Don’t wait; do it today

Sound advice from a local attorney

By Andrea Busche

Many people, when they hear the term “estate planning,” probably think that A.) This is something that only older people need to do, and B.) This is something that only wealthy people need to do. But in reality, estate planning is something everyone should do.

Duluth attorney Yvonne Michaud Novak explained that estate planning, in a nutshell, is simply making an advance plan for the event of your disability and death. It also consists of naming the person or people whom you want to bequeath your assets to after you die.

Contrary to popular belief, estate planning is not just appropriate, but highly recommended, for people of all ages and levels of wealth.

Appropriate for everyone

“There are different reasons for doing your estate planning,” Novak explained. “A young couple who have minor children would want an estate planning document to address who would be the children’s guardians in the event that both parents die. A middle-aged person or couple should do their estate planning to make sure their plan, and their beneficiary designations, are coordinated.

“And an elderly person or couple should plan for their disability and eventual death,” she added, “so, it is never too early to do your estate plan.”

When it comes to one’s assets, everyone who will leave something behind should have a plan.

“Wealth is just one of the factors that we consider when doing an estate plan,” Novak said. “Other factors include whether there is a second marriage, real estate in more than one state, minor children, children with disabilities and family health history.”

Different components

There are several different components of estate planning. On one hand, there is the financial side (including wills, taxation issues, inheritances, beneficiaries, trusts and avoiding probate). But several health and medical factors are also a big part of a good estate plan. Novak explained the various issues to keep in mind.

“A will is a document that you use to specify to the probate court how you want your assets distributed when you die,” she said. “And a trust is a way to own assets so that there should be no probate when you die.”

When it comes to the topic of taxes, there are specific rules and regulations governing how taxes are handled after death.

“Most estates I deal with are not subject to federal estate tax because you can pass $11.4 million before you are subject to federal estate tax,” Novak said. “In Minnesota, the limit is $2.5 million that you can pass before incurring an estate tax. Coordinating beneficiary designations with your estate plan is key because assets with beneficiary designations are not subject to distribution under your will or trust.”

Designating your medical wishes is also an important part of an estate plan.

“Other critical documents that a person should have as a part of their estate plan are a health care directive, a durable power of attorney, and a HIPAA release,” Novak said.

“The health care directive is where you designate who can make health care decisions for you and where you provide some guidance as to your wishes. The durable power of attorney is where you designate who can make financial or legal decisions for you in the event that you are incompetent. And, a HIPAA release is the document where you can designate who can talk with your health insurance company and the medical provider’s billing department.”

Putting together your team

While technically, there are ways to “DIY” parts of your estate plan, Novak doesn’t recommend it.

“I do not recommend doing your estate planning yourself,” she said. “There are requirements that must be met in order to make the documents valid, and you won’t know you did it wrong until it’s too late to fix. This applies to online will forms also, as the forms aren’t usually state-specific. The form isn’t able to ask you the necessary questions which arise when properly doing your estate planning.”

Novak shared her suggestions for building a good estate planning team.

“First, one should have a qualified estate planning attorney; and not just any attorney who drafts wills. You want a specialist who is aware of the many changing laws in this area.

Second, an accountant may be necessary to discuss the tax implications of your decisions.”

Finally, individuals should select and name an “executor” for their estate.

“There should be someone to pay the bills and distribute assets, even if the estate is small,” Novak said. This person could be a trusted loved one, or a professional, such as an attorney.

Don’t wait

Estate planning is something that all adults, regardless of age or socioeconomic status, should do. Yes, you will have to spend some time and money to handle this issue. But, creating an estate plan will give you incredible peace of mind. With a plan in place, you can rest easy, knowing that if something should ever happen to you, your medical and financial wishes, and even issues affecting the custody of your children, will be carried out according to the plan. Novak shared her key takeaway to keep in mind on the topic of estate planning: don’t wait. “Planning now helps preserve families, and helps you avoid the unintentional consequences of not planning.”

Brain Health

From Page 2

This could be because exercise elevates your heart rate, which pumps more blood to the brain and body.

• Supplement with DHA. DHA is an omega-3 fatty acid that is dominant in the brain. Adhere to a Mediterranean diet, which is generally high in natural

Going Gray

From Page 3

“Highlights definitely help,” she said. “That’s usually what I recommend. It helps blend the grays out better and makes it a more gradual change.”

Another option is to have a so-called demipermanent hair color applied, where the dye gradually fades away evenly from root to tip, slowly revealing the gray or silver hair over time.

Miller tells a story of a friend who recently made the decision to embrace her gray hair, albeit gradually.

“She has natural salt and pepper hair, and I combined some light highlights with some dark lowlights, and she looks great. She only comes in to have it touched up every five or six months. She has said that embracing her natural hair has made her feel more powerful.”

Special products

For those who are considering embracing their gray or silver hair, some new products can help.

sources of omega-3, including fish and mono-unsaturated fats from olives, olive oil, nuts and seeds. Supplements also may help, but individuals should consult with their doctors about which products to take.

• Challenge the mind. Men and women can engage in challenging activities that stray from their routines. Puzzles, strategic games, jigsaw

“Gray hair is coarser than non-gray hair,” Miller said. As such, Miller recommends a moisturizing shampoo and conditioner. Additionally, serums and balms can help. When searching for new hair products, examine the packaging and look for words and phrases like “humidity-resistant,” “relaxing,” and frizzreducing.” These types of products can help tame your silvery mane.

Other tips

For women, a new head of gray or silver locks can change your entire look. Miller recommends examining your makeup, to ensure that you adjust your hues accordingly. This could range from adding a warmer, rosier glow, to going a little bit cooler with your makeup tones. And avoid dark eye shadows, which can wash out your complexion.

Another option to consider is changing your hairstyle. A good stylist can suggest a haircut that can draw attention away from graying roots.

puzzles, or difficult hobbies can benefit the brain. [Editor’s Note: Be sure to work the puzzles on page 11!]

• Keep a close-knit group of friends. Regular conversation and social interaction is a key component of any brain health wellness plan. Slowing cognitive decline and promoting greater brain health should be a priority for adults of all ages.

When it comes to gray hair, confidence is key.

“Having a sassy attitude definitely helps pull it off,” Miller said with a laugh.

“George Clooney and Jamie Lee Curtis have nailed it. They really have that confidence about them.”

Ready to embrace it?

While going gray is typically genetic, and a natural result of aging, some believe that stress or traumatic events can cause your hair to turn prematurely gray. The verdict is still out on this school of thought. Whatever the cause, gray hair is becoming a much more socially acceptable choice these days.

If you’re ready to celebrate (or at least accept) your gray or silver hair, rejoice! Think of how free you’ll feel, without having to keep up with those pesky roots. And you’ll even be part of a surprising, yet growing, trend of youthful Hollywood starlets who are paying good money to go gray.