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By Patricia Louise Nelson of Two Spruce Law Powers of attorney are powerful documents that can be misused.?It is a crime to use a power of attorney for your own benefit, unless it specifically authorizes that.?It is a crime because, it happens.?If it never happened, there would be no need to criminalize it. The worst case I personally was involved in involved a lady in her late 80s.?I got involved when her son stopped paying for her care at a memory care facility.?The Oregon Department of Human Services began an investigation.?They asked me to get involved.?I got a professional fiduciary appointed to take over the lady’s finances. I documented over $680,000 that a son took from his mother using a power of attorney she had given him.?He seemed to think investing in real property with small down payments was wise in 2006 and 2007.?By the time we got involved, the bottom had dropped out of the real estate market.?Mom’s money was gone.?Son did us the favor of purchasing himself an airplane and hanger with Mom’s money, so we were able to get back some of what he had taken.?The cost of the litigation was more than $40,000.?The situation was tragic. Be very, very careful about whom you give a power of attorney over your finances.

5 Frequently Asked Questions About Estate Planning

How to Deal with Divorce in Your Estate Plan, By Patricia Louise Nelson of Two Spruce Law There are a couple of times you when being divorced and being in the process of getting divorce justifies updating your estate plan. One situation is if you are getting divorced and you want to avoid your soon-to-be-ex-spouse from receiving any of your assets. The other situation is if you get divorced after putting in place an estate plan that benefits your former spouse. During the process of divorcing, you are allowed to prepare a new estate plan intentionally giving your spouse nothing, if you are no longer living together as a married couple. If you need to live together as a couple, your soon-to-be-former spouse is entitled to an “elective share” under Oregon law. The elective share is a portion of your assets. It is a sliding scale, which depends on the length of the marriage. The longer the marriage, the higher percent of your assets to which your spouse is entitled. Give us a call so we can help you figure out how the Oregon elective share impacts your situation. Of course, if you have a prenuptial agreement, you are likely allowed to leave nothing to your former spouse, depending on the terms of the prenuptial agreement. The second situation is if you get divorced after your estate plan is in place. In this situation, the provisions in the estate plan naming the now-former spouse as a fiduciary or giving the now-former spouse assets are revoked by the divorce process. The estate planning documents do not need to be changed unless you want some other terms changed – the spouse is removed by the divorce paperwork. Often, the estate plan needs to be updated for other reasons, so if you are not sure then call us to discuss the terms of your estate plan in light of your divorce. #TwoSpruceLaw #ORS116 #estateattorneybendOR #trustattorneybendOR #exectutor #personalrepresentative #oregoninheritancetax #estateplanningbendOR #personalrepresentativefee #estateplans #fullprobate #divorce #divorceoregon #estateplanningattorney #estateplan #estateplanning101 #estateplanningtips #planningforthefuture #probateattorney #attorneys #avoidprobate #estateplanning #wills #probate #attorney #lawyer #financialplanning #estateplanningattorney #powerofattorney #trusts #estateplan #elderlaw #lifeinsurance #estate #assetprotection #trust #willsandtrusts #law #livingwill #financialfreedom #legal #money #livingtrust #personalfinance #willsandtrusts #inheritanceplanning #trustplanning #familywilllawyernearme #trustlaw #legalhelp #bendattorney #bendlawyer #bendestateattorney #centraloregonattorney

Personal Representative Duties: Trustee’s Duty to Use Special Skills or Expertise By Patricia Louise Nelson of Two Spruce Law In addition to many other duties, trustees have the duty to use any special skills or expertise for the benefit of the trust. When a trustee who has special skills or expertise, or is named trustee in reliance upon the trustee’s representation that the trustee has special skills or expertise, that trustee must use those special skills in administering the trust. For example, a CPA is serving as the trustee could be expected to know about and use all tactics available to the minimize the trust’s tax liability. Also, trustees are allowed to delegate duties and powers that a “prudent trustee of comparable skills” could properly delegate under the circumstances. Of course, that leaves a couple of big questions. Like what is a prudent trustee of comparable skills? And under what circumstances could such a person delegate??This rule is applied on a case-by-case basis. So, if the trustee wants to take a weekend and go drinking on a fishing boat, she may be allowed to delegate her duties for that weekend but probably not to one of her drinking buddies. ? In making delegation decisions, the trustee must exercise reasonable care, skill, and caution in: selecting the person to whom they are delegating; establishing the scope and terms of delegation, consistent with the terms of the trust; and review the agent’s actions from time to time in order to make sure they are doing a good job with the scope of the delegation. Note that the person to whom the trustee delegates duties owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation. We are here to help! Call us today for a free consultation. #estateplanningattorney #estateplan #estateplanning101 #estateplanningtips #planningforthefuture #probateattorney #attorneys #avoidprobate #estateplanning #wills #probate #attorney #lawyer #financialplanning #estateplanningattorney #powerofattorney #trusts #estateplan #elderlaw #lifeinsurance #estate #assetprotection #trust #willsandtrusts #law #livingwill #financialfreedom #legal #money #livingtrust #personalfinance #willsandtrusts #inheritanceplanning #trustplanning #familywilllawyernearme #trustlaw #legalhelp #bendattorney #bendlawyer #bendestateattorney #centraloregonattorney

What Are Letters Testamentary? How Do I Avoid Probate? By Patricia Louise Nelson Many, if not most, of my probate matters begin with a phone call to my office. The caller very often begins by saying, “My mom (dad, sister, brother, or friend) died.?Her banker (investment advisor or realtor) says I need ‘Letters Testamentary’ before I can access her bank account (investment account or sell her real property).?What is that? I definitely want to avoid probate. Can you help me?”?I always feel a bit of sadness for the caller as I explain that Letters Testamentary is the document the court issues when it opens a full probate, so the two questions are mutually inconsistent. ?If you really need Letters Testamentary, that means you need to take the assets through probate. The professional advising the caller that they need Letters Testamentary may not be right.?Because probate is a significant undertaking with substantial costs, it is important to explore all alternatives that may be available.?Give us a call, let’s figure out whether you really need Letters Testamentary. Learn more at https://lnkd.in/gJW4xAPh #estateplanningattorney hashtag #estateplan hashtag #estateplanning101 hashtag #estateplanningtips hashtag #planningforthefuture hashtag #probateattorney hashtag #attorneys hashtag #avoidprobate hashtag #estateplanning hashtag #wills hashtag #probate hashtag #attorney hashtag #lawyer hashtag #financialplanning hashtag #estateplanningattorney hashtag #powerofattorney hashtag #trusts hashtag #estateplan hashtag #lifeinsurance hashtag #estate hashtag #assetprotection hashtag #trust hashtag #willsandtrusts hashtag #law hashtag #livingwill hashtag #financialfreedom hashtag #legal hashtag #money hashtag #livingtrust hashtag #personalfinance hashtag #willsandtrusts hashtag #inheritanceplanning hashtag #trustplanning hashtag #familywilllawyernearme hashtag #trustlaw hashtag #centraloregon hashtag #oregonattorney hashtag #legaladvice hashtag #advanceddirective hashtag #centraloregon hashtag #bestofbend hashtag #bendoregon

How to Fill Out Oregon’s Advance Directive Presented by: Patricia Louise Nelson Oregon’s Advanced Directive allows you to appoint someone to make healthcare decisions for you, if you become unable to communicate your wishes to your doctor. It is crucial that every section of this important form be completed correctly. Let us go through it together. In sections One and Two, you fill in information about yourself and your healthcare representatives. The latest Oregon Advance Directive form requests all contact information for your healthcare representatives, including home, work, and cell phone number.?Please provide all the information you can.?The point of having an address on this form is so that the authorities can locate your healthcare representative in case of an emergency, including possibly knocking on their door. I would therefore recommend that you use physical addresses, as opposed to a PO box. Section Three is where you need to make your first decision. You need to pick either the first choice or the second choice, but you cannot choose both. If you choose the first option, your health care representative must follow the instructions you provide in the balance of the document. The second option allows your healthcare representative to make decisions for you, using your instructions as guidelines. On the one hand, if a health care representative makes decisions that result in your death, that could leave the person with a sense of guilt. On the other hand, if you require your health care representative to follow your instructions, that leaves them with no discretion. Section four gives you the opportunity to give directions regarding your end-of-life care. As you can see, it is a tricky form. Please let us know how we can help you fill it out.? #estateplanningattorney #estateplan #estateplanning101 #estateplanningtips #planningforthefuture #probateattorney #attorneys #avoidprobate #estateplanning #wills #probate #attorney #lawyer #financialplanning #estateplanningattorney #powerofattorney #trusts #estateplan #lifeinsurance #estate #assetprotection #trust #willsandtrusts #law #livingwill #financialfreedom #legal #money #livingtrust #personalfinance #willsandtrusts #inheritanceplanning #trustplanning #familywilllawyernearme #trustlaw #centraloregon #oregonattorney #legaladvice #advanceddirective #centraloregon #bestofbend #bendoregon

Life can change in an instant....what are you waiting for? Start your estate plan today to protect your family's financial future. Two Spruce Law has been serving Central Oregon with excellence and compassion when you need it most since 1995. Call today for a free consultation! 541-389-4646. #trust #trustandwill #will #estateplanningattorney #bendestateplanningattorney #probate #familyplanning #financialplanning #financiallegacy #legacy #lifechanges #lifeanddeath #estatetax #heirs #inheritance #financialfuture #oregonestateplan #oregonattorney #oregonestateplanattorney #trustlaw #familywilllawyernearme #bendwilllawyer #inheritanceplanning #trustplanning #personalfinance #legal #money #livingwill #revocabletrust #revocablelivingtrust #assetprotection #powerofattorney #advancedirective #avoidprobate #planningforthefuture

Powers of Attorney By Hanah Mirahmadi A power of attorney is a very powerful document. They are used to appoint someone else to make financial decisions for you. The person you appoint, and any alternates, is called your agent or attorney-in-fact. You can specify in your power of attorney whether you would like your agent’s authority to take effect immediately, have it be delayed, or a hybrid of both. Immediate authority is where, upon executing your power of attorney, your agent can make financial decisions on your behalf immediately. On the other hand, delayed authority is where your power of attorney can only make financial decisions on your behalf in the event of your disability or incompetence. Typically, proving your disability or incompetence requires a written statement from your physician indicating that you lack the ability to make and communicate decisions or evaluate information necessary to make a decision. You can decide whether a written statement from one physician is sufficient or you can require additional written statements if you feel one is not enough. Requiring too many written statements, however, may cause additional delay in granting your agent authority. This can create issues if it is a time sensitive financial situation. With the hybrid option, you can elect to have some agents take control immediately while others can take under delayed authority. This option works well for spouses who name each other without delay and name an alternative agent whose authority is delayed. Once your agent is granted authority, your agent can pretty much do anything with your finances that you could. For example, if you are stuck in the hospital and cannot pay your bills, your agent can. Your agent can also, however, act on your behalf to sell your car or house without you knowing or even empty your back account. Clearly, it is really important that you take care in deciding who you name as your agent. Give us a call to talk more about powers of attorney and how we can get one set up for you. https://lnkd.in/gVNhe_DJ #estateplanningattorney #estateplan #estateplanning101 #estateplanningtips #planningforthefuture #probateattorney #attorneys #avoidprobate #estateplanning #wills #probate #attorney #lawyer #financialplanning #estateplanningattorney #powerofattorney #trusts #estateplan #elderlaw #lifeinsurance #estate #assetprotection #trust #willsandtrusts #law #livingwill #financialfreedom #legal #money #livingtrust #personalfinance #trustsandwills #legacy #inheritance #familywealth

FINANCIAL AND LEGAL PLANNING AT END-OF-LIFE: CORE CONSIDERATIONS? The Peaceful Presence Project Continuing Education Series Presents: Financial and Legal Planning at End-of-Life: Core Considerations? Live Online Webinar with The Peaceful Presence Project and Two Spruce Law Tuesday, May 21, 2024 from 5:00-6:15 pm Pacific Time End-of-life planning extends beyond mere tax considerations. It involves ensuring that your wishes are legally, medically, and financially acknowledged and honored. In this workshop, we will delve into the intricacies and advantages of proactive estate planning. Topics will include strategies to sidestep the costly and lengthy probate process, essential insights into the fundamentals of a revocable living trust (and techniques to mitigate or eliminate the impact of the Oregon Estate Tax through tax planning language), and the significance of appointing a power of attorney for financial needs and an advanced directive for healthcare matters. Presenters will also address?planning for pets and second marriages. This workshop is designed for those who seek to delve deeper into understanding the financial and legal aspects of end-of-life care. Equip yourself with the knowledge and resources needed to confidently navigate this pivotal stage of life with assurance and clear understanding. We are committed to making our programming accessible to all. If the $25 tuition creates a financial barrier to your participation, please email [email protected] to request scholarship assistance. Financial and Legal Planning at End-of-Life: Core Considerations

FINANCIAL AND LEGAL PLANNING AT END-OF-LIFE: CORE CONSIDERATIONS? The Peaceful Presence Project Continuing Education Series Presents: Financial and Legal Planning at End-of-Life: Core Considerations? Live Online Webinar with The Peaceful Presence Project and Two Spruce Law Tuesday, May 21, 2024 from 5:00-6:15 pm Pacific Time End-of-life planning extends beyond mere tax considerations. It involves ensuring that your wishes are legally, medically, and financially acknowledged and honored. In this workshop, we will delve into the intricacies and advantages of proactive estate planning. Topics will include strategies to sidestep the costly and lengthy probate process, essential insights into the fundamentals of a revocable living trust (and techniques to mitigate or eliminate the impact of the Oregon Estate Tax through tax planning language), and the significance of appointing a power of attorney for financial needs and an advanced directive for healthcare matters. Presenters will also address?planning for pets and second marriages. This workshop is designed for those who seek to delve deeper into understanding the financial and legal aspects of end-of-life care. Equip yourself with the knowledge and resources needed to confidently navigate this pivotal stage of life with assurance and clear understanding. We are committed to making our programming accessible to all. If the $25 tuition creates a financial barrier to your participation, please email [email protected] to request scholarship assistance. Financial and Legal Planning at End-of-Life: Core Considerations https://lnkd.in/g-MAdJ2A @thepeacefulpresenceproject #PeacefulPresence #EndOfLifePlanning #FinancialAdvice Two Spruce Law P.C. #estateplanning #taxadvice #probate #ProbateProcess #legalservices #oregonestatetax #familywealth #investment #family #familyplanning #trustandwill #willsandtrusts #financialplanning #legalplanning