Practice Areas
We concentrate solely on Estate planning, Elder law and Special Needs planning. Our practice includes advising clients and implementing legal planning with the following practice areas:
We concentrate solely on Estate planning, Elder law and Special Needs planning. Our practice includes advising clients and implementing legal planning with the following practice areas:
Management of Health Care Decisions During Life
Health Care Advance Directives
Guardianships
Management of Financial Decisions During Life
Financial Powers of Attorney
Revocable Trusts
Conservatorships
Joint Ownership of Assets
Long Term Care and Nursing Home Planning
Conservation of Assets
Medicaid (MaineCare) Applications
Special Needs and Settlement Planning
Insurance and Social Security Benefits
Prenuptial or Postnuptial Agreements
Estate and Gift Tax Planning for all ages
Management of Estate after Death
Wills
Revocable Trusts
Beneficiary Designations
Probate, Estate and Trust Administration
Management of Health Care Decisions During Life
Health Care Advance Directives - Health care powers of attorneys and living wills are documents that you execute in advance to name trusted person(s) that you wish to make health care and end of life decisions if you are unable to make such decisions. You can also make your wishes known regarding end of life decisions.
Guardianships - If a person does not have a health care advance directive and he becomes incapacitated, a court appointed guardian is sometimes necessary. A guardianship is necessary in the event of family disputes regarding the health or personal decisions or in the event an incapacitated person is at serious risk. A guardianship actually takes away the legal rights of a person to make personal and health care decisions for himself and usually names a family member to make such decisions.
Management of Financial Decisions During Life
Financial Powers of Attorney - A financial power of attorney is a document that names a trusted person(s) to manage your financial decisions, as well as your assets, in the event of incapacity. A financial power of attorney can be effective from the time the document is executed or can be effective only after you are determined to be incapacitated.
Revocable Trusts - A living revocable trust is a more complicated agreement to manage your financial affairs during life in the event of incapacity and also can serve as a will substitute and avoid probate.
Conservatorship - If a person does not have a financial power of attorney or revocable trust, a court may have to appoint a trusted family member, friend or financial institution to make financial decisions for an incapacitated person. Even if a person has these documents, a conservator may be appointed if the person is incapacitated, taking actions that place him at financial risk, and is not cooperative with the use of a financial power of attorney. This conservator can be the same person as the guardian under a joined guardianship and conservatorship petition filed in probate court.
Joint Ownership of Assets - This legal relationship has risks and benefits and needs to be reviewed carefully as part of an overall plan.
Long Term Care and Nursing Home Planning
Along with aging comes the risk of health issues that require in home health care, assisted living, and or nursing home care. Clients and their families are concerned with maintaining as much independence as possible, obtaining high quality of care if the need arises, and saving their hard earned assets for their spouses and families. Up to date legal advice regarding long term care insurance, medical insurance, and public benefits such as Medicare, MaineCare (formerly called Medicaid), Supplemental Security Income (SSI), and Social Security benefits, is critical to best effectuate your goals. As part of this advice, we routinely assist in the MaineCare application process for nursing home, residential care or community benefits.
Special Needs and Settlement Planning
Without proper planning, a disabled person's receipt of a lawsuit settlement, an inheritance, or a sum of money from another source may have a disastrous effect on the disabled person's public benefits. Patricia routinely works with disabled persons, families with disabled loved ones, and personal injury attorneys to evaluate goals, current health and future prognosis, and current and future public benefits so as to craft the legal tools to accomplish the goal of having the proceeds enhance the disabled person's quality of life without unnecessarily impacting important public benefits.
Insurance and Social Security Benefits
Advice regarding and assistance in obtaining the insurance coverage you paid for and the disability or age related benefits that you are entitled to. Patricia also offers advice regarding long term care insurance.
Prenuptial or Postnuptial Agreements
Advice regarding and drafting of prenuptial agreements is important for late in life second marriages for protecting estate plan goals.
Estate and Gift Tax Planning
The estate and gift tax laws have been amended several times in the last several years, and most notably in June, 2001. Under the most recently amended law, there are no estate taxes when a person dies with assets less than $1 million (tax exemption amount). This amount increases to $1.5 million in January, 2004. Gradually, the estate tax exemption amount increases and the estate tax amount decreases until the estate tax ends in 2010. However, the estate tax "reappears" in 2011. There is widespread opinion that the estate and gift tax laws will be amended again in the near future. For persons with assets potentially subject to estate tax, there are options that can be considered to reduce and sometimes eliminate estate tax. For married couples, with proper planning, they can avoid taxes on a total of $2 million for 2002. There are a number of other strategies during life and at death to reduce gift and estate taxes, including charitable giving, life insurance, outright gifts or gifts in trust.
Management of Estate after Death
Will - A will is a document that sets forth who and how a person wishes to leave his estate at his death. For parents with minor children, or families with disabled beneficiaries or children with other special concerns, such as creditor issues, the drafting of a will is important to make sure the person's goals are accomplished in the best manner. A will should also include contingent beneficiaries. If a person's estate is greater than $1 million, estate tax avoidance provisions in a will (or a trust) are sometimes helpful to reduce estate taxes.
Revocable Trust - As discussed above, a living revocable trust can act as a will substitute and avoid probate which is especially helpful if a person plans to move his residence or owns real property in different states.
Beneficiary Designations - Advice regarding beneficiary designations for life insurance, annuities, individual retirement accounts, pensions and securities beneficiary registrations is important to make sure the beneficiary designations go along with a person's estate plan and will, as well as provide the optimum income tax deferral and estate tax reduction.
Probate, Estate and Trust Administration
Personal representatives, executors, trustees, and other fiduciary positions, such as agents under powers of attorney often need up to date legal advice to administer an estate, to follow the terms of the operative instrument, and to understand their roles and responsibilities. Legal services often include representation in and filings of documents in probate court, and advice regarding potential or actual disputes.