This blog is meant 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.

Strategy

Monday, May 31, 2010

Happy Memorial Day

I want to wish all service men and women (past and present) a happy Memorial Day. We are thinking about you and are keeping you and your families in our thoughts and prayers. I also do not want to forget about soldiers of a four-legged variety, such as those honored by the Alabama War Dog Memorial (please visit http://www.awdm.org/).

I have had the opportunity to assist members of our armed services with their own estate planning. It is always an honor to be a part of that process and it is particularly somber to know that this client is willingly placing themselves in a position of harm. It makes the documents, such as a Will and Durable Power of Attorney, seem that much more important.

Military deployment is also a time where many service members may consider utilizing an Ethical Will as a part of their estate plan. An ethical will is a writing wherein an individual shares his thoughts and feelings about his friends and family. It may also be an opportunity for a parent or grandparent to share words of wisdom for future generations.

I recently read a touching story about a soldier in Iraq who kept a journal for his young son. Many of the entries mentioned the possibility of his death, which were made all the more poignant by the fact that this soldier was killed in action. It was an incredible tragedy, but at the same time this man left an amazing gift for his family.

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Saturday, May 29, 2010

An Unpleasant Thought

One of the most unpleasant questions I have an opportunity to raise in my planning meetings is the discussion of a family disaster. For purposes of estate planning, I personally define a “family disaster” as the death of all of the immediate beneficiaries in a plan. In the example of a married couple, it would be their death and the death of all of their lineal descendants. In many cases this is an unlikely event, but it does happen (often in the form of a small plane crash).

Many people do not plan for this eventuality in their documents, but because it could happen, I feel it is important to address. For example, I am married and have two young children. We frequently travel together as a family and therefore there is a higher risk that my family will utilize our disaster clause, as opposed to a family with six children and twenty-two grandchildren.

You have the opportunity to provide for a number of individuals and/or your church or favorite charity. One common option is to split the estate between the wife’s heirs at law and the husband’s heirs at law. “Heirs at law” may also be described as an individual’s next of kin.

As the years go by, the family disaster issue will become less relevant, as in all likelihood, the family will grow and your children will have children, etc. thereby increasing the pool of potential beneficiaries.

Thursday, May 27, 2010

Where Can I Find a Lawyer

Many people feel the world has too many lawyers (and they may be right). I recently spoke with someone who had not executed a Will only because they did not know where to find a lawyer to help them. You can find thousands of lawyers in the yellow pages and on the Internet, but you will spend a significant amount of time sorting through the masses in an attempt to find someone to fit your particular needs. Some lawyers are like doctors in that they specialize in a particular area of the law. I personally speak with several people a week who have pulled my name from the phone book, but I have to tell them that I do not accept the type of case that they are pursuing.

Seeking a referral can be the most efficient way to obtain legal counsel, for you will get a focused recommendation, designed to fit your needs. Here are some common examples of where you may go to seek a referral for legal counsel:

Family
Friends
Your Attorney (if he or she does not handle your new need).
Local Bar Associations (many have referral programs)
Your CPA
Insurance Agent
Financial Planner
Your minister

There are also many new social media resources that may allow you to find a lawyer to fit your needs, such as twitter, facebook or linkedin.

Wednesday, May 26, 2010

Summer Vacation Planning

We are approaching the Memorial Day weekend, which many consider to be the start of the summer travel season. If you are going to travel this summer and be apart from your children, you may want to consider signing a temporary guardian appointment, which would allow you to name someone to make personal and medical decisions for your children if you were unable to do so. My wife and I sign such a document whenever we leave our children for an extended period of time (thank God for grandparents, for no one else would take the kids for so long). Please consult your legal advisor if you are interested in obtaining this type of document.

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