Our Nov 2 meeting was on Fundamentals of Estate Planning presented by Attorney Megan Selvey. Megan specializes in Elder Law & Long-term Care Planning.
Common goals of estate planning include:
- Assets delivered to correct individuals or entities
- Tax efficient outcomes
- Incapacity planning – with increasing life expectancy, this has become a big item today
- Asset preservation planning
- Fundamental documents that everyone older than 18 should have include:
- Powers of Attorney for Health care, Mental health, Financial
- Living Will
- HIPPA Medical Release
- Revocable Trust (probate avoidance)
- Last Will & Testament
- Deeds for real property
Megan gave out copies of her 21 slides plus a checklist of basic estate planning and a list of 10 common estate planning mistakes. Megan recommended that once you have a plan in place it should be periodically reviewed particularly:
- It was created prior to 2009 due to major law changes
- It has been more than 3 years since last review
- You have economic or personal changes in circumstance
- Your beneficiaries have had personal changes in circumstance
- Your named decision-makers have had personal changes in circumstance
- You have documents created in another state
The presentation was very informative and well received with many questions from members.
Big thanks to Scholarship donners – Since we obtained IRS 501(c)(3) status, scholarship donations have increased. All dues and donations are tax deductible. In future newsletters we will list donors, names only. Also, we are following IRS rules about who receives written receipts. Donations of $250 or more are the only ones which require a written receipt. Our Treasurer is grateful since he is he receipt writer and mailer.