or take any action based on this message or any information herein. If you have received this message in error, please advise the sender immediately by reply e-mail and delete this message. PHEW!

Are you raising financially savvy kids?

Written on May 7, 2010 by Aaron in E-zine

0 Comments - Leave a comment!

This e-zine was originally sent on March 13, 2010. It may have been edited somewhat from the version that was originally emailed, so be sure to sign up to make sure you are getting our e-zines fresh!

“The past does not define you, the present does.”

- Jillian Michaels

Hello,

As we work with families, we spend a good amount of time sorting through beneficiary decisions and attitudes about life, money and the values which parents seek to pass on.

But one of the more difficult tasks for me is when I meet with a family who doesn’t have the confidence they wish they would have about how their children would handle finances, down the line.

At the point of making these decisions, we can put into place a whole range of mechanisms which will ensure that financial assets are properly distributed, when the time does come.

But wouldn’t it be great if our children had the experience and self-control to handle money, starting at an early age?

That’s why I’ve put together some pointers for you (10 of them) which will help your family raise children who “get it” when it comes to money. This is a great article to forward along to your friends and family, I think–it’s an issue which too often goes neglected within families.

And, of course, I’d love your thoughts (as usual!)…

Aaron Miller’s

“Straight Talk” Personal Strategy

Teach Your Children Well About Money

As Americans try to spend less and go on a budget this provides an opportunity to teach the next generation financial principles they may never have seen in the prosperous years they have been alive. Here are ten principles for teaching children about money:

1. Talk about money . Every time money is involved, parents have a chance to teach their children the values and analysis behind their actions. Money should never be the primarily topic of discussion, but it is one of the most important topics through which we communicate our wisdom and values to our children. Every purchase, investment, or donation can be a time to teach your children something about your values.

2. Talk openly about money. Parent makes a mistake when they keep information from their children. The only way children learn what is a good deal and what is too expensive is by the experience of what their family earns and what items cost. Hiding this information robs children of the financial education they need.

3. Talk factually about money. Many parents have strong emotions about money based on their childhood experiences. These emotions are always transmitted to children. Instead of helping children, they can cripple children from growing to make sound financial decisions.

4. Require chores; pay for optional work. Everyone in the family has to help complete the work that needs to be done. If you want to pay your children, only pay them for optional work they can choose to do or not to do.

5. Provide children an allowance they can make real choices with. Talk about money is important, but children need real-world lab experience to understand the consequences of their decisions. Consider giving them an allowance large enough so that they can purchase some of their own needs. Then continue to give them honest advice, and help them ask the right questions to make wise decisions based on their values.

6. Help children prioritize purchases. Ask them if this purchase is better than other purchases they are considering making.

7. Help children comparison shop. Help them consider issues such as cost, quality, and convenience.

8. Require children to wait before making large purchases . Adults should wait at least a month whenever they are making a large purchase. Children shouldn’t be expected to wait that long. Here is a good rule of thumb: Children should be required to wait as many days as they are old in years before being allowed to make a large purchase (over a week’s allowance). There is always tomorrow and over half the time they won’t remember what attracted them to it in the first place. Developing this habit will help make them resistant to impulse buying.

9. Don’t use money as a punishment. Your priority should be helping to give your values to your children, not buy their outward behavior.

10. Don’t loan your children money! If their desired purchase is something they should be saving for, let them save for it. If you want to buy it for them for the value of the experience, buy it for them. The principles are “If they want it, they have to save for it. If you want them to have it, you will buy it for them.” Loaning your children money for items they want teaches them they aren’t responsible and they don’t have to prioritize.

Some may disagree with all of these admonitions–I don’t intend to become a “parenting guru” in my spare time–but I do hope that, at minimum, this will help you be thinking about how your wishes get passed down.

Wishing you all the best!

Aaron Miller

Miller Law Firm, PLLC
Your Life Is Our Life’s Work!
101 E. Park Blvd., Suite 600
Plano, Texas 75074
Connect via: Facebook Twitter LinkedIn

PS–If you are receiving this and are NOT a subscriber to our weekly “Straight Talk” Personal Strategy Email series, click here to sign up.

To ensure we don’t make the folks at the IRS ornery, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein. This message may contain confidential and/or privileged information. If you are not the addressee or authorized to receive this for the addressee, you must not use, copy, disclose, or take any action based on this message or any information herein. If you have received this message in error, please advise the sender immediately by reply e-mail and delete this message. PHEW!

“Discovery consists of looking at the same thing as everyone else does and thinking something different.”

- Albert Szent-Gyorgyi

Aaron,

Wow, these last few weeks have been so jammed that these e-zines are going out later and later. Sorry about that. We’ll get back on track for the next one. I’m about to head to ANOTHER hockey game! This time with Elissa, my second oldest. She missed out on the first one because she had a girl scout event, so she is really looking forward to this one. (She really hopes she’ll see that monkey chasing the gorilla….) What’s more fun for me is that I’ll get a chance to spend some one on one time with her. As the middle child, she may not get as much one on one time as the others, so Wendy and I really try to be sure we make sure she gets that.

Well, last week, we talked about nursing home placement, and I’ve heard from quite a few friends and clients who passed it along to *their* friends and family for whom (I hope) it’s especially useful.

THANK YOU!

As you probably have gathered, I write you these weekly notes because I sincerely desire to offer my experience and expertise to the family issues that too often become rushed in the midst of a crisis. I read every response, and I’m so grateful to be connected to a group of families who are so committed to one another, and so responsive. Keep ‘em coming…

And, of course, I’m always grateful for your referrals–they’re the lifeblood of our firm. While many lawyers spend an arm and a leg for expensive yellow page advertisements, we’ve found that our BEST advertising is the relationships we maintain with our clients and friends. No, I’m not averse to advertising our services–it’s simply that friends who are referred by our clients turn out to be our best kind of clients.

So, thanks for your continued referrals!

This week, I’m continuing the series started last week, and will give you some thoughts on what to look for when you check out a nursing home facility in person…

Aaron Miller’s

“Straight Talk” Personal Strategy

Making Nursing Home Placements That Work (Part 2)

So you’ve narrowed down your list, and it’s time to take a closer look at the options.

Good news: you don’t need to schedule your visits in advance. If you show up during regular business hours, you should be able to meet with an administrative staff member, who should be able to answer all your questions. But you may also want to set aside time to tour a second time (in the evening or on the weekend), simply to see if there is a drastic difference in the atmosphere of the facility or the care being provided.

Lastly, it is very important to tour at least two facilities so you can see the difference in the physical facility and the staff.

While you are touring the facility, pay attention to your gut feelings. Ask yourself:

• Do they seem to genuinely care for the residents?

• Is the facility clean?

• Are there any strong odors?

• Is the staff friendly?

• Do I feel welcome?

• How long did I have to wait to meet with someone?

• Did the admissions director ask about my family member’s wants and needs?

• Do the staff seem to get along with each other?

Put on your radar, and listen and observe. You want to be sure that the facility is giving proactive care, not just reacting to crisis.

And you’ll want to be armed with some questions, so here are a few examples of the types of questions the staff should be able to answer:

• How do you ensure that call lights are answered promptly, regardless of your staffing?

• If my father is not able to move or turn himself, how do you ensure that he is turned and does not develop bedsores?

• How do you make sure that someone is assisted with the activities of daily living like dressing, toileting and transferring?

• Can residents bring in their own supplies?

• Can residents use any pharmacy they wish?

• How many direct care staff members do you have on each shift? Does this number exceed the minimal number that state regulations require, or do you just meet the minimum standard?

• What sources of payment do you accept?

• How long has the medical director been with your facility?

• What is your policy on family care planning conferences? Will you adjust your schedule to make sure that I can attend the meeting?

While touring each facility, make notes and

Don’t Neglect Expert Help.

In addition to finding the facility you like best, don’t forget that you need expert legal assistance as part of the planning process. Without proper planning and legal advice from an experienced firm, many families needlessly squander their life savings on long-term care, and unnecessarily jeopardize their own care and well-being, as well as the security of their family.

If we’re able to help you with this process–great. If not, we’re happy to point you in the right direction, to ensure you’ve got an experienced advocate working on your behalf.

That’s what we do.

To your family’s wealth, health, and happiness!

Aaron Miller

Getting the RIGHT long term care – Making the visit in-person

Written on April 22, 2010 by Aaron in E-zine

0 Comments - Leave a comment!

This e-zine was originally sent on March 6, 2010. It may have been edited somewhat from the version that was originally emailed, so be sure to sign up to make sure you are getting our e-zines fresh!

“Discovery consists of looking at the same thing as everyone else does and thinking something different.”

- Albert Szent-Gyorgyi

Hello,

Wow, these last few weeks have been so jammed that these e-zines are going out later and later. Sorry about that. We’ll get back on track for the next one. I’m about to head to ANOTHER hockey game! This time with my second oldest daughter. She missed out on the first one because she had a girl scout event, so she is really looking forward to this one. (She really hopes she’ll see that monkey chasing the gorilla….) What’s more fun for me is that I’ll get a chance to spend some one on one time with her. As the middle child, she may not get as much one on one time as the others, so Wendy and I really try to be sure we make sure she gets that.

Well, last week, we talked about nursing home placement, and I’ve heard from quite a few friends and clients who passed it along to *their* friends and family for whom (I hope) it’s especially useful.

THANK YOU!

As you probably have gathered, I write you these weekly notes because I sincerely desire to offer my experience and expertise to the family issues that too often become rushed in the midst of a crisis. I read every response, and I’m so grateful to be connected to a group of families who are so committed to one another, and so responsive. Keep ‘em coming…

And, of course, I’m always grateful for your referrals–they’re the lifeblood of our firm. While many lawyers spend an arm and a leg for expensive yellow page advertisements, we’ve found that our BEST advertising is the relationships we maintain with our clients and friends. No, I’m not averse to advertising our services–it’s simply that friends who are referred by our clients turn out to be our best kind of clients.

So, thanks for your continued referrals!

This week, I’m continuing the series started last week, and will give you some thoughts on what to look for when you check out a nursing home facility in person…

Aaron Miller’s

“Straight Talk” Personal Strategy

Making Nursing Home Placements That Work (Part 2)

So you’ve narrowed down your list, and it’s time to take a closer look at the options.

Good news: you don’t need to schedule your visits in advance. If you show up during regular business hours, you should be able to meet with an administrative staff member, who should be able to answer all your questions. But you may also want to set aside time to tour a second time (in the evening or on the weekend), simply to see if there is a drastic difference in the atmosphere of the facility or the care being provided.

Lastly, it is very important to tour at least two facilities so you can see the difference in the physical facility and the staff.

While you are touring the facility, pay attention to your gut feelings. Ask yourself:

• Do they seem to genuinely care for the residents?

• Is the facility clean?

• Are there any strong odors?

• Is the staff friendly?

• Do I feel welcome?

• How long did I have to wait to meet with someone?

• Did the admissions director ask about my family member’s wants and needs?

• Do the staff seem to get along with each other?

Put on your radar, and listen and observe. You want to be sure that the facility is giving proactive care, not just reacting to crisis.

And you’ll want to be armed with some questions, so here are a few examples of the types of questions the staff should be able to answer:

• How do you ensure that call lights are answered promptly, regardless of your staffing?

• If my father is not able to move or turn himself, how do you ensure that he is turned and does not develop bedsores?

• How do you make sure that someone is assisted with the activities of daily living like dressing, toileting and transferring?

• Can residents bring in their own supplies?

• Can residents use any pharmacy they wish?

• How many direct care staff members do you have on each shift? Does this number exceed the minimal number that state regulations require, or do you just meet the minimum standard?

• What sources of payment do you accept?

• How long has the medical director been with your facility?

• What is your policy on family care planning conferences? Will you adjust your schedule to make sure that I can attend the meeting?

While touring each facility, make notes and

Don’t Neglect Expert Help.

In addition to finding the facility you like best, don’t forget that you need expert legal assistance as part of the planning process. Without proper planning and legal advice from an experienced firm, many families needlessly squander their life savings on long-term care, and unnecessarily jeopardize their own care and well-being, as well as the security of their family.

If we’re able to help you with this process–great. If not, we’re happy to point you in the right direction, to ensure you’ve got an experienced advocate working on your behalf.

That’s what we do.

To your family’s wealth, health, and happiness!

Aaron Miller

Miller Law Firm, PLLC
Your Life Is Our Life’s Work!
101 E. Park Blvd., Suite 600
Plano, Texas 75074
Connect via: Facebook Twitter LinkedIn

PS–If you are receiving this and are NOT a subscriber to our weekly “Straight Talk” Personal Strategy Email series, click here to sign up.

To ensure we don’t make the folks at the IRS ornery, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein. This message may contain confidential and/or privileged information. If you are not the addressee or authorized to receive this for the addressee, you must not use, copy, disclose, or take any action based on this message or any information herein. If you have received this message in error, please advise the sender immediately by reply e-mail and delete this message. PHEW!

Raising financially savvy kids