Rotary learns about estate planning

Louisa, KY. — The Louisa Rotary Club closed out the month of March with their weekly meeting on Thursday, March 31. President, Steve Montgomery, opened the meeting after prayer, pledge, four way test, and lunch from Giovanni’s of Louisa.

Debbie Miller, Director of the Lawrence County Health Dept., celebrated an anniversary. Dr. Elaine DeSario introduced a special guest, Vicky Cassidy, Nationwide Insurance Agent.

Steve Lycan, of Lycom Communications, introduced the guest speaker, Lance E. McComis, Attorney at Law with VanAntwerp Attorneys, in Ashland, KY.

McComis, who is also a past president of the Ashland Rotary Club, spoke to the Louisa group about estate planning, a subject a lot of people don’t want to think about, but is very important.

McComis said there are three vital documents when it comes to estate planning; a Living Will, Power of Attorney, and Last Will & Testament.

A living will is a health care directive. If you were in a vegetative state, would you want life support or not? “If you don’t make this decision for yourself, someone else will have to. “You need to make your wishes known. I have seen families ripped apart over these types of decisions” said McComis.

A Power of Attorney gives someone else the right to make medical and financial decisions for you if you are not able to. “A good POA prevents guardianship from
having to be established.” McComis explained that a guardian will be approved by the court if no agreement has been made. A POA is no longer effective upon your death. “That’s when an Executor of the Estate or Administrator of the Will steps in.”

The Last Will & Testament is a set of directions for what you want done with your estate. McComis said 70% of people do not have a will. Some of the reasons people have not prepared a will are– they think they don’t have enough money to worry about, it’s only for the wealthy, they are too young for this to be an issue, or they think everything will automatically go to their spouse anyway.

McComis said anyone over the age of 18 can make a will. Important decisions have to be made in the event of your death. One of the most important of those decisions is who is going to be the guardian of your children?

Another decision is –who gets what? McComis said some people say “just let the kids figure it out, or my family knows what I want.” He said that is a very bad idea.

“It needs to be in writing for it to be legal” he said. The law will make those choices for you if you don’t. McComis explained that having a will can preserve family harmony. “Personal items and family heirlooms cause the biggest issues” he said.

You also need to have a plan for your minor children who will inherit your estate. Do you want them to receive their inheritance at age 18, would they be mature enough to handle the responsibility? Or do your want to make other provisions for them to inherit it at an older age? Do you want to set up trusts if they have no experience in managing money?

What about blended families or charitable gifts? You need to mention these issues in your will. If you do not have a will, the state will determine through the court who the administrator will be. “Your creditors can even apply” McComis said.

You can write your own will, Kentucky does recognize self written wills, but McComis cautioned “You need to be very careful”. He said some people fail to name an executor of the will. You can print a will from the Internet, but again, be very careful. McComis said “Just like everything else on the internet, there’s some good and some bad.”

Every state varies on the will execution requirement. There’s also the issue of inheritance tax, moving out of state, and many other things to consider.
McComis said it is very wise to consult an attorney when making a will.

The best place to keep a will is in a fireproof box or safe in your house. Most people think a safe deposit box is a good place, but if you die, and no one else has the key, the bank cannot open the box. “You can’t probate a will without the original” said McComis.

For more information on estate planning or to schedule an appointment, call Lance McComis at 606-329-2929 or email lmccomis@vanattys.com.

Rotary Secretary, Bill England, announced that the annual Rotary Golf Scramble is scheduled for Sat. May 14, at Eagle Ridge Golf Course. Sponsors and teams are needed.

The meeting was then adjourned. The next Rotary Club meeting will be Thursday, April 7, at 12:00, at the First Baptist Church in Louisa.