Louisiana Estate Planning and Successions

Tips for Choosing an Executor

Most folks pick a spouse or other family member to serve as executor and in most cases, that choice is appropriate. However, if you have a large estate, feuding family members or even stepchildren, you may want to select someone else. Your executor should be:

• Sophisticated enough to understand fiduciary responsibility, which is basically acting in a prudent manner on the behalf of someone else. In this case, on behalf of the estate. The executor's personal interests may conflict with the estate. Can the person you choose understand and honor the distinction?
• Well-organized and detail-oriented. The executor needs to be able to juggle a variety of tasks such as filing insurance claims, filing tax returns, assessing and paying debts and collecting detailed asset information.
• Play well with others. The executor works closely with other family members, the estate attorney and sometimes CPAs and other professionals.

For more info on duties of the executor, click here.

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Tips for Choosing a Health Care Agent

Once you've decided to prepare a health care power of attorney, the next big decision is who to appoint as your health care decision-maker. Here are some thougths. Pick someone who is:

• Trustworthy: The most important consideration is appointing someone who will do what you would want under the circumstances. This is a person committed to your way of thinking over their own feelings.
• Tough-skinned: They can hold up under pressure from family that may not agree with your decisions and/or medical professionals steering them toward a decision without proper justification.
• Take-charge: They're not afraid to ask the tough questions and keep asking until they get a satisfactory answer.
• Observant: They know you well enough to notice changes in your condition and take note of how you are being treated by medical staff.
• In the Loop: Communication is key. The power of attorney document can't cover every possible situation. Make sure your agent fully understands your thought process so that they have a framework for making decisions based on your wishes.

Click here for Tips on Choosing a Guardian for Minor Children
Click here for more information on a Health Care Power of Attorney and other health care planning documents

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Tips for Choosing a Guardian for Minor Children

This is a hard issue to face, but what if something happened to you and your spouse? Who would take care of your minor children? Even though it is difficult to think about, do your kids a favor and don't leave it up to feuding family members or a judge. Many couples never name a guardian because they can't decide on who to name. Liz Pullianm Weston, a frequent columnist for MSN Money has some good tips on choosing a guardian for your child, including:

• Think outside the box - siblings, close friends, neighbors, the child's grandparent or even the oldest child. Each family situation is different.
• Separate functions - some people are great at raising kids but lousy with money. You can name your nurturing brother as guardian and your no-nonsense sister as trustee. The guardian takes care of the personal needs of the children; the trustee, their money.
• Choose one, plus have a backup or two.
• Plan to revisit the issue - reconsider your choices as your child or children grow.

Once you narrow down the list, consider some of these factors:

• Who already has a good relationship with the child?
• Where do they live?
• Do they share your values?
• How about their age, health and financial situation?
• Are there other children in the house?
• How do they feel about being named guardians?

Source for Post: Liz Pulliam Weston, MSN Money. Read the article here.

Day Care for Your Parents

Day care centers for elders are a growing like never before. Baby boomers are increasingly searching for quality care for frail parents that are unable to stay home alone.

Here are some tips to help find the right place for your loved one from the Wall Street Journal Online:

• Visit: Just as you would visit a child's day-care center. Ask about the staffing ratio. Determine what services are available. Use your senses: How does the staff talk to participants. How does the place look and smell? Go to more than one center and visit at different times of the day.
• Check licensing and registration
• Ask about transportation
• Inquire about a discount: Some centers will cut the price if you prepay and register for multiple days per week. At St. Francis House, the daily cost of $65.45 is trimmed to $58.90 for families who prepay.

Source for Post: Wall Street Journal Online (registration may be required)

The Wall Street Journal Article uses St. Francis House, located here in Baton Rouge as an example. Check out St. Francis House here.

New Year's Resolution: Get an Estate Plan

Many people decide to do an estate plan as one of their New Year's resolutions. If you are one of them, the American Bar Association has a free guide to help you get started. The guide covers several useful topics such as:

• Transferring Property without a Will
• Making a Will
• Trusts
• Living Trusts
• Common Estate Planning Situations
• Death and Taxes
• Changing Your Mind: Changing, Adding to, or Revoking Your Will or Trust
• Choosing the Executor or Trustee
• Planning Now to Make Things Easier for Your Family

The guide is a great way to get started and prepare you for your meeting with an estate planning attorney.

Download the guide here.

Hat tip for post: Massachusetts Estate Planning and Elder Law blog.