Stone Law, LLC

Welcome to Legal Briefs, every month we will cover a topic of interest to our clients in one of our practice areas. First up Whats the big deal? Does everyone really need estate planning? The short answer is yes. Lets address why at a few key life stages.Young AdultsOnce you turn 18 years of age, you need a will and medical and financial powers of attorney (POA). Why? These documents allow for someone you trust to step in and help when needed. Emergencies and accidents happen. If you get sick or injured, a medical power of attorney can help with HIPAA, ensuring your trusted health care agent makes decisions with doctors and medical staff. Similarly, if you are unable to make financial decisions, a financial power of attorney names someone you trust to act on your behalf. A will names beneficiaries for assets and personal property and establishes your personal representative, who makes decisions regarding your estate if you pass away. At Stone Law we take the time to meet with you and help you ensure these basic estate planning building blocks meet your needs and wishes.Young Families  As you start a family its important to have a will naming guardians for minor children. This allows you to determine who will care for your children, instead of leaving this crucial decision up to a court or judge. As with any stage in life, its still wise to have medical and financial powers of attorney so decision making is easier if you are unable to act for yourself. Your spouse or significant other does not automatically have a right to makedecisions for you. Medical and financial powers of attorney are necessary to make sure the right people have authority to act on your behalf when needed. Stone Laws Young Family Plan is designed to fit easily into the chaos and busyness of your life at this stage.Older Families and AdultsAs you grow older your needs change. Estate planning should be updated every few years. As children grow, a more comprehensive estate plan can help protect your legacy for your adult children. Trusts change the way your assets and estate planning work. They allow flexibility across state lines, protection for blended families, and additional privacy. Depending on laws when your trust is signed, trusts can also plan for tax issues and concerns. Your situation is unique to you, at Stone Law we take the time to meet with you, working together to determine what kinds of planning best meet your needs and circumstances.Does it feel like theres no good time to sit down and discuss who you want in these roles when busy with work, parenting and life? You are not alone. Instead of avoiding a difficult conversation, give Stone Law a call at 877-897-6591 today. Allow us to work with you, whatever stage you are in, ensuring the process fits your busy life. Start your path to peace of mind today.

How do I navigate costs for care as I get older and need more support?We work hard for financial assets built over a lifetime and may not want those assets drained by long-term care costs or medical bills. Proper planning (including Trusts and other estate planning documents) allows you to maximize benefits, like Medicare and VA, to ensure your family home and other assets are not subject to recovery by the government. What happens when I can no longer make medical and financial decisions?While we hope to always be involved in medical and financial decision-making, sometimes that is not possible. If the power to make decisions is ever not your own, ensure you have nominated the right people for this role through Powers of Attorney. When someone has not done so court proceedings determine who will step in to make decisions for you. Understanding how the process works and what your rights and responsibilities are is critical. Do I really need an Estate Plan?Everyone needs proper documentation in place that shares your wishes. How do you want your assets distributed? Are there special considerations like disabilities or beneficiaries who need more support? Can I protect assets and beneficiaries, so nothing is wasted, stolen, or used unwisely? You can also determine who makes decisions for you while you are alive and after you pass away. Why should I have Powers of Attorney?These documents allow you to nominate someone to make decisions for you while you are still alive, for both medical and financial situations, making that person legally responsible for acting on your behalf. You can make the decision, not a court proceeding. Can I really avoid Probate?Probate is the court procedure by which your assets are transferred after you die to those you name in your Will, or to the people listed in the inheritance statutes of Colorado. Probate is public and it can take 8 to 12 months or more to resolve everything, even in the simplest of cases. A Living Trust can help avoid probate, simplifying the process for your loved ones. Editors Note: This article was submitted by Andrew P. Stone, Esq.Andrew is the principle attorney with Stone Law, LLC and may be reached at 877-897-6591 or by email at andrew@stonelawllc.com

This month on the Legal Briefs blog what do you get for the mom who has everything? Gift buying for someone who doesnt need much or is simplifying their possessions may require thinking outside the box. Consider giving mom estate planning this year.One unique idea: gifting some or all of an estate plan. Comprehensive estate planning can be an investment but is worthwhile and can give the recipient peace of mind that her family is taken care of. What mom wouldnt appreciate that?While planning for what happens if tends to be at the bottom of everyones to-do list, you dont want to wait till you need a will or trust or power of attorney to create one. Not many attorneys can draft documents or have availability to meet with clients at a moments notice. Leaving your planning to information and documents found on the Internet could create a mess for your family later.At Stone Law we aim to earn your trust as compassionate, knowledgeable estate planning attorneys. We work together to tailor a plan that suits your needs.What does estate planning mean exactly? Estate planning generally includes a will, trust, and powers of attorney.Wills are most common and allow the naming of a guardian for minor children and beneficiaries, neither of which should be left to the whim of a government official. Trust planning allows for you to skip the probate process, keeping your estate details private. There are several different types of trusts. At Stone Law we have specialized knowledge in trust planning. We work with you to understand what makes the most sense for you and your family, creating a plan that meets the specific needs of your family.Powers of attorney name trusted individuals to act on your behalf when you are unable to do so. These individuals are called fiduciaries and are legally required to act in your best interest.Medical Power of Attorney: Allows someone to discuss and authorize treatment with doctors and others caring for you.Financial Power of Attorney: Gives your fiduciary various powers to manage bank accounts, sign mortgage documents, pay bills, etc. and can be specific or more general covering a variety of situations.Moms are always thinking of everyone else. This year, consider giving her the gift of peace of mind, and maybe some chocolate or flowers. Give Stone Law a call today at 877-897-6591 for more information or to set up a free initial consultation with your mom.

What happens when I can no longer make medical and financial decisions.If the power to make decisions is ever not your own, ensure you have nominated the right people through Powers of Attorney, making them legally responsible for acting on your behalf. Otherwise, court proceedings determine who makes decisions for you. Understanding how the process works and your rights and responsibilities is critical. Do I need an estate plan? Everyone needs proper documentation in place sharing your wishes. How do you want assets distributed? Are there special considerations, disabilities, or beneficiaries needing more support? With the right planning many of these can be addressed. Is probate avoidable? Probate is the court procedure by which assets are transferred after death to those named in a Will, or to people listed in Colorados inheritance statutes. The proceedings are public and can take 8 to 12 months or more, even in the simplest of cases.  Trust planning can help avoid probate,simplifying the process for your loved ones. Editors Note: This article was submitted by Andrew P. Stone, Esq. Andrew is the principal attorney with Stone Law, LLC and may be reached at 877-897-6591 or by email at andrew@stonelawllc.com

Quite a few seniors struggle with health challenges post-retirement. In addition to run-of-the-mill aches and pains, many develop chronic health conditions like diabetes. It doesnt help that it takes a significant amount of extra work to be fit when youre older its easier to just sit on the couch and watch TV! Being in poor shape makes it hard to have a happy, rewarding life. If youd like to improve the quality of your life, you must take control of your health. Good health gives you the energy you need to pursue fun activities and, generally, lead the life youve always wanted. Following are some practical suggestions on how seniors can take control of their health for a better quality of life: Exercise more Exercise offers incredible benefits. As Everyday Health can confirm, exercisemakes you happierreduces stressmakes you look youngerreduces risk of diseases and strokehelps you digest food betterimproves your quality of sleepYou dont need to exercise hard to enjoy these benefits either. Try low-key activities like walking, gardening, cycling, and playing golf! Do whatever you enjoy and youll do more simply because you are having fun.Maintain a beautiful living space Your living space has a massive impact on your mood and overall health. Living in a dirty or cluttered home may increase stress and unhappiness, not to mention make it harder for you to look after yourself. On the other hand, living in a well-maintained space is good for your mental wellbeing and makes it easier to look after yourself. If your home needs work, you can clean, declutter, and redecorate. Downsizing for easier maintenance is also an option.  Start an enjoyable hobby Hobbies are much more than fun pastimes they can teach you things, bust stress, keep your brain in top shape, and some can even be great exercise. Everydays offers 40 hobby ideas for seniors. Some interesting options include bird watching, metal detecting, dancing, getting a pet, photography, fishing, volunteering, and bicycling.  Find some that interest you and a group for some companionship.Eat better They say you are what you eat and theyre not wrong! According to Harvard Business Review, food fuels your body and also impacts your mood. Switching to healthier foods ones high in protein, vitamins, calcium, minerals, and dietary fibers can go a long way toward keeping you in good shape. Some examples of foods you may want to consider adding into the mix include oatmeal, nuts, mushrooms, kiwis, and greek yogurt.  Stay connected to your family and community Humans are highly social creatures needing a significant amount of social interaction to remain healthy. Spending time with your family and members of your community, whenever you can, is a great way to tune up your mental and emotional health. There are several ways to get the socialization you need  joining senior groups, finding a hobby, volunteering, playing group sports, taking classes, participating in family activities, and more. Organize your lifeA well-organized life can help you feel emotionally secure and stable. This involves several things having a financial plan for the future, having chronic health conditions (if applicable) under control, and having a healthy routine to follow. Estate planning and making a will are also things you should look into knowing your affairs are in order and your loved ones taken care of can give you peace of mind. You can reach out to Stone Law  for convenient estate planning. Starting a business to stay busy Many seniors start their own businesses these days. It keeps them busy, makes for a constructive way to pass the time, and can be very fulfilling. If youre interested in starting a business, its a good idea to know what youre getting into. When you have an idea, think about how youll get started, and how youll operate. Writing a business plan can help you stay organized. Once you have a plan, check with an attorney at Stone Law to ensure you get everything set up correctly from the start. One of the most common ways to set up a business is by registering as an Limited Liability Company (LLC). An LLC limits your personal liability as business assets are separate from personal assets. If your business is ever sued, only business assets are at stake. Other benefits include easier paperwork and organizational flexibility. While you can file the paperwork yourself, getting help from Stone Law you can be confident your business is set up correctly with all the proper paperwork in place from the beginning. You can rest assured that we know all the legal ins and outs of setting up an LLC or other business so you dont have to worry.Good health is your ticket to a happy, rewarding life post-retirement. When youre in good mental and physical shape, you have the enthusiasm and the energy you need to live life to the fullest. Following a self-care schedule, staying connected to loved ones, and staying busy can all help you remain in top shape. 

What about those greedy relatives?Remember the Baudelaire children from our previous Legal Brief about Lemony Snickets A Series of Unfortunate Events? Lets look at another way parents with children of any age can protect their legacy.In Lemony Snickets tale the Baudelaire children are left with a significant family fortune when their parents die. Their uncle hopes to gain access to this vast fortune by taking in the children. When that does not work he tries to marry Violet, the oldest daughter, so he can access the family wealth. Hopefully your relatives are not awful like Count Olaf; yet, sometimes you only find out who people truly are after someone passes away. So, what is the estate planning remedy for greedy relatives or even your childs questionable spouse?Trust planning.Trust planning ensures your family fortune, no matter the amount, stays with your children; not in the hands of a greedy relative, in-law, creditor, or even used in an unintended manner by your children.There are many ways to write trusts to ensure your wishes are met. The general starting point for trust planning is a revocable living trust. When properly funded, this type of trust allows trust assets to pass directly to beneficiaries bypassing the probate process. Bypassing probate also keeps your wishes private. Additionally, if a surviving spouse remarries a revocable living trust can be built to keep existing family assets within the family. The surviving spouse can access assets but when they pass away trust assets continue down to your children and grandchildren instead of going to an unintended beneficiary.More specific concerns?Maybe you have a child with a disability? Consider a special needs trust. A special needs trust prevents a large lump sum from an inheritance going directly to a beneficiary. Instead, a trustee manages the trust and assets. Money is given on an as needed basis for anything not provided through other benefits or programs. This can be especially useful when needs based programming covers only the minimum services. This specialized trust allows you to protect and provide for your loved ones with special needs and circumstances when you are no longer able to do so, while still allowing them to maintain their other benefits.Is one of your children caught up in drugs or debt? Consider a heritage trust. A heritage trust could help in Violets situation with her uncle or if some other gold-digger comes along and tries to marry her for the family fortune. How? Heritage trust planning allows you to name a trustee who can manage trust assets. This person or institution provides the beneficiary with funds for reasonable requests (e.g., housing, education, etc.). The trustee acts as a gatekeeper. Trust assets pass from your child to grandchildren or other beneficiaries. This shelters trust assets, keeping them within your family or named beneficiaries for multiple generations. Trust assets are also protected from creditors, lawsuits, and from spouses or others not directly named as beneficiaries.What exactly is a trustee?Your trustee is the person who manages and distributes trust assets after your passing. As with any decision regarding finances, choose your trustee carefully. Appoint someone to this role who you will take their responsibility seriously. Someone you trust to carry out your wishes and manage trust assets wisely. Allowing assets to grow and benefit your family members for years to come.Remember: trusts do not go through the probate process like a will, so your decisions remain private. Give yourself peace of mind today by taking care of your estate planning with Stone Law! Make your guardianship wishes known in your will and put together trust planning to ensure your assets go where you want them to.