Dot your i's and cross your t's....

Moving Forward with Disabilities in Retirement means planning your legacy. This past week we met with an Eldercare attorney, Allyson Shepston Bibler of Shepston & Miller Law firm. https://www.shepstonlaw.com/

Curly and I went there prepared. We had copies of our wills, our TODD document, and a few questions that we had been thinking about. She looked at our wills and TODD agreement, which we had done on Legal Zoom at www.legalzoom.com. Allyson reminded us that the TODD needs to be recorded at our County Recorder’s office, recording fee is usually around $30. Don’t forget to have the exact legal description or when the time comes for your heirs to transfer the home there may be an issue. She gave us her stamp of approval and now we can breathe easier. Allyson also said that probate in Arizona is not as big of an issue as some think. However, by doing your homework this can be avoided.

Allison explained to us why some need a trust, and some don’t. This is a personal issue for you and may differ with your friends or relatives. Check it out for your needs.

Now we asked the questions. What happens to our home if one of us needs nursing care? In Arizona you can keep your home plus an amount for the home spouse to live on. This varies from state to state so make sure you check on your own state.

Allyson did mention responsible children should be put on your checking and savings accounts. If your IRA has them listed as a beneficiary that will take care of the IRA. If you have any timeshare ownership a phone call to your company to see exactly what needs to be done can bring this up to date for you. Remember to have a list of all expenses that need to be paid during the month and don’t forget a list of passwords that have been put in a safe place. List your favorite charity and the amount or percentage that you would like dispersed to them. This is something that you should share with your financial advisor and heirs as well.

We would like to state, we were glad that we met with Allyson and took the time to have everything verified, however, most of the issues are available on line for your state or county. We feel at ease because we had her check what we had done. Because every state may be different we do suggest checking with your legal firm.

In this mobile society, many families live a great distance apart. By taking time to dot your i's and cross your t's you are making it possible for your heirs to move forward.

Do not wait, do it today!