While it is not yet Halloween, it is already time to starting thinking about your winter holiday custody schedule.  Thanksgiving is only about a month away followed in December by Hanukkah, Christmas and Kwanzaa.  Now is the time to take out your Custody Order to determine what the schedule is for this year.  If you do not have a Custody Order or agreement, now is the time to start having a discussion with your child’s other parent to determine a holiday custody schedule.  If you cannot resolve any disputes, now is the time to have the discussions and if necessary, file to have the courts assist in making a decision.  If you wait until the eve of the holiday, it may very well be too late.  

In addition to the actual schedule, now is also the time to start having discussions as to whether there will be any travel involved and who else will be at any holiday celebrations.  While these may not be issues in most years, travel and who is at the holiday celebrations may very well be at issue in the age of COVID.  These issues, along with the actual custody schedule, should be worked out well in advance of the holiday.

Finalizing the holiday custody schedule now will allow you all to have a much more enjoyable and less stressful holiday season.  

National Estate Planning Awareness Week runs from October 19-25, 2020. First celebrated in 2008, this week highlights the importance of estate planning and its vital role in your overall financial health. By some estimates, up to 50% of Americans have not prepared any estate planning documents, which include documents effective both during life and after death.  The uncertainty of this year only highlights the importance of creating or updating your estate planning documents.

Many people assume that estate planning documents are necessary only for individuals or families with a high net worth; however, everyone can benefit from having an estate plan. The most significant benefit is that estate planning documents, which can include a Will, Revocable Trust, and/or various types of Irrevocable Trusts, allow you to choose the beneficiaries of your estate, the amounts they receive, and how they receive those amounts. Without an estate plan, the intestacy laws of your state will determine to whom and how your estate will pass.  It is entirely possible that intestacy laws may not distribute your estate how you would expect it would pass, or how you would want it to be distributed. An estate plan can also take into account various concerns involving the distribution of an estate, such as beneficiaries who may need time to develop prudent money management skills; those with special needs to ensure continued eligibility for various public benefits; or beneficiaries with significant wealth on their own or liability concerns who want to keep assets out of their own estates. Intestacy laws do not account for these scenarios.

Developing or updating an estate plan also ensures that your estate has accounted for the various taxes that may be assessed as a result of your death, or any changes in the law. In the last year alone a major new law with respect to the distribution of inherited qualified plans, the SECURE Act, took effect; and there may be accelerated changes with respect to the Federal Estate Tax on the horizon. Creating an estate plan or revisiting your older documents allows for your estate to be up to date with the current legal landscape.

Estate planning documents also include Powers of Attorney for both financial and medical decisions, as well as Advance Medical Directives (“Living Wills”) for end-of-life decisions. These documents are effective during your lifetime, and allow another individual (or individuals) to make decisions on your behalf if you are unable to do so. Financial and healthcare Powers of Attorney and an Advance Medical Directive clarify who may make these important decisions, as well as your wishes, before a true “need” arises.

    Just as you regularly review your budget and meet with a financial adviser to discuss short- and long-term objectives, meeting with an attorney to update (or create!) your estate plan is an important step to ensure your personal and financial wellbeing.