Continuing Care Retirement Communities

Continuing Care Retirement Communities (CCRC)
We talked about assisted living facilities yesterday. Another supportive housing alternative is the Continuing Care Retirement Communities. These communities offer a blend of housing complex, activity center and health care services. They can consist of independent living, assisted living, and nursing care as well as other programs and activities. Some offer specialized Alzheimer’s memory care units and programs.

There are various types of CCRC types. They differ in the nature of services included or that are optional, the payment structure, the refundability (or non- refundability) of the entrance fee, as well as the physical design features of the accommodations. The three major areas that can be used to assist in defining the types of CCRC’s are services, healthcare options and payment options. Over the next 3 days, we will elaborate upon these three major areas.

Feel free to leave your comments or contact us at http://www.ythlaw.com/

Services (other that health care/nursing care)
Most CCRC’s offer a series of services or programs that are either included within the monthly fees or may be separately purchased or accessed on-site for an additional fee. Examples include the following:
· Meals - This changed over time to reflect preference for more flexibility. Today, most CCRC’s either include a meal per day or some number of meals per month (such as 15 to 20) or offer a monthly dining allowance which can be used whenever the resident chooses.
· Housekeeping - weekly, bi-weekly, monthly, or as needed
· Transportation - on a scheduled basis to local shopping and other sites. Transportation to personal appointments and medical services may be offered as needed for an additional fee
· Activities - recreational options including fitness programs, aquatics, arts, crafts
· Other - emergency response or emergency call

Health Care Options
CCRC can offer independent living, assisted living and nursing care. Many offer all three levels of care or services, though there are some that do not include nursing care as part of the covered continuum or which offer nursing care at a separate location. There are three primary types of health care options:

Assisted Living

Today, we continue to address elder law issues. Previously, we discussed staying at home when there are acute health challenges for seniors. But, what if you can not stay in your home? What are the other options and how do they rank in meeting the needs of seniors?

There has been an increase of supportive housing alternatives. The options are no longer limited to an agonizing choice between staying at home and moving to a nursing home.

Assisted living facilities are one supportive housing alternative that has experienced significant growth. These facilities provide room, board and 24 hour supervision as well as help with some of the activities of daily living. Housing is often in small apartments where there are medical supervision and recreational options.

Assisted living facilities are not as costly as nursing home care though the expense is significant. Where the average cost in 2009 for nursing homes in Pennsylvania is approximately $7,000, for assisted living facilities, the average cost is approximately $3,000. The cost varies depending upon the level of service provided by the facility and the specific needs of the person.

Do you have an experience to share with our readers? Leave a comment or contact us at http://www.ythlaw.com/

Family Care Agreement - Personal Service Contract

We started talking yesterday about our preference to stay in the home as long as possible even when illnesses become more acute. This discussion lead to our current topic, the family care agreement or personal service contract.

The family care agreement or personal service contract has been a way to address some of the issues that arise regarding the care of an elderly family member with acute health problems. The family care agreement can cover the services provided by the family member, the fee for the service, and how that fee is paid. Another important issue that can be addressed in the family care agreement is the ownership of the family home. If the parent has to go to a nursing home, can the family home be protected from nursing home costs? In such a situation, the parent’s home could be transferred to any child who resided in the home for at least two years prior to admission to the nursing home and provided care to the parent. It must be demonstrated that the care provided enabled the parent to stay at home rather than have to go to a nursing home.

State and federal government officials are slowly recognizing that home care is much more cost-effective than long term institutional care. Depending on the state, financial or other non-financial assistance may be available for those who choose to remain in their homes despite declining capabilities.

Throughout all states, public and private agencies offer a variety of home care services that may be needed:
- healthcare in the home, either part-time or 24-hour care
- personal care services, such as cleaning, shopping, and cooking
- special services at home, such as meals programs, transportation, lawn care, and home repair
- day care centers for seniors
- financial planning and money management focused on the unique needs of elders
- programs for caretakers to take a periodic break.

A estate planning or elder law professional can help a family work through these issues and come up with an arrangement that might work for everyone or at least extreme frustration.

Leave a comment or contact us at http://www.ythlaw.com/

Elder Law - Staying At Home

I will continue over the next week to discuss the issues posed in the elder law area. You can feel free to leave a comment or ask a question in this area and I will answer it for all our readers.

As we age, certain decisions have to be made regarding our accommodations. Often families "downsize" when their children leave home. They look for a place that is more manageable for a smaller family. Consideration is also given to whether the home has stairs or not to make it easier for seniors with health issues.

Even when health issues are more acute, most people prefer to stay in their own home if they possibly can. This is not a surprise. As a result of this preference, most care is provided at home, by family or by hired help. This does have many consequences some of which may be quite unexpected.

To begin with, family members shoulder most of the responsibility of caring for elders at home. Being the primary caregiver for someone who requires assistance with activities of daily living, such as walking, eating, dressing, and going to the bathroom can be an all-consuming and exhausting task. An important consideration is the question of equity with other family members when one family member has the sole responsibility of caring for a parent or other elder relative. Should a child be compensated for the work? If the parent is living with a child, does the parent help pay for the house? If the care is taking place in the parent’s home, should the child have an ownership interest in the house?

For parents with only one child, such arrangements may not be so complicated, but if the parent has more than one child, equity does become an issue. An arrangement that seems equitable today may not seem that way after a child has devoted a number of years to the parent’s care. If a plan is set up that is fair for several years of care, what happens if the parent suddenly moves into a nursing home during the first year? With no planning for such eventualities, the care of a parent can foster resentment and guilt among family members.

The family care agreement or sometimes referred to as a personal service contract has been a way to address some of these issues. It is an agreement between an elderly person and one or more persons (family member or unrelated person) to provide care including housing if necessary for the elderly person for a specified term which may be for life.

More on the family agreement tomorrow. Leave a comment or contact us at http://www.ythlaw.com/

Retirement insurance and financial planning

Most of you have heard and all of you know that Social Security should not be your only nest egg. First of all, as have been covered yesterday, Social Security may not be around for everyone, definitely not in its current form.

That being said, it should have always been understood that Social Security is intended to supplement, not replace, the total financial resources needed by a worker at retirement. Social Security retirement benefits replace about 40 percent of an average wage earner’s income, less if the benefit is permanently reduced due to early retirement. The belief is that at retirement age your financial needs are reduced. The mortgage on your home is paid off or you downsize to a smaller home. Your children have left home and are independent or possibly providing assistance to you. You have no long term care health needs.

Ok, is this the reality for most retirees? How many are still paying a high mortgage? How many still have kids at home, grown or otherwise? Many financial planners suggest that 70–80 percent of an average wage earner’s income will be needed for a comfortable retirement. Our changed reality demands more advance planning for retirement than most people have realized.

Let us help you plan. Visit us at http://www.ythlaw.com/ for a free phone consultation. Feel free anytime to leave a comment.

Seminar Tonight - Everything You Wanted to Know about Estate Planning but did not know to Ask

Good Morning readers, I invite you to my seminar this evening from 7pm to 8:30pm at the David Library, 1201 River Road, Washington Crossing, Pennsylvania. My seminars are always a lively event with lots of questions answered and new estate planning ideas rendered. You can be a part of this FREE event.

This year I have enhanced the presentation with video information on Living Wills and flyers and booklets to take away for FREE!!! It is important to me that you become an educated consumer with respect to estate planning as well as elder law. That is why I do these seminars and why I blog DAILY!!!

I hope you have some time this evening to join us. You will be glad you did and so will I.

If you have a comment, please leave it here or if you have questions, please contact us at http://www.ythlaw.com/.

Social Security Retirement Insurance

As we continue our discussion on elder law, let's turn to a subject most of us may be addressing at some time. Even with the controversy over whether social security will continue, at present it is still our current system. Therefore, we need to have some idea how our specific circumstances will be affected.

Social security benefit payments would be based on how much you earned during your working career. Higher lifetime earnings result in higher benefits. If there were some years when you did not work or had low earnings, your benefit amount will be lower than if you had worked steadily.

The full retirement age is 65 for people who were born before 1938. But because of longer life expectancies, the Social Security law was changed to gradually increase the full retirement age until it reaches age 67. This change affects people born in 1938 and later.

You can choose to receive your Social Security benefits before you attain your full retirement age. If you begin to receive Social Security retirement benefits before full retirement age, your monthly payments will be reduced. Once the full retirement age is 67, the permanent reduction if you retire at age 62 will be 30 percent. Nevertheless, there are many retirees who choose to take benefits as soon as possible at age 62 due solely to the fear that Social Security is not secure and that benefits may be reduced in the future.

More on social security tomorrow. Leave your comment here or contact us at http://www.ythlaw.com/ with your questions.

Long Term Care Insurance - FIFTH - Obtain Coverage from a Reputable Company

Today, we discuss a final item to consider when purchasing long term care insurance.

FIFTH, Shop for the Best Company and Best Rate.

You want to make sure that the insurer is a highly rated insurance company. The coverage will not be effective if the insurer goes out of business in your time of need. In addition, rates charged by insurance companies in the long term care field tend to vary widely. You must compare different companies’ rates and offering before making a final decision.

AM Best Company provides news, ratings and financial data products and services for the insurance industry. Check this source as you shop companies.

Let us have your comments about these considerations. Do you have others that you might want to share? We encourage you to leave a comment or contact us at http://www.ythlaw.com/

Long Term Care Insurance - FOURTH - Tell The Truth

Today we cover a fourth item to consider when obtaining long term care insurance.

FOURTH, Do Not Make Misrepresentations or False Statements in the Application for Coverage.

If in completing the application for insurance, you fail to tell the insurer about an illness or a doctor’s visit, the company may refuse you coverage at the time benefits are needed. It is better to be denied a policy and to be able to plan knowing that coverage is not available than to believe that coverage will be forthcoming, only to have it denied when it is most needed. This is even more important if you have an illness or a family condition that could affect your eligibility for long term care insurance. You want to plan ahead and know the answer to important questions regarding your health and eligibility for coverage.

What are your thoughts and concerns? Share them here or contact us at http://www.ythlaw.com/

Long Term Care Insurance - THIRD -Consider the number of Years of Coverage

Yesterday, we addressed the second important thing to consider when purchasing long term care insurance. Today we look at a third consideration.

THIRD, Purchase several years of coverage. Given the unknown length of time anyone may require long term care in the future, many individuals purchase between 3-5 years of long term care coverage. Longer terms, of course, are also available.

If you would want to transfer any of your own assets, long term care insurance may be needed to cover the cost of your nursing home care. Any transfer of assets would be subject to the 5 year look back period for medicaid eligibility. During that period of ineligibility, you (through your long term care insurance) would have to pay for your care. After the ineligibility period, application for medicaid could be made.

Do you have any comments or questios? Leave your comments here or contact us at http://www.ythlaw.com/.

Long Term Care Insurance - SECOND, Get Home Care rider

Yesterday, we covered one of the first things to consider when purchasing long term care insurance. Today we cover one of the second things to consider.

SECOND, Purchase a home care option or rider. You want to make sure that your long term care coverage provides for skilled care in your home. You want coverage not only while you are in a nursing home but if you can get skilled care in the home you want that covered as well. You do not want to be financially compelled to go to a nursing home. This additional rider can help you avoid moving to a nursing home.

Most seniors want to stay in their home as long as possible. This is also the desire of those family members who care for seniors.

What has been your experience? Do you want to share a comment? Feel free to do so here or contact us at www.ythlaw.com.

Long Term Care Insurance - FIRST, Get Sufficient Coverage

There are generally 5 things to consider when purchasing long term care insurance. We will cover all 5 over the next 5 days.

FIRST, Purchase Sufficient Coverage. You want to get enough coverage to pay for the cost of long term care. This can be done by considering the current cost of nursing home care (ie. in 2009 the average nursing home cost in Pennsylvania is $7,235.00) and consider the inflationary rate in order to project the future cost. The insurance company will assist with this projection. If you fail to get adequate long term care coverage the future cost could bankrupt your family.

Get as much information up front about long term care insurance before you buy. Make sure your agent is knowledgeable about the coverage provided by the company they represent.

Do you have questions or want to make a comment? You can leave your comments here or contact us at http://www.ythlaw.com./

Elder Law - Long Term Care Insurance

Now is the time to think about long term care insurance. Long term care insurance is a means to protect your assets when there is a long term care need. Without it, long term care can rapidly deplete most of your assets. Most long term care insurance policies will pay for home care and assisted living and cover the cost for nursing home care. The problem for most people is being able to afford the policy and choosing a good policy.

In order to minimize the cost of long term care insurance, you need to purchase the coverage when you are young and healthy. Many people start to consider the purchase of long term care insurance in their 50s. However, it can be done earlier to save even more.

Long term care insurance is a contractual agreement between an insurance company and a policy holder to pay for certain health conditions. In general, long term care policies are sold to policyholders by insurance agents, although group policies are available as an employee benefit, through membership organizations, and from health maintenance organizations.

Over the next few days, we will look at five (5) things to consider when choosing a good long term care insurance policy.

Leave your comments here or contact us at http://www.ythlaw.com/ if you have any questions.

Elder Law - Medicaid

Nursing home cost can deplete the resources of most people who find themselves in need of full time nursing care. When you can no longer afford the cost of such care, many have to rely on Medicaid.

Unlike Medicare, Medicaid is not an entitlement program. You have to qualify for Medicaid. Since Medicaid is for those with low income or for the indigent, you can only have minimum assets. Assets can be transferred to others; however, this transfer must be made well before you apply for Medicaid coverage. There is a 5 year look back period for transfer of assets. If assets have been transferred within 5 years of applying for Medicaid, you may be ineligible for a period of time based upon the value of the transferred assets. There are some options available.

For a married couple, there are options available to provide support to the spouse. The spouse who is not in the nursing home is referred to as the community spouse and is entitled to a monthly maintenance needs allowance. Income from the spouse qualifying for nursing home care can be used to supplement the community spouse’s income so that the spouse does not become improvised. In addition, the community spouse is entitled to a resource allowance that would represent a certain part of the total resources of the couple. This includes certain types of annuities, cash, checking accounts, savings accounts, stocks, bonds, CDs, and the retirement plans of the nursing home eligible spouse. If eligibility is still an issue after considering the community spouse's monthly maintenance needs allowance and spousal allowance, then you may have to consider spending down some of the assets to qualify for medical assistance.

The following is a list of the type of items available for spend down:
· purchase clothing or medical equipment
· pay off debts
· prepay funeral and burial expenses
· take a vacation
· make home improvements and repairs
· upgrade the car
Further, there are assets that are specifically excluded as resources for purposes of Medicaid eligibility. The community spouse does not have to include any of the following items when applying for Medicaid for the spouse in need of nursing home care:
· The primary residence is an excluded resource. If you are not married, the house could still be excluded as a resource if you intend to return to the home. However, if the equity in the home exceeds $ 500,000 (in Pennsylvania, may be higher in other states), whether married or not, you would not be eligible for medical assistance, Medicaid. If the community spouse intends to continue to reside in the home then the equity limit is not applicable.
· One car is an excluded asset.
· Household goods and personal effects are excluded.
· Pension funds of the community spouse, Mary, are excluded.
· Certain qualified annuity purchases are excluded.
Even if you do not currently need nursing home care, now is the best time to seek advice from an attorney and have a plan.

Our firm can help. Leave a comment or contact us at http://www.ythlaw.com/ You will be glad you did.

Elder Law - Rapid Growth

In 2006, the oldest of the baby boomers, the generation born between 1946 and 1964, turned 60 years old. As a result, new concerns have given rise to a specialized area of law, Elder law. This term was not even mentioned when I attended law school in the early 1980s. However, with the anticipated increase in the elderly population, the advances in technology and the increase in life expectancy, the dynamics of our society are changing and the Elder Law area of practice is growing rapidly. Elder law looks at the needs of seniors during their longer lifetime.

Estate planning as well as retirement and long term care planning form a natural part of the Elder law practice. Seniors are finding themselves working longer to address the cost of healthcare for themselves as well as elders under their care.

Over the next few days, I will address some of the primary issues in Elder Law. Feel free to leave a comment or contact our firm at http://www.ythlaw.com/

Rethinking Your Estate Plan - Question 5

This is the last question from the Money Magazine article that I have been quoting from over the last few days.

QUESTION 5. WHEN SHOULD YOU REVISIT YOUR PLAN?
"So you've constructed your estate plan. Congratulations! Now you can forget all about it and get back to watching the Cubs game, right? Not exactly. If we have learned anything from the past year, it is how drastically things can change. New tax laws get passed; fortunes get steam-rollered; grandchildren are born. Such changes can quickly render even the best estate plan obsolete. So be sure to contact your attorney every three years or so and ask whether your plan needs updating. Always call when you hear of estate tax changes that may affect you. That way, when the inevitable happens, you really can rest in peace."

At our firm, we stay in touch with you regarding new laws affecting estate planning. Every 3 years we contact you to determine whether there have been any life changing circumstances that should be considered in your estate plan. Let us stay on top of your plan for you. Leave a comment or contact us at http://www.ythlaw.com/

Rethinking Your Estate Plan - Question 4

The questions posed in the Money Magazine are very insightful. That is why I have been sharing these questions with you in my blog. I hope you are looking at your answers for your next steps.

QUESTION 4. WANT TO GIVE TO CHARITY?

"If you'd like to donate some of your estate, one of the smartest ways is through a traditional IRA. Say you named your niece as the beneficiary of your IRA. She'd owe income tax on withdrawals, and the value of the IRA would be included in your estate for tax purposes.
But if you name a qualified charity instead, it would owe no tax on withdrawals and you could reduce the taxes your estate would pay. (This strategy makes less sense with Roth IRAs; because they're funded with after-tax money, whoever withdraws the dough won't owe income tax on it.) Prefer to give the money now? Through the end of 2009 you can transfer up to $100,000 directly from a traditional IRA to a charity as long as you're 70½ or older. You won't be able to claim a tax deduction for the contribution, but you won't owe income tax on the withdrawal either. Another option you may want to ask your lawyer about: a charitable remainder trust. You put assets into the trust, which then pays you an income for a specified number of years or the rest of your life. After the trust matures, the assets go to the charity you've chosen. (At least 10% of the amount you put into the trust must go to the charity.)
This trust has several advantages. When you fund it, you can take a tax deduction right away based on the present value of the gift that the charity will ultimately receive. You can get a reliable stream of income (you must draw down at least 5% of the trust's value each year). And you can shift into the trust assets that have appreciated quite a bit - such as shares of Exxon Mobil that you've held for decades - and sell them in the trust without incurring capital gains right away. "

Check out some of our archives for more information on charitable estate planning. Leave a comment or contact us at http://www.ythlaw.com/

Rethinking Your Estate Plan - Question 3

The article from Money Magazine shared 5 questions to ask when rethinking your estate. Today I share the 3rd question presented in the article.

QUESTION 3: ARE YOUR ESTATE NEEDS SIMPLE OR COMPLICATED?

"Most people need only a simple will or living trust (which helps you avoid the cost of probate). But if you want to put conditions on your bequests, you definitely need a trust. Take the example of a woman who had kids, divorced, and remarried. Through a qualified terminable interest property trust, she can make sure her spouse has enough income if she dies first but preserve the bulk of her assets for her kids." If your estate is large enough that you face taxes (either federal or state), you may need to consider one of these popular options:
"A bypass trust, also known as a credit shelter trust. It lets a couple essentially double their estate-tax exemption. Let's say you're the husband and you die first. Your assets fund an irrevocable trust for the kids, up to the estate-tax exemption level (we'll assume it's the current $3.5 million). Any remaining assets go to your widow in a separate trust. To make sure she won't run out of money, set up the trust so she can receive income from the kids' trust and tap the principal for needs such as medical costs.
The big payout: When she dies, she can pass on $3.5 million in assets tax-free, on top of the $3.5 million you passed to the kids in the bypass trust. And this arrangement ensures that your kids - rather than some guy your widow winds up marrying later - get the money.
A grantor-retained annuity trust (grat). It works like an annuity: You put money in and receive an annual payout based on the IRS-assumed interest rate at the time you set up the trust (it's currently 2.4%). At maturity any appreciation above that goes to designated beneficiaries, such as your children, tax-free.
Now that both interest rates and asset values are low, guess what? There's a good chance that the contents of the trust will grow more quickly than 2.4%, with plenty of money left over."

Have a comment? Contact us at http://www.ythlaw.com/

Rethinking Your Estate Plan - Question 2

This is a continuation from the previous day. An article in Money Magazine could prove very beneficial to you and so I share the 5 questions posed in the article with you over the next few days.

2. SHOULD DISTRIBUTIONS TO CHILDREN BE EQUAL OR FAIR?
"How should you split your money among your offspring? In a 2007 Money survey, 69% of respondents said dividing their estate equally was very important to them. Experts agree that equal is generally better, even if one of your kids is a struggling actor and another is a successful software developer. You don't know what the future holds. Your single son marries and has five kids; your techie daughter loses her job and becomes a teacher. Unless you're willing to constantly tinker with your will - and explain every change to your kids - parceling out different amounts can back-fire bigtime.

A better solution: Bequeath your children an equal amount upon your death, but make gifts as needed to them while you are alive if you can afford it. Want to help your daughter with your grandchildren's education? Contribute to their 529 college savings plans. (The IRS allows you to make the equivalent of five years' worth of gifts to a 529 all at once - that's $65,000 a child, or $130,000 if given by a couple.) The struggling actor is trying to buy a home? Help him with the down payment.

There are exceptions to the "equal" rule, however. A disabled child who is dependent on you will probably require a bigger share of your assets, which you can provide through a so-called special-needs trust. A child who works in the family business may deserve a larger share of it than one who doesn't. No matter what you decide, explain your thinking so that your kids won't have wrenching and potentially costly disputes later."

Share a comment or contact us at http://www.ythlaw.com/

Rethinking Your Estate Plan - Question 1. Part B.

This is a continuation of from yesterday. These questions were from an article I read in Money Magazine that I thought was very good and may also be of interest to you.

1. Part B. DOES YOUR STATE HAVE A DEATH TAX?
"How much will you need? If you're a 65-year-old retiree and want to withdraw an inflation-adjusted $60,000 a year from investments (in addition to whatever you'll get from pensions and Social Security), you should have roughly $1.5 million set aside for yourself. Okay, let's assume you have enough for your retirement needs but less than $3.5 million. Giving while you're alive may still make sense - and not just because your recession-hit kids may need help now.
For example, your state may levy its own estate tax that kicks in at a lower level than the federal one. Or you may want to hedge against the very real possibility that Congress will eventually lower the estate-tax exemption back to, say, $1 million, where it was as recently as 2003.

If you're going to give, now is an ideal time to make a present of assets that have been beaten down but could appreciate significantly in the future. Say you own stock in General Electric. The price at the October 2007 market peak was $38.40; today it's around $12. As a result, you can give three times as many shares without triggering a gift tax today as you could during the bull market."

Do you have a comment? Feel free to contact us at http://www.ythlaw.com/

Rethinking Your Estate Plan - Question 1. Part A.

I read a very good article in Money Magazine entitled:
Rethinking your estate plan
A smaller net worth and bigger worries about your kids' finances (not to mention uncertainty about taxes) have major implications for your estate plan.

In the article the author posed 5 questions that one should ask when rethinking their current estate plan. These same questions should be posed if you have not done your estate plan. I will cover each question over the next 5 days.

1. Part A. SHOULD I GIVE NOW OR SHOULD I GIVE LATER?

"Estate planners used to advise relatively affluent people to give some money or other assets to their intended heirs while everyone was still alive. The reason: taxes. Giving now reduces the size of your taxable estate, beefing up the total amount that goes into your heirs' pockets. (You can give up to $13,000 per recipient per year tax-free, or $26,000 for a couple.)
But because the federal estate-tax exclusion rose to $3.5 million this year - up from $2 million in 2008 - and could be extended for at least another year, taxes probably aren't a pressing concern for you right now. Instead, you should be thinking about whether your diminished assets will be enough to take care of you."

Obviously now, in this economy, you want to make sure you have enough money for you before you start giving it away. So, planning becomes even more essential. Leave a comment or contact us at http://www.ythlaw.com/

Family Trust

When I talk about a Family Trusts many people feel that they can not have one. They think that there is not enough money to leave to their children to even fund a Trust.

Well, I was reviewing a Family Trust recently. This one was set up as part of an Irrevocable Life Insurance Trust. This is a Trust that is funded by life insurance proceeds when a person dies. The person did not have a lot of money. Actually, the only money they had was the money that would come from the insurance proceeds. The money would go into the Trust to be use for the support, education and health of their children. This was a better way to make sure insurance proceeds lasted for a long time. If the money was given to the children without a Trust, then the money might not last long enough to porovide for the support, education and health needs.

So, there are ways to engage in estate planning with lots of assets or with no assets. There are strategies that everyone can use to help the next generation in some real way. Feel free to leave a comment or contact us at http://www.ythlaw.com/

Should my Will be notarized?

This is a question many people ask because they do not understand the importance of having a Will notarized when it is not a legal requirement. In Pennsylvania, you only have to sign your Will at the end of the document. Witnesses are not required and the Will does not have to be notarized. BUT, both, having your Will witnessed and notarized, are important.

It is important to have witnesses because they help to establish whose Will it is. They can state whether the person was under duress or of sound mind at the time of signing

Notarizing the document makes the Will self-proving. This means that if there is ever a question regarding the Will, the witnesses do not have to be located. The fact that it was notarized validates that the Will was appropriately witnessed.

So, do not take short cuts when embarking upon such an important task. Share your comments or contact our office at http://www.ythlaw.com/
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What are the terms of the Trust for Children?

Many people want to place their assets, upon their death, in a Trust for their children. The question that is often asked is what are the standard terms of a Trust for children. As with any of the estate planning documents, a lot of the terms and conditions are based upon each person's situation, circumstances and intent. However, there are some general guidelines that many follow when they have no specifics of their own.

The age for distribution of the principal of the Trust are generally 25, 30 and 35. However, the income is distributed after the child turns 18, monthly, quarterly or annually, at the discretion of your named Trustee and based upon the needs of the child. The needs generally addressed are education, health, maintenance and general support. The lump sum distribution of principal at 25 is generally thought to be used to start ones career after undergraduate and graduate work. The lump sum distribution at 30 is generally thought to be used for the down payment on a home. While the final distribution at 35 is generally thought to help with the needs of the grandchildren or to address any other major life event.

Everyone's situation is different but it is always helpful to have some idea of how these Trusts are set up. It is best to seek the advice and guidance of an estate planning professional because the options are so varied. Send us your comments or contact us at

When do I begin to plan my estate?

I alway use my birthday as a time to review and reflect on important health, financial and personal matters. Making sure my estate plan is up to date is a part of this annual reflection. Well, today is my BIRTHDAY!!! I will of course celebrate the gift of another year of wisdom and experience while I take the time to encourage you to get something done that is important to you and your loved ones. I encourage you to get your Will done NOW but NO LATER THAN YOUR BIRTHDAY!!!

One question that I often get from audiences is when do I begin to plan my estate. The simple answer is now. If you are 18 or older and of sound mind then you can and should have at a minimum, a Will. Many people use certain triggering events to start their estate plan. this would include events like buying a house, getting married, having a baby or developing a particular passion. Why not use your BIRTHDAY as your triggering event. This is your day to take care of your health, financial and personal matters. Let one of those matters be getting you Will done.

Leave your comment here or contact us at http://www.ythlaw.com/

Legacy - Your Life's Worth

We had a traditional Memorial Day, taking my daughter to the parade and having friends and family over for a cookout. One of the things I also enjoy with an extended weekend is an opportunity to read a good book. It seems no matter what I read I always find an Estate Planning moment. This time it was in Loving Frank - a fictional Frank Lloyd Wright love story.

One of the characters in the story owned a home sanctuary on a beautiful lake in Sweden. The home represented a culmination of her life's work and worth on women's empowerment in the early 1900s. It was her intent to make this sanctuary a kind of legacy upon her death. So she was having a will drafted up to accomplish that goal.

A legacy is a powerful testimony to one's life and one's work. However, it can not be done without proper planning. An estate planning attorney goes beyond merely your tangible assets but combines that with the intangible desires that you might have, your hopes and dreams for the future.

That is what we do best at my firm!! Send a comment or contact us at http://www.ythlaw.com/

Retirement benefits and estate planning

Whenever I learn something new, I just can not wait to share it with my readers. I attended a seminar this week and we discussed how one might leave their retirement plan to a loved one. The tax favored approach would be to to:
1. Leave it in Trust to a young individual. The life expectancy of that individual will be used to determine the payout period.
2. Leave your retirement benefits outright to your spouse. There are all kinds of benefits to the surviving spouse, one of which is the rollover into their own retirement account. This benefit is not available to other beneficiaries.
3. Leave it in Trust to a Charity

The least tax favored arrangement for retirement benefits would be
1. Leaving it to an older individual
2. Leaving in Trust for the spouse
3. Leaving it to your Estate

So you want to think about this very important asset when having your estate planning done.

Contact my office for a free consultation about this and other estate planning matters.

What does Power of Attorney mean?

Question:
I keep hearing that it is important to have a power of attorney but I really do not know what it all means.

Answer:
The power of attorney provides the name of the person or persons who will handle your financial matters should you become incapacitated. There are many decisions that are time sensitive and, if delayed, could result in significant financial loss to you. The Power of Attorney allows you to designate a person, of your choice, to act on your behalf and ensure financial decisions are not unnecessarily delayed.

It is your “personal decision insurance”. Make sure you are covered.

A Power of Attorney is a document that gives another person or institution the right to take certain actions on your behalf. The scope of actions authorized is written within the Power of Attorney. A Power of Attorney can be effective immediately or it can give the agent the authority to act only after you become incapacitated. The latter is known as a springing Power of Attorney and requires proof of the your incapacity. Making the Power of Attorney effective immediately avoids this issue. However, unless directed to do so by you, the agent should not use the Power of Attorney if you are capable of making decisions.

There are several forms that Power of Attorney can take, including limited, general and health care. Depending upon your personal circumstances, there may be a need for all three to ensure continuity in business transactions.

The Limited Power of Attorney does not provide broad powers. It is generally used in the purchase and sale of real estate when you are unavailable on important signing dates or for the negotiation of securities transactions within an investment account.

A General Power of Attorney can grant "all-encompassing" authority for virtually any type of decision relating to all types of property.

The Health Care Power of Attorney is used to appoint a person who may make important medical decisions regarding a person’s care during incapacity.
Critical Note:
1. Regardless of the form of the Power of Attorney, it is imperative that your agent be carefully selected. Given the authority granted under any Power of Attorney, trustworthiness is the essential key.
2. The Power of Attorney terminates upon your death.

Have your questions answered by entering a comment or email us by going to http://www.ythlaw.com/

When should I have a Revocable Trust?

Question:
I live comfortably on my investments and retirement income. My sons are grown and only one of my grandchildren is under the age of 18. While my permanent residence is in Pennsylvania, I own real estate is several other states. How can I best set up my estate for ease of administration for my sons and grandchildren?

Answer:
This is where a funded Revocable Living Trust is ideal. There are many reasons to consider a Revocable Living Trust, one of which is when there is ancillary real estate, ie. real estate in more than one state. The use of a Will when you own real estate located in more than one state requires the filing of additional probate documents with each of the local probate courts. Local counsel usually must be retained in each of those additional jurisdictions. If the additional real estate is held in a Revocable Living Trust, however, the costs associated with these ancillary estate administrations may be reduced or avoided altogether. It would also be wise in your situation to provide for a trust for your younger grandchild and let your son, the child’s father, serve as the Trustee. These instructions can be provided in your Revocable Living Trusts.

If you want to know more about Revocable Living Trusts: The Pros and The Cons - The Reasons for Revocable Living Trusts and Whether They Address the Needs of You and Your Family CALL (215) 321-4033.

Should I plan NOW for possible future incapacity?

Question:
I have been the owner of a small restaurant for 25 years. Since my wife and children are not interested in the business when I die, I have provided for the sale of the business in my will. However, I have not addressed what will happen to the restaurant if I am unable to run it for a period of time due to an extended illness. I am 62 and enjoy taking care of the details of my business. Should I also plan now for possible future incapacity? What are my options?

Answer:
Yes, you should plan now for possible future incapacity

If you do not have a Power of Attorney, it is wise to have one. This will authorize someone to act on your behalf. Depending on the details of your business and number of employees, this may adequately cover you during recuperation.

Another alternative might be a revocable trusts. Among other uses, it can provide for the management of trust assets in case of incapacity. Your restaurant business could be placed in the trust and you can be both the trustee and beneficiary. You make the decisions about trust assets and you would be responsible for the income tax on any earnings of trust assets. Life goes on, pretty much, as before with only the title of the assets being in the trust. You would name a successor trustee for special cases as defined by the trust, ie. incapacity. This would be a person of your choice who would be under a legal duty to protect your assets. It avoids potential conflict among family members and any possible court involvement.

It is best for you to plan now and not leave to others, not as familiar with your business, to plan for you.

Have your questions answered by entering a comment or sending an email through http://www.ythlaw.com/.

How can I avoid Federal Estate Tax?

Question:
My husband died unexpectantly and without a will. The estate is worth in excess of 3.5 million dollars. My husband had children from a prior marriage and we had children together. Can I avoid Federal Estate taxes? How can I best provide for all of his children?

Answer:
Yes, you can avoid federal inheritance tax because of the unlimited marital deduction applied to estate assets that pass from your deceased husband to you. However, since your husband died without a will, there was no planning in place to take advantage of his lifetime exclusion amount or his credit against potential future taxes. Further, there will be taxes on the monies which go directly to the children.

WHY, you might ask? When someone dies without a will, the state determines who inherits what assets. In your case, Pennsylvania provides that ½ of the estate would pass to you and the other ½ would pass equally to all of his children. However, this only applies to probate assets – assets that were titled in your husband’s name only. The intestate (to die without a will) laws do not apply to jointly held property and assets providing for designated beneficiaries.
Assuming that most of the estate was held jointly or provided you as the designated beneficiary, the following estate planning strategies are available to provide for the children while minimizing the Federal estate tax:
Gifting: $13000 can be given annually to each child tax free. Such funds could be placed in a trust for the benefit of the children.
529 College Saving Plans: $6,000 (representing 5 years of annual gifts of $13000) is permitted for each child.
Family Limited Partnership: is another gifting vehicle.
Irrevocable Life Insurance Trust: takes life insurance proceeds out of your estate.

Have your questions answered by entering a comment or submitting an inquiry through http://www.ythlaw.com/.

How should I plan for my special needs son?

Question:
How should I plan for my 22 year old son who has been disabled since birth?

Answer:
A “special needs trust” may be the best alternative.
The special needs trust is intended to supplement, rather than supplant, public assistance benefits that the disabled child may be entitled to receive under various programs such as Supplemental Security Income (“SSI”) and Medical Assistance. The purpose of the special needs trust, therefore, is to make sure that monies available to a disabled child does not result in the loss of public benefits if that is an important issue for you and your son. A special needs trust may be set up by a third party such as a parent, grandparent or guardian or it may be set up with the funds of the disabled child. The latter situation generally involves a personal injury settlement where the accident was the cause of the disability and a settlement is made for the benefit of the child.

Critical Note:
Even though most trustees named under a special needs trust are corporate trustees, such as a financial institutions, if the trust is a modest size, typically less than $75,000 or only holds a home, a non-corporate trustee can be named. This includes a family member who may then seek the advice of a financial planner if they do not currently have that expertise.

Have your question answered by entering a comment or contact us at

Do I really need a Will?

Question:
Do I really need a Will? I own everything jointly with my husband. Why should I even have a Will?

Answer:
Everyone should have a Will. A Will allows you, rather than the State, to determine who gets your assets. The State’s plan may not be the best plan for you.

In your particular case, joint property does not go through probate. At your death, jointly held property belongs to the other joint owner, your husband. However, a Will addresses who would get the property in case both you and your husband die simultaneously, in an accident or common disaster. In such a case, you may need to name a guardian, if you have minor children or disabled children.

Also, a Will allows you, instead of the Court, to name an Executor to make sure estate administrative responsibilities are handled. This includes any inheritance tax form filing and last income tax form due.

Finally, even if you believe you hold everything jointly, there may be items overlooked including beneficiaries under an insurance policy or 401K. Is your Estate named? If so, who do you want to take under your Estate? If you die as a result of the negligence of another, the legal suit is considered to be an asset of the Estate. Once again, who would benefit from these assets, you can decide under your Will or the State can impose its Intestate Law, the law applicable for those who die without a Will.

Have your question answered by entering a comment or go to http://www.ythlaw.com/ and email us your questions.

What happens if the Federal Estate Tax law is repealed?

Question
Is Estate Planning necessary if the Federal Estate Tax law is repealed?

Answer:
Estate planning has many purposes besides reducing or eliminating the federal estate tax. It is used to protect assets, preserve and distribute wealth. For example, you can provide for family members with disabilities or other challenges in financial management. You can control when your heirs receive any distribution. You can designate executors, trustees, guardians and those to inherit your assets.

In short, yes, estate planning will still be necessary if the Federal Estate Tax law is repealed.

Ask your question by commenting or submitting a question to http://www.ythlaw.com/

How do I plan in uncertain times?

Question:
Can you effectively plan your estate in the midst of uncertainty with Federal Estate Tax law? I am aware that Congress is considering bills that would change the Federal Estate tax. How can you effectively plan your estate when the tax laws are constantly changing?

Answer:
Flexibility is the key when planning ones estate during change and uncertainty. We do not have a crystal ball to see the future. Therefore, we need the next best thing.In my opinion, that would be control over the timing of implementation of designated estate planning tools. For example, funding the Credit Shelter Trust (used to preserve the exclusion amount of the first spouse to die) may create a burden for the surviving spouse if the estate is not large enough to justify the use of the Credit Shelter Trust. However, if the instrument is not drafted to provide some flexibility then funding of the Credit Shelter Trust may be mandatory. An alternative would be the use of a Disclaimer Trust. When the first spouse dies, an assessment can be made at that time whether to disclaim all or part of the inheritance. Only that amount, if any, would be placed in the Disclaimer Trust. The terms of the trust would provide for the surviving spouse during their lifetime. Afterwards, the funds would be distributed to the children or the remainder beneficiaries.

Ask your question by commenting or submitting a question to http://www.ythlaw.com/

What rights will the Prenuptial Agreement affect?

Question:
What rights will the Prenuptial Agreement affect?

Answer:
The scope of a Prenuptial Agreement can be as broad or as limited as the situation dictates or you and your fiancé desire. It can deal with just one asset or it can fix all of the rights arising out of the marital relationship.

For example, upon divorce in Pennsylvania either spouse may request that their marital property be divided between them. Rather than leave such a decision to the court or even to a negotiation process between the divorcing couple's attorneys, the parties themselves could agree prior to marriage on how their assets will be divided in the event of a divorce. Similarly, an agreement can fix their respective rights to alimony or support in the event of a divorce or separation. In both cases, the agreement avoids a protracted battle in the event the marriage ends in divorce.

Let's say your interest is to have your children inherit your property. Without a Prenuptial Agreement, your new husband would have certain rights to at least a portion of your property. With an agreement, however, you can ensure that your children will receive their inheritance.

As relates to your rights the following is important:
1. You and your fiancé should make full and complete disclosure of your financial worth. You should never waive your rights without full knowledge of what you are giving up.
2. You and your fiancé should each have an attorney. Your attorney can review the terms for reasonableness.

Have your question answered by commenting or submitting your question to http://www.ythlaw.com/

Should I have a Prenuptial Agreement?

Question:
I am getting married this summer. It is a second marriage for both of us and we both have children from our prior marriages. My fiancé had his attorney draft a Prenuptial Agreement for us to execute. I am in favor of the agreement to protect my children’s inheritance. However, I want to make sure I understand the future ramifications. Should I also hire an attorney? What rights will the agreement affect?
Should I also hire an attorney prior to executing a Prenuptial Agreement?

Answer:
Yes!!!!!!!
The purpose of the agreement is to alter the rights that you would otherwise have upon divorce or death of your spouse. Your attorney will focus on the rights that you give up, will make sure you understand the terms of the agreement and, if necessary, will amend the proposed agreement (or draft a new one) to address your concerns.

It used to be that only those with vast fortunes to protect considered a Prenuptial Agreement as part of their wedding plans. Even though such steps may not be necessary for every couple, in light of the ever-increasing divorce rate and more common second and third marriages, many couples, like yourself, readily welcome the suggestion of a Prenuptial Agreement, especially to protect the interests of their children from a prior marriage.

More on Prenuptial Agreements tomorrow.

Have your questions answered here by commenting or submit your question at http://www.ythlaw.com/

How can I avoid State Inheritance Tax?

QUESTION
My estate is currently under the Federal Estate Tax exclusion but I also want to avoid having my estate pay State Inheritance tax, like that in Pennsylvania. How can Estate Planning help me?

Answer
Transfers to a surviving spouse or a charity are tax free. Certain type of joint ownerships between non-spouses would allow the surviving owner to receive the deceased owners share without an inheritance tax. The concept behind this ownership (Joint Tenants with Rights of Survivorship) is that both individuals owned the whole so upon death there was no “inheritance” by the other owner. This generally occurs when parents name an adult child as co-owner (Joint Tenant with Rights of Survivorship). Though this would allow one to avoid inheritance tax, there are other things to consider before naming another person as a co-owner. Remember, that person’s creditors would have another asset to attach if outstanding debts occur.

Gifting provides another mechanism to avoid or reduce the inheritance tax. The basic rule is that in the year 2009 anyone can give up to $13,000 in money or other property to any number of parties without gift tax. This $13,000 per year, per recipient rule is known as the annual gift tax exclusion and one’s estate is reduced by that amount.

Perhaps the most significant tax disadvantage of gifting is the loss of the so-called "stepped-up" basis. This can be best explained by an example. Let's say you purchased unimproved land for $10,000 but the land is now worth $100,000. If you sell the land, you would realize a $90,000 (100,000 minus 10,000) gain. If you were to make a lifetime gift of this property, the recipient would stand in your shoes and would also realize a $90,000 gain if they were to sell the property. If, however, you were to die owning the property and leave it to your beneficiaries in your Will, those beneficiaries would receive it as if they paid $100,000 for it. As such, they could in turn sell it for $100,000 and realize no taxable gain. Because of the “stepped-up basis” that a decedent's beneficiaries receive, it’s suggested that a donor refrain from gifting appreciated property. You have to do the numbers to see what might work best for your heirs.

Send your questions in by providing a comment or visiting my website at http://www.ythlaw.com/

Should my children inherit my Retirement Plan?

Question:
I would like my children to inherit my qualified retirement plan. However, I want to control the distribution of those assets after I die. How can I accomplish this goal?

Answer:
You should have a trust name as the “designated beneficiary”of a qualified retirement account.

You, like many other people, may have significant assets in a retirement account and you want to be assured that after your death such assets benefit the ones they love. For example, if your surviving spouse were to remarry, the new spouse could get the money if you fail to plan ahead. If, as another example, you were in a second marriage, protecting your children from a prior marriage may be your concern. Another possibility is that you want to leave all the retirement assets to minors or individuals whom you do not trust to make good financial decisions. The terms of a designated beneficiary trust could address all of these situations.

In order for a trust beneficiary to qualify as a designated beneficiary, the trust:
must be valid under state law,
must be irrevocable or, by its terms, become irrevocable at the death of the grantor and
must have identifiable individuals as beneficiaries.
A copy of the trust must be provided to the retirement plan administrator
As long as these requirements are met, the life expectancy of the trust's oldest beneficiary will be used to determine the applicable distribution period.

Critical Note:
By selecting a trust as beneficiary, a surviving spouse would lose the opportunity to roll the retirement account over into a new qualified retirement account. This rollover is a big advantage for a spouse because the spouse can select new beneficiaries and a new distribution pattern. Your situation would have to be assessed to make sure giving up this spouse-only privilege is in your best interest.

Contact our office with your questions today.

How can I provide for my grandchildren?

Here is another question raised by a reader.

"How can I best provide for my grandchildren? My son has been divorced twice. His 2 children (5 and 9) do not have the same mother. I have a wonderful relationship with my grandchildren but not with their mothers. My son has full custody of his 9 year old son and joint custody of his 5 year old daughter. However, he is not financially responsible. What is the best way for me to provide for my grandchildren during my lifetime as well as when I die? Giving or leaving money to either parent for the care of the children is not an option."

In Response to your question:
During your lifetime, you may want to consider a gifting program. This would allow you to annually gift up to $13,000 (as of 2009, amount changes periodically) in a separate trust for each child. The terms of the trust will dictate how the money will be spent. You should not serve as the trustee but designate a person or institution that you trust. Other options for gifting would include custodian accounts (distribution required at 18 or 21) and 529 Plans (limited to college education expense). You should also be aware of any tax implications. Prior to any final decision, consult with your tax advisor.

If you set up an irrevocable trust during your lifetime, it could continue under the same terms and conditions when you die. If you did not set up anything during your lifetime, you could establish a testamentary trust with terms and conditions that you desire for the care of your grandchildren. However, whenever assets skip a generation (ie. to grandchildren instead of children), a generation-skipping transfer has occurred and a tax is imposed unless the amount is within the exemption. There is no tax if you do not exceed your 1.5 million dollar lifetime exemption.

Made your comments here or email a question via my website http://www.ythlaw.com/ .

How can I best set up my estate?

Over the next few days, I will be answering questions posed by readers.

The first question I received was:

"How can I best set up my estate for ease of administration for my sons and grandchildren? I live comfortably on my investments and retirement income. My sons are grown and only one of my grandchildren is under the age of 18. While my permanent residence is in Pennsylvania, I own real estate New Jersey and North Carolina. How can I best set up my estate for ease of administration for my sons and grandchildren?"

In response to the question:
There are several ways to set up an estate for ease of administration. In your case a funded Revocable Living Trust would be very beneficial. There are many reasons to consider a Revocable Living Trust, one of which is when there is ancillary real estate.

The use of a Will when you own real estate located in more than one state requires the filing of additional probate documents with each of the local probate courts. In your case, this would be both New Jersey and North Carolina. Local counsel usually must be retained in each of those additional jurisdictions. If the additional real estate is held in a Revocable Living Trust, however, the costs associated with these ancillary estate administrations may be reduced or avoided altogether.

It would also be wise in your situation to provide for a trust for your younger grandchild and let your son, the child’s father, serve as the Trustee. You are not required to appoint a corporate trustee. You should name someone that you trust to follow through with the specific instructions provided in your Revocable Living Trust.

Provide your comments or send a question through my website: http://www.ythlaw.com/

Who will handle your financial/business affairs when you can not?

Everyone should have a plan to cover incapacity, especially business owners who do not have family members involved or interested in the business. What happens when you can not handle your financial affairs or run your business for a period of time due to an extended illness? Whether you are young or old, planning now for possible future incapacity is important because YOUR assets are at risk.

What are your options?
If you do not have a Power of Attorney, it is wise to have one. This Durable Power of Attorney, as it is often called, authorizes someone to act on your behalf. For someone without a business or with a simple estate, this document may adequately cover you for any period of incapacity. For those with businesses or complex estates, there are other alternatives to consider.

One such alternative might be a revocable trust. Among other uses, it can provide for the management of trust assets in case of incapacity. Your business could be placed in the trust and you can be both the trustee and beneficiary. You make the decisions about trust assets and you would be responsible for the income tax on any earnings of trust assets. Life goes on, pretty much, as before with only the title of the assets being in the trust. You would name a successor trustee for special cases as defined by the trust, ie. incapacity. This would be a person of your choice who would be under a legal duty to protect your assets. It avoids potential conflict among family members and any possible court involvement.

It is best for you to plan now and not leave to others, unfamiliar with your business, to plan for you.

Call (215) 321-4033 with questions and to learn more.

Day Five - Time To Plan

As with all good things, the end has to come. So my pre-release excursion to St. Thomas has come to an end. But, it is just the beginning of the marketing of Stop! What are you waiting for? Your Step-By-Step Guide to Estate Planning.

A rainbow appears as I begin my travels back to Pennsylvania. I think of the plans for the future and what lies beyond that rainbow. I know that I want to use this book to encourage everyone to take the time to plan. We are all so busy making life happen that we fail to live life to the fullest and part of living life is making sure we pass on our life's work and worth. Too many people are not effectively planning. In writing a book directed to those who have not taken the time to plan or to update their plan, I make a call to action. With the knowledge outlined in the book, your action is the next step. I want everyone to have a will (or a trust as it may apply), the cornerstone of any estate plan. I envision a time when everyone over 18 will have this essential document and, like a driver's license, passport or credit card, will be easily accessible when needed.

What is the tipping point to move the masses in this direction? It is, I believe, my book Stop! What are you waiting for? Your Step-By-Step Guide to Estate Planning.

Day Four - Horizon Dock

Each morning I was up watching the sunrise from the hilltops and in the evening I watched the sunset on the horizon. This evening I sat on the dock awaiting the ferry to town as the sun made it descent towards the blue horizon. There has been much to celebrate with the pre-release of my first book. The bookstores are as anxious as I am for the arrival of my books in June. We have many planned events throughout the summer. I will keep you posted.

In the meantime, I answer the questions from a bookstore patron regarding long term care planning. I devoted an entire section of my book to Elder law which has become increasingly important. There are many planning steps that everyone should do to make sure their golden years are golden and not replete with regret from not planning.

Let me guide you through the answers to many of your long term care concerns.

Day Three - St. John

I thought it could not get any better than St. Thomas then I went to St. John. Miles of white sand beaches, crystal clear blue water, unique colorful shops and million dollar homes neatly tucked in the cliffs rising high above the ocean, all welcomed the ferry I traveled on to reach St. John. Our first stop was the bookstore at the National Park Headquarters.

It was a small section of the Welcome Center devoted to books. This bookstore, like Dockside in St. Thomas, will stock my book. And the pre-release continues.

The land in St. John is now very expensive If you ownn land on the Island, I was told by a long time resident, the value has greatly appreciated. The questions from residents of this jewel of the Virgin Island did center on real estate. The concern by some was how to keep real estate within the family for generations. This is where a trust or even a LLC (especially for rental properties) may serve as the best course of action. Stay tuned - one more day left for pre-release activities.

Day Two - Cliff Crab at Sunrise

Pristine is the word for the scenery this morning. I am on the veranda overlooking the cliffs to the ocean. Since there is no sand, the crab I see scampering across the rocks below I call cliff crab.

Yesterday, I continued to talk about my book to the locals arriving for Carnival and those from all over the mainland arriving by cruise ship. I find people very interested in knowing how estate planning can help their circumstances. From the native of St. Thomas living in Long Island, New York who would love to purchase a piece of the island of St. Thomas to the young Chicago couple interest for their 14 month old son, they all pause to ask me questions. I'm excited to know that my book can really help resolve issues for so many people's circumstances.

Later today I travel to the island of St. John for an event at another bookstore. Stay tuned.