Dr. Susan Tolle, Chair of the Oregon POLST Coalition, created a 5-minute video that guides viewers through a POLST form (Portable Orders for Life-Sustaining Treatment). This standardized, single page, brightly colored form can be vital for healthcare providers in managing fragile or seriously ill patients towards the end of life, and particularly helpful for managing one’s wishes for intensive care treatment and assisted breathing with ventilators.
Do you have a loved one living in a care facility and due to Covid-19 they are not able to leave? Or are you self-isolating in your home and unable to run your typical errands? Are any of your or your loved one’s financial or medical needs being unmet due to the Corona Virus? If so, you’re not alone.
I recently received a call from a daughter whose elderly mother was stuck in a care facility. Both the daughter and her mother were befuddled because all of the mother’s financial affairs were on hold.
As a general practice the daughter would organize her mother’s monthly bills and go through them with her. She would help her mother write checks to pay her doctor co-pays, her cable bill, etc. Also the daughter would join her mother on calls to manage her mother’s banking and investments needs.
Now the daughter can’t visit her mother. And both women wanted to know if they would be in trouble with bill collectors or at the very least pay a lot of late fees if they were not able to timely address mom’s financial affairs.
May the Force be with you Carrie – you were one of the brightest stars.
The entertainment world lost an iconic legend today. Carrie Fisher, best known for her role as Princess Leia Organa in the Star Wars films, passed away this morning after suffering a heart attack on December 23, 2016, while on a flight from London to Los Angeles. In addition to her Star Wars role, Ms. Fisher starred in many other films, and also authored several books, plays, and screen plays. She recently published her autobiography, The Princess Diarist.
From a legal perspective, it is far too early to analyze Ms. Fisher’s estate to any degree. However, one can make a number of observations.
Every time the Olympics come around, there’s dozens of articles and posts about how Olympic medals are subject to income tax. The IRS considers all prize winnings, such as gambling or game show prizes, to be income and thus taxable. Olympic medals get lumped into this group (as do the cash bonuses they come with). Luckily for the athletes, their medals are valued at the time they are earned, essentially the value of the materials. A gold medal from Rio is estimated to be worth $564, a silver medal is estimated at $305, and a bronze medal has little intrinsic value. Since Olympic medalists generally treat their sport as a profession the value of the medal and related bonuses are likely to be offset with a deduction for the significant expenses that most athletes incur.
Sumner Redstone, at 92 years-old and the controlling shareholder of his $40 billion media empire, Viacom Inc. and CBS Corp. has accomplished a lot. And a court recently ruled he can continue to make his own decisions, including deciding who should be his health-care agent.
Early reports tell us that the late musician Prince died without a will. Therefore, Minnesota “intestacy” statutes (i.e. statutes govern estates of decedents dying without a will) are going to control the administration of Prince’s estate. In a legal petition filed on April 26, 2016, by Prince’s sister, Tyka Nelson, Ms. Nelson stated that she did not know of the existence of a will signed by Prince. Because of this, no person currently has the legal right to act on behalf of his estate.
SYK has been advising our clients, friends and colleagues about managing Digital Assets (your online accounts) for many years, lamenting the fact that the internet was outrunning the law. We’ve been writing about it, testifying before legislators, speaking at seminars and encouraging everyone to prepare a VAIL – Virtual Asset Instruction Letter.
We are happy to report that there is new light on the issue. Oregon has just become the first state in the union to pass RUFADAA: The Revised Uniform Fiduciary Access to Digital Accounts Act. Oregon Senate Bill 1554 was signed by the Governor yesterday and will become effective January 1, 2017.
Thinking about changing your estate plan? Have you ever thought about disinheriting your children? It’s one thing to think about it, but to actually attempt it is another thing entirely. An Australian granny presumably attempted to disinherit her children, but with no avail. Before passing away, the 85-year old cut up nearly a million euros […]
SYK Partner and Trust and Estate litigator, Victoria Blachly will be traveling to Monterey, California to speak on October 16 for the 2015 Fall ACTEC Meeting. The American College of Trust and Estate Counsel (ACTEC) is a nonprofit association of lawyers established in 1949. “Its members are elected to the College by demonstrating the highest […]
The IRS is talking rule changes again. It may be time to take another look at your estate plan. Family-owned businesses often gift ownership interests in the business to younger generations in an effort to reduce gift or estate tax liability. The reported tax value of those gifts is discounted to reflect the fact that […]