Advance Directives: New Year, New Chance to Plan

PaperworkPaperworkWhat Should I keep? Sorting through the paperwork of a deceased loved one is a daunting task. It is important to know what to keep and what to discard. Here are some helpful tips.  Deeds, Titles and Vehicle RegistrationsDeeds and titles to property may not be obvious on the face of the document so it is important to read everything carefully. Keep anything that has a legal description (Lots and Blocks or Metes and Bounds), a vehicle identification number (VIN), contains the word title, deed of trust or warranty deed.  ReceiptsSome property does not have a title such as a tractor, farm equipment or certain recreational equipment. In such cases, keep the purchase receipts for this type of property. It will be useful if there is a question about ownership, the value of the property or the date it was purchased.  Bank RecordsSave all bank records and statements. These will be valuable if a dispute arises about ownership of an account, payments or distributions made from the account and to whom. Shred unused checks.  Retirement AccountsSave all statements and records pertaining to the decedents individual retirement accounts (IRAs), 401(k) plans or pension plans.  Life Insurance PoliciesSave all life insurance policies.  Social Security Paperwork and Earning StatementsSave information about the decedents Social Security account or earning statements.  Cancel the Decedents Credit Card Accounts Nowadays, identity theft is a huge issue. Contact Experian, Equifax and TransUnion to report the death of your loved one. Request the credit report be flagged as Deceased. Being proactive prevents a lot of hassle later on.  Cancel all credit cards in the deceased persons name. Also, there may be questions about the credit card purchase of certain items or property. Save credit card statements until probate of the decedents estate is complete.  Documents that contain the decedents Social Security NumberIf you find any documents with the decedents Social Security Number and you make a determination that the documents are not going to be saved, make sure it all gets shredded.  Tax RecordsKeep the decedents tax records. There may be a question about real property valuation, exemption or other issues that can be resolved by information in a tax return.   Loan PaperworkKeep all loan paperwork including loans on property or a loan the decedent made to a relative, friend, individual or organization. This may show that there is outstanding debt or money owed to the decedents estate.  Business AgreementsSometimes people have business agreements that have been documented in writing. Such agreements may contain a succession plan, what should happen with business equipment or property, or what should happen upon the death of a business partner.  Military RecordsSave all military records just in case there are benefits owed to a survivor such as a spouse, dependent child or disabled child. Some benefits are dependent upon verification of military service during war time which occurred prior to the advent of computer records. This includes photographs taken during wartime.  Birth and Marriage CertificatesSave all birth and marriage certificates. Again, for certain benefits for survivors, such certificates may be needed.  Timeframe for Keeping PaperworkIt is advisable to keep these potentially important documents until the estate of the decedent is settled, at a minimum. Otherwise keep them at least seven years and longer if possible, especially if real estate is involved.  Contact Your AttorneyYour attorney will ask you pertinent questions and give you advice about what records to keep.  You should also review your own estate plan documents to make sure they are up to date and reflect your current wishes.  This article was written by Donna A. Schuyler, Attorney, who practices in the areas of estate planning, elder law, guardianship, and probate. Donna Schuyler Law, PLLC; elderlawboise.com. Phone 208-344-1947

A  Will or Trust: Which is Best for You?When it comes to deciding whether a will or trust is best for you, it is important to understand your options and which one is most appropriate for your situation.WillA testamentary will (simply referred to as a will) is a legal document used to transfer an estate to beneficiaries after the death of the testator (a male person making the will) or testatrix (a female person making the will). Within the will, the testator or testatrix usually names a personal representative (same as an executor) for the estate. For a will to be valid in Idaho, it must meet specific requirements under Idaho law. Revocable Living TrustsA person, during his or her lifetime, may create a revocable living trust whereby the grantor (the person making the trust), trustee (the person who has legal authority to manage the trust assets) and beneficiary (the person who makes use of the trust assets) are all the same person.  After the grantor dies, depending on the trust instructions, the trust assets may be distributed outright or held within the trust and distributed over time or upon the happening of a designated event. Revocable living trusts may be appropriate for persons who own real property in more than one state or have a blended family where spouses have children from prior relationships.Testamentary Trusts A testamentary trust is a trust within a will. A testamentary trust is created upon the death of a person as specified in his or her will. The testamentary trust holds assets within the trust instead of outright distribution to a beneficiary. A common scenario is when parents create a testamentary trust to hold assets for the support of minor children or for college education for children until they reach a specified age. A testamentary trust can also hold assets for the special needs of a disabled child who receives government benefits. Does Having a Revocable Living Trust Eliminate Probate?To avoid the probate process, all assets must be transferred into the name of the revocable living trust. A common misconception is that a list of assets attached to the trust document accomplishes a transfer to the trust. However, the correct way to transfer assets requires an actual change to the title of assets including a home, certificate of deposits, bank accounts and brokerage accounts. Upon death, any assets titled in the name of an individual, not the trust, will be subject to the probate process. For this reason, when a person creates a revocable living trust, it is best to also create a will, called a pour-over-will, as a safety net to assure that upon death any assets titled in the name of an individual are transferred to the trust and distributed accordingly. In Idaho, generally speaking, the probate process can be quite simple and relatively inexpensive.A New or Updated Estate PlanWhether a will or trust is appropriate for you depends on your circumstances. If you already have a will or trust, it should be reviewed periodically to make sure it reflects your current wishes and needs or upon any significant change in your life such as divorce or death of a spouse or beneficiary. Other important estate planning documents include a general durable power of attorney, living will and durable power of attorney for health care. This article was written by Donna A. Schuyler, Attorney, who practices in the areas of estate planning, probate, trust administration, elder law, and guardianship. Donna Schuyler Law, PLLC; www.elderlawboise.com; Phone 208-344-1947

How To Know Its Time for Senior LivingNov 21, 2022 | Life at Park PlaceWhether your loved ones are living independently or require more advanced support, a Life Plan Community offering Life Care will meet their every need. Life Plan Communities are a type of senior living option that combines an independent lifestyle, amenities and services with access to a full continuum of care on one campus.Read on to learn more about how to know its the right time for the move to a Life Plan Community like Park Place of Elmhurst.If Your Loved One Is Living IndependentlyYour loved one may live in their own home or apartment. They still want to continue living every day to the fullest, but theyre tired of cooking, cleaning, and taking care of the house, and theyre not as close to their friends as they once were.In this case, independent living might be the right choice for them.In independent living, seniors enjoy all the benefits of socialization, maintenance-free living, on-site culture, dining and amenities, and access to a full continuum of care should they ever need it. At Park Place of Elmhurst, community life offers residents opportunities to full enjoy our services and amenities, including:Interior and exterior maintenanceWasher and dryer in every residencePersonalization and moving coordinationWeekly housekeeping servicesAll utilities included, except phone24-hour securityScheduled transportationUnderground parkingWireless internet access throughout communityIf Your Loved One Needs Help with Activities of Daily LivingIf activities of daily living, also known as ADLs, present a problem for your loved one, assisted living could be the solution. Assisted living services provide daily support for things like medication management, personal care, bathing, dressing and toileting. Signs that your parent or loved one could benefit from assisted living also include:Trouble paying bills on timeDifficulty managing household tasksPoor eating habitsMobility problemsPark Place provides assisted living support for seniors at the Park Place Health and Wellness Center, with personalized care plans for each resident. Residents in assisted living can rely on services like licensed care seven days a week, nutritious meals, assistance with personal care and 24-hour emergency call systems. All of this and more are provided in the comfort of their own private apartment!If Your Loved One Lives with Memory LossMaybe your parent or loved one has been diagnosed with Alzheimers disease or has suffered an injury leaving their acuity compromised. In this case, memory support also called memory care is likely the right choice for them.Indications that your loved one might benefit from memory support include:A medical diagnosis of Alzheimers or other type of dementiaChanges in behavior or emotional stateA living environment unsuited to their unique requirementsDisorientation or confusionIncontinenceFamily caregiver is overwhelmed and exhaustedAlso part of the Park Place Health and Wellness Center, our memory support teams provide a safe and dignified setting promoting independence. With a wander management system, specialized Alzheimers and dementia training, and personalized care plans, you can rest assured your loved one is receiving just the care they need.The Right Choice for Life Care in Elmhurst, ILWhether your loved ones in independent living or requires assisted living, memory support, or something more specialized, Park Place of Elmhurst provides a safe and welcoming setting for their next chapter.