Elder Law Issues

Perhaps you have a child who is not “disabled,” but has failed to make their way in the world. We should talk about creating a discretionary trust for your non-special needs child.

It might look like a special needs trust, but it doesn’t have to carry that name (nor, indeed, do most special needs trusts — but that’s a different story). It’s primary purpose is not to protect public benefits based on disability — because your child hasn’t been found to be disabled. But you can give a trustee the discretion to decide how much help and support your child needs, just as you do now.

Have you heard of pet trusts? We can talk to you about taking care of your pets when we meet to discuss estate planning. But a formal trust for your pets’ care isn’t the only — or necessarily even the best — alternative. Let’s discuss.

Fleming & Curti, PLC, partner Jacque Mingle has been named as a Fellow of the American College of Trust and Estate Counsel. She received this honor at the earliest possible date after meeting the 10-year threshold for new Fellows. Congratulations, Jacque!

Trust tax rates reach the highest level on even small amounts of income. As a consequence, they are almost always higher than individual tax rates. Does that mean one should avoid planning involving trusts? Absolutely not. Trust tax rates are generally higher, but the benefits of establishing a trust often outweigh the increased tax. And a careful trustee can manage tax payments thoughtfully. Let us explain some of the issues.

Are you a trustee or beneficiary of an older, irrevocable trust that has terms which should be modified? One alternative worth considering, at least in Arizona: look into a family settlement agreement (sometimes described as a non-judicial settlement agreement) to modify the trust’s terms. It might not always be the best, or most workable, idea. But it is one important tool in the planner’s toolbox.

What a thoughtful gift! Paying for someone else’s estate planning!

Wait. Why would you do such a thing?

Maybe you have an adult child who really needs to get a will and power of attorney done. Maybe they’re even involved in a family business, or they are the beneficiary of an existing trust. Can you pay us (or any attorney) to prepare their will and powers of attorney?

What about your elderly and unprepared parents? Are the rules different for them, or your sibling or someone else who really needs to get this done?

Join us for a discussion of the issues and how this can make sense — in the right circumstance.

FDIC coverage for your bank accounts has been in the news lately. The rules can be deceptively complicated — but there is one simple, over-arching rule. If you have less than $250,000 (altogether) in deposits in a given bank, you are covered by FDIC insurance.

Some banks operate brokerage entities, too. Those accounts, and other non-depository accounts, are not covered at all — and therefore don’t count toward the $250,000 limit. And the bank rules don’t apply (at least not directly) to credit union accounts. But for most people, the FDIC coverage is plenty, and both automatic and easy to understand.

How many copies should you ask for (or make) of your estate planning documents? Who should you share them with? Where should you keep copies — and the originals?

We address these and other questions about your estate planning documents in this week’s podcast episode.

Many of our clients want us to help them organize a family meeting, where their estate plan can be discussed, questions answered and explanations offered. We are happy to oblige. In this podcast episode, we discuss what a family meeting might look like — and what it need not include.

We are huge fans of the American hospice care system. We have personal experience. Many of our clients have had family members go through hospice at the end of life. Often, we deal with hospice care in the cases where we act as guardian, conservator, trustee or agent. So we know a few things about how hospice works — and we remain fans.