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Hi. I’m Batman.

 

Much to our disappointment, we are not actually Batman and Robin. We do not have x-ray vision, we can’t fly and we also can’t shoot webs at people to stop them in their tracks. Unfortunately, a “Power of Attorney*” has nothing to do with having super hero powers; it does, however, allow people to help you in your time of need.

Most people think about a Power of Attorney only being active when you are unable to handle matters on your own; to the contrary, it can be used when you don’t want to handle matters on your own. Think about these typical situations:

1. You have a financial account but you partner, daughter or nephew is more financially savvy than you. If you give the financial institution your executed document and a quick verbal confirmation that the document is still active, they are able to engage in conversations or perform transactions on your behalf.**
2. Your child reaches the age of 18. If you were to call your child’s college or university to discuss something, even tuition payments, the administration has no obligation to talk with you. Similar to above, an executed Power of Attorney and quick confirmation will allow for communication to occur between you and the administration.
3. Selling a house. This situation is usually slightly different because a Limited Power of Attorney is typically used rather than a “durable” one. The limited version only allows the person to help you for specific purpose rather than a more broad ability. We routinely have our sellers sign a Limited Power of Attorney so that we can sign closing documents on their behalf.

As always, please let us know if you have any questions or concerns about this or any other matter.

Warm regards,
John & Faye

* This refers to a Durable Power of Attorney.
** This can also be accomplished by having the person listed as a co-owner of an account; however, once the person is a co-owner, they also have inheritance rights to that account.

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Picture This.

“Picture this…Sicily…1922…”
–  Sophia Petrillo, Golden Girls

Fun fact: When we came up with the title of this newsletter, we were not thinking about the Golden Girls; however, as soon as the words were typed, we heard Estelle Getty’s voice and, literally, couldn’t stop laughing. Now the voice and the delivery of that infamous line will be stuck in your head, so YOU’RE WELCOME!

The actual reason for the title came from the priority and emphasis that one of our recent clients put on family pictures when creating her estate plan.  The woman did not have a lot of material possessions or financial assets, but wanted to make sure that what she did have was protected and would go where she intended.  She spent months finalizing her intentions.  To her daughter, her wedding ring. To a second daughter, her angles. To another child, some collectible dolls.  What struck us was the specificity of a gift that she gave to each person:  photographs of themselves with her.

At first, we were a bit surprised with the detail to which she gave the sharing of her photographs. More often than not, photographs are not mentioned and they go in the general pile of personal property to be distributed after death. She had already assembled envelopes with photographs therein, but also wanted her wishes known in writing.

We couldn’t help but think about what she was really gifting with the photographs: memories. Do people enjoy gifts of real estate, diamonds and artwork? Of course, but the items which are usually sought are the more sentimental things, like Caesar salad recipes, a homemade blanket or favorite candy dishes.  What most people really want when someone passes away is to preserve our memories of them and recollection of experiences that were shared.

When clients are pondering how to distribute assets, we typically recommend that their personal items go into a Letter of Attachment. The document sits on the side of the will and can be changed at leisure without the need for formal execution. We recommend that this is where people leave heartfelt messages, as well as those sentimental items.

In honor of our client,  who was a ray of sunshine, we leave you with a little Sophia to brighten your day:

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Legacy.



We spend a lot of time helping people plan for their future. The ‘future’ can mean so many things to people. Buying a new home? We’re here for you. Adopting a child, getting married or divorced? We can help you with those transitions too. Thinking about what happens if you were to become cognitively impaired or pass away? We are happy to discuss if we can help with those life events.

One of the things that we don’t typically address during estate planning consultations is what happens with your social media accounts after you die. We often will suggest to people that they update a list accounts and passwords regularly so that their Personal Representative, Health Care Proxy or Power of Attorney will have access to important records; however, we don’t know if people think to give passwords to their social media accounts or just the more traditional accounts, like savings, checking and investments.

With so many people documenting their lives on social media, these platforms have become personal documentaries. What happens when you are no longer alive? Unfortunately, your account can be locked and memories are instantly gone.

We of know a lovely widow who way spent too much time after tragically losing her husband fighting to have access to and preserve his social media page. Without it, she would lose so many memories, stories and photos. This should be the last thing that anyone should have to worry about after losing someone, but those memories become all that more important when the person is gone.

By contrast, we have a friend who passed away approximately 10 years ago. Her account is seemingly being maintained by her husband.
Every year, on her anniversary, her friends and family can post photos of their ice cream tribute to her. It’s a nice way for everyone to connect, also letting her husband and children know that she is remembered (and they are thought of also). It may seem silly to see so many ice creams,
but for anyone who has lost a loved one it’s actually quite meaningful to know that they are all thought of on an otherwise typical day on the calendar.

Did you know that you can protect your accounts in less than five (5) minutes? Most social media platforms offer a legacy or memorialization option. It takes moments of playing around with the settings area on the site or app but creates an opportunity for someone to manage your account.

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Which is Correct: He, She, or They?

“It depends.”

Yes, that is a very lawyerly answer that we give so often and under so many circumstances; however, we cannot, as lawyers, tell someone whether to identify as a male or female.

People recently highlighted a family with a six year old transgender daughter. The parents made the choice to allow their child, who was assigned male at birth, to fully transition to a female at the age of four. Although it was surprising to read about a child who had transitioned so young, it is not shocking that a child of that age made it clear to their parents who they were and how they identify.

Transgender laws are developing.  Many of the current laws specific to the transgender community involve civil rights, but others include change of name and hate crimes.  We expect that many other areas of law will continue to evolve and change as well.

Some resources that might be useful:

http://www.mass.gov/courts/case-legal-res/law-lib/laws-by-subj/about/transgender.html

http://www.apa.org/topics/lgbt/transgender.pdf

http://www.glaad.org/transgender/transfaqhttps://

www.aclu.org/know-your-rights/transgender-people-and-law

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Five Rings.

We are going on a limb with this one: Tom Brady and Gisele Bundchen likely have a prenuptial agreement. We haven’t seen it, but hopefully, he made provisions for him to retain all of his Super Bowl rings and his MVP trophies if their marriage ends.

 

If at the time of the marriage, Brady disclosed that he owns three Super Bowl rings and a couple of trophies, but didn’t make provisions for the future? In that case, his wife may have a claim for rings and trophies for the fourth and fifth as marital assets. OUCH (especially for number five).

 

We love prenuptials for average couples because they create an opportunity for them to have uncomfortable conversations about their priorities and financial future. Have you been married before? Do you have children? Do you have some savings or a home? If the answer to any of those questions is “yes,” then a prenuptial is an important legal protection for you.

 

Protections typically include division of property, alimony, debt, life insurance, health insurance, and what financial support children from a prior relationship might get during the marriage or when the parent dies. In order for a prenuptial to be valid, the following conditions must be met:

  •          Both parties must make full disclosure of all assets and liabilities;
  •          The agreement must be fair and reasonable at the time entered into by the parties;
  •          Both parties must be represented by counsel;
  •          Both parties must sign the document prior to the wedding;
  •          Both parties must sign the document of their own free will;
  •          Both parties must have the capacity or ability to sign the document; and
  •          The agreement must also be fair and reasonable at the time of divorce.

 

Given the second look at the time of divorce, it would be unlikely that our GOAT would lose his fourth and fifth rings if they were not protected in a prenuptial. That would just be unfair and unreasonable, wouldn’t it?

 

On to SIX!

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