Join us this month as we discuss Medical Alert Systems and Seniors with an article detailing the 14 best Medical Alert Systems. Also, check out our Summer 2019 Information Seminar schedule.

July 2019 News
Information Seminars - Summer 2019
Because many of our clients ask general questions about estate planning subjects, and because these topics can be overwhelming and confusing, we are offering free information seminars to existing clients and the general public. We will cover a variety of topics, including estate planning, probate and trust administration, Life Care Planning, special needs trusts, and guardianships/conservatorships. 

There is no cost or other obligation for attending, but we do ask that you call in advance for a reservation so that sufficient seating will be available. Please call 757-969-1900 to register. We look forward to seeing you soon!
Seminar Schedule Summer 2019


Basic Estate Planning Principles
Meredith Maust and Catherine Sears
July 9th /10:00-11:00 a.m.           

Life Care Planning-What Is It?
Catherine Sears
July 9th /4:30-5:30 p.m.

Medicaid Planning & Asset Protection
Catherine Sears
July 17th/10:00-11:00 a.m.

Estate and Trust Administration-
What Happens When I Die?
Helena Mock and Meredith Maust
July 18th 11:00 a.m.-12:00 p.m.

Guardianships and Conservatorships in Virginia
Meredith Maust
July 22nd 4:30 p.m.-5:30 p.m.

Planning with a Special Needs Beneficiary
Helena Mock
July 29th 4:00 p.m.-5:00 p.m.

Life Care Planning - What Is It?
Catherine Sears
July 30th 3:00 p.m.- 4:00 p.m.
Medical Alert Systems and Seniors
Aging is a part of life for all of us. With the aging process comes challenges and safety issues that we sometimes don't want to think about. As technology continues to advance, seniors in 2019 have many options to help bring peace of mind not only to themselves, but also to their family and loved ones.

According to the Centers for Disease Control and Prevention , one out of every four older adults falls every year. One out of five of those falls are considered serious, which means that they result in an injury such as head trauma or a fractured bone. Seniors who have experienced one fall are twice as likely as the general senior population to fall again. Therefore, if you or a loved one is at risk for falling, it is important to have a plan in place that can quickly alert others that you are in need of assistance.

There are numerous home medical alert systems in existence that provide this service. Recently, Caring.com published a list comparing a variety of these alert systems to educate the public on differences in services, price, and quality. Click here for the full list, and remember to schedule a Life Care Planning consultation with our office to discuss more creative ways of helping you age in place in your own home!
Monthly Mind Game
Cryptic - Crossword
Do you need a challenge today? Need to wake up your brain? Well, look no further! The Daily Cryptic Crossword is here to save the day. Once a day, play this puzzle to add some deep thought to your life. And if you finish today's puzzle, there's another one waiting from yesterday... Click here to play.
Recipe of the Month
Summer Chicken Salad with Grapes and Pecans
This Chicken Salad with Grapes Recipe makes a quick, delicious meal! It also has roasted nuts for the best chicken salad recipe and makes a great chicken salad sandwich too! Click here for the recipe! Thirsty? Try this Summer Solstice Wine Cocktail!
In case you missed it...
The Family Limited Partnership
By Helena S. Mock, Esq.
Estate Planning is a complex area of the law because it deals with so many different issues, from asset protection to taxation and almost everything in between. There are a variety of different legal strategies and tools that have been developed and are regularly used to assist in reducing the value of an estate for estate tax purposes while maintaining control and keeping the assets in the family. 

One of these strategies is the use of the Family Limited Partnership (“FLP”) or Family Limited Liability Company (“FLLC”). With this strategy, a property owner can give away the underlying equity interest in an asset while still retaining managerial control over that asset. FLPs are most commonly used as vehicles for making gifts of interests in real estate and family-owned business interests. With an FLP, you title assets in the name of the FLP and then gift partnership interests in the FLP to others. It is like giving away pieces of a pie. However, because each piece is valued individually, the sum of the parts does not necessarily equal the whole. The fractional ownership of property by multiple individuals allows for the artificial “discounting” of the value of each individual’s share upon their deaths, thereby reducing estate taxes. 

But why are discounts for these interests available? Very simply, it’s because no buyer would pay full price for a fractional interest in a closely-held FLP since profits are shared with the other partners, and the buyer may not have control over how the FLP is managed or when it will be dissolved or the assets sold. The overall value of the property is only artificially diluted by this process, however, because at any time, the partners can agree to dissolve the FLP, and upon termination of the partnership, the assets almost magically return to their full underlying value. 


To continue reading about family limited partnerships, click here for the full article.
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Sincerely,
 
Helena S. Mock, Esq.

THE PENINSULA CENTER
FOR ESTATE AND LIFELONG PLANNING 
461 McLaws Circle, Suite 2
Williamsburg, VA 23185 
Phone: 757-969-1900