Vaccine Passport: The Reality and the Roadblocks

With Covid’s highly contagious Delta variant raging across the country, the debate over a vaccine passport has amped up. A digital health certificate/vaccine passport required to prove immunization status is controversial, but it’s gaining momentum. Danny Meyer, owner of a number of well-known restaurants in New York City and CEO of Union Square Hospitality Group, including Shake Shack, is requiring employees, drinkers and diners to show vaccination status before they can enter his restaurants. The biggest challenge to normalizing a vaccine passport? It’s data privacy. 

Big brands are stepping up 

Disney and Walmart, Google and Facebook, Morgan Stanley and Saks, The Washington Post, Lyft and Uber. These influential companies span a few industries, which means that other businesses in their sectors will follow. The reality is that after a year of masking up and locking down, consumers want to get back to a normal life. A growing number of businesses — from cruise lines to sports venues — say they will require proof of vaccinations for entry or services. 

What we can learn from other countries: In Paris it’s pay for play

If you want to go to the Eiffel Tower, you have to show your vaccination status, your le pass sanitaire, or health pass. Visitors who turned up at the Eiffel Tower without proof of vaccination were offered on-the-spot Covid tests. Starting in August, the health-pass requirement will be extended to adults at restaurants, cafés, shopping centers, “as well as for travel by plane, train and bus for long-distance journeys,” according to the app’s website.

Digital health pass initiatives will be driven by the private sector

The Biden administration has said there will be no federal vaccination system or mandate. Individual states hold primary public health powers in the United States and have the authority to require vaccines. According to Jen Psaki, White House press secretary,“ We expect a vaccine passport will be driven by the private sector. There will be no centralized, universal federal vaccinations database and no federal mandate requiring everyone to obtain a single vaccination credential.”

 

Challenge for apps: Compatibility among systems and health records

These apps will provide a verified electronic record of immunizations and negative coronavirus test results to streamline the process. The drive has raised privacy and equity concerns and some states like Florida and Texas have banned businesses from requiring vaccination certificates. These certificates can be forged and scammers are already selling false and stolen vaccine cards. Governments, technology companies, airlines and other businesses are testing different versions of the digital health passes and are trying to come up with common standards so that there is compatibility among systems and health records.

 

New York became the first state to launch a digital health certificate

New York’s Excelsior Pass verifies people’s negative coronavirus test result and if they are fully vaccinated. There have been 1M+ downloads—New Yorkers use it to go to Yankee Stadium, Madison Square Garden and other public venues. Most businesses require showing state I.D. along with the Excelsior Pass to prevent potential fraud. Some airlines have started a digital health pass, the Common Pass, including Lufthansa, Virgin Atlantic and Jet Blue Common Pass, to verify passenger Covid-19 test results before they board flights.

 

Opposition the vaccination mandate centers around data privacy

“There are a whole lot of valid concerns about how privacy and technology would work with these systems, especially as Silicon Valley does not have a great history delivering technologies that are privacy enhancing,” said Brian Behlendorf, executive director of Linux Foundation Public Health, an open-source, technology-focused organization. Others worry that an exclusively digital system would leave some communities behind, especially those who do not have access to smartphones or the internet.

“Any solutions in this area should be simple, free, open source, accessible to people both digitally and on paper, and designed from the start to protect people’s privacy,” Jeff Zients, the White House coronavirus coordinator, said in a statement. The World Health Organization does not support requiring vaccination passports for travel yet. It is working with agencies like UNICEF and the European Commission to establish the standards and specifications o f a globally recognized, digital vaccination certificate.

Creating a Living Trust has become more immediate 

The new Delta variant is highly contagious and it’s a serious threat for those who remain unvaccinated. Sadly, it is now affecting those who are vaccinated. More of our clients are scheduling appointments to create or update their Living Trusts. A Trust is the legal document that outlines the way in which your assets will pass on to your loved ones when you die. Our Trust package includes a Power of Attorney and an Advance Healthcare Directive. We guide you through it and we prepare the legal documents. Schedule an appointment today.

Guideway services the entire Bay Area

Berkeley, El Cerrito, Richmond, Pinole, Alameda, San Leandro, Castro Valley Newark, San Lorenzo, Concord, Alamo, Danville, Lafayette, Orinda, Moraga, Pleasant Hill, Martinez, Pittsburg, Antioch, Brentwood, Oakley, Discovery Bay, Pleasanton, San Ramon, Livermore, Tracy and Fremont. Our clients also live in the Napa Valley, Benicia, Vallejo, Martinez, Fairfield.

Tech-Challenged? Free Resources for Seniors!

 Does this sound like anyone you know? 

Four months ago, Cindy Sanders, 68, bought a new computer so she could stay in touch with her grandchildren. She wanted to follow them on Facebook and have Zoom chats, to be part of their lives. So where is that computer? It’s still sitting in a box, unopened. “I didn’t know how to set it up or how to get help,” said Sanders, who had been extremely cautious about venturing out during COVID.

Who hasn’t had this experience?

My friend Cheri has a brand new Kindle that she’s never used. She thought it would be great for travel. “It’s still in the box. I have no idea how to set it up or use it.” For seniors who retired and never used computers during their careers, a new computer represents a formidable learning curve. If they don’t have kids or friends who will teach them how to use it, it remains a mystery. And a liability. We’ve learned important lessons from the fires and Covid. We depend on our digital devices to share important messaging and keep us safe. We know that we can run our lives from our phones or our computers.

Older adults: Purchasing more devices, but need help using them

A recent  AARP survey found that older adults increased technology purchases during the pandemic but more than half (54%) said they needed a better grasp of the devices they’d acquired. Nearly 4 in 10 people (37%) admitted they weren’t confident about using these technologies.

Happily, there are some wonderful resources that help seniors learn to use their electronic devices.

• Generations on Line: Service dramatically increased during the pandemic. Before the pandemic, Generations on Line provided free in-person training sessions at senior centers, public housing complexes, libraries and retirement centers. When those programs shut down, it created an online curriculum for smartphones and tablets and new tutorials on Zoom to help older adults with technology. All are free and available to people across the country.

• Cyber-Seniors: Grants and nonprofits for technology mentors. This organization pairs older adults with high school or college students who become technology mentors. They’ve trained more than 10,000 seniors since April 2020 — three times the average of the past several years. These services are free and grants and partnerships with government agencies and nonprofit organizations supply funding.

• Phone support for seniors struggling with technology issues. Seniors can call 1-844-217-3057 and be coached over the phone until they’re comfortable pursuing online training. According to Brenda Rusnak, Cyber-Seniors’ managing director, “A lot of organizations are giving out tablets to seniors, which is fantastic, but they don’t even know the basics, and that’s where we come in.”

• digiAGE: Digital training for seniors that started during Covid. Lyla Panichas, 78, who lives in Rhode Island, got an iPad from the digiAGE program. She is getting help from the University of Rhode Island’s Cyber-Seniors program. Lyla got off to a rocky start: “The first time my tutor called me, I mean, the kids rattle things off so fast. I said, Wait a minute. You have a little old lady here. I couldn’t keep up and I ended up crying.” But Lyla didn’t give up. Lyla’s now playing games online, streaming movies and Zooming with her son and sister who live in other states.

• OATS/Older Adults Technology Services: OATS runs a national hotline for people seeking technical support, 1-920-666-1959. It operates Senior Planet technology training centers in six cities (New York; Denver; Rockville, Maryland; Plattsburgh, New York; San Antonio, Texas; and Palo Alto, California). All of its in-person classes converted to digital programming when Covid closed down much of the country.

• Emergency Broadband Benefit for low-income individuals. The current administration’s commitment to infrastructure includes broadband. An immediate priority is educating older adults about the government’s new $3.2 billion program that was funded by a coronavirus relief package and became available last month. That short-term program provides $50 monthly discounts on high-speed internet services and a one-time discount of up to $100 for the purchase of a computer or tablet. A caveat: this benefit isn’t automatic. You must apply to get funding.

• Candoo Tech: In libraries, senior centers and retirement centers. Candoo Tech launched in February 2019 and works with seniors in 32 states as well as libraries, senior centers and retirement centers. For various fees, Candoo Tech provides technology training by phone or virtually.

• GetSetUp helps seniors acclimate to the online environment. It relies on older adults to teach skills to their peers in small, interactive classes. It started in February 2020 with a focus on tech training, realizing that their fear of technology was preventing older adults from utilizing the internet as a communication tool and source of entertainment.

All of these programs have easy-to-navigate websites

I googled each of these organizations and found fully functioning websites that were easy to navigate. Hopefully you can take it from there. I think of my mom, who died when she was 94. We kept trying to get her to use a computer when she was in her 80s, but she insisted that she was too old. Being able to share Facebook posts, send a quick email or text would have gone a long way toward helping us stay connected.

Is it time to update your Living Trust?

One more thing. While you’re updating your skills, this is a very good time to check on your Living Trust. If you created your Trust more than ten years ago, there’s a good chance that it needs to be updated with life events—things like births, deaths and marriages. Make sure you’re taking care of those you love. Our Trust package includes a Power of Attorney and an Advance Healthcare Directive. We guide you through it and we prepare the legal documents. Schedule an appointment today.

Guideway services the entire Bay Area

Berkeley, El Cerrito, Richmond, Pinole, Alameda, San Leandro, Castro Valley Newark, San Lorenzo, Concord, Alamo, Danville, Lafayette, Orinda, Moraga, Pleasant Hill, Martinez, Pittsburg, Antioch, Brentwood, Oakley, Discovery Bay, Pleasanton, San Ramon, Livermore, Tracy and Fremont. Our clients also live in the Napa Valley, Benicia, Vallejo, Martinez, Fairfield.

The information in this article is based on an article in Kaiser Health News.

Early Retirement: The Realities vs the Fantasies

Many of our Living Trust clients are already retired, while others may be mulling over the pros and cons of early retirement. Yet according to Employee Benefit Research Institute (EBRI) survey, just 11% of today’s workers plan to retire before age 60. For those who do retire early, the reality of early retirement well may not live up to the fantasy.

Some things to consider before you decide to retire early—with a big emphasis on the economics.

Health care is expensive

Medicare doesn’t start until age 65. Until then, you’ll need an alternative, and healthcare is expensive. For one of my friends, an attorney in her early 60s, her monthly healthcare premium costs more than her mortgage. For those who may not be there yet, this is not a meritocracy. Insurance rates surge when you hit years that end with a zero—even if you’re healthy and doing everything right. With improved healthcare, we’re also living longer, but that raises another issue. Will we outlive our savings?

Will you be spending more in retirement than when you were working?

A rule of thumb is that we’ll spend about 80 percent as much in retirement as we do when we work. Think about all that you’ll save by not having to commute and pay for lunches and our morning coffee. You also won’t be paying money into social security and your retirement account.

The reality? If you’re healthy and energetic, you well could be spending more than you did before retirement. A J.P. Morgan Asset Management study found that there tends to be a “spending surge” by new retirees on travel, home renovations or relocation, and other retirement-related lifestyle changes. If we feel great and have lots of free time, we tend to look for things to do, and those things tend to cost money.

Housing expenses can become a burden

Retiring without a mortgage is a common goal for many homeowners, yet 44 percent of retired homeowners between ages 60 and 70 still carry a mortgage. But even if you’ve paid off your mortgage, property taxes keep increasing and maintenance, including landscaping, is ongoing.

Offsetting expenses with part-time jobs

Working in retirement can be challenging. It might be surprising that 74 percent of workers plan to work in retirement. These jobs require committing to a schedule that can be inflexible.

If you figure you’ll instead fill the income void with Social Security, remember the earliest you can usually claim retirement benefits is age 62. Even then, you’ll only receive partial benefits. For anyone born in 1960 or later, the full retirement age, when you are entitled to 100 percent of your monthly benefit, is 67. By claiming early at 62, the benefit amount is reduced by 30 percent.

Without your job, there’s suddenly a lot of time to kill

Many people retire and find themselves with a 40-hour gap in their weeks that they really don’t know how to fill. The romance of retirement—sleeping in, long lazy mornings, long walks, curling up with a good book—may not be enough to keep them alert, busy and interested.

One of my colleagues retired from the financial services industry after 35 years and within two months was driving his wife crazy. He didn’t have hobbies or a lot of interests. Work had always been absorbing for him. He got his real estate license and began a new career. It was easy for him—he had always followed the housing market and he’d spent 35 years in sales. He realized how much he enjoyed the challenge of meeting new people and growing a business. Real estate was a perfect fit for him at this point in his life.

Early retirees may find themselves without any friends

Your current friends likely still have full-time jobs. You can spend your afternoons on the golf course, but your new golf partners are now older. What does this mean? A different set of cultural references.

Retirement can be tough on couples

Retirement is a major life transition, which can have a significant impact on couples. Will you now share cooking, cleaning and yardwork? Covid may have jumpstarted this transition. Many couples have adapted; for others, it’s been too much togetherness. Post-Covid divorces have surged. Retirement, with all of its emotional, financial and social consequences, can have profound effects on a marriage. Divorce has been declining since 1990, yet for those aged 50 or older, it has doubled.

If you’re thinking of retiring, it’s a very good time to create or update your Living Trust

Our Trust package includes a Power of Attorney and an Advance Healthcare Directive. We guide you through it and we prepare the legal documents. Schedule an appointment today.

Guideway services the entire Bay Area

Berkeley, El Cerrito, Richmond, Pinole, Alameda, San Leandro, Castro Valley Newark, San Lorenzo, Concord, Alamo, Danville, Lafayette, Orinda, Moraga, Pleasant Hill, Martinez, Pittsburg, Antioch, Brentwood, Oakley, Discovery Bay, Pleasanton, San Ramon, Livermore, Tracy and Fremont. Our clients also live in the Napa Valley, Benicia, Vallejo, Martinez, Fairfield.

A New Crypto Scam: Waiting for Elon Musk

 

There’s a new scam in town, and they’re waiting for Elon Musk

Scammers are now preying on those who have been investing in the Cryptocurrency market. Crypto’s been a wild ride, with a huge surge in prices, then a plunge. The most important feature of Cryptocurrency is that it is not controlled by any central authority. The decentralized nature of the blockchain, the digital ledger of transactions that is duplicated and distributed across the entire network of computer systems, makes Cryptocurrencies immune to traditional banking procedures as we know them—including regulation by the FTC. Crypto is all internet-based.

Anyone who’s investing in the stock market should be prepared for both profits and losses. What’s disturbing is that some Cryptocurrency investments are complete scams.

Losses grew more than tenfold

According to the Federal Trade Commission (FTC) 6,800 consumers reported more than $80 million in Cryptocurrency-investment scam losses during the six months ending March 31. The median loss was $1,900.

If you’re going to play in the Crypto market, here are some guidelines from the consumer protection agency that will help you avoid scams.

1. Beware scammers impersonating Elon Musk. Sadly, Elon Musk will not be calling you. Some investors actually believe that one of the world’s richest men, a billionaire entrepreneur and Crypto investor’s tweets can stir the Crypto market. The FTC received reports of more than $2 million in losses due to Musk impersonators. The scam “involves a promise that a celebrity associated with Cryptocurrency will multiply any Cryptocurrency you send to their wallet and send it back,” the FTC cautions. It’s important to understand that no celebrity will multiply your investment. Not Elon Musk or any other well-known person.
2. Beware bogus websites. Be on the alert for phony websites that deploy deceptive testimonials and Cryptocurrency jargon that appear credible, “but the promises of enormous, guaranteed returns are lies,” the FTC states. Even more heinous, these sites may make it appear that your investment is growing. Consumers who have been ripped off have complained that when they tried to withdraw the purported profits, “they are told to send more Crypto — and end up getting nothing back.”

Seniors are an easy target for Crypto scammers and other crooks

Seniors are a vulnerable market. The alarming tone of my social security scam robocalls is a good example. For an elderly person, this call could be alarming and have unfortunate endings.

Creating a Living Trust is an important part of financial planning

A Living Trust is an important part of financial planning that isn’t affected by the ups and downs of the stock market and the uncertainties of Cryptocurrency. Our Living Trust package includes a Power of Attorney and Advance Healthcare Directive. Having these legal documents in place now can help avoid confusion later on. We learned an important lesson from Covid: Once patients were infected with the virus, they were in no condition to be signing legal documents. We guide you through the process, and we prepare the legal documents. Schedule an appointment with Guideway today.

We service the entire East Bay and North Bay areas

Berkeley, El Cerrito, Richmond, Pinole, Alameda, San Leandro, Castro Valley Newark, San Lorenzo, Concord, Alamo, Danville, Lafayette, Orinda, Moraga, Pleasant Hill, Martinez, Pittsburg, Antioch, Brentwood, Oakley, Discovery Bay, Pleasanton, San Ramon, Livermore, Tracy and Fremont. Our clients also live in the Napa Valley, Benicia, Vallejo, Martinez, Fairfield.

One Woman’s Caregiver Story

 

A story of love and loss, of isolation and loneliness

Teacher Gina Rinehart was preparing for another school year when she learned that her father was having surgery to remove a lung tumor. She flew to rural Washington to be with her parents. Unfortunately, that tumor was stage 4 lung cancer. Her son and daughter had only recently left home for school and work. “I thought we’d have a break, my husband and me. Travel. Go to Europe.”

Instead, Ms. Rinehart moved in with her folks for the duration. While she had expected to shoulder elder care eventually, she didn’t foresee having to leave her home and give up the job she loved at 46.

A surprising proportion of those caring for older adults are younger

The National Academy of Sciences noted that of people providing care for family members over age 65, nearly 15% were ages 20 to 44. Among the youngest group, “what particularly concerns them is the negative impact on their pursuit of education,” said Feylyn Lewis.

Caregivers closer to midlife contend with pressures at work and sometimes have to reduce their hours, refusing promotions or retiring early. Ms. Rinehart took a personal leave from her school, but when her absence exceeded the maximum number of months allowed, she had to resign. “I loved my job,” she said wistfully. “I miss the kids.”

Job loss increases current and future financial strains

Younger caregivers may also have children at home. They often have demanding careers and work long hours. “They feel pulled,” said Carol Whitlatch, assistant director for research and education at the Benjamin Rose Institute in Cleveland. “They need to be there for their kids who are still dependent, and they have parents who are growing more dependent.”

Colleen Kavanaugh calls herself “the classic stereotype” of a caregiver

“I was the firstborn daughter who lives nearby and puts everything on hold.” In 2004, when she moved back into her parents’ home, she was newly divorced with a 5-year-old son. Then 33, she planned to regroup, find another job and, within a few months, move out and resume her independent life. But then her mother had breast cancer, then multiple surgeries, disability, and she died in early 2009. Then Ms. Kavanaugh’s father, who had been experiencing memory loss, was found to have Alzheimer’s disease and Parkinson’s disease.

When caring for him at home became too difficult, Ms. Kavanaugh moved him into assisted living and finally to a nursing home; he died in 2013. Along the way, while helping her son navigate school, Ms. Kavanaugh had to leave her job managing a marketing and design firm.

“I went seven years with no income, no 401(k), the loss of Social Security” contributions, she said. “It was a bitter pill.”

No one can prepare you for the isolation of caregiving

Perhaps the most jarring aspect of caregiving is the loss of social connections. Friends fall away after the umpteenth time a caregiver says no to a concert or cancels a dinner because of an emergency or simple exhaustion. It becomes difficult to listen to others carry on about seemingly trivial problems—disappointing vacations, dinner parties or home décor or wardrobe dilemmas.

Ms. Kavanaugh found that the people she grew close to, as her father moved into a dementia unit, were other women with parents there. “All my friends now were in their 50s to 80s; you no longer have contemporaries to confide in.” Not one of these caregivers regrets undertaking the role. As Joseph Gaugler, a gerontologist at the University of Minnesota School of Nursing points out, many caregivers take satisfaction in reciprocating their parents’ sacrifices and pride in doing a good job.

For Gina Rinehart, she intends to bring her mother home to live with her and her husband in Southern California, where she’ll find another teaching job. “That’s the plan. But I’ve learned that you can’t expect things to go the way you think.”

So many of us are either caregivers or know someone who is

For those who live in multigenerational environments, the whole family may be part of a team caring for an aging parent or grandparent. The importance of creating a Living Trust, with a Power of Attorney and a Healthcare Directive, are important legal documents for every family—especially if there’s a dementia diagnosis. It’s important to sign legal documents while a person can still demonstrate testamentary capacity.

Schedule an appointment to create your Living Trust: Zoom or in-person!

We’re delighted to be offering in-person appointments again. We’re still doing Zoom—can’t beat its efficiency, but sometimes it’s good to have someone help guide you through the process. Our Trust package includes a Power of Attorney, an Advance Healthcare Directive and a Pour Over Will. We prepare the legal documents.

We service the entire East Bay and North Bay areas

Berkeley, El Cerrito, Richmond, Pinole, Alameda, San Leandro, Castro Valley Newark, San Lorenzo, Concord, Alamo, Danville, Lafayette, Orinda, Moraga, Pleasant Hill, Martinez, Pittsburg, Antioch, Brentwood, Oakley, Discovery Bay, Pleasanton, San Ramon, Livermore, Tracy and Fremont. Our clients also live in the Napa Valley, Benicia, Vallejo, Martinez, Fairfield.

California Reopening

Like most of our friends, associates and clients, we are looking forward to be officially reopening. While we adapted quickly to virtual delivery, we’re delighted to be providing in-person appointments again. For important legal matters, we’re finding that many people like the reassurance of one-to-one connections. We like it too.

A few fast facts about California’s place in the national reopening rollout

According to Governor Newsom, “There is no American recovery without California’s recovery.”

• We are one of the first states to lock down and last states to reopen.
• Social distancing and masking are mostly over.
• The coronavirus has infected some 3.8 million Californians and killed more than 63,000—more than any other state due to our population.
• The state’s approach to combating Covid has been walking a fine legal line between balancing civil liberties with public health needs.
• On Tuesday, June 15, Governor Newsom awarded ten prizes of $1.5M each from the vaccine lottery to those who had received at least one vaccine dose.

Keep those masks; you’re going to need them

• Masks will continue to be required in crowded and high-risk areas — hospitals, long-term-care facilities, public transit.
• Large indoor events, like NBA games and concerts, will require a negative coronavirus test or proof of vaccination for entry.

We’re still in the habit of social distancing

Social distancing is no longer required, but on my morning walks, it seems our old habits are hard to break. If someone’s approaching, one of us will step onto the curb to create space—even though the sidewalk is wide enough to accommodate several people and their dogs!

A sign of the times: Berkeley Bowl’s reopening

Berkeley’s venerated market, known for its nearly endless aisles of fresh produce, notified shoppers that it was okay to enter maskless if they were fully vaccinated. The reality? The vast majority of people entering the store around midday on Tuesday ignored the option and shopped fully masked. One shopper wasn’t taking any chances and wore two masks.

We’re the Bay Area, after all. We totally got this

We were the first part of the country to order residents to stay home when the coronavirus began spreading out of control last year. We were the area most diligent in complying with mask orders. Bay Area residents covered up even when outdoors, whether it was hiking the trails above the Pacific Ocean or schmoozing with our neighbors.

Sadly, we’ve all lost a year

Looking back, we’ve suffered profound losses. We cancelled vacations and spent the holidays alone. Sports seasons were weird, truncated affairs. We stopped going to the doctor, afraid we’d be exposed to Covid. We watched as people stood in food lines for hours. So many people lost their homes and livelihoods altogether. Many more lost family members and friends. Still more survived Covid, but are now dealing with lingering side effects that are sabotaging their ability to get on with their lives.

What have we learned?

How clever and resourceful we are. That we can Zoom just about anything. We’ve learned that we can live more simply, to rethink our values and identify what’s important. To be more flexible. To make decisions that benefit the greater good. And of course, to create a Living Trust! We have worked with so many clients this last year who have felt the urgency to have a Trust in place in case something happened to them. We’re all more vulnerable than we had imagined. This is not the first, nor will it be the last pandemic.

Creating a Living Trust is an important part of life planning

Our Living Trust package includes a Power of Attorney and Advance Healthcare Directive. Having these legal documents in place now can help avoid confusion later on. We learned an important lesson from Covid: Once patients were infected with the virus, they were in no condition to be signing legal documents. We guide you through the process, and we prepare the legal documents. Schedule an appointment with Guideway today.

We service the entire East Bay and North Bay areas

Berkeley, El Cerrito, Richmond, Pinole, Alameda, San Leandro, Castro Valley Newark, San Lorenzo, Concord, Alamo, Danville, Lafayette, Orinda, Moraga, Pleasant Hill, Martinez, Pittsburg, Antioch, Brentwood, Oakley, Discovery Bay, Pleasanton, San Ramon, Livermore, Tracy and Fremont. Our clients also live in the Napa Valley, Benicia, Vallejo, Martinez, Fairfield.

Your Living Trust: Avoiding the Pitfalls

A year of Covid has taught many of us about the importance of being prepared. For millions of people who were sick with this virus, having an updated Advance Healthcare Directive meant that their families could make critical-care decisions on their behalf. For the long haulers—those who continue to suffer the longer term consequences of Covid–having a Power of Attorney in place means that if necessary, a trusted friend or family can manage their financial matters.

A Living Trust means that your assets will pass to your family according to your wishes

A Trust means that they will not have to go through Probate, which can be a long and expensive process at what undoubtedly will be a painful time for your family. Yet an estimated 50% of Americans do not create a Trust. Others make mistakes that have disappointing consequences for the beneficiaries.

One of the most common mistakes we see is not funding a Trust

This can be confusing. Funding is the process of transferring ownership of your assets from you to your Trust. To do this, you physically change the titles from your individual name(s) to the name of your Trust. Your Trust can only control the assets you put into it. Make a list of your assets, which can include bank and brokerage accounts, fine art and antiques, real estate, intellectual property, savings accounts and vehicles.

For real estate, you will need to change the property’s title

If a property is in your name, you will change the name to that of the Trust. Owning property in different states does not necessitate having a separate legal document; you can include it in your Trust. A heads-up—if you do a refi, you will need to move the title out of the Trust, then move it back into the Trust.

Retirement accounts and beneficiary designations

What’s missing from your Trust are retirement accounts, annuities, 401k’s and life insurance policies. These do not belong in your Trust. For these accounts, you will name beneficiary designations that will supersede whatever designation you may have identified in your Trust.

For the accounts that do not go into your Trust, this example illustrates just how important it is to update the beneficiary designation. One of our clients went through a bitter divorce. When he remarried, he was careful to update his Trust. What he forgot to update? His life insurance policy and the 401k that still named his ex-wife as the beneficiary. If something had happened to him, it was his ex-wife—not his new wife—who would have been the beneficiary

Another estate planning issue: Failure to get an inheritance in writing

We see this happen regularly. Uncle Joe promises an inheritance to his favorite nephew Todd. This inheritance is significant enough that it will help pay for his college education, to the relief of his parents—they’re counting on this as part of their own financial planning. When Uncle Joe dies, however, there’s no mention anywhere of this commitment. If you intend to leave something to a loved one, make sure this is included in your Will or Living Trust. If a friend or family member keeps promising to will you something, encourage that person to get it in writing.

Keep your Trust and other documents updated

Keep your Trust updated with life events such as births, deaths, divorces or investments. I like to think of this as any life change that will affect an inheritance. Also review beneficiary designations on retirement accounts and life insurance policies. Relationships and alliances change. Periodically review all of these documents to make sure your estate plan truly reflects your wishes.

Where to keep your Living Trust

Guideway prepares a bound document of your Trust. We also provide a copy of your Trust as a pdf file. Keep these in a safe place in your home or office. We suggest that you share the location of these files with a trusted friend or family member. Unlike other legal documents, a Trust doesn’t get filed with the court or county. If you can’t find it, it doesn’t exist.

Planning for the future is vital to ensure that you and your family are protected and prepared throughout your later years and beyond.

Schedule an appointment to create or update your Living Trust: In-person or Zoom

We are delighted to be offering in-person appointments again! For those who prefer the convenience of Zoom, we can accommodate that as well. Our Trust package includes a Power of Attorney, an Advance Healthcare Directive and a Pour Over Will. Best of all, we guide you through it and we prepare the legal documents.

We service the entire East Bay and North Bay areas

Berkeley, El Cerrito, Richmond, Pinole, Alameda, San Leandro, Castro Valley Newark, San Lorenzo, Concord, Alamo, Danville, Lafayette, Orinda, Moraga, Pleasant Hill, Martinez, Pittsburg, Antioch, Brentwood, Oakley, Discovery Bay, Pleasanton, San Ramon, Livermore, Tracy and Fremont. Our clients also live in the Napa Valley, Benicia, Vallejo, Martinez, Fairfield.