Law Office of Paul Heatherman  P.C.   Bend Oregon - 541-389-1010

Plan for Goodwill,
Don't Assume It

People don’t fight over money, they fight over memories. People think, ‘I’m not a millionaire so why should I worry?’ Then their heirs end up fighting over a watch.

Experts say a family that communicates before death can avoid such family-wrenching spats. So, ask the kids. Or, kids, tactfully speak with your folks about this.
Source: The Bulletin

The Importance of Living Wills

Doctors, out of liability concerns, will not make life and death decisions such as whether to provide food and water, only water, pain medication, etc. without express written instructions as provided under Oregon law.

A living will, otherwise known as an advance directive to physicians, gives specific instructions to the doctor if you become incapacitated. These include the type of nourishment and medical care provided. Incapacity might be caused by coma, severe pain, and advanced progressive illness.

Spouses, Did You Know...

Attention husbands and wives - review your wills. You can be cut out of a will; there is no law against it.

If that happens, Oregon law only protects 25% of the probate assets for you. Any gifts the spouse gave to you during his or her life, plus any joint property can be deducted from that 25%.

What Will Become of Your Pets When You Are Gone?

Many of us love our pets and treat them as a member of our family. But we don’t include them in our estate plans. What would happen if the family passed away all at once, for example, while on vacation?

Here’s some tips:
• Find a trusted friend or relative who knows the pet and is willing to care for it. Secure an agreement in advance and pay the person in advance to keep the agreement enforceable.

• Appoint a guardian for your pet in your estate planning documents and make a conditional bequest. If the person is unable to take the pet, the money does not go to the guardian.

• Give written instructions for your pet to a friend or relative (and don’t forget to give that person the house key). Write a letter of authorization to handle expenses and take custody of the pet in the event of death or incapacity. Finally, confirm this in your Power-of-Attorney.

Lifetime Gifts, In-Home Care Directive and More

An elderly couple presented us with a copy of their living trust. They thought their financial affairs were in order so that they would avoid a costly and lengthy court probate.

Paul Heatherman discovered that some of their assets, in the form of notes receivable, had not been placed into the trust. So we corrected the problem. Because they had well over $1,000,000 in assets, Paul advised them to make lifetime gifts, and they did, which saved them from paying up to 55% in death taxes.

Paul also amended their trust to include provisions for in-home care and made their wishes clear that if they become incapacitated, they were to be cared for in their own homes, not a nursing home, to the maximum extent medically possible.

To avoid having an unscrupulous relative try to get them declared incapacitated in order to take over their assets, we made it clear that not one but two family doctors had to declare that they were incapacitated before they would lose control of the trust assets.

Establishing a Trustee for Son's Inheritance

A widow came into our office and presented us with her will. She was concerned about her son, who was likely to be irresponsible with any proceeds and would probably spend his inheritance foolishly.

Paul Heatherman drafted a trust that put the proceeds into the care of a responsible trustee, who would not distribute money to the son unless he entered college and progressed with his studies.