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Happy New Year

10 Reasons Why You Should Make Estate Planning Your New Year’s Resolution

By Katherine R. Dorval

People often assume that if their estate isn’t taxable, they don’t need to have an estate plan. In 2024, a Massachusetts estate tax return must be filed if the value of the deceased person’s gross estate exceeds $2 million. A federal estate tax return must be filed if the value of the assets exceeds $13.61 million in 2024 (or $27.22 million per married couple.)  The federal estate tax exemption will increase to $13.99 million in 2025 (or $27.98 million per married couple).

While reducing potential estate taxes is one important goal for creating an estate plan, there are many other factors to consider beyond tax savings. In addition to reducing taxes, a thoughtfully prepared estate plan helps you maintain control over your assets at your death or incapacity, safeguards your privacy, and provides guidance for your care as well as the care of your loved ones.

The following is a list of ten important reasons to create an estate plan, beyond minimizing estate taxes:

1- Maintaining Privacy and Avoiding Probate

Having an estate plan can help minimize the probate process, which can be expensive, time consuming and lead to loss of privacy. The probate process can take up to a year, if not longer, and anyone can access information and documents from the Probate Court. With proper planning, you can avoid the delay and cost of probate and keep your estate’s details private.

2 – Protecting Minor Children

In a well-drafted will, a parent may nominate a guardian to take care of any minor child the parent has or may have in the future. Nominating a guardian in the will ensures that any minor children will be cared for by the people you have chosen if both parents die before the children turn 18. Without a will in place that nominates a guardian, the Probate Court will decide who looks after your minor children without any guidance from you. A thorough estate plan will also include a trust to protect assets for the benefit of your minor children so they don’t receive their inheritance outright when they turn 18.

3 – Providing for Your Spouse and Other Beneficiaries

An estate plan allows you to make decisions about how your assets will be distributed after your death or incapacity, ensuring your wishes are followed. A properly drafted will and trust ensure that your assets will be distributed to your intended beneficiaries after your death. Otherwise, the applicable statutes will determine who will benefit from your estate, which might be contrary to your own wishes. For example, you may want to make sure that your spouse and children or other loved ones are provided for adequately.

4 – Planning for Blended Families

Estate planning can help ensure that your assets are distributed according to your wishes, especially in the instance of a blended family. For example, in a second marriage with children from a prior relationship, a parent will often want to use trust planning to ensure that her children receive a fair share of her asset assets, rather than being cut out by a surviving stepparent. It is also wise to protect assets in trust for your children in the event of remarriage of the surviving parent.

5 – Special Needs Planning

If you have a beneficiary with special needs, a “special needs trust” or “supplemental needs trust” can be created as part of your estate plan to ensure that the beneficiary continues to qualify for public assistance such as MassHealth or Social Security and Supplemental Security Income (SSI).

6 – Creditor Protection

By placing a child’s inheritance in trust for the child’s benefit, you may be able to shield those assets from the child’s creditors, including, for example a divorcing spouse, ensuring that assets are used for the benefit of your child or grandchildren.

7 – Providing for Pets

Estate planning can include provisions for the care of your pets after your death, including the creation of a pet trust to cover their expenses.

8 – Planning for Your Incapacity

Through documents like a durable power of attorney, health care proxy, living will and trust, you can designate individuals to manage your assets and make decisions on your behalf if you become disabled or incapacitated.

The person you appoint as your attorney-in-fact under your durable power of attorney has the authority to make legal and financial decisions for you if you are physically or mentally incapacitated, or simply if it would be more convenient for you.

By creating a revocable trust and funding it during your lifetime, you can make sure your assets will be used for your benefit and managed according to your wishes if you become incapacitated. The successor Trustee(s) of your trust will control and continue to manage the trust assets for your benefit when you can no longer serve as Trustee.

9 – Charitable Giving

If you desire to make charitable gifts at your death, there are many ways to incorporate these philanthropic goals into your estate plan. Charities can be named as beneficiaries in a will or trust, or as a designated beneficiary on retirement accounts.

10 – Business Succession

If you own a family business that you plan to keep in the family after your death, part of your estate plan might involve business succession planning to plan for the death or retirement of a key partner and to make it easier to transfer the business’ assets to your family members after your death.

It’s important to consult with a knowledgeable estate planning attorney who can provide personalized guidance and help you determine the most appropriate estate planning strategies for your unique circumstances. They can also ensure compliance with state laws and address any unique estate planning needs or concerns you may have.

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10 Reasons Why You Should Make Estate Planning Your New Year’s Resolution

20-Year-Old Arrested For Participation In Elder Fraud

A 20-year-old man has been arrested in Sonoma County for allegedly participating in an elder fraud scheme.

Yung-Wen Kuan was apprehended after attempting to collect $20,000 from a 78-year-old woman, who had previously been tricked into withdrawing a large sum of money under the guise of protecting her finances. The suspects, posing as bank and government officials, convinced the victim to hand over the money to Kuan.

This incident highlights the growing concern of elder fraud scams, with financial institutions like Redwood Credit Union observing an increase in such attempts.

The credit union urges customers to be cautious and verify the legitimacy of any unexpected calls or messages from financial institutions. The investigation into this scheme is ongoing, and authorities are encouraging anyone who may have been a victim to contact the Sonoma County Sheriff’s Office.

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20-Year-Old Arrested For Participation In Elder Fraud

Seniors

As part of the Michigan Department of Attorney General's commitment to protecting seniors across the state, the Health Care Fraud Division is in place to hold health care providers accountable.

The Health Care Fraud Division also works in tandem with the Financial Crimes Division -- which houses the Elder Abuse Task Force -- on a number of legal actions.

The office also maintains a joint enforcement initiative with the Social Security Administration to protect residents of nursing homes from financial exploitation.

Health Care Fraud Division

The Health Care Fraud Division (HCFD) exists to identify, prosecute, and prevent fraudulent activity by doctors, dentists, pharmacists, and other health care providers participating in the Medicaid program. Allegations of misappropriation of patient trust funds and identity theft in resident care facilities are also investigated. Taxpayer dollars provide health care to indigent patients and other recipients. It is vital that these dollars be effectively spent to help those in need. Fraud affects everyone - the recipients of care, the taxpayers who pay for it, and the overwhelming majority of providers who conscientiously provide quality care.

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Seniors

Social media restrictions to financial exploitation protections, these are Florida's new laws

Social media restrictions to financial exploitation protections, these are Florida's new laws in 2025

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Social media restrictions to financial exploitation protections, these are Florida's new laws

John Amos’ Son & Private Investigator React To His Sister Digging Into Their Dad’s Death (UPDATE)

By Cassandra S

John Amos passed away in August, but by the time his son Kelly Christopher announced his death, it had been over a month.  Since then, the actor’s daughter, Shannon Amos, has launched an inquiry into his passing and hired a lawyer to lead her fight.

“The family deserves to know the full circumstances surrounding Mr. Amos’ care and the events that led to his passing,” Shannon Amos’ lawyer reportedly said in a statement. “We are committed to pursuing all available avenues to ensure that these questions are answered.”

But Kelly is saying there’s no need for war, and a private investigator has said there’s been no sign of “foul play” in the actor’s death. Here’s the he-said-she-said between the siblings and what else has been reported on the family conflict.

K.C. Amos Responds To Sister’s Elder Abuse Allegations

As previously reported, K.C. revealed the death on October 1, but his dad had died on August 21. Additionally, he said the ‘Good Times’ actor passed from congestive heart failure in Los Angeles. He was 84.

Shannon’s lawyer, James H. Davis III, confirmed she hired legal help to look into her daddy’s death, per PEOPLE. She outright accused her brother of elder abuse for seemingly the second time. Shannon reportedly wants more information about her dad’s admission to Centinela Hospital and his condition at the time. She claimed someone falsely impersonating her dropped John off at the hospital. Shannon claims she’s asked for his medical records in three formal requests but has gotten no response.

Furthermore, she wants the LAPD and Adult Protective Services to provide summaries of their investigations into her past allegations of abuse involving John Amos.

Meanwhile, Kelly Christopher isn’t hesitating in shutting down his sister’s claims with his own receipts! He provided an explanation to PEOPLE about decisions made leading up to John Amos’ death. He claimed that John requested to go to Centinela Hospital due to trust in its medical staff. Additionally, he said his dad asked him not to contact other family members, and K.C. said he “honored his request.”

“Let me be clear and transparent. There has been no physical, financial, emotional, or psychological elder abuse or neglect committed against my father by me, Gene Brummett, or Belinda Foster,” K.C. said. “This has been documented by an independent investigation by Homeland Security Services, Inc, Adult Protective Services, and other law enforcement agencies. The reality is that he passed of natural causes at the age of 84 years old. Stop making it more than what it is.”

Kelly also hired a defense investigator to conduct a “comprehensive two-year investigation” into financial discrepancies, including missing money and stolen material goods from his dad in Colorado, Memphis, New Jersey, and Los Angeles. Ultimately, the investigator, Kevin Faler, said any and all charges against Kelly Christopher in New Jersey have been dismissed.

“The current allegations regarding foul play and elder abuse are frivolous,” Kevin Faler said. “John Amos was happy working and spending time with [K.C., Gene, and Belinda] writing, producing, and praying with them as a family and as his team. John passed from natural causes at the age of 84 years old. There was no foul play.”

Faler also cleared John Amos’ longtime manager, Belinda Foster, of any wrongdoing. “John told me Belinda was more of a daughter to him than his own biological daughter,” the investigator told PEOPLE.

Daughter Previously Questioned John Amos’ Safety

Shannon Amos’ death comes over a year after she claimed her dad was a victim of elder abuse and financial exploitation and was hospitalized in critical condition. She made the allegations in a GoFundMe campaign, claiming John had called her from Memphis hospital. Shannon did not specify who was executing the alleged abuse but claimed one of the persons was a caregiver. Her GoFundMe campaign sought $500,000 for alleged legal expenses, care, and aftercare.

But, John Amos later denied his daughter’s abuse claims in a video message from the hospital bed. The actor cited confusion about the fundraiser. He also seemed to suggest that if anyone were to abuse him, it’d be Shannon. He said that they had issues leading up to his hospitalization, saying his daughter took advantage of him.

“She would be the primary suspect — if you would,” John said. “I don’t know if that’s the right term to use or not. But she’s the one that I would attribute my elderly abuse to. It’s definitely a case of elderly abuse.”

Additionally, his manager Belinda said his hospitalization was due to problems with his heart caused by fluid filling his lower body and abdomen. However, they both denied that his medical scare was life-threatening.

Shannon Amos has not publicly reacted to her brother’s response to her investigation.

Full Article & Source:
John Amos’ Son & Private Investigator React To His Sister Digging Into Their Dad’s Death (UPDATE)

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'Good Times' star John Amos dead at 84

New state laws protect most vulnerable citizens – kids and seniors | Opinion

One affects children and social media, others protect seniors from financial exploitation

By John Grant

Most of us would agree the role of government, whether national, state, or local, should be to protect and serve its citizens. A new set of Florida laws that go into effect on January 1, 2025, are designed to do just that.

A few stand out for their ability to secure and defend the state’s most vulnerable – kids and seniors.

John Grant

House Bill 3 prohibits social media companies from granting accounts to anyone younger than 14. This law was initially supported by parents and grandparents, like me, because its intent is to shelter kids from a number of nefarious online characters including predators, scammers and bullies.

While part of the bill is being challenged on First Amendment grounds, ultimately the meat of the bill keeps kids under 14 off social media platforms and less likely to become a victim.Most of us would agree the role of government, whether national, state, or local, should be to protect and serve its citizens. A new set of Florida laws that go into effect on January 1, 2025, are designed to do just that.

Two other bills taking effect will insulate and better serve seniors from financial exploitation.

Under Senate Bill 556, financial institutions can delay disbursements or transactions of funds from an account if there is reasonable belief that exploitation is involved. Financial institutions are then required to conduct an internal review and notify the state. This series of safeguards is intended to keep predators at bay.

House Bill 1093 updates Florida’s fiduciary accounting laws bringing them into the 21st Century. This law codifies the Florida Uniform Fiduciary Income and Principal ACT (FUFIPA) replacing the Florida Uniform Principal and Income ACT (FUPIA).

I know that sounds like a lot of mumbo jumbo, but as an estate planner I can tell you this legislation requires more responsibility from the fiduciary accounting process and allows for more flexibility in individualized estate planning. It is long overdue.

I for one am grateful Florida lawmakers have their priorities in check with a clear focus on citizens, young and old.

I’m looking forward to seeing what the legislators accomplish in the upcoming session in spring of 2025.

John Grant is a retired Florida state senator and president of Seniors Across America.

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New state laws protect most vulnerable citizens – kids and seniors | Opinion

State Rep. Gidley seeks to disqualify elder abusers, exploiters from receiving inheritance

by Craig Monger

State Rep. Mark Gidley (R-Hokes Bluff) is seeking to remove the ability of individuals to receive benefits or inheritance from people they have been convicted of abusing or financially exploiting.

Current law prohibits a person from receiving any benefits under someone's will or intestate succession if they are feloniously responsible for their death. Intestate succession describes when the state distributes assets to the surviving family if no will exists. The prohibition also applies to contracts.

House Bill 66 (HB66) would provide that any individual who is convicted of elder abuse or financial exploitation of an elderly person may not receive any benefits under the abused or exploited individual's will or through intestate succession. It would also cause a person convicted of abuse to lose any property interest in any joint venture held with the abused or exploited individual.

If convicted, a person would not be allowed to collect life insurance, inheritance, property or collect on any contracts made with the person they were convicted of abusing or exploiting.

According to the bill, an individual will be deemed to have abused another if the individual is convicted of elder abuse and neglect in the first or second degree or financial exploitation of an elderly person in the first or second degree.

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State Rep. Gidley seeks to disqualify elder abusers, exploiters from receiving inheritance

Explore Jefferson: Area Woman Drained Elderly Mother’s Accounts to Pay for Casino Trips, Personal Debt

by Gant Team

PUNXSUTAWNEY, Pa. (EYT) — An area woman has been charged with financially exploiting her elderly mother and stealing over $150,000.00 through her role as power of attorney, according to Punxsutawney-based State Police.

Court records filed on December 20, 2024, indicate 56-year-old Kelly Jo Wright, of Ridgway, faces the following criminal charges:

– Financial Exploitation of an Older Adult or Care-Dependent Person, Felony 2
– Theft by Deception-False Impression, Felony 2
– Theft by Deception-Prevent Acquisition of Information, Felony 2
– Theft by Deception-Failure to Correct, Felony 2

According to PSP Punxsutawney, the investigation began when Wright’s sister reported suspected theft in September 2023.

Medical records show the victim has been treated for dementia since 2020, with her condition listed as “moderate,” making her vulnerable to exploitation, police noted.

State Police Trooper Michael C. Malloy’s investigation revealed that Wright became power of attorney for her mother in March 2022, according to a criminal complaint, and Wright allegedly proceeded to drain her accounts through ATM withdrawals, gambling expenditures, and payments of personal debts over an 18-month time period, beginning around March 2022 to approximately September 19, 2023.

It was learned in the investigation that Wright allegedly spent thousands at casinos and gambling establishments, including businesses in Punxsutawney and Reynoldsville, where she was reportedly gambling up to three to five times per week. Additionally, investigators obtained Wright’s gambling records from Seneca Casino in Salamanca, New York, showing net losses of over $17,000.00 in 2022 and over $7,000.00 in 2023, according to the complaint.

The victim’s monthly income included Social Security benefits, her ex-husband’s pension payments, and IRA deposits, the complaint states.

According to the complaint, Trooper Malloy learned that Wright surrendered her mother’s $123,000.00 IRA against financial advisors’ recommendations, then withdrew over $106,000.00 in cash within 23 days, the complaint continues.

The Jefferson County Area Agency on Aging had previously investigated in April 2022 after receiving a referral about possible exploitation. During their month-and-a-half investigation, protective services workers made home visits and exchanged correspondence with the victim. Wright claimed she was using the IRA money to build a home addition for her mother — renovations that police believe never occurred, the complaint notes.

According to the complaint, the investigation revealed that Wright was operating a rescue horse farm, caring for more than 30 horses, donkeys, dogs, and cats. It was noted there are substantial costs that are associated with maintaining such an operation.

According to the complaint, Wright stated her only source of income was her monthly Social Security benefit in the amount of approximately $1,600.00.

A preliminary hearing for Wright is scheduled for 9:00 a.m. on Monday, January 6, 2025.

It was also noted in the complaint that the case is further complicated by a separate theft charge against Wright involving a male victim, where she allegedly received transfers totaling nearly $200,000.00 in April 2023, the complaint states.

Full Article & Source:
Explore Jefferson: Area Woman Drained Elderly Mother’s Accounts to Pay for Casino Trips, Personal Debt

Rome Man Jailed for Beating Elderly Man

One of Floyd County’s “Most Wanted”, Nicholas Augustus King, 40 was arrested this week after he was accused of attacking and beating an elderly Rome man.

Reports said that King is accused of hitting the victim on top of the head which caused deep lacerations requiring stitches.

The incident occurred at a home on Dublin Drive.

King is charged with aggravated battery, exploitation and intimidation of the elderly and probation violation.

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Rome Man Jailed for Beating Elderly Man