Do dating and estate planning go hand in hand?  They do if you are one of the lucky people finding romance late in life.

With people living longer than ever before—and staying healthy and active longer as well—there are more cases of people finding love a second (or third or fourth) time around.  This is cause for celebration for widows and widowers, but it has many of their children and grandchildren worried.  When mom remarries at the age of 80, what happens to the estate that she and dad built during their lives together?

Without a prenuptial agreement or estate plan, all of mom’s assets could end up going to her new husband, which he could then choose to leave to his children.  With so much at stake it’s no wonder that the children of elderly brides and grooms are responding with less than unadulterated joy.

Luckily, this is one problem with an easy solution: Involve your estate planning attorney before the marriage takes place.  Executing a pre-nuptial agreement can go a long way towards protecting your assets and your children’s inheritance.  Another option is to create a trust which leaves all of your assets to your children or grandchildren upon your death.

Talking about prenuptial agreements with your new fiancé can be an awkward conversation, especial for the older, more traditional generation.  Creating a trust early can alleviate much of that awkwardness.

Romance is still alive, even at 80 or 90 years old.  Unfortunately, so are the financial risks that come with any second marriage.  Call our office today.  Let us take care of the risks, and leave the romance to you.

There has been much noise made in the news recently about Leona Helmsley giving all of her millions to her dogs.  But if you leave aside the incredible amount she left, her actions are not all that unusual.  There are many people whose definition of family includes a beloved pet; and for those people, providing for the pet when the owner has passed away is no small priority.

According to the AVMA US Pet Owners Demographic Sourcebook, more than half of U.S. households include some kind of pet.  If you are one of these animal-loving households you know that your pet is not only an integral member of the family, it is completely dependent on you for its basic needs as well. If anything were to happen to you, what would happen to your pet?  Can you be assured your pet would be well cared for?  Leona Helmsley is not the only one asking this question. Many pet owners have found that when they create trust to provide for their dependents, they can provide for their animal dependents at the same time.

The options when it comes to providing for your pets are almost as many and varied as any other part of your estate plan.  It can be as simple a memorandum of intent nominating caretakers, or as elaborate as Helmsley’s full-blown trust providing financial support and final expenses.  However you choose to put the pieces together, the most important component in providing for your pet is choosing a trustee and caretaker who understand and respect your wishes.  Having people you trust in those roles are your pet’s best insurance.

Pets don’t have the same rights and considerations under the law as people.  A memorandum of intent is helpful if you have caretakers and trustees who have the same values as yourself.  But as the New York Times article says, “an expression of [your] wishes is not necessarily legally binding.”  If you have a pet you want to provide for after your death, speak to your attorney about which option is best for you.

There are some people who might question the patriotism of those who would try to arrange their affairs to pay a lower amount of taxes. But how much truth is there in that?

Is it unpatriotic to want to work within the limits of the law to reduce the amount of taxes you pay?

Everyone will have their own opinion about this, and we welcome you to join the conversation by leaving a comment.  To begin the discussion we give you the opinions of two distinguished American jurists:

“Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one’s taxes. Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands: Taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant. “

— Honorable Learned Hand, U.S. Appeals Court Judge, Helvering v. Gregory, 69 F.2d 809 (1934).

“I live in Alexandria, Virginia. Near the Supreme Court chamber is a toll bridge across the Potomac. When in a rush I pay the dollar toll and get home early. However, I usually drive a free bridge outside the down- town section of the city, and cross the Potomac on a free bridge. The bridge was placed outside the downtown Washington D.C. area to serve a useful social service: getting drivers to drive the extra mile to help alleviate congestion during rush hour. If I went over the toll bridge and through the barrier without paying the toll, I would be committing tax evasion. If, however, I drive the extra mile and drive outside the city of Washington, I am using a legitimate, logical and suitable method of tax avoidance, and I am performing a useful social service by doing so. For my tax evasion, I should be punished. For my tax avoidance, I should be commended. The tragedy of life today is that so few people know that the free bridge even exists.”

— U.S. Supreme Court Justice Louis D. Brandeis

Celebrity divorces can hardly be considered news anymore, they happen so often, but the recently finalized divorce between Bill Murray and ex-wife Jennifer Butler Murray is news because of something they did before the wedding:  They signed a prenuptial agreement.

And it worked.  At least it seems to have worked so far according to the Associated Press.

Preventing painful, drawn out court battles and protecting your individual property is exactly what a prenuptial agreement is designed to do.  And prenups are not just for celebrities or millionaires anymore.  If you have property, or a business, or even a burgeoning career, a prenuptial agreement is worth looking into.

If you have an elderly parent or grandparent, you know how much time and research goes into finding the right care, the right doctor, or the right living situation for them.  Caring for the aging population is a growing industry, with new services and options almost every day. Trying to keep up with it can feel close to impossible.

Enter the new professional: Geriatric care managers.  This “new” profession is poised to play a significant role in the near future.  This article in the New York Times describes geriatric care managers as “guides through the fragmented care landscape, connecting clients with local services, assisted-living facilities and a wide network of paid caregivers, elder law attorneys and financial advisers. They help families find living options, assess the abilities of older people, write care plans and sometimes hire and supervise home help”.

In actuality, geriatric care managers have existed in the United States for about 20 years, but the profession is only now starting to boom.  And with a description like the one above, it’s easy to see why.

The aging process in the United States is evolving more quickly than most people thought possible.  And more and more baby-boomers, who have yet to reach the age where they need elder care, are planning for their own sunset years rather than leaving it in the hands of their children.  Geriatric care managers are likely to become an invaluable resource for the “sandwich generation” AND elderly individuals themselves.

If you are caring for an aging relative, or trying to plan for your own future, consider contacting a geriatric care manager in your area through The National Association of Professional Geriatric Care Managers.

Do you know anyone who has been the victim of elder abuse?  As the pre-baby-boom generation ages, and as the cost of healthcare rises, so do the numbers of elder abuse victims rise as well.

Elder abuse encompasses many things, from targeting the elderly in a bank or credit card scam, to the physical abuse of one too weak to defend his or herself.  The former often results in the victim’s loss of retirement or life savings; the latter can result in loss of life, as evidenced by this recent article in the Kansas City Star.

In an effort to bring this dark issue out into the open, Sunday, June 15, 2008 has been declared World Elder Abuse Awareness Day, a day devoted to recognizing and raising awareness of disabled adults and those over the age of 65, who have been victims of abuse, neglect, or exploitation.

If you are the victim of elder abuse, or if you suspect someone you know is being victimized, don’t be afraid to speak out.  The following organizations can help you identify and stop elder abuse: The Elder Abuse Foundation, The National Committee for the Prevention of Elder Abuse, and the National Center on Elder Abuse.

The sad truth is that elder abuse is a growing problem of which we should all be aware.  The next victim could be your mother or father . . . or even you.

Most of us have “To Do” lists filled with tasks like ‘pay the bills’ or ‘wash the car’, but how many of those lists evoke a feeling of heavy obligation rather than pleasant anticipation? If you were to take your list of “Things to Do” and add onto the end of it “Before I Die”, would that change your list?

The movie “The Bucket List” addresses this question. How would having such a list change the way we live our lives?

If you don’t have your own list of “Things To Do Before I Die” a recent series of books seeks to help you make one. The series includes such books as “1001 Movies You Must See Before You Die”, “1001 Albums You Must Hear Before You Die” and the book recently reviewed in the New York Times by William Grimes “1001 Books You Must Read Before You Die”.

In a world where it’s easy to get caught up in the demands of the every day, a “bucket list” of things to do before you die can give you perspective, and keep you focused on what’s really important. Make your own “To Do” list one that will bring you a sense of pleasant anticipation at the dawn of each day, and of happy contentment when you turn the final page.

Change is in the air for same-sex partnerships in California.  The CA Supreme Court ruled yesterday to recognize gay marriage, a ruling that is meeting with mixed but strong reactions throughout the state—and the country.

The overall significance of this ruling has yet to be seen.  California was one of the few states sympathetic to gay partnership, according to the LA Times, and had already “passed one of the strongest domestic partnership laws in the country, giving registered same-sex couples most of the rights of married people.”  The opinion of the court, however, was that the domestic partnership law was not enough. “Giving a different name, such as ‘domestic partnership,’ to the official family relationship of same-sex couples imposes appreciable harm both on the couples and their children.”

The ruling could presage change in other states across the country.  Although recognition of marriage is a state issue, and other states would not be required to recognize same-sex marriages performed in California, Pennsylvania constitutional law Professor Kermit Roosevelt predicts that more states will eventually follow California’s example.

Under the circumstances, it would be wise for same sex couples to consult their estate planning attorney if and when the change becomes law.  Regardless of how the court ruling plays out in the months to come, the priority of every family is going to be protecting and providing for the ones they love.

There are times when everybody needs a little motivation to plan for the future, but when you live in a situation that is outside the norm it’s even more important to think ahead.  A little motivation to plan for retirement is exactly what many same-sex couples need, according to this study published in Cornell News, at Cornell University.

When Cornell researchers Steven Mock, Catherine Taylor, and Ritch Savin-Williams analyzed data from interviews with men and women in same-sex relationships they found that gay and lesbian couples have a slightly greater tendency than straight couples to put off planning for retirement, and that the amount of retirement planning a couple will do is directly proportional to how happy they are in their relationship.

It’s not surprising that the more satisfied a couple is the more willing they are to look to the future, but the fact is that same-sex couples will have challenges enough in their futures, and can’t afford not to plan.  The authors of the Cornell study note that “Nearly all state and federal legislation assumes gay and lesbian life partners to be individuals and not economically interdependent as married couples are assumed to be. This lack of recognition of same-sex couples has repercussions in terms of retirement and financial planning.”

This means that same-sex couples not only have to be diligent about their individual financial and retirement planning, but also about planning together.  Because same-sex couples will not have the same tax status, or options for transfer of property upon death as traditionally married couples, it is essential that they make provisions for their partner with their estate and retirement plans.

“It would be a tragedy of immense proportions if same-sex couples who have been together for decades discover at the end of their life that they have few resources to enjoy their retirement and their last years of life,” notes Ritch Savin-Williams in the article mentioned above.  But it is a tragedy that can be easily averted.  With a little research, and with help from a savvy attorney and financial planner, same-sex couples can enjoy their golden years in style; healthy, wealthy, wise—and together.

Can you imagine your beloved partner being gravely injured, and you unable to be at his or her bedside?  For most of us this is unthinkable, but this is exactly what happened to Brett Conrad and Patrick Atkins, a gay couple of 25 years, when Patrick suffered a stroke in 2005 and was placed in the care of his highly religious parents.

This is not an isolated occurrence.  You may consider your partnership to be the same as that of a traditionally married couple, but unfortunately the law does not agree.  In the absence of a traditional marriage license, the law will often give priority to biological relatives.

The good news is that you don’t have to accept the estate plan that the laws of your state have created for you.  By creating your own estate plan (with a knowledgeable attorney) you can outline exactly who would make health care decisions for you, and how your property would be distributed should something happen to you.  And you have the added benefit of avoiding probate and court proceedings at the same time. Your particular estate plan will depend on the laws of the state in which you live, so contact your estate planning attorney about the details.

It may be only logical to you that the person with whom you share a house, bank accounts, and a gym membership be the one to take care of you and your finances in time of tragedy, but the law doesn’t always see it that way.  There are too many examples of unmarried partners who have put off creating the proper estate planning documents, and end up being kept from each other during an illness, or with their jointly acquired assets passing to biological relatives instead of to the other partner.  Don’t wait until it’s too late, talk to your estate planning attorney and take the right precautions today.