ESTATE PLANNING FOR FAMILIES
Some or all of these documents/planning tools may be included in your estate plan:
Front Wheel: If a spouse passes away.
- Will or a Revocable Trust: Two common techniques for administrating assets are to create a Revocable Trust or a Will. While Revocable Trusts certainly offer some advantages vis-à-vis Wills as a means of managing wealth and transferring it to beneficiaries, there are some disadvantages that should be considered and many myths that ought to be dispelled.
- Irrevocable Life Insurance Trust.
- A Testamentary Trust: A testamentary trust is a type of trust that does not go into effect until the grantor (the person who made the trust) dies. Usually this type of trust is made within a Will – often to create a trust for minors children or adult children. When a trust is included in a Will, the Will goes into effect immediately, but the trust is not actually created until after the death of the Will maker.
- A Disclaimer Trust: A disclaimer trust it a technique for taking a “wait and see” approach to credit shelter planning for married couples. The goal is to give the surviving spouse a second look, based on the circumstances that exist after the death of the first spouse. Disclaimer trusts can be incorporated into both Will-based estate plans and those that incorporate a revocable living trust. If you are married to a non-US Citizen then we need to consider alternate planning options.
- Beneficiary Change Memorandum: Making sure to coordinate the designations for life insurance and retirement accounts.
- Affidavit for Remains: There is both a personal preference and a designated agent. Oregon Revised Statutes, 97.130.
- Tangible Personal Property Memorandum (Items you might want to leave for your children; jewelry, pets, collections, scrapbooks, athletic or musical equipment, etc.).
- Contact Memorandum.
- Personal letters to both your Permanent and Temporary Guardian(s) choices.
Back Wheel: If a spouse becomes incapacitated or if you need someone to make medical decisions for your minor child.
- The Durable Power of Attorney (DPOA) for Finances: Allows a trusted person to spend money on your behalf and manage your property in case of your incapacity.
- Physician Advanced Directive: This document allows a “capable adult” to appoint a “competent adult” as an attorney-in-fact for health care (Health Care Representative or HRC). The HRC has all the authority over the principal’s heath care that the principal would have if not incapable subject to the limitations set forth by statue ORS 127-535.
- HIPAA: HIPAA is a federal law that gives you rights over your health information and sets rules and limits on who can look at and receive your health information.
- Temporary Guardianship Affidavit: If you are the parent of a minor child you may at some time want to temporarily have another person be able to care for your child, consent to medical care, enroll your child in school, or handle other parental tasks. This is a very good idea if you are going away for more than a few days and leaving your child in someone else’s care, if you are going to be hospitalized and leaving your child with someone else on a full-time basis, or if your child is going to live with a relative or a friend for awhile. Otherwise, if your child needed emergency medical care, there could be a problem locating you for your consent.