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Parents, Teen & Alcohol

PARENTS
You cannot, under any circumstances, give alcohol to your children’s friends, even in your own home, even with their parent’s permission.

You cannot knowingly allow a person under 21 years of age to remain in your home or on your property while they are consuming or possessing alcoholic beverages

IF YOU BREAK THE LAW
You can face a maximum sentence of 90 days in jail and or a $1,000 fine. You can be held responsible if you give alcohol to anyone under 21 years of age and they, in turn, hurt someone or damage property.

Posted in Personal Protection |

Pets as Property

Did you know that pets are legally classified as property? This is hard to imagine when we consider them companions, best friends and family. But as property there are legally enforceable documents that can help secure a pet’s future.

This is worth consideration, as informal vows and promises made by friends and family to care for your pets, should you pass away or become incapacitated, often fail.  Reasons such as allergies, conflicts with other pets, or the exclusion of pets from some residential communities can get in the way. 

By adding a provision to your will, details regarding the care and guardianship of your pet can be spelled out. You can go a step further and create a pet trust during your lifetime. This would allow for the disbursement of funds from the trust to cover pet expenses.

 The idea of legally enforceable documents that ensure companion animals’ continuing care is relatively new but increasingly popular.

Posted in Estate Planning | Tagged |

Planning for Social Security

One of the great mysteries of our 60’s is when to claim your social security benefit. The dilemma is whether to start at the earliest opportunity (62), wait until full retirement age (66) or delay until 70 to receive the maximum benefit. The question is compounded when we are married and have the option to claim a spousal benefit against our spouse’s Social Security.

The timing of potentially four different claims (yours, your spouse’s and each of your spousal benefit claims) can have a significant impact on your ultimate benefit and when those benefits should start.

A new online social security calculator runs the math for each possible scenario. The site is called Open Social Security. It’s free and does not ask for your Social Security number. You’ll input your marital status, gender, birthdate and current estimated Social Security payments at 66. It will report the best strategy to maximize the Social Security benefits you and your spouse will receive over your lifetime(s).

The best way to solve the Social Security dilemma is to do your homework. Taking a look at the math for your situation is the information you need to plot your financial future.

Posted in Uncategorized |

What Teens Should Know About Alcohol

TEENS
Minor in Possession  MIP
A minor who attempts to purchase alcohol, consume alcohol or has bodily alcohol content is in violation of state statues and will face both fines and sanctions by the court.

Driving Under the Influence  DUI
The first offense of driving under the influence is punishable by up to six month in jail. Repeated offenders face felony charges, jail sentences of several years are not uncommon. In addition to jail sentences, the courts impose large fines for DUI’s

Other Consequences
In addition to legal penalties, offenders may have their driver’s license suspended for a substantial period of time, insurance companies may cancel your policy or drastically increase rates. A drunk driving charge stays on a person’s driving record for many years. Certain jobs that require driving may no longer be an employment option. The real financial cost of a first offense DUI can total anywhere from $10,000 to $20,000.

Posted in Personal Protection |

How Lady Bird Deeds Work

This deed, with a colorful name, is a very handy tool. A lady bird deed transfers lifetime interest in your property to you making you the life tenant.  The deed names a remainder beneficiary who has a future interest in your property upon your death.

Your remainder beneficiary can include multiple people, trusts, or organizations. You can change your remainder beneficiary at anytime.

As the life tenant, you still have the right to sell, gift, mortgage or otherwise dispose of your property without the consent of your named beneficiary.

A unique benefit of lady bird deeds is the automatic transfer of your property upon death thus avoiding the need for probating the transfer through the court system.  Medicaid Asset Protection is another benefit of using lady bird deeds.  Property transferred with a ladybird deed is not subject to a Medicaid lien on your probate estate.

Why the name lady bird deed?  A law professor simplified the legal name, Enhanced Life Estate Deed, in honor of former U.S. President Lyndon Johnson’s wife, Claudia ‘Lady Bird’ Johnson.

Posted in Uncategorized |

Paying for Nursing Home Care

In order to qualify for Medicaid assistance with the expense of nursing home care you must have exhausted the majority of your assets. Your cash assets cannot exceed $2,000, but your homestead real estate equity is allowed up to $560,000. This discrepancy in allowances means that you can protect a significant portion of your assets with proper planning.
At our office, we use ‘lady bird deeds’ and other legal means to protect you from Medicaid liens or the supervision of the probate court. If you or a family member are facing these issues contact us for an appointment. In this area of the law, pre-planning is critical.

Posted in Estate Planning |

Parent FYI: Teen Rights and Responsibilities

Parents would be well advised to consider the following list of teen rights and responsibilities. Michigan law defines these for teenagers once they turn 18 years of age.

Rights for teens are as follows:

-To vote
-To make a will and power of attorney
-To make their own end-of-life decisions
-To sign a contract in their own name
-To obtain medical treatment without parental consent
-To enlist in the armed forces without parental consent
-To be completely independent from parental control
-To apply for credit in their own name
-To be an organ donor
-To buy a lottery ticket

With these rights come  important responsibilities:

-You will be tried in adult criminal court rather than juvenile court
-Your parents are no longer required to support you
-You may be sued on contracts you sign
-You are eligible for jury duty
-All males must register with the Selective Service

Knowing what’s ahead can help you prepare your children to enjoy the privileges and handle the responsibilities that come with being considered an adult.

Posted in Custody, Identity Theft, Personal Protection | Tagged , |

Planning for your elder care

Thinking ahead to your golden years is difficult because there are so many unknowns. Yet failure to give consideration to what’s ahead can result in the loss of assets, poor care and hardship for your spouse or other family members.

You can express your wishes regarding the level of care you’d like, how you’ll pay for it and protect your assets through estate planning. This exercise in self-determination will provide you and your family members peace of mind going forward.

If you are unable, powers of attorney and healthcare directives allow a trusted representative to manage your financial and medical affairs. That person can even apply for the medical benefits provided by the government if needed with these tools.

Both Medicaid and the Veterans Administration benefits have strict income and asset thresholds.  With advanced planning these benefits can be accessed and managed to best preserve your savings.

Everyone’s aging process is unique.  But we all strive to have quality care and the peace of mind that our affairs are in order. An experienced Elder Care attorney recognizes this and can help you tailor an individualized plan to achieve these goals.

Posted in Beneficiary Designations, Estate Planning, Personal Protections |

Making home inspections a contingency

For most of us, buying a home will be our largest investment.  A home inspection can confirm it’s a good one.

A well-trained and qualified home inspector will review the condition of the house structure and all it’s systems. They climb on the roof, poke at the foundation and crawl into attics. In doing so, they can identify any problems the untrained eye might miss.

If you make a home inspection contingent on your purchase of the house, you can work with the seller to resolve problems before finalizing the deal.

To make the home inspection a contingency, include it in your purchase agreement. If the seller is not able to resolve any issues found in a home inspection to your satisfaction, you can back out of the purchase.

Getting a home inspection before finalizing the purchase of your new home is a wise decision. By identifying issues before you buy a new home, unforeseen (and sometimes expensive) problems can be avoided.

Posted in Real Estate | Tagged , , |

Married Couples Dilemma: Who Gets the Kids?

For busy couples raising a family, taking time to considerwho gets the kids’ is the last thing on the to-do list. In fact, 65% of Americans have nothing in writing regarding the care of their children and distribution of assets upon their passing. Simply put, they do not have a will.
If you have minor children, a will is a must. With this document you can name your children’s legal guardian should you pass before they are of legal age. Without a will, a court will make these decisions on your behalf.
No one is planning to die in the near future, which is why the conversation about naming guardians for your children gets put off. Have that conversation and create a will to ensure that your belongings and most treasured possession, your children, are in good hands.

Posted in Estate Planning | Tagged , , |