Jarvis Law Office

Ohio Elder Law Attorney: Make it Easy for Your Family to Claim Your Retirement Benefits After Death

Claims for retirement benefits after death can be difficult for families if they don’t have the right information.   Fortunately, there are steps you can take now to ensure that your retirement accounts pass smoothly to your loved ones when you are gone someday.

For starters, each retirement account you own should have a named beneficiary, whether that’s a spouse, children, or other family members. By naming a beneficiary, you ensure that any remaining funds in those retirement accounts are passed on to the beneficiary without them having go through a process called probate, which can cost a lot of time and money.

In order to make it easy for your family to locate all of your accounts, it’s a good idea to create a list that includes your account names, the account types, where they are held, who the beneficiaries are, and any information your loved ones would need to access the accounts in the event of your death.

This list may change occasionally depending on the type of account and the amount of money it holds, so it’s important to review your accounts on a regular basis and update the list as necessary. An Ohio elder law attorney can help you compile a list with all of the correct information and assist with reviews to make sure your distribution plan matches up with your current situation and your wishes for your family. Your attorney may also keep a copy of the list to assist your family in claiming their retirement benefits in the event of your death.

Don’t forget that in addition to retirement benefits, your family may be eligible for survivor benefits from Social Security following your death, typically the full amount you would have received. There are certain eligibility qualifications that must be met for this to happen: your spouse must either be at least 60 years old, 50 years old and disabled, or caring for minor children. Children can also receive benefits if they are under 18, in primary or secondary school, or disabled before the age of 22. An experienced Ohio elder law attorney can help you determine whether your loved ones are eligible to receive Social Security benefits in the event of your death.

If you would like to get more information about retirement benefit claims after death, or if you are currently working on receiving retirement benefit claims and would like to discuss your options, please contact our Ohio elder law attorneys at 877-653-3450 to schedule a complimentary initial consultation.

Putting Your Affairs in Order in Ohio

No one wants to think about what happens after they die. Unfortunately, it’s a fact of life – and a lack of preparation and planning for that eventuality could cause serious problems for family members and executors. Putting your affairs in order before you pass away can help your loved ones navigate a difficult process, especially at a time when they are dealing with grief and other issues.

Creating a list of practical items that need to be addressed after your death, how they should be addressed, and who should address them is an important step when creating your estate plan. These practical items and issues are not necessarily covered in a basic estate plan, so it’s a good idea to consult with an elder law attorney to determine what should be covered in your specific situation. Below is a list of things you should consider when putting your affairs in order:

1. Determine what type of funeral or memorial service you would like. This can ease the burden of family members by having plans already drawn up, and give them peace of mind by knowing that your wishes are being carried out.
2. Create a list of your assets and property, and update the list regularly. Make sure to divide assets and property by ownership (solely or jointly-owned), and to have the list available to your executor after you’ve passed away.
3. Let someone know where your paperwork is before it’s needed. There are many situations where family members cannot find Wills, life insurance policies, safe deposit box keys, stock and bond certificates, or other vital information. This makes it extremely difficult to carry out executor duties once you’ve passed away.
4. Create a list of accounts and passwords for your digital assets. This will allow your loved ones to access any digital information they need after your passing and transition any social media accounts into memorial pages, if they so desire.

These are just some of the concerns you should address when putting your affairs in order. An elder law attorney can work with you to determine the best way to implement a plan like this, depending on your individual preferences and family situation.

For more information on how to put your affairs in order and make things easier for your loved ones after you pass away, please contact one of our offices to schedule an appointment:

Lancaster: (740) 653-3450

Dublin: (614) 495-4185

St. Clairsville: (740) 699-2193

Humor Tops U.K. List for Being Remembered

U.K. survey reveals that most people in the country want to be remembered for humor, according to the Daily Mail in "Now that's having the last laugh! A third of Brits want to be remembered for their sense of humor after they pass away."

Most people would probably like to be remembered for something that is important to them and how they view themselves as a person. The results of the U.K. survey are somewhat surprising, since the stereotypical Brit is a reserved person in American popular culture. However, it makes sense that people want to be remembered for humor.

Laughter also makes other people around us laugh. It makes others happy. There are far worse things than being remembered for making others feel good.

No matter what you want to be remembered for, a sense of humor or something else, you cannot always choose how people will remember you.

An estate planning attorney can advise you on creating an estate plan to meet your unique circumstances.

Reference: Daily Mail "Now that's having the last laugh! A third of Brits want to be remembered for their sense of humor after they pass away."

Families Need to Plan for Wealth Transfer

If it is not managed properly, the possibility of a great wealth transfer of trillions of dollars from the Baby Boomers to their heirs, could become a lost opportunity, according to Private Wealth in "Open Channels."

It is believed it will be the largest such transfer of wealth between generations ever seen. This leads to real concerns whether younger generations are prepared to handle the wealth.

Making sure that inherited wealth is not wasted, is something that must be done on a family by family basis. The younger generations need to be adequately prepared to manage inheritances from Day One.

Two basic things are needed to make sure that things go smoothly.

The first is that baby boomers with wealth need to have solid estate plans that appropriately detail how the wealth is to be transferred to heirs. The second is that heirs need to be educated about what to do with that wealth.

All of this starts by talking to heirs about what they will receive and how it should be handled. It also requires making sure that heirs have the appropriate experts to turn to for advice, if needed.

An estate planning attorney can help guide you on any transfer of wealth.

Reference: Private Wealth (March 21, 2017) "Open Channels."

Festival Celebrates Frozen Dead Guy

Frozen Dead Guy Day is celebrated in an annual festival in Colorado, according to FOX News in "Colorado town's Frozen Dead Guy Days festival salutes chilly corpse."

The article covers the move from California to Nederland, CO in 1993 of a mother and son, who planned to open a cryonic facility. The town didn’t know that they were bringing with them the frozen body of Bredo Morstoel, who many years earlier had been frozen in liquid nitrogen.  

This was discovered when the wife went into the town to fight an eviction. While his wife and a grandson have since been deported on visa violations, they still pay a caretaker to haul 2,400 pounds of dry ice every month to preserve Morstoel's frozen body.

If this story was not already strange enough, the town has an annual festival to celebrate its unique body called Frozen Dead Guy Days. The festival includes a coffin race, costume ball and a feast.

It is not known what the town might do, if Morstoel's family no longer provides funds to preserve his body.

While this particular story is strange, cryogenics is becoming an increasingly popular method of postmortem disposition of human remains.

Despite not having any scientific basis for it, many people believe that if they have their bodies frozen, doctors will be able to unfreeze them and cure whatever disease killed them.

Reference: FOX News (March 10, 2017) "Colorado town's Frozen Dead Guy Days festival salutes chilly corpse."

A Free Memorial Offered at Hospital

A unique art form is being offered as a memorial at a hospital in Texas, according to The New York Times in "Hands of the Dying Offer a Unique Memorial."

The memorial is offered by an administrative assistant at the Baylor University Medical Center in Texas. The artist will create a custom cast of the hand of any dying patient, who requests it. The casts are specific to the patient and detailed enough to include even the smallest scars and veins. The casts are normally made with the patient holding the hand of another family member.

A husband might have a cast of his hand holding that of his wife, for example. The administrative assistant does not charge anyone for this service.

A similar service is obviously not available everywhere. However, many elderly people and their families might want to use it as inspiration to find their own unique ways to be memorialized.

Reference: New York Times (March 7, 2017) "Hands of the Dying Offer a Unique Memorial."

More States Allowing Asset Protection Trusts

Michigan recently became the 17th state to allow controversial asset protection trusts, according to Forbes in "Michigan Debuts The Latest State Asset Protection Trust."

Short of filing for bankruptcy, which requires that you have no assets, asset protection trusts are the best protection against creditors. They aren’t always popular, especially with creditors.

Asset protection trusts allow someone to transfer their assets into a trust that is controlled by an independent trustee. That trustee can then refuse to pay any creditors with trust assets.

To make this a little more fair for “current” creditors, suits against trust assets are allowed within a statute of limitations. These trusts are controversial enough when talking about institutional creditors, but they become even more controversial when they are used to shield assets from family law courts, which some states allow. These trusts allow people to protect assets from a spouse in a divorce.

Most states do have an exception for child support, but not all do.

Reference: Forbes (February 10, 2017) "Michigan Debuts The Latest State Asset Protection Trust."

It Might Be Time to Rethink Your Retirement

A major problem facing the U.S. today is that even people who think they have saved more than enough for retirement, might need to evaluate their own plans and save more, according to The New York Times in "Rethinking Retirement for Longer Lives With Fewer Safety Nets."

Many recent studies report that the average American has saved far less than experts think they will need.

There are many reasons for this situation, but the reasons for not saving are not as important as what it means for future senior citizens.

The biggest issue is simply that people, on average, are living longer than ever before. That trend is expected to continue as medical science progresses. No one is certain just how long people will live after retirement in the future.

People who have planned to save for 20 years of retirement living might actually need to save for 30, 40 or even more years. This also creates problems for elderly safety nets.

Social Security, Medicare and Medicaid are already under financial stress because of the large number of Baby Boomers entering their retirement years. The longer people live, the more that those programs will need to pay out. Many people believe the programs will have to offer substantially fewer benefits in the future.

It may be time to take a fresh look at your retirement plans.

Reference: New York Times (Feb. 27, 2017) "Rethinking Retirement for Longer Lives With Fewer Safety Nets

Sharing Burial Site with Pets Gaining in Popularity

Pets seem to be gaining increasing importance in people’s lives but also gaining in popularity is wanting to be buried with them, according to Legacy.com in "Can You Bury Your Pet With You After You Die?"

In past years, it would have been extremely unusual for someone to be buried with a pet. However, many people now think of pets differently.

A couple of states now allow people and their pets to be buried in the same cemetery with some conditions. A few other states are considering legislation that would also allow it.

This is not just a U.S. phenomenon, since a few foreign countries now also allow the practice.

If you love your pet that much, you should also know there are other legal things you can do to show that love.

An estate planning attorney can guide you in creating a plan that fits your individual needs and circumstances.

Reference: Legacy.com (Feb. 16, 2017) "Can You Bury Your Pet With You After You Die?"

Starting Hospice: Sooner May Be Better

People often report that their loved ones are better cared for and more comfortable in a hospice. That can help the family with the grieving and acceptance processes. FOX News reports on a new study from the Harvard Medical School that provides new insights into hospice care in "Hospice care linked to higher family satisfaction."

The research was conducted with 1,970 terminal cancer patients, approximately half of whom received hospice care. The study found that hospice care led to better pain-management, symptom relief and end-of-life care. Families of patients who received hospice care were more satisfied than the families of those who did not.

One important finding was that longer stays in a hospice were associated with greater amounts of satisfaction. Hospice stays longer than 30 days were the most beneficial.

Although many people think that hospice should be saved for the very end of life, the findings of this study suggest that earlier hospice enrollment may be more beneficial. Dr. Alexi Wright of Harvard, who co-authored the study, wrote that “earlier hospice enrollment is associated with better symptom management, less pain, better quality of care, and a higher likelihood that patients will receive the care that they want in their own environment.”

Reference: FOX News (January 5, 2017) "Hospice care linked to higher family satisfaction."