Bobby’s Blog

Do You Need to Amend Your Advance Medical Directive Due to the Coronavirus?

One of my clients recently asked an important question about advance medical directives and whether amending this important legal and medical document is warranted in response to the Coronavirus pandemic. For context, my client has an advance medical directive stating that they do not want to be put on a ventilator. However, my client expressed a desire to be placed on a ventilator if they are infected with COVID-19. This prompted my client to ask – is it necessary to amend my advance medical directive in light of different treatment wishes for the Coronavirus? Answer: it is not necessary to amend an...

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Your Estate Plan Could Help Grow – or Ruin – Your Family Fortune

Most Americans have heard the names “Rockefeller” and “Vanderbilt.” The two families are firmly embedded in American culture through academia (e.g., Vanderbilt University), real estate (e.g., Rockefeller Plaza), charitable organizations, politics, etc. The progenitors of these now-iconic names were John D. Rockefeller and Cornelius Vanderbilt. Both men enjoyed incredible success in different areas of the business world which resulted in substantial fortunes. Both men left vast sums of money to their loved ones. However, the ways in which their fortunes were distributed between descendants varied greatly, which led to two completely different outcomes that highlight just how important proper estate...

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Personal Pain Fuels Desire to Protect Your Family Through Effective Estate Planning

This month marks the 10th anniversary of my father’s death.  He lived with dementia for seven years caused by a form of Parkinson’s called Lewy Body Disease. My father’s illness was one of the main reasons I decided to re-focus my legal career and specialize in estate planning.  Another attorney helped draft my father’s estate plan. The attorney took the traditional approach of getting legal documents executed, but with very little counseling or follow-up. The result? A family left in the dark. We did not know my father’s wishes or preferences regarding his health care or what should be done if...

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Must-Know Info on How Charitable Deductions Work

You need to itemize in order to claim your charitable deduction The latest tax act raised the standard deduction single filers to $12,200 and joint filers to $24,400. It appears the big increase in standard deduction has had a negative impact on the percentage of taxpayers who make charitable contributions because you are unable to deduct the contributions if you decide to go with the standard deduction rather than opting for itemization. Determining whether to itemize or not depends on your specific situation so you will need to consult an experienced and knowledgeable tax advisor. As a general rule, the interest...

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