Planned Life Changes

Life’s many defining events fall into two categories: things you’ve planned for…and those that you haven’t. While both may turn out to be blessings in the end, generally the planned life events are the most exciting and rewarding ones that we look forward to over the years. This includes things like getting married, having a baby, and retirement, to name a few of the most prominent. However, there are also those that although not pleasant for most, are beneficial to address in order to have a plan of action in place, such as end of life arrangements or your wishes in the event of an emergency situation.

Having a baby is something that is best planned for in advance, particularly because it’s such a huge commitment and requires a significant amount of preparation prior to welcoming a new life into the world. This not only includes all of the things related to your home, car, etc. to be ready for a baby to arrive, as well as lifestyle adjustments that will need to be made, but also understanding what should to be done at each stage of development as far as the necessary doctor’s appointments and related items of importance that will need to happen in order to ensure that both mom and baby are healthy.

“Planning a pregnancy is a very exciting time,” says Jenna Van Pelt, MD, OB/GYN with Women’s Clinic of Lincoln, P.C. “We at Women’s Clinic of Lincoln feel very honored to be a part of this special time in people’s lives.  We like to meet with people who want to become pregnant for pre-conception counseling.  This allows us the opportunity to discuss things that help maximize a woman’s health prior to becoming pregnant, such as suggestions on improving her diet and exercise regimen, as well as helping her get any medical condition optimized prior to conception.  We highly recommend starting prenatal vitamins with folic acid, as this helps to decrease the risk of neural tube defects in the fetus.  We also recommend against consuming alcohol and using tobacco if a woman wants to become pregnant. The conversation and treatment plan are individualized to fit each woman’s needs.  By doing this, we hope to help the couple achieve a healthy pregnancy that results in a healthy baby.  For more information or to schedule an appointment, please call our office at (402) 434-3370.”

From the beginning of a life to the end, there are certainly plenty of things to plan for throughout. Christine Vanderford of Vanderford Law, P.C., L.L.O. offers insight for her years of experience as to the importance of planning, including critical things to consider:

“No matter how much you may desire and plot out a certain path for your life, there’s an element of that which remains out of your control. Therefore, when planning for major life events, you need to expect the unexpected. Events such as marriage, the birth of a child, the purchase of a home, graduation from college or the establishment of a career are all wonderful occurrences. However, they are occurrences requiring some forethought.

Should you become incapacitated, do you have power of attorney in place, allowing your spouse or family to make important decisions, and keep things moving forward when you cannot? What about an unexpected injury or illness that brings you to end-of-life decisions? Have you and your spouse put in place a Living Will, expressing your preferences for treatment? Doing so frees your husband, wife or children from having to make such difficult decisions during an already difficult time. Think: ‘Terry Schiavo.’

With that new career established and producing a sustainable source of income, do you have in place a Last Will and Testament to direct the allocation and distribution of your estate, to your surviving spouse or children? Does your spouse also have a Will in place? Regarding your estate, is that new home titled to you only or does the property deed list both you and your spouse as joint tenants? What happens to the house and your spouse after your death?

Have you agreed upon guardianship for your children, in the event both you and your spouse pass away? And do you have alternate guardians selected if your appointed guardians cannot fulfill these duties? What if you are a single parent? What if you are divorced and there’s a concern with the other parent? Without a plan, you leave this decision to the state. Under that same thought process, who will serve as Trustee for your estate while your children remain under the age of majority, and do you have an alternate Trustee in mind? Without an estate plan, you risk the funds being held in conservatorship, and released in a lump sum once your children turn eighteen years of age. These are the same funds that could provide for your children’s health, education, support and maintenance as they grow.

When those children move out of state for college or as a result of graduating from college, will they have medical power of attorney documents in place to award decision making authority to a trusted friend or family member, until you can arrive?

The comprehensive key to keep in mind when planning major life events is to be prepared by anticipating the unanticipated.”

Vanderford also addresses some common misconceptions related to planning for the future:

“I am young. People do not need an estate plan until retirement age, right?”

Unfortunately, not everyone has the opportunity to live to a ripe, old age. A determined percentage of folks aged 25-45 years will pass away and inevitably leave behind an estate of some kind. They may leave behind children. They may leave behind pets. Without instruction, would your surviving family members know who should take care of your children? Will they know where you want your pets to go? As an example of what to consider, will they know of all your online accounts (including passwords)? Would they know where you store other digital assets such as photos, videos, etc.?

“I am not wealthy and therefore do not require a Last Will and Testament, correct?”

A common misunderstanding is that an estate plan is reserved for those with tons of land interests, millions of dollars in stock, residing in mansions and jetting away to vacation homes. On the contrary, your estate consists of all your personal belongings and financial interests, regardless if it’s millions of dollars or one hundred dollars. Leaving instructions (a Will) on what to do with your assets, serves your surviving family members well.

“Why do I need a Last Will and Testament? Won’t everything automatically go to my spouse?”

Without a Will, the state decides where your assets go. Do your family members or spouse understand what it will take to settle your affairs? What if you wanted certain charities to receive a share of your estate?

What would assure these organizations receive these shares?

“I do not need a medical power of attorney. I am young and healthy. Isn’t that good enough?”

Under that thought process, why carry health insurance? Because of inherent risk, that’s why. With statistics pointing to accidents as the leading cause of death in that 25-45 age category, what would happen if you survived an accident but were disabled as a result? Who would be your “voice” when it comes to health care decisions necessary for your long-term care?

“I do not need a power of attorney for my assets. My spouse is on our joint checking account and knows what we have. Doesn’t that cover it?”

Upon determination of your incapacitation, without a power of attorney in place, the court could freeze your assets until it appoints someone to handle your financial affairs. That would prove quite inconvenient for your spouse and children.

“I have DNR (do not resuscitate) order in place. Why do I need a Living Will?”

A DNR is a medical order that must be signed by both the doctor and patient (or guardian, or POA), indicating the patient should not be resuscitated. A DNR cannot be prepared by an attorney for a client’s signature without the involvement of the client’s physician.

A Living Will is a legal document that outlines life-prolonging treatments you may, or may not want when facing end-of-life decisions. In the event you are unable to communicate, you are still making these decisions via your Living Will. The benefit for your physician and family is they will know what to do.

She concludes, “The cost benefit of an estate plan is peace of mind for you and your family.

Without an estate plan in place, your family faces a potentially lengthy and costly process with the courts (far exceeding the cost of an estate plan). Without a plan, someone from your family will have to step up, serve as Personal Representative of your estate, close your accounts, pay your bills, inventory your belongings and distribute them according to state law. Completing such tasks are the responsibility of your appointed Personal Representative, however they are made more difficult for that individual to complete, without a plan in place that offers direction.

Save your loved ones the headache (and money) by planning ahead for life’s inevitable changes.”

And finally, as a critical part of planning for any major life event has to do with finances, most notably budgeting accordingly but also investing wisely and so on, you’ll want to develop a relationship with your accountant to ensure that you’ve confirmed with a professional that all of the bases are covered.

Remember, planning for what’s to come will allow both you and your loved ones to be prepared no matter what life brings. The best and worst things in life can often be anticipated to some extent, and the more prepared you are, the easier it will be to navigate through the changes as well as empowering yourself with the ability to influence the resulting outcome. As said best by Alexander Graham Bell, “Before anything else, preparation is the key to success.”

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