Protecting Your Loved Ones Assets in the Event of Incapacity or Death Presented to the Brain Injury Association of South Carolina 2019 Life with Brain Injury Conference Lisa Hostetler Brown

Comprehensive Estate Planning: What is it? Why is it needed? A plan for your assets and healthcare both during your life and after death that anticipates many possible issues that could arise

Comprehensive Estate Planning: What legal documents do you need? Health Care Power of Attorney Living Will HIPAA Authorization Trust Financial Durable Power of Attorney Will

Comprehensive Estate Planning: Trusts There are many types of trusts used for many different purposes, some examples: Joint Revocable Trust for a married couple that wants to avoid probate at each of their deaths and pass assets easily to adult children Irrevocable Trust for a 67 year old with no long term care insurance who wants to protect assets from Medicaid Supplemental Needs Trust for an adult child who receives government benefits so he doesn’t lose his inheritance

Comprehensive Estate Planning: Covering the Assets It’s not enough to get your estate planning documents executed, your assets have to properly FUND your plan We use an ASSET TITLING SHEET to instruct how each asset should be titled, including any beneficiary designations *A properly FUNDED plan avoids the need for probate and the associated costs and hassle

Comprehensive Estate Planning: What about the will? Contrary to common understanding, many times it is better to set up the estate plan so the will is only a “back up” and is never actually used.

Comprehensive Estate Planning: Choosing your agents When selecting agents, select those who you think will make the decisions you would want them to make if you were able to. Fiduciaries should be financially responsible and trust-worthy. If you are caring for someone with special needs, make sure the guardian/trustee you select for them will be able to assist for as long as needed.

Probate: What is it? A person can die with both probate and non-probate assets. Probate assets must be administered and distributed through county probate. Non-probate assets pass outside of probate and are distributed directly to named beneficiaries.

Probate: With a will or not If a person has probate assets, their will generally directs how those assets are distributed If there is a will, it controls, subject to the approval of the probate court If there is no will, the state of South Carolina has a default plan in place, called intestacy.

Probate: Creditors Creditors get a chance to make claims against an estate once a Personal Representative has been appointed

Why Plan? Overall lower expense Avoid creditors Maintain government benefits Family relationships preserved Eliminate Court requirements for notice Eliminate multiple probate administrations Cut out unwanted heirs Name proposed guardians Choose your own agents Deal with potential sticky situations beforehand

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