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Dear Clients and Friends,
"April showers bring May flowers," is the mantra of spring in New England. During these rainy days take the opportunity to read the latest issue of our newsletter to learn what you can do to improve your estate planning strategy.
In "Ask SS&B...", you will learn why it is not so simple or more cost effective to create your Will online versus working with an estate lawyer who understands the nuances of each individual's situation. Save yourself time and money!
Suzanne Sayward gives advice on ways to pass assets to your beneficiaries in order to avoid probate in "Five Reasons Not to use 'Pay-on-Death' Accounts or Joint Ownership to Avoid Probate."
Do you know the differences between a Roth IRA and a traditional IRA account? Through real-life examples, Kevin Cotton and Steven Samuel outline the financial and tax benefits to be gained by using a Roth IRA to supercharge bequests to your loved ones. The numbers will shock you!
Designating a healthcare decision-maker and having a health care proxy are must-do's. Read Maria Baler's article on "Health Care Decision-Making in a Crisis," for tips and advice on how to choose an appropriate health care agent and keeping this vital information on hand and up to date in case of emergency.
The next program in our Smart Counsel Series, "Aging Life Care Professionals: What are they and who needs one?", will take place on Thursday, May 16 in our Dedham office.
As always, we encourage you to send us ideas for future articles. Please feel free to send us email addresses for new subscribers or forward this newsletter to friends and family members.
Steven Joshua Samuel
Suzanne R. Sayward
Maria C. Baler
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Ask Samuel, Sayward & Baler LLC
Q:
My daughter told me that she can get a Will form off the internet that I can fill out and that way I will avoid an expensive legal fee. If I have a pretty simple situation is there any reason why I shouldn't do this?
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By Attorney Suzanne Sayward
As an estate planning attorney, I advise clients about the ways they can pass their assets to their beneficiaries and avoid probate. This is a desirable goal for most people since probate can be expensive, time consuming, and aggravating for those you leave behind. There are multiple ways to avoid probate including: 1) owning assets jointly with another person; 2) designating pay-on-death (POD) or transfer-on-death (TOD) beneficiaries on an account; or 3) titling assets in the name of a trust. While opening a joint account and filling out a beneficiary designation form are easy, they are not the best choice in every situation. Read on for five reasons why joint ownership or a pay-on-death designation is not always the best choice if you are trying to avoid probate.
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Using Roth IRA Accounts to Supercharge Bequests
By Kevin Cotton and Steven Joshua Samuel, JD, MBA, AIF®
Roth IRA accounts allow a taxpayer to contribute after tax money to an account which is never taxed again. The popularity of Roth accounts has grown and presents unique opportunities for retirement and for supercharging bequests to family or friends after the lifetime of the original owner.
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Health Care Decision-Making in a Crisis
By Attorney Maria Baler
I recently had the opportunity to read an article in a professional journal on health-care decision-making during a crisis when nothing is in writing. It discussed a study that interviewed physicians and other health care providers caring for people who had not named a health-care decision maker and did not have the capacity to make their own health care decisions. In some states (but not in Massachusetts), state law will dictate who becomes a surrogate decision-maker when the incapacitated person has failed to do so. In most cases that person is the spouse or next of kin. However, that surrogate may have no idea what the ill person's wishes are or that surrogate may be the last person the patient would have chosen (think estranged spouse or child). In other circumstances, family members may disagree on care options. The most difficult situations are patients without immediate family to make health care decisions for them who had not designated someone else to do so. In many cases, it was unclear whether the decisions being made were reflective of the patient's wishes.
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What's New at Samuel, Sayward & Baler LLC
Here's what's been happening at Samuel, Sayward & Baler LLC!
Speaking Events
Attorney Abigail Poole, along with Attorney Tim Borchers from Borchers Trust Law Group in Medway, presented at
Peak Community Seminar's Coming of Age event, a free event
for parents, guardians andyoung adults at the Medfield Public Library on April 6, 2019. The attendees discussed the
financial & legal aspects of becoming an adult in Massachusetts, and the legal documents all young adults should have in place to allow financial and health care decisions to be made on their behalf should the need arise.
Smart Counsel Series Presentation
Please join us for the next presentation in our Smart Counsel Series on Thursday, May 16, 2019, from 6:00 pm to 7:30 pm in our office at 858 Washington Street, Dedham, Massachusetts, for our program, Aging Life Care Professionals: What are they and who needs one?
Aging Life Care Managers (ALCM) are professionals who provide consultation, guidance, and ongoing management to older adults and those that care for them. Ways in which an Aging Life Care Manager can be of help include:
- Consultations:
- Assess client needs and educate about resources
- Evaluate safety, medical, emotional, financial and logistical concerns
- Explore housing options (retirement communities of all kinds)
- Provide trusted medical, legal, financial, and caregiver referrals
- Ongoing Care Management
- Guide families through life transitions
- Navigate health care systems
- Manage home care needs
- Advocate for insurance coverage
Susan Bernat and Jill McGovern, care managers from Your Elder Experts in Waltham will share with attendees the ways in which Aging Life Care Managers can serve as a vital resource to older adults and their families.
Wine, cheese and other light refreshments will be served. Contact Kenzie Sayward at 781/461-1020 or
kenzie@ssbllc.com
to reserve a spot for you and a friend.
The program is free but space is limited so don't delay!
Other News
Attorney Sayward has once again been named in Boston Magazine's list of Top Woman Lawyers for 2019. Congratulations!
Be on the lookout for our new and improved website due to launch soon!
These articles are not intended to provide legal advice or create or imply an attorney-client relationship. No information contained herein is a substitute for a personal consultation with an attorney.
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Samuel, Sayward & Baler LLC, 858 Washington Street, Suite 202, Dedham, Massachusetts
781-461-1020
www.ssbllc.com
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