by Verena MeiserVerena Meiser was admitted to the State Bar of California.
Verena Meiser was
admitted to the State Bar of California. With her new credential, Ms. Meiser will be able to support her estate planning clients with family and property ties to California.
by Verena MeiserPlanning for a Special Needs Child
Planning for a Special Needs Child
Planning for special needs individual is complex. Each case is specific to that person’s needs and abilities. The families I work with know that what we try to resolve together goes beyond legal matters. We take a team approach to our comprehensive planning and focus on everything from financial security, safe housing, quality caregiving, and strong advocates, to building and providing a support structure for their loved one that allows him or her to live with the greatest possible degree of independence.
Continuing eligibility for available services is key to any special needs plan. Our planning addresses social security, medical assistance (Medicaid), home and community-based waivers, and services with the DDA—the Developmental Disability Administration.
We develop special needs trusts that provide the overarching plan for the entire life cycle of the special needs individual. There are several types of special needs trust and we help families choose the right ones.
Modern special needs trusts often include provisions for a Caregiver and an optional Advisory Committee. A Caregiver will be intimately familiar with the special needs individual’s behavior, social contacts, and health. Caregivers can be a valuable source of information for health care professionals, as well as the trustee of a special needs trust. An Advisory Committee consisting of professionals familiar with the trust beneficiary can advise the trustee on the beneficiary’s status and needs that require financial support from the trust. Caregivers and Advisory Committees are of particular value in situations where the trustee does not live near the beneficiary.
Special needs planning is for the long haul. We will work closely with you, be strategic and give you peace of mind.
by Verena MeiserCharitable Donations for International Causes
Clients have asked me how they could make charitable donations to good causes abroad. Some have discovered schools or clinics or other great organizations while traveling and would like to make tax-deductible donations. There are a number of ways to give and make a meaningful difference.
To relieve hunger, support women, help after natural disasters, contribute to the development or support any other general category of need, consider donating to a US charity that provides aid internationally. Such organizations are recognized as 501(c)(3) organizations and donations are tax-deductible. Among these are Oxfam America (www.oxfamamerica.org), Global Fund for Women (www.globalfundforwomen.org), The Global Exchange (www.globalexchange.org), International Development Exchange (www.idex.org), Development Gap (www.developmentgap.org), Funding Exchange National Grants Program (fex.org), American Red Cross (www.redcross.org) and Grassroots International (grassrootsonline.org).
For charitable deduction planning at this time without having a particular charity in mind, domestically or internationally, a donor-advised fund may be the solution. Assets can be set aside in a donor-advised fund for a charitable deduction. A donor-advised fund through a national charitable fund, such as Schwab Charitable (www.schwabcharitable.org) or the Calvert Foundation (www.calvertfoundation.org) permits selection of a charity, domestic or international, at a future time. Most donor-advised funds require a minimum contribution of $5,000.
Charitable beneficiaries for funds held in the donor-advised fund can be identified in two ways. Either find a US-based charity that provides services abroad, such as Doctors Without Borders (www.doctorswithoutborders.org), which provides emergency medical services abroad, the American India Foundation (aif.org), which works on social and economic change in India, or the Grameen Foundation USA (www.grameenfoundation.org), which gives microloans in many countries. Or, use an intermediary organization that provides tools to search for legitimate and effective charities in other countries for a small fee. Among such organizations are Give to Asia (www.give2asia.org), which supports a variety of causes throughout Asia, or Rockefeller Philanthropy Advisers (www.rockpa.org) that works in remote areas of the world. These organization’s websites are impressive planning tools and worth checking out.
Anyone who wishes to set up a new charitable organization that qualifies for 501(c)(3) status and operates abroad needs to consult with an attorney with experience in establishing nonprofit organizations. The US tax policy that underlies the IRS recognition of domestic charities is based on the idea that lost tax revenues are balanced by reduced demands on government funds by social programs that benefit from those charitable donations. Gifts and donations to support foreign charitable organizations or international organizations, on the other hand, don’t have that impact within the United States, and the income tax deduction is more difficult to get. Non-profit law can be confusing and the attorney can navigate you through tax treaties and Treasury regulations.
In summary, there are ample choices for general gifts to international causes through established US charities, there is the option of making targeted grants with the help of planning tools offered by intermediary organizations, and there is the option of establishing a new charity with the advice of an attorney.
by Verena MeiserHow to prepare to meet with an estate planning attorney
How to prepare to meet with an estate planning attorney
So you’ve made that call and have scheduled your first appointment with an estate planning attorney to discuss creating your will or trust. Congratulations! The hard part is done, but there is still a bit more work that you need to do before that first meeting. While it may be tempting to go in unprepared and let the attorney take charge of the discussion, it’s actually far more productive if you come prepared and armed with important information. The more organized you are before your meeting, the more your attorney can successfully help you make the right choices.
Questions to think about before your first meeting
Before you meet with an attorney, you should think about what your goals are for your end-of-life plan and your property after your death. Who, for example, do you want to be the person who will be financially responsible for your estate (your executor, personal representative or trustee, who makes sure that your money and assets are distributed in accordance with your wishes)? And, if that person is not available or cannot perform those duties for some reason, who would be your second choice? If you have minor children, who will take care of them if you die? Additionally, you’ll want to have a general idea of who is going to get your money and property, including whether or not you want to give part of your estate to a specific charity or to a person who is currently a minor.
Although it’s challenging, you’ll also want to consider what you’ll need in the event that you become unable to make decisions for yourself. What will you want your care to look like, and who will you want to be in charge of your care. Making an end-of-life plan is a difficult but necessary way to plan for a more secure future. You’ll want to think about what your medical directive will look like. Do you know if you’d want to be on life-support or in hospice care? Who do you trust to make those decisions for you? By knowing, even in a general sense, what you want in your later life, you’ll be able to craft a plan with your attorney that is in line with your needs and desires.
What to bring to your first meeting with your estate planning attorney, and what your attorney needs to see and know
You should come to your first meeting armed with some key information and documents, which will allow your attorney to move forward with your plans quickly and effectively. This information includes:
List of family, including their names, ages, and contact information. Remember to include your spouse, children, living immediate relatives, as well as former spouses. Also, if there are others who will be involved in crucial decisions (i.e., executors, guardians, beneficiaries, etc.), make sure to include those names and contact information on your list.
Information for both retirement and non-retirement assets, such as your bank statement, stocks, bonds, and other investments, 401 (k) statements, IRAs, pension statements, and the like. Your attorney is not looking for the hard and fast numbers here. Rather, he or she is getting a sense of your combined financial assets and future projections of assets. Your attorney will also want to explain how each type of asset should be planned for your particular family situation.
Record of real estate and lists of personal property, including your home and mortgage, rental properties, vacation properties, or investment properties. You’ll also want to include a list of personal property that is either financially or emotionally valuable. If you own your grandmother’s engagement ring and want it passed down to a specific person, your attorney will need to know about those special requests.
Remember, you don’t have to stress over every detail, or wonder if you are forgetting something crucial. Your estate planning attorney should be a skilled questioner that can hone in on unusual or difficult details in your assets. However, by bringing in the standard documents and having a broad sense about your end-of-life wishes, your attorney can effectively lead you on the path to a well-planned future.
If you think you are ready to meet with an estate planning attorney at Lewicky, O’Connor, Hunt & Meiser, LLC, make an appointment today.
Verena Meiser has 16 years of experience as a trust and estates attorney. She has been practicing law in Columbia, Maryland for the past 12 years. She specializes in estate planning and asset protection, special needs planning, elder law, VA planning, estate administration, trust administration, and trustee support
by Verena MeiserPicking an Estate Attorney
How to pick the estate planning attorney that’s right for you.
An initial meeting with an estate planning attorney can be a nerve-racking encounter. In my experience, many prospective clients put off making important decisions about their end-of-life plan, sometimes because they are nervous about the amount of savings they have (or don’t have), and sometimes because they don’t want to make uncomfortable decisions. But your meeting really shouldn’t be stressful. A good estate planning attorney isn’t here to judge your financial situation or berate you for not saving enough. What your attorney should do, however, is listen to your concerns and guide your planning solutions to deal with any unique challenges you have. Most clients, if they’ve picked the attorney that’s right for them, leave their meetings feeling more confident and prepared for the future.
Find a good communicator.
First and foremost, you want an attorney that helps you feel comfortable and confident. You and your lawyer will need to go over many challenging topics, including who will raise your children if you pass away while they are still minors, how you will take care of yourself if you become incapacitated, and who among your loved ones can realistically act as the executor of your estate. A good estate planning attorney will ask the right questions to get a sense of your needs and complexities. Essentially, you need your estate planning attorney to be a careful and competent listener, who can hear what you say and recognize what you may have forgotten to mention.
For example, I find it productive to have clients discuss with me their experiences with their own parents or siblings. Such conversations lead to the selection of the best available support network including appropriate health care and financial agents. It’s crucial for me to get a complete sense of the person and his or her extended community. Good communication allows me to discuss the hard questions my clients have.
Work with someone who has experience with your specific needs.
Secondly, you want to pick the estate planning attorney whose expertise matches your needs. The attorney should also have experience in estate and trust administration. This additional experience means the attorney knows how to keep in mind how your plan should be implemented someday and can avoid complications. Additionally, you’ll want to know if the attorney has experience in both wills and revocable living trusts, as well as a good understanding of how the need for assisted living or a move to a nursing home can affect your plan. More broadly, you’ll want an estate planning attorney who can look at all the elements of your life and choose the plan that is right for you. So, for example, if you have minor children, you’ll need to think about the structure of the trusts you set up for them and who to nominate as their Guardians in your Wills. Or, you may want to make specific cash payments to individuals or charities, and you’ll want an attorney who is experienced in charitable disbursements and inheritance taxes.
Ask them about how they follow up.
A good estate planning attorney will tell you when you should get back in contact to reexamine your estate plan. As your life grows and changes, you want to make sure that your plan is still working for you. I tell my clients I can be reached anytime to discuss if any updates are needed, but it is vital to revisit the plan whenever they have important life changes (i.e., they buy a new house, receive an inheritance, or have a new member added to their family). It’s key to know when to revise your plan, and to feel comfortable calling your attorney with any questions.
With the right estate planning attorney, you will feel more confident about your future, regardless of the size of your estate.
If you think any of these concerns apply to you, give yourself peace of mind and make an appointment with an estate planning attorney at Lewicky, O’Connor, Hunt & Meiser, LLC today.
Verena Meiser has 16 years of experience as a trust and estates attorney. She has been practicing law in Columbia, Maryland for the past 12 years. She specializes in estate planning and asset protection, special needs planning, elder law, VA planning, estate administration, trust administration, and trustee support.
by Verena MeiserKey Reasons Why You Should Hire an Estate Planning Attorney
What is an estate planning attorney and what does he or she do?
Estate planning attorneys help you prepare for the unexpected. They are professionals who help take you through the specific set up of support networks in the event of a physical or mental disability. They walk you through questions to develop the plan that distributes your property upon death in regards to who receives it, and how they get it.
Why should I hire an estate planning attorney?
You may think that you don’t need an estate planning attorney to set up your will or create an end-of-life plan. I don’t have a Swiss chalet or a house on the beach, the thinking goes, so I can just use a DIY template from the Internet. Many experts caution against using legal templates. In many cases, templates are unable to handle more complex situations or are not compatible with various state laws. A DIY template is also more likely to be declared invalid for missing key pieces of information or being improperly signed. The last thing you want is for your beneficiaries to end up in court, or worse, for your end-of-life wishes to not be recognized because something wasn’t notarized correctly.
What if my estate planning needs are very simple?
Remember, it’s not the size of the estate that determines complexity. Some needs are just more complicated and require a larger breadth of knowledge. This is where talking to a real person is preferable to a machine. A good estate planning attorney knows the right questions to ask and can take into account your unique needs. For example, an attorney can guide you through the current state of the law regarding your options for health care decision making. They can also discuss the traits to consider as you choose financial agents for your powers of attorney, or help you choose the right executor for your estate. If you have minor children or children with special needs, it is crucial to protect them financially. The attorney can make sure that your plans are aligned properly with your assets to turn these wishes into a reality.
What are the laws in my State?
Does your state even have estate taxes, or are there distinct state taxes for properties of non-residents? Are there inheritance taxes in your state if you chose to will your assets to your children? These are the kinds of questions your lawyer can answer when assessing your estate. An estate planning lawyer will be able to flag unique issues relevant to your holdings with regard to the differences in state laws. In addition, if you
have property or holdings in two or more states, an attorney can help you navigate the state laws pertaining to both residents and non-residents.
Are estate planning attorneys expensive?
Many people choose a DIY template because they (rightfully) don’t want to spend extra money on something they could do themselves. However, if there ends up being any mistakes in the template, your beneficiaries could end up in expensive court cases down the line. A more reliable and cost-effective method is utilizing a lawyer to help you and your beneficiaries set up an estate plan. With a living trust, for example, you can (in some states) transfer funds to avoid larger administrative costs and eliminate probate. Your attorney would help you navigate the complexities of the inheritance tax system to get the maximum allotted amount of assets directly to your beneficiaries. By getting the job done correctly the first time, an estate planning attorney can help you to save money in the long run.
If you think any of these concerns apply to you, give yourself peace of mind and make an appointment with an estate planning attorney at Lewicky, O’Connor, Hunt & Meiser, LLC today.
Verena Meiser has 16 years of experience as a trust and estates attorney. She has been practicing law in Columbia, Maryland for the past 12 years. She specializes in estate planning and asset protection, special needs planning, elder law, VA planning, estate administration, trust administration, and trustee support.
