New Vision Senior Group

19 Aug

On Tuesday, I was invited to speak to the New Vision Senior Group in Meeker, Ohio.  Twenty-nine wonderful folks who wanted to hear about estate planning.

It was an abbreviated estate planning speech.

  • I had everyone raise their hand. I’m pleased to note that you all have a will. When they objected, I pointed out that they either created one or the State of Ohio had written one for them.
  • I talked about the stuff that doesn’t pass by a will and, therefore, avoids probate.
    • Contracts with a beneficiary
      • Life insurance (If you’re someone’s lover, you don’t want to be remembered in his or her will, you want to be named as the beneficiary of your lover’s life insurance.)
      • Retirement accounts
    • Real property held with the right of survivorship
      • It has to say survivorship in the deed.
      • If it doesn’t a portion of the property will pass through probate
    • Paid on death accounts
      • No claim during the lifetime only after death
      • This is different from using “and” or “or” on the account. These folks have access all the time like the lady who put a personal injury settlement in the bank with her daughter, and the daughter used the money for cocaine.
    • Gifts
      • You intend to make a gift and you deliver it to the recipient and they accept.
      • This, however, isn’t a valid gift. A friend called her children together and asked them to identify personal property that they wanted upon her death.  The children put their names on stickers and attached the stickers to the bottom of the property.  At Easter, Thanksgiving, Christmas, and other family gatherings the children all played the game of moving the stickers.
    • Everything else passes by either the will you write or by the one written by the State of Ohio (intestacy).
    • Cost
      • purports to do a will for free.
      • Wills at begin at $69
      • Wills are part of the basic package through LegalShield for a monthly fee. I suppose if your fast, you could get a will for one monthly fee plus the initial start-up fee.
      • I don’t know what individual attorneys charge. Frequently it depends upon the complexity of the document being drafted.
    • Other concerns
      • Plan your funeral it eases stress at a critical time
        • My parents did. There was no gathering at the funeral home after they died to select caskets, etc.
        • My brother who died of cancer in the 1990s did not plan his funeral. His wife bought a three-year warranty on his vault that it wouldn’t leak.  There were only two ways of knowing if my brother’s vault leaked: (1) he complained or (2) he was exhumed – neither happened.
      • Living Wills
        • These are directions to your doctor in the event that you become vegetative and are unable to make decisions for yourself.
        • This is separate and distinct from a testamentary will.
      • Healthcare Powers of Attorney appoints someone to make healthcare decisions on your behalf when you can’t
      • Trusts
        • These are private; whereas, wills are public.
        • These do not pass through probate.
        • The person who creates a trust, passes property to a third party (the trustee), and provides instructions on what that third party is supposed to do with it.
          • Give it to charity
          • Give the income to a beneficiary for his or her life and then give it to charity.
          • Give the beneficiary a monthly allowance but allow significant other distributions for special things like buying a house
          • Provide for a child with special needs
          • Provide a means to become Medicaid eligible while protecting some money and/or property
          • Whatever you can imagine
        • It was a wonderful experience.
          • There were occasions when I was stumped for an answer and readily admitted that fact.
          • They seemed especially concerned about my plans for burial at sea.
            • What would happen if I didn’t sink?
            • Would I be in a casket?
            • Does this really happen?
        • I’m eager to do it again!
          • Dealing with Loss is a class at Marion Technical College that addresses many of the issues surrounding end of life decisions. It will be offered spring semester 2017.

One Response to “New Vision Senior Group”

  1. transplantfromohio September 11, 2016 at 10:14 pm #

    I took Dealing with Loss at MTC. I should have paid more attention.


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