Musings to give you insight and clarity on all things estate planning and elder law.
I’m sure the writer of Ecclesiastes didn’t have the movie industry in mind when he wrote, “What has been will be again, what has been done will be done again; there is nothing new under the sun.” But the 2008 box office seemed to prove him right.
Jimi Hendrix was only twenty-seven when he died in 1970. He left no will, no trust—no instruction at all—to direct his estate to the right person. Many people who knew Jimi believe he would have left everything to his half-brother, Leon, the only person he considered family.
It was hard for me to believe that one guy could have so many firmly held but outright wrong beliefs as the man who sat before me in my conference room. The clients I work with are usually some of the most interesting and friendly people you’d ever want to meet. Unfortunately, Joe did not fit that description.
Elbert and Florene were good people. Their story probably sounds pretty similar to the experiences of your own family. Elbert retired early from the power company because he saw too many friends die too soon after retirement. He wanted to enjoy at least a few good retirement years. As it turned out, he lived decades in retirement, and for most of those years, he stayed busier than when he worked.
Everyone has heard the story about the old, lonely, stingy man who hated Christmas. Despite his extreme wealth, he was unwilling to give anything to anyone unless it was likely to somehow benefit him – a trait which contributed significantly to his dislike of the holiday season.
I have always loved the famous quote of Yankee great Yogi Berra, “If you don’t know where you are going, you’ll end up someplace else.” As an attorney who focuses every day on the need to plan ahead, it reminds me of the need to be intentional in setting plans for how you want your life to play out. Without a plan for getting where you want to go, how do you expect to get there?
Lou Holtz was named head football coach for the Arkansas Razorbacks in 1977. In seven seasons leading the Razorbacks, Holtz compiled a record of 60-21-2,
A Power of Attorney is a legal document that allows you to appoint someone to take care of your finances and healthcare decisions if there ever comes a time when you can’t. The person you appoint is called your attorney-in-fact or agent. Some Powers of Attorney only become effective when you become incapacitated. They “spring” into existence once a certain event has taken place.
On Father’s Day in 2013, Frank surprised his three children by turning tradition on its head. Instead of waiting for his kids to give him a Father’s Day present just like they’d done time and again over the years, he gave them a gift they weren’t expecting.
The 529 College Savings Account (“529 Plan”) is an estate planning and college savings tool that has its place in a grandparent’s well-rounded estate plan, but the pros and cons should be considered before heading down to your local bank or opening an account online. In addition, as an Elder Law practice, we also want you to be informed about the affect a 529 Plan may have on your long term care Medicaid eligibility.
© The Elrod Firm. The information contained on this website is intended to provide general information. It is not intended as legal advice, and it does not create any type of attorney-client relationship. Estate Planning and Elder Law are complex fields, and each case is unique. Do not rely on the general information contained on this website when making legal decisions. Seek professional advice. The information contained on this website is the property of The Elrod Firm, and cannot be reused or disseminated without the express written consent of The Elrod Firm.
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