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Your fall planning checklist
Are you worn out yet? Every day seems to bring more challenges and uncertainty. Meanwhile, there are certain times of the year and certain times in your life when you should take a step back and organize. Fall is one of those times. Before the holidays dominate your thoughts, take time
to review your current circumstances and
ensure you are protected and your family is FOP
• Today, many hospitals and long-term care facilities are pro- hibiting visitors. Update your health care power of attorney to include authority for your agent to access health care
workers remotely and to visit you via Zoom or FaceTime.
5. Review your insurance liability coverage
•
Be sure your homeowner’s policy adequately covers the current replacement value of your home and all current contents.
secure.
1. Review your living trust or last will and testament
Our lives have changed in seven months. Consequently, your estate plan might be out of date.
•
ceed $250,000.
Verify that your homeowner’s policy reflects the correct title of your real estate deed (i.e., living trust name). Above all, if you are currently working and married, title your principal place of residence in tenants by entirety for maximum asset protection.
• What has changed in your family? Any births or deaths? Have you moved?
• In the event something happens to you, does your estate plan reflect your wishes?
• Are your beneficiaries the same?
• Are any changes needed on the timing of the transfer of your
assets to your beneficiaries?
• Do any of your beneficiaries require asset protection be-
cause of disability, legal trouble or a failing marriage?
• Isyourtrusteeorexecutorstillappropriate?
• Areallofyourassetstitledinthenameofyourlivingtrust?
2. Review your real estate deed(s)
With interest rates at historic lows, chances are you have refi- nanced recently. As a result, your real estate deed may not reflect your intentions.
As you prepare for the holidays, review and organize your af- fairs. If you don’t have a living trust yet, this is the time to get one. A revocable living trust is a written, legal document that al- lows you to privately and efficiently pass all of your assets to your family, friends, or charities after your death — outside of probate
court. (Remember, all wills are subject to probate court. )
Tom Tuohy is the founder of Tuohy Law Offices and the FOP Ben- efits Plan. He has been a police lawyer for 37 years. His father was a CPD detective, and his grandfather was CPD Chief of Major In- vestigations.
3.
TOM TUOHY
It’s common to take out a policy and never again review the beneficiaries. The most common mistake is not listing all your children as beneficiaries.
4.
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Have you recently reviewed your deferred comp and life in- surance beneficiaries?
Were any children born after the opening of an account or insurance policy?
Are any of your beneficiaries under age 18? If so, name your living trust as the beneficiary to protect against probate court.
Are any of your beneficiaries living with a disability? Name your living trust as the beneficiary of all accounts and pol- icies. Moreover, the trust should have a special needs pro- vision, so your disabled loved one’s inheritance does not jeopardize their SSI or Medicaid benefits or be subject to government reimbursement.
Review your power of attorney documents
A financial power of attorney authorizes a trusted agent to sign your name on financial transactions. A health care power of at- torney appoints an agent to make all health care and end-of-life decisions on your behalf.
• Are your agents outdated because of age, disability or resi- dence?
• Is your child now old enough to be your agent?
Benefits Plan
•
Verify that your auto coverage is adequate. You shouldsecureaminimum$1millionumbrellapolicy if the net value of your assets and all your savings ex-
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Do you have a living trust? Did you retitle your property deed in the name of your trust after the refinance closing? Have you moved? Did you title your new property in the name of your living trust?
Are you still working? If so, as the active police and mar- ried, the title to the deed of your principal place of resi- dence should be in tenants by entirety for maximum asset protection.
Have you gotten married? Congratulations. Now title the
property deed in the proper names or proper trust.
Review your beneficiary designations
You’ve supported us for the past 20 years. This is our way to support you!
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CHICAGO LODGE 7 ■ OCTOBER 2020 59