Everyone agreed on one thing:  Marlise Munoz was dead.  The 33-year-old Texas wife, mother and paramedic got up in the night on Nov. 26, 2013, to tend to her toddler son and suffered a pulmonary embolism.  Her husband Erick, also a paramedic, was able to briefly get her breathing again and she was transported to John Peter Smith Hospital in Fort Worth, where she was placed on life support.

But everyone knew and two days later medical tests confirmed it: no brain activity.  In every sense of the word, Marlise was dead. 

Unfortunately, Marlise was also 14 weeks pregnant and what was a tragedy was turned into a travesty that was only cut short by a Texas court late last week.  JPS Hospital refused to remove Marlise from life support because of The Texas Advance Directives Act, which states that, “A person may not withdraw or withhold life-sustaining treatment...from a pregnant patient.”

Erick and Marlise’s parents had asked JPS Hospital to remove her from life support after her death was confirmed, stating that she had expressed to them many times that she did not want to be artificially kept alive.  As a paramedic, she knew what that could have meant for her loved ones. 

However, Marlise had not executed an advance medical directive or a living will clearly stating her wishes.  This is why all of our advanced health care directives specifically address pregnancy for every plan we draft for a woman who can bear children (which many forms don't do). 

But Marlise didn’t have that handled and her family had no choice: they had to go to court.  They also had to endure the worldwide media frenzy surrounding their personal tragedy, and were buffeted by activists on all sides of the issue.

On January 24, a Texas District Court Judge ordered the hospital to declare Marlise dead and release her body to the family.  Her attorneys argued successfully that she was no longer a “patient” since she met every benchmark for death.  She was removed from life support on January 26 to be buried in a private family ceremony.

This sad case is an extreme example of what can happen when legal protections are not put in place prior to a tragedy that can happen to anyone.  To put the proper protections in place for your family, contact our office to schedule a time for us to sit down and talk.  We normally charge $750 for a Family Wealth Planning Session, but because this planning is so important, I’ve made space for the next two people who mention this article to have a complete planning session at no charge. Call today and mention this article. 

If you have minor children and have not yet selected a guardian, you are not unlike many parents who put off this critically important task while waiting for the perfect solution to present itself. 

Or perhaps you and your spouse/partner cannot agree on who would be the ideal guardian for your kids.

Here is your solution:  Done is better than perfect. Especially here.

If you do nothing, the decision about who would raise your children (if something were to happen to you) would be left up to a judge to decide.  A judge who doesn’t know you, doesn’t know what’s important to you, and doesn’t know your children will make all the decisions about who cares for the people who are most important to you in the world.

I know that’s not what you want.

And, truth is …  there may never be a perfect solution for you, but there is definitely a solution that is better than your children being raised by someone you didn’t choose. 

Perhaps you think the way so many parents do, “if we don’t anticipate it, it will never happen, right?” 

Then I guess that means you don’t need things like insurance or any other type of protection since bad things never happen to good people, right?  And wouldn’t it be great if that were true.

Responsible parents protect their children, and that means you must think about the unthinkable. 

Fortunately, there is a sensible approach to the selection of a guardian for your children that makes it a lot easier.

First, sit down with your spouse or significant other and draw up a list of all potential people you would be willing to have raise your children. 

Don’t judge anyone on the list or even consider whether they would be willing. Just make as long a list as you can of all the people you know who you know, like, and trust that your children know, like, and trust.  It can be helpful if each parent makes a list separately and then compare notes later.

Then,  put your list(s) aside.

Now, make a list of your most important values when it comes to raising your children.  Things like, prior relationship with your children, education level, discipline philosophy or parenting style.

(A complete listing of this process and the values to consider are available on the website www.nckidsplan.com where you can name legal guardians for your children at no charge and be taken through this process of choosing the right guardians, step by step.)

Under no circumstances would you want to consider the financial resources of the people you are considering because it’s up to you to provide enough financial resources for your children and the people you’ve named as their guardians.

Finally, rank your values and compare those values to your list of potential guardians and put each of those people (or couples) in order first, second and third.

Once you have your list, check it against these practical considerations:

• Does your child know them?  Ideally, your guardian selection will be someone your child already knows and trusts.  
• Do they live nearby?  It is probably not ideal to uproot your children from their local community if you can help it.
• Do they share your values?  You will want to choose someone who can raise your children with the same values and beliefs that you would.
• How old are they?  Choosing an elderly person as guardian could mean that your children could lose them too at a tender age.
• Do they already have a family?  If your choice as guardian already has children of their own, would your children blend in well with their family?
• Are they willing to take on the responsibility?  Hopefully the person(s) you choose as guardian would welcome the responsibility, but not everyone does.  Be sure you have a candid conversation with them before you name them as guardian.
  

Finally, document your choices, legally and clearly.  We have a proven process for creating a comprehensive Kids Protection Plan for your children that covers not just the long-term care of your children, but the immediate term as well. Gives instructions to your guardians and caregivers. And puts an ID card in your wallet so your children would never be left in the care of strangers.

Keep in mind that your choice for guardian today could change, and you will likely want to update your guardianship designation as your life and circumstances dictate. 

Make 2014 the year you put the proper protections in place for your family by calling our office to schedule a time for us to sit down and talk.  We normally charge $750 for a Family Wealth Planning Session, but because this planning is so important, I’ve made space for the next two people who mention this article to have a complete planning session at no charge. Call today and mention this article. 

Asset protection is not something most people think too deeply about.  Most of us are too busy trying to accumulate assets to give to consider the importance of protecting what we have.  A recent article on The Motley Fool investment website notes that there are a number of things that can harm an investor more than a great return on an investment can help, and recommends that we take these four steps to protect our assets:

Get the right insurance coverage.  Life insurance, disability insurance, auto insurance, homeowners insurance, health insurance and long-term care insurance are all ways you can protect your financial security by shifting most of the risk of an accident or unplanned event to someone else – your insurance company. 

Delay Social Security benefits.  One of the major benefits of Social Security is that it is one of the few sources of revenue that can withstand inflation and downturns in the stock market.   Delaying benefits for at least until you are at full retirement age -- and up to age 70 if possible – will maximize your payout and that of a surviving spouse. 

Have an estate plan.   Creating an estate plan helps you provide for your family after you are gone in the most tax-advantaged way.  Use tools like trusts to minimize taxes and avoid probate so your assets will pass automatically to your heirs without getting tied up in court.  Another important aspect of estate planning is assigning powers of attorney and drawing up an advance medical directive so your wishes are respected when it comes to your own health care.

If you are a business owner, choose the right structure.  If you own a business, choosing the right business structure for personal liability protection and taxation can dramatically affect your financial circumstances. 

If you would like some guidance on protecting your wealth, call our office today to schedule a time for us to sit down and talk. We normally charge $750 for a Family Wealth Planning Session, but because this planning is so important, I’ve made space for the next two people who mention this article to have a complete planning session at no charge. Call today and mention this article.

Many of the homes in Mooresville, Cornelius and around Lake Norman are second homes or vacation homes for families living primarily in Charlotte or other areas of North Carolina.  These homes are used during warmer months to enjoy beautiful Lake Norman and the many activities it offers.

If you are fortunate enough to have a family vacation home, you know the emotional value it holds for every member of your family.  Many cherished family memories are rooted in a special place, which makes it important for current and future generations to preserve it properly.

A recent Wall Street Journal article explored the use of trusts to preserve a family vacation home.  A trust is often a good choice when the current owners – parents or grandparents – are concerned that joint ownership could lead to disagreements or that maintenance costs may prove too great for the next generation to manage. 

Instead of dividing ownership, you can establish a trust to hold title of the property and fund an endowment to handle maintenance expenses.  In addition, to avoid paying custodial fees to the trust, you can set up a limited liability company to hold the endowment within the trust.

Once the LLC is registered with the North Carolina Secretary of State and the trust is created, the next step is to draw up a legal operating agreement that specifies when the property title and endowment would pass into the trust, usually upon the current owner’s death. 

The operating agreement would also detail how the property is to be used, and grant each member of the next generation the right to equal access to the property.  This is usually preferable to granting equal shares in a property since it prevents any one shareholder from cashing out his or her share and jeopardizing the use of the property by future generations.

As the WSJ article noted, it is usually preferable to have succeeding generations designate a property manager from within the family to make the key administrative decisions and coordinate the use of the property so it is shared equitably.

Using a trust can help guarantee that a beloved vacation home is preserved for generations to come, as well as preserve the family harmony that the home has played such a key role in developing.

If you would like some guidance on establishing a trust, call our office today to schedule a time for us to sit down and talk. We normally charge $750 for a Family Wealth Planning Session, but because this planning is so important, I’ve made space for the next two people who mention this article to have a complete planning session at no charge. Call today and mention this article.

Your estate is made up of everything you own, which includes your personal possessions as well as your home, a car, bank accounts, insurance, furniture and more.

But your wealth is much more than just your financial assets. It includes your purposes, passions, family values, memories and stories that make up your personal legacy. 

The purpose of estate planning is to give you the control over how your estate is distributed to the people or organizations you care about, and to preserve your legacy for the next generation and beyond.

Estate planning is also used for a number of other important things, including:

●     Providing instructions for your care in case you are unable to do so;

●     Naming someone to manage your financial affairs if you are unable to do so;

●     Naming a guardian for your children;

●     Providing for children or other family members who have special needs in a way that won’t affect government benefits, and protecting loved ones from the “incidents of life” – creditors, predators, and unnecessary taxes;

●     Providing protection for your assets, both during your lifetime and after;

●     Minimizing taxes and probate fees;

●     Planning for retirement and long-term care costs.

If you don’t already have an estate plan – or have one that needs to be reviewed and updated – make 2014 the year you get this done.  We normally charge $750 for a Family Wealth Planning Session, but because this planning is so important, I’ve made space for the next two people who mention this article to have a complete planning session at no charge. Call today and mention this article.