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Tag: estate planning

Is Estate Planning Missing from Your Vacation Preparations?

Posted on by Compass Advocacy

As the arrival of Spring slowly approaches, numerous families are busy finalizing their vacation plans. Amidst the excitement of planning the perfect getaway, there’s often one crucial aspect missing from the typical “To Do” list – estate planning. Though it may seem frivolous, adequate preparation provides travelers with peace of mind that, no matter what, their wishes will be fulfilled. When traveling with your family, it’s essential to have your affairs in order through an estate planning firm in case of unforeseen events. 

Whether facing the unfortunate circumstances of death or disability, having a comprehensive estate plan ensures that your heirs have the necessary information to carry out your wishes. Without such a plan, you might find yourself (and family) subject to State law and, potentially, reliant on a judge who knows nothing about your unique situation. Such instances may result in estate rulings that contradict your desires. 

   The foundational documents in an effective estate plan are:

  • Last Will and Testament
  • Financial Power of Attorney
  • Advance Medical Directive.

Creating an estate plan can seem daunting, particularly without previous experience with such documentation. However, the knowledgeable estate planning attorneys at Compass Law Partners are here to guide you through the process. Our expertise ensures that your estate plan is not only completed, but also done in a timely manner.

As you gear up for your family vacation, take the time to consider the broader picture of your financial and medical well-being. A well-crafted estate plan is not just a legal formality but a crucial tool that safeguards your interests and ensures your loved ones are equipped to handle any unexpected twists that life may throw your way. Our dedicated team at Compass Law Partners are ready to assist you in this process, making sure your estate plan is not overlooked in the excitement of planning your dream vacation. Complete your Advance Medical Directive by contacting Compass Law Partners today! 

New Year, New Goals: Advance Medical Directive

Posted on by Compass Advocacy

Compass Law has an easy check off your New Years’ Resolutions List:
Advance Medical Directives

January 1st rolls around and a new year’s resolution seems like a great idea. New Year, New You, right? But what happens when the winter drones on in March and you just want to nestle back into the couch with some cookies and cocoa. New You isn’t so exciting anymore…
But what if you could set a new year’s resolution that is an attainable goal from the beginning!?
The Resolution: Complete Your Advance Medical Directive.

Compass Law now has an EASY way to help you check this new year’s resolution box!

But first, what is it?
An Advance Medical Directive (AMD) is a legal document that allows you to designate a Medical Agent to make medical decisions for you in the event you are unable to make decisions for yourself. An AMD also allows you to express some medical treatment and end of life care preferences in the event you become unable to make or communicate those decisions yourself. This document is an important part of healthcare planning and is vital to have in place in preparation for situations where a person is incapacitated due to illness, injury, or cognitive decline.

Who is my Medical Agent?
Your Medical Agent, sometimes referred to as Healthcare Proxy, is the Primary Person(s) or Alternative Person(s) you designate to handle your medical decisions if you are unable to yourself. The alternative person(s) you designate steps into the role if your primary agent is unable or unwilling to act. A second alternative is preferred, but optional. It is important that you communicate your desires to your Medical Agent and Alternative Person(s).

How it works
Click the link below to fill out the Advance Medical Directive Form. This secure form will then be sent to our team at Compass Law via DocuSign. Once our team conducts a brief conflict check, an invoice will be sent and a consultation scheduled with our team of estate planning attorneys.

Our AMD service is billed as a flat rate!
Click here to get started!

Estate Planning: The Brady Bunch Edition

Posted on by Compass Advocacy
(To the tune of the Brady Bunch theme song)
Here’s the story, of two single parents
Who were bringing up their children separately
‘Til the one day when they met each other
And they formed a blended family

We all know the story of the Brady Bunch. What you didn’t see on the show, that happened behind the scenes, was how Carol and Mike planned for their blended family. Allow us to take some artistic license to explain to you how we think it went.

FADE IN: The scene starts with Carol meeting with her estate planning attorney, Mr. Wills, in his office furnished with mahogany furniture and decorated with orange and black large pill shape wallpaper.

Carol explains to Mr. Wills that she and Mike would like to get married but want to make sure their separate children are protected. Mr. Wills then explains that he can help her by preparing a prenuptial agreement. He also explains that Carol and Mike should consider keeping their finances separated and should execute an estate plan after their wedding. Concerned, Carol says that she loves Mike and doesn’t want to start their marriage off with arguments about finances. Mr. Wills explains that by putting a plan in place now, arguments can be avoided since important decisions are being made at a time when Carol and Mike are happy and rational, not when they are angry and irrational. Carol looks at the camera and says, “You’re right, Mr. Wills. My number one priority is protecting my daughters, and I am going to Mike tonight about the need for a prenuptial agreement and an estate plan.”

 

CUT TO: The kitchen in Mike’s house at 11222 Dilling Street, Studio City, CA
As Alice prepares dinner, Carol, looking concerned, tells Mike that she has something important to tell him. Mike then tells Carol that he has something important to tell her. They decide that they will say it at the same time. Both Mike and Carol then say together, “We need a prenup!”

CLOSE UP OF ALICE: Alice responds with, “Anyone offering a trip to Europe for the right answer?”

Carol says to Mike, “I just want to make sure my daughters are taken care of and I know we can work something out that we both agree to.” Mike agrees and holds Carol’s hand, “maybe we should keep our finances separate. We can create a joint account for family expenses, but we will maintain our assets separately.” Carol responds by saying, “That’s exactly what Mr. Wills told me! And we can then create an estate plan where we leave our own assets to our kids.” Mike cuts in, “I want to take care of you first, so I am going to have a trust created that will name you as the primary beneficiary with my sons as contingent beneficiaries.”

In the end, Carol and Mike created a loving environment for their blended family by discussing the difficult topics up front. Addressing your estate planning concerns prior to marriage with an experienced estate planning attorney expresses how much you love your spouse and respect that he/she has children of his/her own.

If you need an estate planning lawyer the attorneys at Compass Law Partners can help you in starting your blended family off right!

Supplemental Needs Trusts

Posted on by Jen Kidwell

Trusts are fantastically flexible tools that people of nearly all income levels can use to ensure their loved ones are well cared for long into the future. This is especially true for loved ones who might have disabilities or special needs. Whether you’re planning for a child, niece or nephew, sibling, or older adult relative with special needs, supporting these family members means navigating the complex web of public benefits these individuals are often eligible – or may become eligible – to receive. Loved ones need to thread the needle of making funds available to “supplement” the support these programs provide without accidentally making the funds recoverable by these programs or accidentally disqualifying their loved ones from these services.

Thankfully, the attorneys at Compass Law Partners can ensure all the key components of a well-drafted Supplemental Needs Trust are present so you can stop worrying about the type of care your loved one will receive in the future, and focus on being present with them now.

 

April 2023 Law Navigator

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