Latest in Estate Planning Tips

According to a recent survey conducted in Michigan, individuals need to "bone up on probate law and appoint someone to take care of their finances if they can't." Over two-thirds of the respondents had not "created a health care power of attorney, which designates someone to make medical decisions on their behalf"; "53 percent of survey respondents said they didn't understand probate law"; and only "2.4 percent of pople had designated a financial power of attorney, which designates someone to handle finances when they are incapacitated." (Lansing State Journal, July 2008).

Extreme care must be taken, however, when it comes to appointing individuals to handle an indivdual's finances and the designated agent must have an impeccable reputation. For example, in New York the "former trustee of an SNT (Special Needs Trust) designed to protect the assets of a woman with developmental disabilities must pay the trust approximately $70,000 after she and her husband used trust funds for their personal needs."

And, in Texas and appeals court affirmed "an attorney's conviction and 45-year sentence for his role in assisting an estate's executor deplete the estate by more than $500,000." The inappropriate depletion of such funds included charging the estate "more than $7,000 to attend the (decedent's) funeral" even though the decedent had specifically directed that a funeral not be held. (The ElderLaw Report, 7-8/2008).

For more information on how to properly protection your estate visit us at www.estateplanningstrategists.com or www.professionalassetprotectionservices.com

Expanded Areas of Litigation

One: According to an August 2008 article in LawyersUSA, "construction litigation has become a booming area of the law as the economy continues its downward spiral." and, such litigation involves "developers, builders and buyers." The increased litigations includes claims of "construction defects" and "construction delays."

Two: Plantiffs' "attorneys have already begun advertising on the Internet for potential clients" involving allegations that "granite countertops" can decay over time and "emit radon", a radioactive gas that can cause lung cancer." (LawyersUSA, August 2008).

Three: The Massachusetts highest court recently permitted "medical malpractice plantiffs to sue for "loss of chance" of survival alleging a "doctor's negligence in not treating" a patient's stomach cancer "even though the victim had less than a 50-percent chance of survival when he first sought treatment." (LawyersUSA, Agust 2008).

Four: Citing earlier opinions issued in the 1st, 7th, 8th and 11th Circuits, the 6th U.S. Circuit Court of Appeals recently ruled that an "employee who calimed she was retaliated against (fired) for taking leave under the Family Medical Leave Act can sue" her employer. (LawyersUSA, August 2008).

If you are serious about protecting yourself from costly and time-consuming litigation contact us today a www.professionalassetprotectionservices.com