Time to Talk T-U-R-K-E-Y

Kenneth C. King, Jr., Esq.
King Law Group, P.C.
Roanoke, Virginia 
1-866-985-1123

Member of the national ElderCare Matters Alliance, Virginia chapter

The holidays are the best time of the year for talking T-U-R-K-E-Y.  As you savor turkey and gravy and once again remember how good the green bean casserole really tastes, gather your family into a "Time to Talk Turkey" about your family's Love 'n Money.  The holidays are the right time to formulate and discuss your family's plans, including your estate plans.

To get you started, during a large helping of mashed potatoes and gravy, here is a simple formula for family discussion: talk T-U-R-K-E-Y(the "Turkey" topics are in the following paragraphs).  For each Turkey topic, discuss who, what, when, where and how.  It is that simple.  So, let's get talking T-U-R-K-E-Y about your family's Love 'n Money.  For each letter in "Turkey", we'll get you started with some questions.  Now, it is your turn to provide the discussion.

"T" is "The Plan".  Who has done some estate planning?  Who has a plan for medical emergencies and decision-making by another family member, if one of you is unable to make decisions?  Who will be your agent – under your power of attorney, and who is executor under your will?  If you have a plan, what exactly is your plan?  If not, what would you like your plan to contain?  Where are the papers located about your plan?  How can the necessary persons get the papers for your plan?

"U" is for "Urgent",  as in urgent medical needs; emergency trips to the hospital.  For "U" discuss who has a medical power of attorney.  Do you?  What do you say in it about the kinds of care that you wish to receive or not have, if you cannot personally communicate your wishes?  When should artificial respiration and tubing be withdrawn, if you are in a coma?  Where are your medical powers of attorney?  How will people know about your medical power of attorney?  Does your physician have a copy of it on file for you?

"U" is also for your Advanced Medical Directive.  This contains a Living Will (used if you become terminally ill).  Do you have one?  Who is your agent, if you cannot speak for yourself?  What does the Advanced Medical Directive say?  Where is it located?  How can your family and medical personnel find it?

"R" is for real estate.  For most of us, our home is the focus of our finances and central to our future plans.  Who owns the home?  Who will receive it after you are gone?  What uses will your home provide for funding your care, if you need assisted care?  Will home some day no longer be the appropriate place for you to live?  When will that occur?  Where do you wish to go?  How will you pay for your future living and care?  Will your home be the source of money for your care?  What resources do you have, besides real estate?

"K" is for kids.  For young families with children, planning for them, if something happens to you, is important.  Who will take the kids?  What resources do you have for their upbringing, if you are gone?  When should your children receive estate funds from you, as they grow-up?  Where will they live?  How do you want them raised?

"E" is for Estate Planning.  Who will do the planning?  What should your plan contain – a Living Trust?  A will?  An Advanced Medical Directive?  Powers of Attorney, both financial and medical?  What tax planning will be helpful for passing your assets to your heirs and loved ones?  Should you title your cash accounts and properties jointly?  Payable on death to another person?  Individually?  In trust?

Finally, there is "Y".  "Y" is for You.  Who will take care of you, if you become ill?  Whom do you designate to conduct your funeral?  Who will receive your estate?  Whom do you want to get your family treasures and heirlooms?  What planning for the T-U-R-K-E-Y talk will you do?  When will you create your plan?  Do you have a trip or an event planned before which you ought to get your plans onto paper?  Where are your plans and papers located?  How will you get these plans completed?

Now, that was easy.  Time for pumpkin pie.