Avoiding Guardianship And The Curse Of Money

Each of us will someday die–and we ought to set up a well-crafted estate plan long before then. But estate planning is not just about death. Many of us will experience diminished capacity in the years prior to death. If you don’t have a strong estate plan before experiencing diminished capacity, somebody likely will need to file a lawsuit to be appointed as your guardian– to make healthcare and financial decisions for you during the period of incapacity. Guardianship court proceedings are costly and sometimes contentious, and may result in a “care giver” that you don’t prefer. Well-crafted estate plans can usually avoid guardianship (and probate) proceedings, and give you the peace of mind that, during a diminished state, you have the right people pre-appointed to care for you and make decisions for you. Avoiding The Curse of Money A key aspect of estate planning is establishing the disposition of your assets at death. Stated differently, it’s designating who will get “free money” when you die. Free money can profoundly bless lives. It can ease burdens, augment lifestyle, facilitate family events, create opportunity, and communicate intergenerational love and support. But there is a dark side to free money. Far too often, inheritances result in family rifts, waste, bickering, unhealthy indulgences, and a pathetic departure from cherished family harmony and values. Sometimes, inheritances can actually be a curse, undermining the highest priority objectives of the decedent.

At Barney McKenna & Olmstead, P.C., we take the time to identify your highest priority objectives and to plan accordingly, ensuring that your hard-earned assets bless lives and do good in the world instead of bad.

Every Third Thursday, Barney McKenna & Olmstead, P.C. holds free, no obligation educational seminars on Estate Planning at noon and 5pm in St. George, noon in Mesquite, and 10am in Hurricane. Although there is no charge, a prior reservation is requested. Call us at 435-628-1711 to reserve your seat.

Joseph Prete has been practicing law for the past 19 years and his practice includes a focus on Estate Planning. He also serves on the City Council in Hurricane, UT. Mr. Prete is licensed and serves clients in Utah and Nevada. If you have questions, you would like addressed in these articles, you can contact him at 435-628- 1711 or joseph@bmo.law or visit the firm’s website at WWW.BMOLAWFIRM.COM