20 June

Sticky

The Benefits of a Docubank Card

Modern medicine requires the use of medical directives, but having instant and easy access to them is equally important. As clients of the InSight Law Maintenance Plan, Docubank provides a wonderful service to you at no additional charge. Docubank provides immediate access to your healthcare directives and emergency medical information anywhere at anytime. This can be useful in an emergency situation, or even if you are going in for a scheduled procedure. You should have received a Docubank card shortly after we delivered your estate planning documents to you. We suggest you place this card next to your insurance card in your wallet so hospitals and helpers have easy access to this information. This card gives your provider the information they need to contact Docubank and get a copy of your Medical Directives and healthcare checklists and instructions you have completed. It is important you let your provider know about this...

20 June

1 Comment

Sticky

Watch Out for a Potential Auto-Pay Pitfall

Posted by Bobby Feisee

in Bobby's Blog

With the prevalence of automated bill payments options, many people have set up online accounts for the seamless payment of all the common household bills. Paperless options can streamline and simplify those recurring monthly bills. However, it is important for married couples to analyze how these payments and notifications are sent in the event a spouse suddenly passes away. For example, let’s look at a common scenario. Bill and Mary Sample have been married for 40 years. Everything they own is jointly titled, or so they believe. Bill has set up all the monthly household bills to be automatically paid through his VISA credit card. Mary also has a linked VISA credit card under the same account but with a different number. Bill has also selected the paperless option to reduce wasteful paper usage. Bill passes away unexpectedly. Mary has never paid the monthly bills because Bill told her it was set up...

15 May

12 Comments

Sticky

Baby on Board – Birth of New Child Spurs Estate Planning Attorney to Get His Estate in Order

Posted by Bobby Feisee

in Bobby's Blog

My wife and I celebrated the birth of our first child in March 2016 and I thought it would be a good idea to discuss how I, an estate planning attorney, would start getting my estate in order. I can tell you that having your first child is definitely a strong motivating factor to get your affairs in order. Many people in this situation are spurred by a fundamental question - who will take care of my child and my financial assets if something happens to me and/or my wife? However, that is not where I am starting. Rather, I want to start with love and I want this to be the driving force behind my estate plan. I want to make sure I capture certain memories so that I can pass them on and share them with my daughter, Nava (picture right). Why not start from the beginning? As I anticipated...

05 May

0 Comments

Sticky

Neglected Estate Planning By Prince Will Cost Loved Ones

Posted by Bobby Feisee

in Bobby's Blog

World famous music star Prince reportedly died without leaving a will, trust, or any other estate planning documents for his friends and family. The consequence? His loved ones and business contacts will likely be fighting in court for years to settle an estate estimated to be worth between $150 million to $300 million, according to the Chicago Tribune. To complicate matters even further, Prince was not married and had no children. This means there is not a clear beneficiary who will inherit the bulk of his estate. Instead, Prince left behind six siblings. Here is an ABC News report on the estate controversy: https://www.youtube.com/watch?v=VsiJxpRvAw4 When someone dies without a will, it means they died “intestate.” The result is that your assets will be divided according to statutory law. For Prince’s estate, it is likely that each of his siblings will receive an equal share of the overall estate. This division applies even if Prince...

02 May

0 Comments

Sticky

Essential Small Business Advice – Follow Formalities

Posted by Bobby Feisee

in Bobby's Blog

Many small business owners think that if they set up an LLC or corporation, they are fully protected from individual liability. Not true. While setting up the company structure is a critical first step, it is imperative that you perform certain formalities throughout the year to maintain your liability protections. Annual Meetings Corporations are required to hold an annual meeting every year and maintain a record book of the meeting minutes. While LLC’s are often not required to hold an Annual Meeting, we recommend that the members and managers of the LLC still hold a formal meeting on a yearly basis. The meetings are an opportunity to discuss and document important business decisions made throughout the year. Including your CPA, attorney, and other business advisors in the meeting will make the meeting even more productive. You can review tax planning for the year and make sure your legal documents are up...

02 May

0 Comments

Sticky

National Healthcare Decisions Day Provides Reminder of Key Planning Documents You Need

Posted by Bobby Feisee

in Current Events, News

We have all heard horror stories about family members disagreeing over end-of-life care decisions. This can result in families ending up in protracted court battles while patients are kept alive on life support. All the while, no one really knew what the patient actually wanted. Do not let this happen to you. Provide your loved ones with some relief by planning ahead for your healthcare decisions. On April 16, 2016, organizations throughout the country tried to inspire, educate and empower the public about the importance of advance care planning. National Healthcare Decisions Day encourages people to express their wishes regarding healthcare. Ask yourself - do your loved ones know your wishes? Here is a great video on this important issue: Modern medicine can do some amazing things, but often requires complex and difficult decisions. Life support can keep people alive for months and even years, but people have various opinions about end of...

22 April

0 Comments

Sticky

Every Bit Counts – Estate Planning and Your Bitcoin Assets

Posted by Bobby Feisee

in Bobby's Blog

Our firm has written extensively about the shifting dynamics of estate planning and ensuring that digital assets are properly accounted and managed. Bitcoin certainly falls under that category. Why? Because the IRS announced in 2014 that Bitcoin will be treated as property for U.S. tax purposes. That means if you buy or sell bitcoin currency, you will need to report either gains or losses on the transactions, and if you received bitcoin as payment for goods and services, you will have to report those receipts as gross income. Also, if you have a substantial amount of bitcoin currency, who receives that asset when you pass on? But first, let’s do a quick overview of bitcoin. Bitcoin is a form of "cryptocurrrency," meaning that you can exchange value anonymously, quickly, and without the intervention of a third-party intermediary (e.g., a bank) meaning there are no transactions costs. A bitcoin owner is issued a...

04 April

0 Comments

Sticky

10 Key Tips for a Smooth Settlement

Posted by Bobby Feisee

in Bobby's Blog

When a loved one passes away, family members can often feel overwhelmed by the seemingly endless list of things to take care of. An up-to-date estate plan and an educated family can help ease this feeling. Unfortunately, if the family was not prepared, there can be significant confusion over who is in charge and what needs to be done. If you find yourself in this position, here are some tips to help you get started: Take care of the final arrangements. Even more important initially than the estate planning documents is to locate any funeral or burial instructions. Your loved one may have written out his or her preferences, obtained a funeral insurance policy, or purchased a burial plot. The funeral director will ask how many copies of the death certificate you would like. We recommend requesting at least 10 to 15 death certificates. Locate the decedent’s important paperwork. This can require investigation...

17 March

0 Comments

Sticky

New Medicare Benefit – Helping You Make Your Wishes Known

Posted by Bobby Feisee

in News

Note: This article is courtesy of DocuBank® Starting this year, Medicare is making it easier for people to have conversations about their medical wishes. This is good news. These conversations are important. They help you think about what’s important to you and help you get the care that you want when it matters most. With the benefit available, now is the time to talk with your lawyer, loved ones and doctor about your wishes, and make sure both have copies of your advance directives (if you do not already have these important documents drafted, schedule a time to meet with your estate planning attorney). Below are answers to some common questions about this new Medicare benefit. Q&A: Medicare Benefit for Advance Care Planning How is Medicare making it easier to talk to my doctor about my wishes? Advance Care Planning (ACP) conversations are important and can be sometimes lengthy. It was hard for doctors to fit...