Legal Matters

Brought to you by: Community Partner Bradford & Holliman

Heading off to college is a major step toward becoming an adult, but it is not all dorm linens and electronics. Adulting work occurs before heading to campus so let’s talk about the ‘what ifs” and help set up the right legal documents. Here are four things to discuss with your college student.

1. Healthcare and Durable Powers of Attorney. Discuss how a comprehensive durable power of attorney lets you be a backup manager for your college student’s financial affairs. If the college is in a different state, check the age of majority. Your college kid may be considered an adult at college and a minor in Alabama, so a healthcare power of attorney is advisable. Alabama’s age of majority is 19, but Tennessee, Georgia, Florida, and Louisiana’s age of majority is 18. Mississippi’s age is 21. If you are a blended family, keep in mind who has legal custody and the legal right to make healthcare decisions.

2. Will. If your young adult has substantial assets, you may want to help set up a will, particularly if you do not want those assets added back into your estate. Alabama’s laws for those with no wills (dying intestate) may not align with you and your young adult’s wishes in case of a tragedy. And of course, copies of these legal documents should be with your student’s belongings and in your own files.

3. Contact information. Make sure your young adult has all your contact information in his or her wallet and phone, perhaps under ICE (In Case of Emergency).  Encourage them to add emergency contact info to Alabama’s database associated with driver’s licenses. You do not have to redo the driver’s license. Go to alabamainteractive.org/dl_renewal. Also don’t forget to exchange contact info with all roommates’ parents. 

4. Financial Affairs. Discuss cash flow to prevent calls home about running out of funds. Your young adult needs to know upfront when funds will be transferred.  Having a parent as a bank account signee through a power of attorney may be a good idea based on your young adult’s financial acumen. This talk is a great chance to reiterate that expenses should always be less than income. 

If your young adult balks at this advance planning, just explain the adage of carrying an umbrella so that it won’t rain. Introduce your young adult to a qualified estate planning attorney long before packing the car for college and before your college student gets absolutely giddy about heading off to college: Adulting 101.

-Melanie B. Holliman, JD 

Partner at Bradford & Holliman 

Estate Planning, Trusts & Special Needs

205-663-0281

www.bradfordholliman.com

No representation is made that the quality of the legal service to be performed is greater than the quality of service performed by other lawyers.

Legal Matters
Brought to you by: Community Partner Bradford & Holliman

As your family enjoys July 4th, give some appreciative thought to the 377,210 veterans and their families who live around you here in Alabama. Alabama has 1,713 military personnel who have served in post-9/11 wars which ranks 7th highest per capita in the nation.

The Veterans Administration and several non-profit and volunteer organizations work to take care of these special individuals who have served our country. However, VA-accredited Alabama elder law attorneys can offer a more comprehensive understanding of Alabama’s specific nuances in both estate planning and asset protection as well as VA benefits than out-of-state resources.

These attorneys develop strategies for veterans considering their veteran benefits and any civilian work benefits both while the veterans are alive (Disability Benefits) and for their families after they are gone (Aid and Attendance). VA-accredited Alabama elder law attorneys can also assess veteran benefits in the context of long-term care, Alabama Medicaid, asset protection, guardianships, conservatorships, wills, and various kinds of trusts that are beyond the scope of VA benefits.

A good understanding of both pension and service-connected claims and Department of Defense benefits is needed to make the best choices at the right times for a veteran. Sometimes, a non-service-connected pension is a better choice. Without knowledgeable advice of CRSC (Combat-Related Special Compensation) and CRDC (Concurrent Retirement and Disability) payments, a veteran can lose out on benefits. Many veterans are eligible for Tricare for Life or CHAMPVA health insurance that provides important free health coverage.

VA Dependency and Indemnity Compensation (VA DIC) is best known for the benefits for veterans’ surviving spouses and children, but it may also apply to a parent based on the VA’s special definition of a parent which includes loco parentis. It is easy to miss these options without VA-accredited legal advice.

As your family enjoys hot dogs and fireworks this month, give a salute to the veterans around you who have defended our country in so many ways for so many years. And if you are a veteran or a veteran’s family, thank you for your service and talk to a VA-accredited elder law attorney about your VA benefit options soon.

-Melanie B. Holliman, JD 
Partner at Bradford & Holliman
Estate Planning, Trusts & Special Needs
205-663-0281
www.bradfordholliman.com
No representation is made that the quality of the legal service to be performed is greater than the quality of service performed by other lawyers.

Legal Matters

Brought to you by: Community Partner Bradford & Holliman

Most couples specialize tasks- one may manage investments while the other pays day-to-day bills or one mows the grass and the other does all the laundry. Maybe only one bites the bullet and handles taxes. That’s fine as long as both are well-briefed on each other’s roles. The biggest problem is when a partner becomes incapacitated through injury, illness, or death, and the spouse has no clue how to handle matters. Here are four ways to avoid that crisis.

1. Keep a current net worth statement that contains all accounts, account numbers, passwords, account owners, as well as the funds. Talk through it regularly such as twice a year.  

2. Both members of a couple need to know all autopay bills with links, user IDs, passwords, and payment methods. Many spouses are frustrated to find out that important bills such as utilities, medical, car, and house insurances are not paid when their spouses are not “on the job” due to illness or even death. Due to financial scams and identity theft, banks and investment companies are extremely cautious about changes in accounts, so make sure in advance that both of you are set up with decision-making authority and access even if only one of you regularly handles it.

3. You may know your spouse’s favorite foods, color, and TV show, but could you rattle off all of your spouse’s medications, dosages, and why the medicine is needed? Can you quickly put your hands on copies of healthcare power of attorney and healthcare directives? Get it in writing and update them regularly so that a surprise run to the emergency room is less complicated.

4. Some couples swap duties for a month every year, pretending that their spouse is going on an extended trip. Other couples formalize a “show and tell” for each other on a regular schedule. Others discuss short-term financial needs and long-term goals during tax season. Be creative for what works for you and your spouse. The important part is to keep each other in the know. You just may appreciate what your spouse does even more, too.

In the corporate world, this process might be called a contingency plan or a management succession plan, but in a family, it’s just good teamwork. Take care of your spouse and enjoy your marriage!

-Melanie B. Holliman, JD

Partner at Bradford & Holliman 

Estate Planning, Trusts & Special Needs

205-663-0281

www.bradfordholliman.com

No representation is made that the quality of the legal service to be performed is greater than the quality of service performed by other lawyers.