HOBBIES ARE GOOD FOR YOUR HEALTH

Do you have a hobby? Hobbies can give meaning and purpose to your life in retirement. As Robert Putnam points out in his book, Bowling Alone, it’s easy to discount the importance of hobbies and social engagements. Putnam details the widespread decline in civic engagement, from PTA memberships to neighborhood potlucks and bowling leagues. Over a couple of generations, Americans have misplaced the concept of free time.

SPECIAL PLANS FOR YOUR SPECIAL PEOPLE

Lily is a beautiful, active and full of personality toddler who happens to have Down syndrome. Lily’s parents and I have been friends for years and I have the continuing pleasure of watching Lily and her siblings grow up. While Lily is becoming a physical therapy rock star and hitting all her milestones in a timely fashion, her parents have started planning for the future.

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WHY WE ENJOY OUR HOBBIES

The Merriam-Webster dictionary defines a hobby as “a pursuit outside one’s regular occupation, engaged in especially for relaxation.” Hobbies include anything from playing a musical instrument to gardening, bird watching or sewing. A hobby is a way of focusing on something you enjoy just for the sake of that enjoyment. It may also be a way to clear your mental palette. You could be stressed out by a situation at work or the challenges of raising children and need an escape.

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4. The Friends and  Family Plan:

Remember your parents saying, “Just because your friend jumped off a cliff doesn’t mean you should, too”? Well, just because your brother deeded a house to his children, gifted a lot of money, put everything in a trust or cashed out his life insurance does NOT mean you should too. Planning takes into account age, health, goals, other family members and so much more. While two situations may be very similar, they are never identical.


5. Tax Avoidance King/Queen:

Tax planning, estate planning and long-term care planning are totally different animals. It takes a very experienced professional to analyze all aspects of a situation. No one wants to pay more taxes, but in some cases it is better to pay some taxes now than hemorrhage money in health-care costs later. Yes, it is important to have estate planning documents, but it is also important to discuss long term goals and the possibility of needing long-term care. Living in a nursing home is never a goal, but it frequently become the reality.


An estate plan is not one-size- fits-all. Your attorney is uniquely qualified to tell you what estate- planning techniques are right for you, your family and your specific situation.

LIONS AND TIGERS AND … GOOGLE SEARCHES AND COPYCATS, OH MY!

especially having to pay for it now. When searching for an attorney to assist you, price should not be the deciding factor. When retaining an attorney, you are paying for their knowledge. Yes, you may find someone to do it cheaper. However, what is their experience? How much time are they going to spend on you if they are willing to do it for so little money? Is this their main area of practice? Now this is not to say an amazing attorney will not significantly discount their rates for a struggling family on a case- by-case basis… but that decision is not usually made until after the lawyer has had a chance to meet with you in person and evaluate your situation.


3. The Researcher:

Spending hours Googling and reading articles is great, but understanding that not everything you read is true is even better. While a basic understanding is important, spending half your appointment time while the attorney debunks your Google knowledge is not. The client should not walk into the office requesting the specific services the attorney should perform for them. The attorney should take time to listen to the needs and desires of the client and suggest a plan. In many cases, the attorney will lay out several options and explain the pros and cons of each. Remember all situations and families are different and a small detail to you may be a big factor to an experienced attorney.  

120 N. Mill St., Ste. 201 Lexington, KY 40507

Call Today: 859-281-0048 www.bgelderlaw.com

Amy E. Dougherty

PARTNER

Carolyn L. Kenton

MANAGING PARTNER

Mary Ellis Patton

SR. ASSOCIATE ATTORNEY

Katherine E. Finnell

ASSOCIATE ATTORNEY

Whether you are looking for information about basic estate planning or something more complex such as Medicaid qualification, there is a lot out there. Beware! The most common piece of advice we give is along the lines of: Every situation is different. Every family dynamic is different. Just because Google/your neighbor/your son/ your CPA said you should do this or that does not mean you should!


Here are a few examples:


1. The DYI:

The do-it-yourselfer. Printing a form from the Internet or copying one from someone else is NEVER a good idea. Estate planning is individualized to the person and the situation. Attorneys put specific language in documents tailored to the individual client based on the massive amounts of information the attorney has gathered and the specific questions they’ve asked. What the DYI Guy did not know is that owning his own small business greatly changes how an attorney would approach his plan and the drafting of his documents. Some generic form off the Inter- net or copying the simple will his brother had is not going to cut it. Remember, you always get what you pay for!


2. The Cheapskate:

No one is excited about planning for their final days and beyond,