Many younger individuals believe that they do not need living wills, because they are young and healthy. Despite the invulnerable feeling of youth experienced by many individuals, there is still the unfortunate possibility that a young person could fall ill or become seriously injured and require the assistance of estate planning tools. By taking the time to consider the purpose of advance planning documents at a young age, individuals can prepare in case the worst scenario does happen. A seasoned estate planning attorney is best able to help a younger individual make sure that proper estate planning tools are in place.
In many cases when an individual dies, the individual’s pets are surrendered to shelters. In other cases, pets are distributed to whoever receives other possessions of the deceased individual. With estate planning, however, individuals are frequently able to craft statements concerning exactly what should happen to pets after the individual’s death. The American Society for the Prevention of Cruelty to Animals estimates that approximately 400,000 pets each year must find new homes because their owners die. A skilled estate planning is often knowledgeable about how to craft provisions for the ongoing care of pets rather than just relying on other people to honor your wishes regarding a pet.
There are various federal contracts owned by particular classifications of individuals including veterans. The unexpected death of a service disabled veteran business owner, however, can leave an individual with numerous questions about how ownership of the contract will transfer. This entry will note some elements about these contracts when the certified owner dies and another individual, which could be a spouse or a child, becomes the new owner of the contract. It is also important to remember that in many of these types of contracts, the assistance of an attorney who specializes in government contracts and bids can be especially useful.
Each year during the spring and summer, many individuals take vacations to the beach, ski slopes, or various foreign locations. During the trip planning process for many people, not enough consideration is made for various estate planning concerns. Instead, individuals focus on budgeting time and finances to make such a trip possible. Individuals, however, who plan to go on even small vacations should make sure to perform adequate estate planning. With reports showing that paid holidays are available to 77 percent of private industry workers, there are a large number of individuals who have the option to take vacations each year in the United States. One of the most common ways in which accidents occur during vacations are automobile accidents, with particularly dangerous holidays including New Year’s Day, Thanksgiving, Labor Day, and Independence Day. Because accidents without adequate estate planning can be particularly severe, a skilled estate planning attorney can prove to be especially useful.
Hospital Refuses to Perform DNA Harvest on Deceased Man due to Lack of End of Life Documents
A Colorado woman has faced substantial difficulties in using her deceased boyfriend’s DNA to create a child because the man died without lack of estate planning documents. Although the man’s girlfriend planned to use his sperm to have a child, the hospital where the man died refused to perform the DNA harvest because the man died without proper end of life documents. Because sperm’s viability only lasts a period of 24 to 48 hours after death, the woman now appears to have lost her struggle due to lack of estate planning documents. While the girlfriend has raised the argument that sperm should have been collected because the man was an organ donor, the man lacked medical paperwork dictating his wishes. Without proper end of life documents, the girlfriend cannot serve as his power of attorney.
Topics: Estate Planning
Property Transfers to Family and Tax Consequences
Property transfers to family members can have tax consequences. Business owners should have estate plans, but many owners are unaware of the tax implications associated with recapitalizing their business entities to help family members. Business owners probably already know that sales of stock, for example, have tax consequences. Selling stock for an amount for more than was paid for it (“in excess of basis”), results in a taxable gain. However, they may not realize that there are other transfers of property that also result in taxable transactions.