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When Is an Estate Plan Really Finished? 什麼時候資產計劃才是真的完成？ (中英對照)

“After you sign and file your elder law estate plan, there is still more to do. You should review the plan at least once every three years.”

It makes sense: your life changes. Your goals may have changed. You may have been divorced, married, or your children may have gotten married or divorced. Your financial status may have changed. All of these are reasons why the Times Herald-Record advises readers to review their estate plans, as detailed in the article “5 steps to securing your elder estate plan.”

Here are steps to make this an easier process:

Step One: gather up all your documents, which may take some time. This includes your will, powers of attorney, health care proxies, living wills, any trusts and any other documents.

For clarity, here are some definitions. A will is the document that states where you want your assets to go when you die. It is reviewed by the court in a proceeding called probate, but only after your death. Assets in a living trust (or other types of trusts, depending on your situation) do not go through this process. Creating a trust results in a legal entity that owns the assets it contains. The trust assets go to the beneficiaries upon death, as directed by you to the trustee. In many instances, trusts save time, money and avoid litigation over inheritances.

Powers of attorney name the person you appoint to make any legal, business or financial decisions for you, should you become incapacitated. A health-care proxy names the person to make your medical decisions, if you are unable to do so. Living wills are used to express your wishes for end-of-life care.

Step Two: review your documents. Make sure that everything is signed. You would be surprised how many important documents aren’t signed. Read the documents to see who was named as the executor of your will and who is the trustee of your trusts. Are those people still able to undertake these responsibilities? Do you still want them making decisions for you?

Step Three: make a list of all of your assets. Note how they are titled—what names are on the accounts—and what are the values of each? Include retirement accounts like IRAs, 401(k)s, insurance policies and annuities and check to see if you named a beneficiary. Do you still want that person to be the recipient of the asset? Make sure that you have also named a contingency beneficiary.

Step Four: what information would your loved ones need, should you become unable to communicate? They’ll need information about your medications, the name and contact information for your primary care physician, your estate planning attorney, your CPA and your financial advisor. You may want to arrange for a “family meeting” with your healthcare team and your legal and financial team (two separate meetings), so everyone in your family is familiar with your professional teams. A list of where your documents can be found and who you want to receive personal items, may also be helpful.

Step Five: don’t forget to tell your trusted family members, where your important information is located and what lists exist. You don’t have to review everything with them, but if they know where things are at the time of your passing, they will have an easier time of settling your estate.

Reference: Times Herald-Record (Dec. 1, 2018) “5 steps to securing your elder estate plan”

“在您簽好並把您的老年資產計劃歸檔之後，還有很多工作要做。你應該至少每三年審查這個計劃一次。“

這是有理的：你的生活正在改變。你的目標可能已經改變。你可能已經離婚，已婚，或者你的子女可能已經結婚或離婚。您的財務狀況可能已改變。這是為什麼Times Herald-Record建議讀者審查他們的資產計劃，詳見“5 steps to securing your elder estate plan.”

一文。

以下的步驟能簡化這個過程：

第一步：收集所有文件，這可能需要一些時間。這包括您的遺囑，授權書，醫療代理，生前遺囑，任何信託和任何其他文件。

為清楚起見，這裡有一些定義。遺囑是一份文件，說明在您去世時您希望您的資產如何處置。法院有一項名為遺囑認證的程序中對其進行審查，但只在您去世後才發生。而生前信託（或其他類型的信託，視您的情況而定）的資產不需經過這個過程。建立信託是成立一個可擁有資產的法律實體。根據您對受託人的指示，信託中的資產在您去世時會轉移給受益人。在各種情況下，信託可以節省時間，金錢並避免因繼承問題而引起的訴訟。

財務授權書在您喪失行為能力時, 由您指定的人為您做出法律，商業或財務決定。醫療授權書在您不能為自己做出醫療決定時由您指定的人來為您做出醫療決定。生前遺囑用於表達您臨終時的願望。

第二步：審核您的文件。確保所有文件都已簽好。您會感到驚訝當您發現一些重要文件沒有簽好。審閱文件，看看誰被任命為您的遺囑執行人，誰是您信託的受託人。那些人還能承擔這些責任嗎？你還想讓他們為你做決定嗎？

第三步：列出所有資產。注意它們的稱號是什麼 - 賬戶上的名稱 - 以及每個賬戶的價值是多少？包括退休賬戶，如IRA，401（k），保險單和年金，並檢查您是否指定了受益人。你還希望那個人成為繼承您的資產嗎？確保您還指定了替代受益人。

第四步：如果您無法溝通，您的家人需要什麼資料？他們需要有關您藥物的資料，您主診醫生的姓名和聯繫信息，您的資產規劃律師，您的註冊會計師和您的財務顧問。您可能希望與您的醫療團隊以及您的法律和財務團隊安排“家庭會議” （兩次單獨的會議），因而您家中的每個人都熟悉您的專業團隊。列出在哪裡可以找到您的文件以及您希望由誰獲得您的私人物品, 這也可能會有幫助。

第五步：不要忘記告訴您信任的家人，您的重要資料位於何處以及有哪些列表。您不必與他們一起審查所有內容，但如果他們在您去世時知道您的東西在哪裡，他們便可輕易地處理您的資產。

參考: Times Herald-Record (Dec. 1, 2018) “5 steps to securing your elder estate plan”

What to Gift

If you would like to take advantage of the new lifetime gift tax exemption limit before it reverts to a lesser amount in a few years, you have many options for doing so.

The recently passed tax reform law doubled the lifetime gift tax exemption from previous levels. However, the exemption is scheduled to revert to the previous level in a few years. That means if you want to take advantage of the increased limit, then you need to act quickly.

It is not always a good idea to gift large amounts of cash that can potentially be wasted and there are many other options. News Max listed some of them in "Gifting Wealth and the Estate Tax Law Under Trump," including:

• You can create an LLC that holds stock or other investments and gift your family members’ interests in the LLC. That allows you to control the investments, while still gifting to your family for their use later.
• If you own a company, you can create a trust and gift stock in the company to that trust for your family's benefit.
• It is a great time to fully fund any special needs trusts your relatives have.
• Now is a great time to create and fund trusts that your family can benefit from later. If you have enough money, you can even create a dynasty trust that will supplement your family for generations to come. An estate attorney can help you determine the best trust for your family.
• You can help younger family members purchase their first homes.
• Consider funding retirement options for younger family members, such as by purchasing annuities for them.

Reference: News Max (June 20, 2018) "Gifting Wealth and the Estate Tax Law Under Trump."

Stan Lee Involved in Elder Abuse Investigation

Police are investigating whether legendary comic book writer Stan Lee is a victim of elder abuse.

It seems that 95-year-old Stan Lee is at the height of his fame. The characters he created for Marvel Comics currently make the film industry millions of dollars annually in film after film. Lee himself appears in a cameo role in every film.

To most people Lee is known as a friendly, beloved creator of the superheroes that they love. However, there is another side to Lee's life right now, as police are investigating whether he is the victim of elder abuse, as Time reports in "L.A. Police Investigate Reports That Marvel Comics' Stan Lee Is a Victim of Elder Abuse."

After Lee's wife passed away, a man named Keya Morgan stepped in to assist Lee with his affairs. Morgan is on probation for an unrelated matter. It is claimed that Morgan moved Lee out of his home and will not let friends and family visit Lee.

Police and a social worker were sent to Morgan's home to conduct a welfare check on Lee.  However, Morgan called 911 on them and falsely reported that he was being burglarized. Morgan now faces criminal charges for filing a false police report. A restraining order against Morgan has also been issued by a court prohibiting him from contacting Lee.

While it is not yet known whether Lee is a victim of elder abuse, a common sign is when a caretaker isolates an elderly person from other friends and family.

If you suspect elder abuse, you should contact Adult Protective Service as soon as possible.  If you are prevented from seeing your loved ones as in the case of Stan Lee, you might consider taking legal action such as conservatorship, consult an elder law attorney for advice.  

Reference: Time (June 14, 2018) "L.A. Police Investigate Reports That Marvel Comics' Stan Lee Is a Victim of Elder Abuse."

Stay Issued in California Doctor-Assisted Suicide Case

A California Appeals Court has issued a stay order against a lower court's ruling that had declared the state's doctor-assisted suicide law unconstitutional.

Several states have passed laws allowing doctors to assist terminally ill patients who want to commit suicide. Whenever these laws are passed, there is always some controversy.  However, it has not been nearly as what has occurred since California passed its law allowing the practice.

California has seen groups consisting of both doctors and religious-affiliated people fight hard against the law. In May of 2018, the law’s opponents won a major victory, when a district court judge declared that the law violated the state's constitution.

However, it was not a complete victory. This is because the judge did not rule on the merits of doctor-assisted suicide. Instead, the judge declared the manner in which the law had been passed as unconstitutional. That partial victory is now in doubt, as an appeals court issued an immediate stay of the lower court's order, as KVOA reports in "Court reinstates doctor-assisted suicide in California."

The California law is being closely monitored by interest groups on both sides of the debate over doctor-assisted suicide.

Interest groups are also following the law, because it included several provisions mandating that the state collect data about how the law was working and to issue regular reports about it. Both sides hope what the data reveals will be helpful for them, as other states consider similar laws.

Reference: KVOA (June 16, 2018) "Court reinstates doctor-assisted suicide in California."

The AARP Takes on Student Loans

An organization whose purpose is to promote the interests of older Americans might seem unlikely to be worried too much about student loan debt, but the AARP sees the issue as a growing part of its missio

Many Americans decide to go to college, after being in the workforce for some time, even decades. Colleges are typically for younger people.

That means most student loans are taken out relatively early in a person's lifetime. If everything goes well the debtor graduates, finds a job and pays off the loans. However, everything does not always go well and that is increasingly the case for many Americans.

It's a becoming a big enough problem that even the American Association of Retired Persons is starting to worry about it, as Politico reports in "Why the AARP is worried about student loans."

The AARP has two basic issues with the current student loan situation. The first is that an increasing number of elder Americans have defaulted on their loans. As a result, their Social Security benefits are being garnished. The organization is trying to get a law passed to end the garnishment of Social Security benefits.

More generally, the AARP is worried that the increasing amount of debt graduates are carrying is making it difficult for them to save for retirement. Americans generally do not save enough for their retirements. If the student loan situation gets worse in a few decades, elder Americans could be even more unprepared to retire.

It is not as clear currently what can be done about this second problem.

Reference: Politico (June 7, 2018) "Why the AARP is worried about student loans."

Do You Understand Social Security?

To get the most out of Social Security benefits, it is very important that older Americans understand how the system works, before they start to get benefits. An alarming number do not.

On the surface, Social Security is a fairly simple concept to grasp. People pay into it, while they are working. When they retire, they then get paid benefits that are based on their income, when they were working. This seems simple enough.  However, what the federal government does is often not that simple.  

Social Security is actually a very complex system with all sorts of different rules people can use to get the most out of it. People need to understand what those rules are, as Financial Advisor discusses in "Nearly Half of Americans Still Don't Understand Social Security."

In a recent survey, 47% percent of respondents over the age of 50 were unable to correctly answer a series of true/false questions about Social Security benefits. This could be a potential problem, because it means that they might not get what they need out of the system, when they retire. The Social Security Administration is supposed to assist people with this.  However, it can do little more than tell people what their options are when asked.

A good way to learn how to get the most out of Social Security for yourself, is to visit an elder law attorney. The attorney can help you understand how to get the maximum amount of benefits per month and how to weigh that against getting the maximum amount of total benefits in your lifetime.

Reference: Financial Advisor (May 18, 2018) "Nearly Half of Americans Still Don't Understand Social Security."

Going to an Elder Law Attorney

When people are at or near retirement age, they can benefit greatly by visiting an elder law attorney. To get the most out of the visit, it is important to know what to expect.

Many people are not quite clear about what elder law attorneys do. Some people think they focus on legal problems specific to their age, such as elder abuse or Medicare problems.

Elder law attorneys can assist with these matters, but they are only part of what elder law attorneys do. They also assist people in preparing for other common problems that can occur when people become older.

Elder law attorneys help people make legal arrangements ahead of time to avoid those problems. Thus, anyone can benefit by visiting an elder law attorney, especially those who are nearing retirement as Tipp News Daily discusses in "Top 10 Questions to Ask Your Elder Law Attorney."

For example, if an elderly person develops dementia or a terminal illness that incapacitates them, then they will need someone else to handle their affairs for them. If they wait until such a person is needed, a court will likely have to appoint someone.

An elder law attorney can prepare the legal documents necessary to avoid having to go through court and help the elderly person to decide ahead of time who to appoint as an “incapacity” decision-maker. Elder law attorneys offer many other services, as well including planning for long-term nursing home care, assistance with estate planning documents, retirement plan legal advice and help understanding Social Security.

Schedule an appointment with and elder law attorney, who can advise you on how to prepare for any potential needs that may arise when you get older.

Reference: Tipp News Daily (May 26, 2018) "Top 10 Questions to Ask Your Elder Law Attorney."

California's Assisted Death Law Struck Down

In 2015 California passed what many people considered to be a groundbreaking physician-assisted death law. A court has now overturned it.

Advocates and detractors of physician-assisted suicide have been paying close attention to the state of California. A law passed there in 2015 to allow the practice, was thought to be a good opportunity to see how it would work in a large state population, especially since the law contained important provisions concerning record keeping and reporting.

Regular reports on how the law was being used, were also supposed to be issued by the state. While the law is very popular with citizens according to polling data, many doctors were not as impressed and a group of them sued in 2016 to stop the law.

Recently, a judge in California ruled in favor of the doctors and struck down the law as the Sacramento Bee reports in "California assisted death law overturned in court."

The doctors argued that the law did not adequately define terminal illness, for it to be clear which patients were eligible for physician assistance. The law also exempted people who helped patients with death from liability. The doctors complained that the law was not passed by the legislature following the appropriate procedure. The judge agreed with these claims.

The law’s supporters point out that the ruling was not about the legality of physician-assisted death itself and California has subsequently filed an appeal of the court's ruling.

Reference: Sacramento Bee (May 15, 2018) "California assisted death law overturned in court."

Love Is Not Just for the Young

It is common for elderly people to fall in love and want to get married. As part of the process, they need to make more plans than younger couples.

A common image of the elderly is to see them as past the years to fall in love. Could seniors meet someone new, fall in love and get married? In movies and on TV, elderly people who do fall in love are typically played off for laughs or presented as being under the spell of someone much younger who wants their money.

In real life, it is not unusual for an elderly man and an elderly woman to meet each other, fall in love and get married. Sometimes couples meet in the nursing homes where they live. The only difference between young couples and elderly couples is that the elderly may need to do more planning before they get remarried, as Wealth Management explains in "Never Too Old for Love."

The main thing every elderly couple getting married needs is to understand, is that every state has default rules for how spouses must be treated in an estate plan and in medical decision-making. This means that any current estate plans need to be reviewed and changed to account for what the couple would like to do with their estates. Advanced medical directives and powers of attorney might also need changing as well.

Elderly people can and do fall in love with each other and get married just like anyone else. Life does not end when people reach a certain age.  However, everyone who does get married later in life, needs to make sure that they do the appropriate planning.

Reference: Wealth Management (May 1, 2018) "Never Too Old for Love."

Advanced Directive for Incapacitating Dementia

New York recently became the first state to allow a new advanced directive that allows people to decide not to be given food or water, if they are incapacitated by dementia.

Many people who suffer from dementia appear to be suffering greatly at the end of their lives, because the dementia has progressed to the point where they have become completely incapacitated. Consequently, they can no longer perform the basic tasks of “daily living” necessary to survive and cannot express their wishes regarding how they would like to be treated.

A dementia victim can live for a long time, if fed and given water. With the ready availability of advanced medical directives, it might seem easy to get one, whereby you refuse food and/or water if you are incapacitated by dementia. However, you cannot provide that advanced directive, unless you happen to live in New York, because it recently became the first state to allow this option as NPR reports in "'Aggressive' Advance Directive Permits Halting Food and Water In Sever Dementia."

People in New York will now have two options. They can direct that they continue to be given food and water, if it appears that they accept and enjoy it. They can also direct that they not be given food and water at all. It is hoped that the new directive will allow people suffering from advanced dementia to pass away more quickly, if that is what they choose in advance.

If this law works well in New York, it could become available in other states. It is still a good idea to get advanced medical directives, even if this particular option is not available in your state of residence. 

Anyone over 18 should have an advanced healthcare directives.  It allows another person to make healthcare decisions for you when you cannot.  It also allows you to decide in advance whether you want to be off the life supporting system when you are in a vegetative state.  Many people assume that that when they are unable to make healthcare decisions for themselves, their family members such as spouses, children, and parents would automatically have the right to make decision for themselves.  Unfortunately, this is not the case most of the time.  Furthermore, the lack of an advanced healthcare directives can lead to family disputes and even lawsuits over who has the right to make healthcare decisions for the incapacitated person.  If you don’t have an advanced healthcare directives yet, please see an estate planning attorney for advice. 

Reference: NPR (March 29, 2018) "'Aggressive' Advance Directive Permits Halting Food and Water In Sever Dementia."