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Note: Nothing in this publication is intended or written to be used, and cannot be used by any person for the purpose of avoiding tax penalties regarding any transactions or matters addressed herein. You should always seek advice from independent tax advisors regarding the same. [See IRS Circular 230.]

Volume Six Number Eleven November 2008

Firm News

Lyster, Inc. associate, Bonnie Harris, has taken a position as Director of Planned Giving for the Junior Blind of America. According to their website, “Since 1953, Junior Blind of America has helped infants, children, teens and adults who are blind or visually impaired maximize their potential and achieve their highest level of independence.” While we at Lyster, Inc., will miss Bonnie, we wish her the very best in her new position.

Family Matters

Are you someone’s child, sibling, nephew, niece, cousin, uncle, aunt, spouse, parent, grandparent or even great-grandparent? If so, then you are part of a family and it’s likely that your family matters a great deal to you. In this article, we review some fundamental legal matters every family member needs to address through proper legal planning. In fact, the failure to address these legal matters can inconvenience, if not harm, your loved ones. We encourage you to share this article with those near and dear to you.

Personal Responsibility

     Car crashes, Alzheimer’s and strokes. Injuries and illnesses can strike anyone, leaving them legally incapacitated. And, once you are legally incapacitated, you can no longer manage your own personal, health care or financial affairs. Nevertheless, important decisions affecting you must be made, despite your lack of legal capacity, often on a day-to-day basis. For example, your incapacity would not excuse you from paying your bills or your taxes.
     Do you have any members of your family whom you would want to manage your personal, health care and financial affairs should you become incapacitated? Do you have any members of your family whom you would not want to manage your affairs under any circumstances? Either way, if you are an adult (i.e., at least age 18 in most states) and have not made proper legal plans to appoint the incapacity decision-makers of your own selection, then a court will be required to appoint someone for you.
     Unfortunately, the court may appoint the wrong person as your decision-maker and the court will expose your personal, health care and financial circumstances to the public record. This will invade your privacy, as well as generate significant court costs and legal fees along the way. In short, an ounce of prevention truly is worth a pound of cure.

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Critical Choices

There are two critical choices commonly faced by parents of minor children. First, who will take care of their minor children, if orphaned, and, second, who will manage the inheritance?

Guardian Guidance

Even if you are separated or divorced, the surviving biological parent of your minor children will continue to be their legal guardian, absent a court-proven case of unfitness. Otherwise, you can control who will rear your minor children to adulthood.
While every family situation is different, here are some general pointers for your consideration when selecting guardians for your minor children:

Select guardians who share your faith, values and life priorities; and already have an established positive relationship with your minor children;
When selecting a married family member, consider appointing the family member only, in case your family member predeceases or they divorce;
Make sure your legal plans provide for the compensation of the guardians, or at least that your children’s inheritance is available to cover all legitimate expenses incurred on their behalf; and
Obtain the permission of the selected guardians before appointing them in your legal instruments.

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Did You Know?

Did you know that:

While three in ten Americans DO have a plan, the average age of a will coming into a law office for update or probate is nearly 20 years?
A Power of Attorney of similar vintage may be rejected by banks and other third parties?
In three out of four cases, a Health Care Directive (also sometimes called a "Living Will") is unavailable when needed?
Nine out of ten Americans MISTAKENLY believe that life insurance proceeds are automatically exempted from Federal Estate Tax?
The Wills of most married couples control ONLY personal effects?
There are legitimate means of leveraging the $12,000 annual gifting exclusion, of avoiding capital gains tax on super-appreciated low-yield assets, and of ensuring that 99% of assets flow to the next generation in a thoughtful, protected manner?

Dear Ancestor

Your tombstone stands among the rest
Neglected and alone
The name and date are chiseled out
On polished marble stone
It reaches out to all who care
It is too late to mourn
You did not know that I exist
You died and I was born
Yet each of us are cells of you
In flesh, in blood and bone
Our blood contracts and beats a pulse
Entirely not our own
Dear Ancestor, the place you filled
One hundred years ago
Spreads out among the ones you left
Who would have loved you so
I wonder if you lived and loved
I wonder if you knew
That someday I would find this spot
And come to visit you

Author Unknown

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