McManus Guidance on How Parents Can Help Protect Young-Adult Children Featured in College Series

Colleen Moriarty, a seasoned health and lifestyle writer and a staff writer for Addiction.com, recently tapped McManus & Associates for advice on important legal documents that should be put in place for children who are already 18 or will soon be of legal age before they head off to school. Her article, “Help Your Child Stay Safe at College”, is part of a series called Off to College 2015: The First Six Weeks.

Moriarty’s article opens by shedding light on the importance of planning ahead to protect college-bound children, because, as McManus points out:

“If an accident, emergency, mental health crisis or trouble with substance abuse should arise after your son or daughter’s 18th birthday, you have little or no legal right to step in without legal documents that explicitly give you that authority.”

Before adult children become big men and women on campus, which legal documents should they strongly consider completing to provide parents with the authority to act with respect to their medical, legal and financial needs if they get sick or hurt, or are otherwise unable to handle their own affairs? A helpful graphic from the story:

graphic for college series blogAccording to McManus, “without these executed documents, colleges, clinics and hospitals will not release a student’s medical records — even to parents — if the student is over the age of 18…Without a back-up decision maker in place [meaning a parent or other designated adult], there is a risk of inadequate, inappropriate or insufficient medical care if your child is incapacitated.”

Of note, these legal documents cannot be signed until the age of 18, and they can be revoked at any time.

So how should a parent discuss the need for such legal documents with their newly adult child? McManus shared personal experience to convey his thoughts:

“Being the child of an attorney, my daughter pored through these documents to find out exactly what powers she was giving. She signed because she realized that they could keep her safe if she got into an accident or had a medical emergency while at college. The piece that I emphasized with her was that her mother and I would only step in if she was in danger – and that’s danger with a capital ‘D’.”

To see the list of DOs and DON’Ts for parents when it comes to working with a child to get these documents in place, find the full article here.

To ensure that the correct documents (forms vary by state) are properly executed to adequately protect your adult child, call McManus & Associates at 908-898-0100 or send an email to reception@mcmanuslegal.com.

Posted in Media Clips Tagged , , , , , , , , , ,

The Money Coach® Taps McManus for “3 financial lessons that could protect your heirs”

Get Rich Slowly

 

 

Lynnette Khalfani-Cox is known as The Money Coach®; she’s a personal finance expert, television and radio personality, and the author of 12 books, including a New York Times bestseller. She recently reached out to John McManus for guidance on how to avoid a quandary like the one her family faced when three loved ones passed away in short order.

Writing for Get Rich Slowly, a personal finance publication with over 750,000 regular readers, The Money Coach® shares her heartbreaking story, which includes a nightmare custody proceeding after her sister passed away.

Continue reading

Posted in Media Clips Tagged , , , , , , ,

McManus & Associates Client Featured in New York Times Column on Family Business Succession

Paul Sullivan writes the “Wealth Matters” column for the New York Times, which shares insights on the mindset and strategies of the affluent. Recently, McManus & Associates Founding Principal John O. McManus chatted with Sullivan about the decisions that adult children who are expected to take over a family business face and connected Paul with his client Sharon Madison, a remarkable woman who successfully navigated the challenge of family business succession.

Sullivan’s article leads with Madison’s dedication that kept United Building Maintenance, the business that her father started, on its successful path after he became ill.

Continue reading

Posted in Media Clips Tagged , , , , , ,

McManus Cited in “College Financing Q&A” from the Wall Street Journal

wsj logo

In February, Andrea Coombes wrote an article, titled “The Tax-Smart Way to Draw ‘529’ Funds”, about education tax benefits for the Wall Street Journal’s Investing in Funds report. The piece generated a number of follow-up questions from readers. Here’s one that came across Coombes’ desk:

“Before he died, my father contributed to a 529 on behalf of my daughter [his granddaughter]. Need anything be done now to ensure that my daughter is able to use these funds for tuition?”

To help answer this question, Coombes turned to John O. McManus, top-rated tax and estate planning lawyer who founded McManus & Associates. The firm offers income tax planning among its services.

Continue reading

Posted in Media Clips Tagged , , , ,

Trusts & Estates, WealthManagement.com Publishes Guest Article from McManus on Coordination of Income Tax and Estate Planning

trusts and estates logo

wealthmanagement

Combine Income Tax Preparation and Estate Planning

Coordination is key

Apr 1, 2015 John McManus Trusts & Estates

When tackling a jigsaw puzzle, you’ve likely taken the “divide and conquer” approach, separating the larger puzzle into more manageable sections. Eventually, you bring the different areas of focus together to put the finishing touches on the full image.

Wealth management is the same. Estate planning emphasizes an array of complex matters spanning death taxes, asset protection, incapacity, guardianship and family missions. Compartmentalizing can be helpful, but advisors must remember to bring the pieces of the puzzle back together in the end. It’s critical that strategies to maximize the value of your clients’ estates are coordinated with their retirement, financial and income tax planning.

Continue reading

Posted in Media Clips Tagged , , , , , , , ,

McManus Weighs in on IRS’ Dirty Dozen Tax Scams for ThinkAdvisor

Photo credit: Lendingmemo

Photo credit: Lendingmemo

The IRS recently issued its list of “Dirty Dozen” tax schemes, an annual release that kicks off tax season. Michael Fischer, contributor for ThinkAdvisor, took a closer look at the 12 scams and tapped McManus & Associates Founder John O. McManus for his guidance on two that specifically impact high-net-worth individuals (HNWIs): “Stashing cash offshore” and “Abusive tax shelters”.

Continue reading

Posted in Media Clips Tagged , , , , ,

DailyFinance Cites Tips from McManus on Legal Decisions That Should Be Triggered When a Child Turns 18

Daily FinanceIn the eyes of the legal and financial world, an 18th birthday represents a major shift. Motley Fool Contributing Writer Michele Lerner’s latest DailyFinance story, “Parents: Are You Legally Ready for Your Kids to Be Adults?” utilizes tips from McManus & Associates to show families steps that should be considered when a child turns 18.

Continue reading

Posted in Media Clips Tagged , , , , , , , , ,

McManus and Client Contribute Expertise and Color to Wall Street Journal Feature Story

WSJ

As part of our continuing effort towards thought leadership, McManus & Associates recently presented The Wall Street Journal with our impressions on the newest estate planning paradigm. The firm’s ideas helped shape a comprehensive, informative cover story in the Weekend Investor by well-versed Reporter Laura Saunders. The article, titled “The New Rules of Estate Planning,” also highlighted the Grevatt Family, one of our clients, for whom we employed a smart strategy in today’s environment.

Continue reading

Posted in Media Clips Tagged , , , , , , , , , ,

Forbes Discusses Death Taxes with John O. McManus

forbes-logo-pngEarly this year, bills A1281 and S1311 were introduced in New Jersey to “eliminate transfer inheritance tax and increase the filing threshold and applicable exclusion amounts under New Jersey estate tax in accordance with provisions of federal tax law.” NJ A397 was also introduced and, if passed, would repeal the New Jersey estate tax.

Continue reading

Posted in Media Clips Tagged , , , , , , ,

DailyFinance Shares How McManus Helped Clients Avoid Estate Planning Nightmares

Daily FinanceEstate planning nightmares don’t just exist in dreams. Writing for DailyFinance, Reporter Michele Lerner relays several real-life horror stories that arose—and certainly have been replicated in similar forms far and wide—due to families neglecting to have detailed conversations about inheritance plans. “According to the 2014 Intra-Family Generational Finance Study by Fidelity Investments,” Lerner writes, “64 percent of parents older than 55 who have at least $100,000 in investable assets and their adult children over 30 aren’t on the same page about when the right time is to have conversations about estate planning.”

Continue reading

Posted in Media Clips Tagged , , , , , , , ,