welcome back I'm here with bill O'Leary
he is a lawyer
he owns legacy law and Planning Group
thank you so much for being here you
know this is a time when we're talking
about all the things that go in as we
age or if you have an aging parent to
make sure all their eyes are dotted I
guess and they're T's are crossed and
one of them is to make sure that you
have a will that your that your wishes
are written down and are executed and as
you would like and that is exactly what
your law firm does that's right that's
right you know Karen good planning
addresses two important things number
one making sure that you take care of
yourself while you're alive and then
secondly making sure that your family is
taken care of after you pass away so for
example how might you plan to take care
of yourself while you're alive well let
me ask you the question what would
happen to you if you become
incapacitated you become legally
incapacitated which doesn't necessarily
have to be from some aids-related
Congress car accident stroke and like a
blink of an eye you are in capacitance
for you who's gonna make financial
decisions for you healthcare decisions
these are important powers of attorney
and so forth important things to have in
place is that far too many people do not
have any have in place and really leave
their family with a mess to clean up
in that situation then secondly when
they pass away taking care of their
family at least having a will in place
and for older people often a a trust is
a is a good solution again rather than
leaving your family with a mess all
right do you think that people just
postpone this because it's a difficult
maybe topic you know to talk about
nobody wants to think of themselves dead
so nobody really wants to talk about
that or is it just you know what what
are you fine yeah I find it's it's at
the very bottom of the priority list and
it's the last thing that people want to
to talk about or if they've thought
about it they say well there's always
tomorrow right there's always next week
you know an interesting statistic I ran
across is for somebody that at least has
a will or a trust in place the average
length of time between having done it
and picking it up again in
and revisiting it because things change
in life that average length of time is
19 years so I ask yourself do you think
anybody has been caught in that 19 year
period saying sure I want to do this I
want to go make some changes and they
never got around to it it's those
changes that worry me somebody's falling
out of favor with with a relative yes
they're getting written out of the will
right it's right after you've seen that
too
okay you know here's a question for you
and I know you get asked this a lot
how can someone protect their child's
inheritance from maybe if they go
through a divorce or if they're married
to somebody whose ex-wife or ex-husband
says they wait a minute I was a part of
that no you're not at least you're not
now because these are the changes we're
talking about what can you do in a
situation like that I get that question
all the time
I love my children but the last thing I
want is for half of their inheritance to
go to the son-in-law the daughter-in-law
we jokingly refer to them as the outlaws
and sylheti in-laws it may be a
son-in-law you haven't met I met yet
yeah or maybe you have and he may be
fine may not be fine even if he is fine
people change over time so I want the
inheritance to stay in the family how do
I do that well there are ways that can
do that and that's primarily by setting
up a trust so that in in effect the
inheritance goes into a lockbox a
restricted lockbox and when you've
passed away your child can can receive
money from that lockbox but if they do
go through divorce that lockbox is
off-limits to any divorce settlement
that there might be you know money can
also bring out the worst of people in a
time like this where you're trying to
you know grieve and you're going to the
bereavement process you you may have
siblings at it for you know this is what
mom would have wanted this is what mom
told me but well if she didn't put it in
writing it's it's yes I had the story
where our mom passed with two adult
children she was a widow she had her her
wedding-ring
and her husband's gold watch upon his
retirement and then he wanted the watch
she wanted the watch to go to the son
the wedding ring to go to the daughter
but she didn't tell anybody
yes she did and there were such a close
family she passes away they fought
because they wanted the other item and
they haven't spoken for eight years
oh so that's that's see that's a tragedy
so so coming to see you can alleviate
some of that and let's talk is it
possible to protect your assets if you
end up needing long-term care assistance
how do you protect your assets in a case
like that
well long-term care the statistics are
alarming the number of people that will
need some sort of long-term care whether
that's care in the home assisted living
nursing home well most people think the
only way to pay for that is with your
own resources your own money but with a
nursing home at almost ten thousand
dollars a month on average for private
pay it goes through money pretty quickly
there are ways to protect some of what
you have that you spent a lifetime of
saving you can protect that as you come
to the point of needing long-term care
ok well that's some some good
information you will of course be out at
the silver tsunami on Tuesday May the
15th to answer people's questions also
give bill a call you're giving everybody
anybody that's watching a special value
yes so what I'd like to do is offer
those that are watching an offer of a
gift of a free consultation which is a
seven hundred and fifty dollar value if
they call in by this Friday if I have a
clock this Friday to schedule an
appointment then they can receive the
gift
now obviously the appointment would not
take place this week but they need to
make the call by this Friday in order to
qualify for the gift but it's good it's
good for all of us to really be thinking
about this not even if like you say a
car car accident or something unexpected
it could take you out like that if you
don't have plans in place
absolutely information thank you Bill
thank you Ken
Janie Turner from Moose Haven we'll be
back in a moment to wrap things up and
tell you more about the event back in a
moment
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