Do you have a favorite charity?

Many of us support charitable causes during our life. Our charitable donations may include gifts to our church, our alma mater or our favorite cause. However, we often forget that we have an opportunity to make a charitable gift in our Will. Making one or more charitable gifts in a Will leaves a great legacy and clearly demonstrates your priorities to your friends and family. A charitable gift of any amount (even a few hundred dollars) can accomplish either of these goals. If you would like to make a charitable devise in your Will, consider consulting with the charity, as they may be able to provide helpful advice (in particular if you want to limit the scope of the gift in any manner).

Some of my favorite charities include:

Prince of Peace Catholic Church and School (http://www.princeofpeace-hoover.org/)

The Alabama War Dog Memorial Foundation (http://www.pawsandpatriotswalk.com/)

Hands On Birmingham (http://www.handsonbirmingham.org/)

Habitat for Humanity (http://www.habitatbirmingham.org/)

What is Your Legacy?

You probably know the importance of executing a Last Will and Testament in order to financially provide for your loved ones. A Will not only ensures the implementation of your wishes regarding your property, but it also streamlines the administration process for your beneficiaries. Furthermore, where there are minor beneficiaries, a Will is an effective means to appoint a legal guardian in the event of death.

Handling your legal and financial affairs should be a priority. After you have addressed these issues, you may want to consider your own personal legacy. If you were gone, would your family know how much you cared for them? Would they know about what was important in your life? Would they feel a continued connection with you?

It is possible to share these items with your family through the use of a traditional planning tool: the ethical will. Ethical wills originated in ancient times and were primarily a Jewish tradition, by which families transmitted moral teachings to future generations. The ancient ethical wills were formally written and could be quite lengthy. However, they were tomes that families were able to treasure for generations.

An ethical will can be in any format. It may be written or spoken. It may be on an audio tape or a video tape. It can be in the form of poetry, a painting, or a poem. The structure and format of an ethical will should fit the personality of the creator.

You may wish to update an ethical will at many stages throughout your life. As we age, our experiences accumulate and our perspectives change. As with journal writing, writing and reviewing ethical wills can lend important insight into our own personal development.

An ethical will can be one of the most important gifts that you leave for your family. Your words and affection will be more valuable than any assets that you leave to your loved ones. Please consider taking advantage of the incredible opportunity that you now have to share these sentiments.

The Bottom Line

A frequent impediment to obtaining important legal documents is often the fear of legal fees. The following tips may reduce your anxiety about legal fees:

1. Ask about fees before retaining the services of a lawyer.
2. Provide the lawyer with as much information as possible. For example, if you provide all of your financial and family information upfront, it will reduce the length of an initial estate planning meeting, which should result in reduced legal fees.
3. Remember that lawyers typically bill for all time they spend in addressing a particular matter. If you have three questions for your lawyer, consider one phone call or e-mail, instead of three separate phone calls or e-mails.
4. Be diligent in your review of invoices. If you have any questions, do not hesitate to ask about them.
5. Ask you lawyer about about flexible payment schedules. Many lawyers are amenable to accepting payment over a certain period of time.

Tax Rebate Heads-Up

Many people are talking about the forthcoming tax rebate (which was a part of the recent Economic Stimulus package). Please be aware that many people who do not usually file an income tax return (such as retirees, disabled veterans, etc.) may be eligible for a rebate. However, in order to get the rebate payment, an individual must file an income tax return. It is important to ensure your elderly or disabled family member does not miss out on much needed financial assistance. For more information about the process and general eligiblity for the rebate, please consult your tax advisor or visit the IRS's website at http://www.irs.gov/.

The Value of a Personal Record Book

A personal record book is one valuable aspect of the estate planning process that does not necessarily require the services of an attorney. Providing a summary of financial and personal information can be a tremendous gift for family in the event of death or incapacity. For example, a detailed list of insurance policies, bank accounts, IRAs, etc. can provide a Personal Representative with a tremendous advantage in effectively administering someone's estate. Furthermore, some practical information about whom to call in the event of an emergency or where important documents are located (such as a Will) can save a family a tremendous amount of time and energy.

There are many different types of record books available. In fact, a person can very easily create their own. If you would like to download a free copy of a personal record book, click on the resources section of http://www.jackcarneylaw.com/ and select "Family Record."

Durable Powers of Attorney

A durable power of attorney can be a powerful tool in the event of a person's disabililty or incapacity. Absent a power of attorney, a family member or loved one must petition a court to administer the affairs of an individual who is legally incapacitated. This process can be lengthy, uncomfortable and expensive. A power of attorney allows an individual to appoint someone to handle their financial affairs for them (typically without court approval). The following are some tips regarding powers of attorney:

1. Ensure that your current power of attorney is "durable," which means it will survive your incapacity. A durable power of attorney should actually include the word "durable" in the document.
2. "Freshen" your current power of attorney every few years, as a bank or financial institution is more likely to accept a power of attorney with a recent date.
3. Consider allowing your banks, institutons, employer, etc. to review your power of attorney now (before someone uses it) to ensure they will accept it when it is actually needed.
4. Consider naming several successor agents under a power of attorney.

Taking the time to create a durable power of attorney can be a tremendous gift for your loved ones.

Welcome

Welcome to the first entry for my law practice's blog. I plan to use this blog to provide the public with useful legal information. I must note that this blog is not intended to provide legal advice, nor is it intended to form an attorney-client relationship with any party. If you have specific questions about how the law affects you, please consult with an attorney.

I hope you enjoy this resource. Please feel free to participate in the exchange of information and ideas by using the comment feature.

Take care!