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Deer antlers, sports mascots, photographs, music . . . all features found in the growing number of customized caskets, according to a recent article in the Wall Street Journal. Perhaps this article will inspire you. Unfortunately, any reminder of mortality leads many people to avoid estate planning altogether.  That's why Bergstrom Attorneys have two important messages.

First, an estate plan should be designed as much to protect you in your life time as it is designed to handle the inheritance you leave at the end of your life. 

Second, an estate plan is equally relevant to everyone, regardless of age, health, or wealth.

Whether you're rich or poor, young or old, you should have durable power of attorney and an advance medical directive, in which you appoint your loved ones as your agents. Without these documents, your family or friends would have great difficulty coming to your aid in an emergency, especially if you're incapacitated or unavailable to handle your own affairs.

Similarly, your last will and testament would appoint the personal representative of your estate and guardian of your children. If you fail to make these decisions in your will, a court of law will decide for you. 

Additionally, a trust can appoint a trustee to protect your assets to support you, and later your trust could enable your beneficiaries to inherit without probate court proceedings. Your trust can also include a provision to create a new trust to hold assets for a beneficiary until he or she is old enough to manage the assets inherited through your trust. 

Make no mistake about it, estate planning is for the living as much as it is for the departed. We hope everyone finds what will inspire them to create their own estate plan. Whether it's a custom casket like the ones described in the Wall Street Journal article, or the desire to have an emergency plan in place in case you're injured or ill, Bergstrom Attorneys are ready to address your concerns in goals in your estate plan. Contact us to learn more about our services. 

"Documents You Need When a Child Turns 18" is a recent article by the Wall Street Journal, and it reinforced a belief Bergstrom Attorneys has embraced: estate planning is relevant to everyone, regardless of age, health, or wealth. The fact is, an 18-year-old is no longer a child, and in many respects parents lose their rights in decisions or information concerning their adult child, whether it relates to an emergency or report cards.

In summary, the article recommended the following for parents of 18-year-olds:

• Health-Care Power of Attorney: also known as an Advance Medical Directive, this legal instrument allows an agent to make health care decisions for a principal who cannot make his or her own decisions due to physical or mental illness; an adult child would thereby appoint his or her parents to help in a medical emergency. If you are the parent of an out-of-state college student, one Health-Care Power of Attorney should be drafted based on the state law where the child studies, and another based on your home state's law.

• HIPAA Authorization: HIPAA regulations prohibit disclosure of medical records, and would therefore deny parents' access to such information for their 18+ child. Parents should obtain a blanket HIPAA authorization from their adult child if they want the possibility to become apprised of their adult child's health.

• Financial Power of Attorney: also known as Durable Power of Attorney, this documents appoints the adult child's agent to handle financial matters. This could be a crucial requirement if your 18-year-old has a medical emergency and can no longer manage his or her own financial affairs. 

• Education Record Release: Because of the Family Educational Rights and Privacy Act, or FERPA, parents have no right to see their adult child's report card, unless the child signs an Education Record Release giving parents access to report cards, transcripts, and financial information at their academic institution, including universities. Under FERPA, your 18-year-old may waive their FERPA rights to allow their parents access to such academic records.

Typically parents contact us to request powers of attorney as part of their own estate plans. We consider it our job as their lawyer to advise them of often overlooked legal issues, including estate planning services tailored for their 18+ year-old dependent child. It's common for our clients to respond by saying their child is young and healthy, but they soon appreciate how estate planning is contingency planning to prepare for the unexpected, including those cases when a child, who might legally be an adult, still needs to count on mom or dad in an emergency. It would be tragic if parents were denied the possibility of helping their child because they lacked the legal documents described in this informative article.

Contact Bergstrom Attorneys to discuss your need for an estate plan for each member of your family.  

Today Bergstrom Attorneys's Managing Attorney, Matthew Bergstrom, spoke to the Central Virginia Chapter of the Financial Planners Association in Richmond, Virginia. Mr. Bergstrom addressed the special challenges of handling nontraditional assets in legal matters, particularly in estate planning.

Whether your investment portfolio or personal assets include art, animals, or armaments, you might not think to raise such topics with your attorney. It is the policy of Bergstrom Attorneys to raise these issues in the event you do own something that requires special care and attention. We consider these matters from various standpoints, including: wealth management, asset protection, preservation, risk, and inheritance, among others. We particularly focus on the needs of the parties in the future who might become involved with your nontraditional assets, such as executors, successor trustees, heirs, and beneficiaries. 

Will you or your loved ones understand the care and handling of your assets?  For example, might an antique require periodic restoration?  Will firearms require compliance with complex state and federal laws?  Are funds needed for the maintenance of your pets?  How would passwords to digital media be disclosed?

Contact us to discuss your special concerns regarding nontraditional assets. Bergstrom Attorneys's team of attorneys and our network of subject matter experts are ready to help you and the next generation enjoy your nontraditional assets.