Barnes Lipscomb & Stewart PLLC

Should You Get Medical Power of Attorney?

“Ensuring that your wishes on your medical care are followed is up to you. Take action now while you’re well, or you could lose a say in the matter during a crucial time later.”

The pandemic has created awareness that being suddenly incapacitated by an illness or injury is no longer a hypothetical. The last year has reminded us that health is a fragile gift, regardless of age or any medical conditions, explains the article “Now Is the Time to Protect Your Health Care Decision Making Rights” from Kiplinger. Along with this awareness, comes an understanding that having control over our medical decisions is not assured, unless we have a well-considered health care decision-making plan created by an estate planning attorney, while we are well and healthy.

Without such a plan, in the event of incapacity, you will not have the opportunity to convey your wishes or to ensure they will be carried out. This also leaves the family in a terrible situation, where siblings may end up in court fighting against each other to determine what kind of end-of-life care you will receive.

The best way to exercise your medical decision rights will vary to some degree by your state’s laws, but three are three basic solutions to protect you. An estate planning attorney will be needed to prepare these properly, to reflect your wishes and align with your state’s law. Do-it-yourself documents may lead to more problems than they solve.

Living Will. This document is used when you are in an end-stage medical condition or permanently unconscious. It provides clear and written instructions as to the type of treatments you do or do not want to receive, or the treatment you always want to receive in case of incapacity.

Health Care Durable Power of Attorney. The health care durable POA is broader than a living will. It covers health care decisions in all situations, when you are not able to communicate your wishes. You may appoint one or more agents to make health care decisions, which they will base on their personal knowledge of what your decisions would be if you were able to speak. Just realize that if two people are named and they do not agree on the interpretation of your decision, you may have created a problem for yourself and your family. Discuss this with your estate planning attorney.

Health Care Representative Laws. There are laws in place for what occurs if you have not signed a Health Care Durable Power of Attorney or a Living Will before becoming incompetent. They are intended to fill in the gap, by authorizing certain family members to act on your behalf and make health care decisions for you. They are a solution of last resort, and not the equal of your having had the living will and/or health care durable power of attorney created for you.

If the statute names multiple people, like all of your children, there may be a difference of opinion and the children may “vote” on what’s to happen to you. Otherwise, they’ll end up in court.

The more detailed your documents, the better prepared your loved ones will be when decisions need to be made. Share your choices about specific treatments. For instance, would you want to be taken off a ventilator, if you were in a coma with limited brain function and with no hope of recovery? What if there was a slim chance of recovery? The decisions are not easy. Neither is considering such life or death matters.

Regardless of the emotional discomfort, planning for health-care decisions can provide peace of mind for yourself and loved ones.

Reference: Kiplinger (April 29, 2021) “Now Is the Time to Protect Your Health Care Decision Making Rights”

What Is Benefit of a Roth IRA at the Time of Retirement?

“Although the Roth IRA is often touted for the unique combination of benefits it offers to retirement savers, some of its perks often go overlooked. Here are four that you should know about.”

It’s been called the gold medal of retirement accounts, and for good reason. The Roth IRA is an excellent tool for savers who want to make the most of money they’ve already paid taxes on to invest in assets to supercharge their investments, says a recent article from The Motley Fool titled “4 Incredible Benefits of a Roth IRA.”

Here’s how to maximize your use of the Roth IRA:

Gain potentially tax-free income during retirement. This is one of the major attractions of a Roth IRA. As long as your income falls below the limits and you’ve earned income during the year, you may continue to contribute to your account, generating more tax-free growth.

When contributions come directly out of a paycheck or are made by you later, you’ve already paid the taxes on the assets that fund the Roth IRA. The funds grow tax-free, and there’s no taxes on withdrawals.

There are, however, limits to your annual contributions. For 2021, the most you can deposit into a Roth is $6,000 for anyone under age 50 and $7,000 if you are 50 plus. You also can’t contribute more than you’ve earned for the year.

There is no tax or penalty to withdrawing, whenever you want. You don’t want to be careless with your retirement accounts, but the flexibility makes the Roth IRA compelling. Let’s say you contribute $5,000 to your Roth and the market soars. Your investment grows to $7,000. And for whatever reason, you’re a little tight on cash. You can take out the original $5,000, whenever you want, tax free. Withdrawing the earnings in the account would trigger taxes and penalties. But the original $5,000 is yours whenever you need it. One more detail: you can’t put that $5,000 back.

No Required Minimum Distributions. When you are in your 70s, and non-Roth accounts require that you take RMDs, you’ll appreciate this more. RMDs are mandated minimum amounts that must be taken from tax-deferred retirement plans. They are considered income and taxable. Too big a withdrawal could also push you into a higher tax bracket. If you are lucky enough to have multiple sources of income and don’t want to take out the withdrawals, well, too bad. That’s the tax law.

With a Roth, you can leave it in the account as long as you like. As long as you qualify, you’re good to save and let the money grow.

Roth IRAs are Easy to Pass to Heirs. If your estate plan includes leaving a legacy and assets to your beneficiaries, your Roth IRA is a solid choice. With no RMDs, you can let it grow for years or decades, and then leave it to heirs through the use of beneficiary designations.

Speak with your estate planning attorney about how the Roth IRA fits into your overall estate plan and complements the trusts and other tools used to maximize your legacy. If you don’t have an estate plan in place, save your heirs from a legal and financial disaster by making an appointment with an estate planning attorney as soon as possible.

Reference: The Motley Fool (April 24, 2021) “4 Incredible Benefits of a Roth IRA”

What Is the Main Purpose of a Trust?

“Before you decide to put your home in an irrevocable trust, it is important to have a basic understanding of what you are doing and why.”

There are advantages and disadvantages of an irrevocable trust, and you’ll want to be fully informed before taking steps that may be costly to undo, explains the article “Understanding your trust” from The Sentinel. Once your home is deeded to an irrevocable trust, you won’t be able to make any changes without getting permission from the beneficiary or beneficiaries named in the trust. Your rights of ownership are transferred to the trust, when you deed it to the trust.

A separate legal agreement with the trustee, the person in charge of the trust, will be needed to give you a legal right to occupy the home also. Any changes could be made but will take time and could be costly. Changes can also only be made, if the beneficiaries agree.

There was a time when lenders inserted clauses into mortgages that any time a sale or transfer of the deed occurred, full payment of the mortgage would be due. This changed, and today the mortgage is not due just because of a change in the deed. However, it may be a challenge to refinance, if the home is held in an irrevocable trust.

For most people, the reason to put a home into an irrevocable trust is to prevent the home from being lost to a creditor, including protecting the home’s equity from the cost of nursing home care, during life or after death. In some states, like Pennsylvania, the state will initiate a collection action against the estate to recover the amount paid for the deceased homeowner’s nursing care costs.

The move to put a home into an irrevocable trust can work as long as the trust remains intact, and the homeowner does not apply for financial assistance for nursing home care for at least five years from the date that the deed was transferred as recorded in the courthouse.

If long-term care needs arise before that time, putting the home into an irrevocable trust may not serve its intended purpose.

There are some tax benefits from an irrevocable trust. If the homeowner lives at least one year after the home is deeded to the trust, in some states no inheritance taxes will be due on the home. Check with a local estate planning attorney to learn what the rules are in your state.

If the trust is prepared by an experienced elder law attorney, it is likely that the capital gain on the sale of the home by the trust after the homeowner’s death will be taxed based on the home’s value at the time of sale, rather than the value at the time it is placed into the trust or on the day of death.

If the home is the only asset in the trust, the taxpayer ID of the trust will be the homeowner’s Social Security number, and no annual tax return is required. If, however, other assets, particularly income-producing assets, are placed in the trust, then the trust needs to have its own EIN (a federal tax identification number) and annual tax returns will need to be paid. Taxes on a trust are normally at a higher rate than individual income rates.

Your estate planning attorney will explain the numerous strategies that can be used to protect your assets and your home from the high cost of long-term care. There are many Medicaid compliant techniques and tools, depending upon the situation of the individual and the family.

Reference: The Sentinel (April 23, 2021) “Understanding your trust”

How to Protect Loved Ones from Elder Abuse

“The pandemic has kept our aging parents away from us and us away from them for over a year. This isolation is not total. Some people have access, some ignore warnings and some are intent on using the pandemic to hide their actions.”

Predators had an open season on the elderly during the pandemic, as isolation necessitated by COVID severely limited family member’s ability to visit in person. In some instances, caregivers themselves were the predators, and manipulation on important legal documents, including durable power of attorney, trusts, wills and ownership of homes has occurred. All this was reported the article “Warning: Isolation Of Your Aging Parent May Be A Red Flag” from Forbes. The enforced isolation has created worrisome situations for all concerned.

If you haven’t seen your parents or grandparents for a year or more, and are all fully vaccinated, one expert strongly encourages visitation, as soon as is possible. Use the visit to review all of their legal matters and talk about how to increase engagement and end the isolation.

Consider the following a checklist of what needs to be done at that first visit:

Look for any signs that anyone who had access to loved ones may have taken advantage of their isolation during the past year. Don’t assume the best behavior of everyone around them. It’s not how we like to think, but caution needs to be exercised in this situation.

Check on their will and trusts. The pandemic has reminded everyone that life is fragile, and it’s important to go over legal documents or, if they don’t exist, create them. Find out if anyone has pressured family members to change legal documents—if they have been changed in the last year and you weren’t told about it, find out what happened.

If aging parents do not have a will or trusts, or these documents were altered in your absence, speak with an estate planning attorney who can create a new estate plan. Make sure all copies of older wills are destroyed. At the same time, this would be a good time to have their powers of attorney, healthcare proxy and living wills updated.

If your parent or grandparent lives on their own, find out if they are now in need of any caregiving. A year is a long time, and elderly people who started out fine during the epidemic may have had changes in their health or ability to live independently. Go see for yourself how they are managing. Is the house clean? Are the stairs too steep to be managed?

Not everyone will be able to return to “normal” without some help. Senior centers, gyms and recreational facilities have been shut down for a long time. They may need some help getting back into a routine of socializing and exercising.

The end of enforced isolation can also mean the end of an easy cover for anyone who was using isolation as a protection for financial elder abuse or any other type of abuse.

Isolation itself is a form of abuse, including not allowing others to visit in person or speak with a parent alone. You can overcome this by being engaged with family members on a regular basis, by phone, video visits or, if you are able to, more frequent in person visits.

Reference: Forbes (April 23, 2021) “Warning: Isolation Of Your Aging Parent May Be A Red Flag”

Largest Tax Bill in History Filed in South Korea

“Picasso, Monet and Dalí are among the assets South Korea’s richest family is parting with, as it prepares to pay one of the largest inheritance tax bills in history.”

How’s this for a big inheritance tax bill: $10.8 billion! The Samsung family announced that it would be paying the sizable amount after the death of Lee Kun-hee, the chairman of Samsung. South Korea has one of the highest inheritance taxes in the world, as reported in this recent article, “An Inheritance Tax Bill You ‘Can’t Fathom’: $10.8 Billion” from The New York Times.

The family is required to inform the tax authorities of how it plans to pay the bill by the end of May, and they did so very publicly, appearing in a news broadcast to announce their plans. Their statement was clear and simple: “It is our civic duty and responsibility to pay all taxes.”

Samsung is the biggest and most profitable family-run conglomerate in South Korea.

Mr. Lee was credited for transforming Samsung into a massive tech giant, but he was also reclusive, and one of his secrets was how he wished his wealth to be divided among his wife and three children upon his death.

His only son, Lee Joe-young, is the de facto leader of Samsung. If he inherits his father’s shares in the company’s many subsidiaries, it will boost his control of the company. However, it is still unclear how much he will inherit or how he will raise the $10.8 billion needed to pay the inheritance tax.

Analysts expect that he will sell some non-essential Samsung shares and secure bank loans. How the elder Mr. Lee’s fortune is divided will impact the future of the company.

The Lees are South Korea’s wealthiest family. Samsung reported that the $10.8 billion is more than half of the value of the father’s estate, and more than three times the total inheritance taxes collected by the government last year.

The family announced that it will donate his personal art collection of 23,000 works to national and provincial museums throughout South Korea. The collection has been estimated as worth $2.2 billion.

The Lees have also committed $900 million to fight the growth of infectious diseases and help children afflicted by cancer and rare diseases. Half of the money is dedicated to building the first hospital in the country dedicated solely to infectious diseases.

The generosity is from a family that has struggled with its public identity. In January, the son was imprisoned after being convicted for bribery. Recently, business groups have lobbied the government to pardon him, so he could lead the company as the semiconductor industry faces uncertainty.

The company has long been accused of trying to secure a father-son transfer of power at all costs, even if success required breaking laws, buying political influence and avoiding taxes. The senior Mr. Lee himself received a suspended three-year prison sentence in 2009 for evading taxes for assets he secretly inherited from his own father, Samsung founder Lee Byung-chull. The money was secreted in stock accounts opened in the name of his assistants.

Mr. Lee Jae-yong has run the conglomerate, since his father suffered a heart attack in 2014.

By law, the chairman’s widow is entitled to one-third of the total inheritance, with the rest split evenly between the three children. However, the wealthy families of South Korea often reach private agreements to ensure the eldest son remains in control of the company.

The family has a history of promising to use its wealth to benefit society, but reportedly has not kept its word until this recent announcement. Reaction from South Koreans is mixed, from skeptics who take a wait-and-see attitude, to others who are pleased by the large donations being made.

Reference: The New York Times (April 28, 2021) “An Inheritance Tax Bill You ‘Can’t Fathom’: $10.8 Billion”

How Do I File Taxes on a CARES 401(k) Withdrawal?

“Penalties were waived on 401(k) and IRA withdrawals for coronavirus costs, but you still owe the taxes.”

Several bills were passed by Congress to ease financial challenges for Americans during the pandemic. One of the provisions of the CARES Act was to allow workers to withdraw up to $100,000 from their company sponsored 401(k) plan or IRA account in 2020. This is a big departure from the usual rules, says an article from U.S. News & World Report titled “How to Avoid Taxes on Your CARES Act Retirement Withdrawal.”

Normally, a withdrawal from either of these accounts would incur a 10% early withdrawal penalty, but the CARES Act waives the penalty for 2020. However, income tax still needs to be paid on the withdrawal. There are a few options for delaying or minimizing the resulting tax bill.

Here are three key rules you need to know:

• The penalties on early withdrawals were waived, but not the taxes.
• The taxes may be paid out over a period of three years.
• If the taxes are paid and then the taxpayer is able to put the funds back into the account, they can file an amended tax return.

It’s wise to take advantage of that three-year repayment window. If you can put the money back within that three-year time period, you might be able to avoid paying taxes on it altogether. If you are in a cash crunch, you can take the full amount of time and repay the money next year, or the year after.

For instance, if you took out $30,000, you could repay $10,000 a year for 2020, 2021, and 2022. You could also repay all $30,000 by year three. Any repayment schedule can be used, as long as all of the taxes have been paid or all of the money is returned to your retirement account by the end of the third year period.

If you pay taxes on the withdrawal and return the money to your account later, there is also the option to file an amended tax return, as long as you put the money back into the same account by 2022. The best option, if you can manage it, is to put the money back into your retirement account as soon as possible, so your retirement savings has more time to grow. Eliminating the tax bill and re-building retirement savings is the best of all possible options, if your situation permits it.

If you lost your job or had a steep income reduction, it may be best to take the tax hit in the year that your income tax levels are lower. Let’s say your annual salary is $60,000, but you were furloughed in March and didn’t receive any salary for the rest of the year. It’s likely that you are in a lower income tax bracket. If you took $15,000 from your 401(k), you might need to pay a 12% tax rate, instead of the 22% you might owe in a higher income year.

Reference: U.S. News & World Report (April 23, 2021) “How to Avoid Taxes on Your CARES Act Retirement Withdrawal”

Can Estate Taxes Be Avoided with a Trust?

“The estate tax exemption raised by the Tax Cuts and Jobs Act will sunset in five years—possibly sooner, as the new Congress gears up for a Biden tax overhaul.”

If the federal estate tax exemption is lowered, as is expected, it could go as low as $3 million, reports the article “How Trusts Can Be Used To Counter Tougher Estate Taxes” from Financial Advisor. For Americans who own a home and robust retirement accounts, this change presents an estate planning challenge—but one with several solutions. Trusts, giving and updating estate plans or creating wholly new estate plans should be addressed in the near future.

Not that these topics aren’t challenging for most people. Confronting the future, including death and incapacity, is difficult. Adult children and their parents may find it hard to talk about these matters; emotions, death and money are tough to talk about on their own, but estate planning includes conversations around all three.

Once those hurdles are overcome, an unemotional approach to the business of estate planning can accomplish a great deal, especially when guided by an experienced estate planning attorney. Here are a few suggestions for families to consider.

Estate and gift planning techniques include Grantor Retained Annuity Trusts (GRATs) and Spousal Limited Access Trusts (SLATs). A SLAT is an irrevocable trust created when one spouse (the donor spouse) makes a gift into a trust to benefit their spouse (the beneficiary spouse), while retaining limited access to the assets at the same time they remove the asset from their combined estate. One spouse is permitted to indirectly benefit, as long as the couple remains married.

The indirect access disappears, if the spouses divorce or if the beneficiary spouse dies before the donor spouse. Be careful about creating SLATs for both spouses; the IRS does not like to see SLATs with the same date of origin and the same amount for both spouses.

The GRAT and sales to an Intentionally Defective Trust (IDGT) are useful tools in a low-interest rate environment. For a GRAT, property is transferred to a trust in exchange for an annual fixed payment. A sale to an IDGT is where property is sold to a trust in exchange for a balloon note.

Gifting is an important part of estate planning at any asset level. For 2020 and 2021, the annual gift-tax exclusion is $15,000 per donor, per recipient. The simple strategy of aggressive lifetime gifting using that $15,000 exclusion is a good way to get money out of a taxable estate.

Protect the estate plan by reviewing it every four or five years, and sooner if there are large changes to the tax law—which is coming soon—and changes in the family’s circumstances.

Thoughtful use of trusts and gifting strategies can avoid the probate of the will and ensure that assets go directly to heirs. Reviewing the estate plan regularly with an eye to changes in tax law will protect the legacy.

Reference: Financial Advisor (April 19, 2021) “How Trusts Can Be Used To Counter Tougher Estate Taxes”

What Is the Purpose of an Estate Plan?

“You can reduce stress and expenses for yourself and your family, if you develop an estate plan that includes these important documents.”

No one wants to think about becoming seriously ill or dying, but scrambling to get an estate plan and healthcare documents done while in the hospital or nursing home is a bad alternative, says a recent article titled “The Essentials You Need for an Estate Plan” from Kiplinger. Not having an estate plan in place can create enormous costs for the estate, including taxes, and delay the transfer of assets to heirs.

If you would like to avoid the cost, stress and possibility of your spouse or children having to go to court to get all of this done while you are incapacitated, it is time to have an estate plan created. Here are the basics:

A Will, a Living Will, Power of Attorney and a Beneficiary Check-Up. People think of a will when they think of an estate plan, but that’s only part of the plan. The will gives instructions for what you want to happen to assets, who will be in charge of your estate—the executor—and who will be in charge of any minor children—the guardian. No will? This is known as dying intestate, and probate courts will make all of these decisions for you, based on state law.

However, a will is not enough. Beneficiary designations determine who receives assets from certain types of property. This includes life insurance policies, qualified retirement accounts, annuities, and any account that provides the opportunity to name a beneficiary. These instructions supersede the will, so make sure that they are up to date. If you fail to name a beneficiary, then the asset is considered part of your estate. If you fail to update your beneficiaries, then the person you may have wanted to receive the assets forty years ago will receive it.

Some banks and brokerage accounts may have an option of a Transfer on Death (TOD) agreement. This allows you to plan out asset distribution outside of the will, speeding the distribution of assets.

A Living Will or Advance Directive is used to communicate in advance what you would want to happen if you are alive but unable to make decisions for yourself. It names an agent to make serious medical decisions on your behalf, like being kept on life support or having surgery. Not having the right to make medical decisions for a loved one requires petitioning the court.

Financial Power of Attorney names an attorney in fact to manage finances, paying bills and overseeing investments. Without a POA, your family can’t take action on your financial matters, like paying bills, overseeing the maintenance of your home, etc. If the court appoints a non-family member to manage this task, the family may see the estate evaporate.

Creating a trust is part of most people’s estate plan. A trust is a means of leaving assets for a minor child, or someone who cannot be trusted to manage money. The trust is a legal entity that inherits money when you pass, and a trustee, who you name in the trust documents, manages everything, according to the terms of the trust.

Today’s estate plan needs to include digital assets. You need to give someone legal authority to manage social media accounts, websites, email and any other digital property you own.

The time to create an estate plan, or review and update an existing estate plan, is now. COVID has awakened many people to the inevitability of severe illness and death. Planning for the future today protects the ones you love tomorrow.

Reference: Kiplinger (April 21, 2021) “The Essentials You Need for an Estate Plan”

What Is a Holistic Estate Plan?

“No one can predict the future—and navigating that reality is precisely what makes estate planning so complicated.”

Estate planning is more than a tax strategy. It’s about creating a legacy and protecting your family for the short and long term, explains the article “Create A Holistic Estate Plan Now For Bigger Payoffs In The Future” from Forbes. The process begins with as much disclosure as possible. That means talking with your estate planning attorney about the challenges your family faces, as well as the assets to be left for loved ones.

One change to the tax code can disrupt decades of careful planning and leave people scrambling to protect loved ones. Market tumult can require assets to be sold to meet cash flow needs. Charitable contributions may also need to be reviewed and possibly changed, if the family’s asset level changes.

There are three aspects to consider when creating an estate plan: a lifetime spending strategy, a charitable legacy and bequests. All of these are impacted by taxes and need to be reviewed as a whole.

Lifetime spending strategy. These questions are centered on your goals and plans. Where do you want to live during retirement and how do you wish to live, travel and entertain? Will you stay in place and focus on charitable organizations, or travel throughout the year? It’s good to set a budget and stress-test it to see what different outcomes may arise.

A family that owns businesses or large real estate holdings may benefit from strategies, like family limited partnerships. A sale of the business to an outsider or a family member could create many different options, and all should be considered.

Charitable gift planning. Estate planning offers a way to clarify charitable giving goals and create a road map for how gifting can be transformed into a legacy. A well-planned charitable gift strategy can also minimize estate taxes and maximize the future of the gift, for both the family and the charities you favor.

A Charitable Remainder Trust is used to provide an income stream during your lifetime and reach gifting goals at the same time. One way to accomplish this is to transfer an asset, like highly appreciated stocks or bonds, into an irrevocable trust, thereby removing the asset from your taxable estate. The trustee may then sell the asset at market value and reinvest, creating a lifelong income stream for you or a beneficiary.

Leaving assets, not estate tax bills, for heirs. Families who own multiple properties in their own names or in a single LLC can lead to a lot of administrative headaches when the owners die. One simple fix is to place each property into a separate LLC, which increases the availability of strategic tax savings.

Another way to minimize estate taxes is through the use of life insurance. This is a strategy to do while you are still relatively healthy, as it becomes increasing difficult to obtain once you turn 60 or 70.

All of these strategies take knowledge and time to set up, so creating an estate plan and working through the many different strategies is best done with an experienced estate planning attorney and before any trigger events occur.

Reference: Forbes (April 6, 2021) “Create A Holistic Estate Plan Now For Bigger Payoffs In The Future”

Does Executor have to Be a Family Member?

“What happens if you don’t have any family to be personal representative? Other than a family member, who can be personal representative?”

Executor, executrix or personal representative, whatever name you use, is the person who will be in charge of your estate and follow the directions in your last will and testament. The first thing clarified in a recent article titled “Estate Planning: Non-family member personal representatives” from nwi.com, is that the person does not have to be a family member.

This is often a surprise to people, who think an adult child or sibling is the only person who can take on this responsibility. This is not true. There is no requirement that a relative be named—it can be anyone you wish.

There are some requirements, which vary from state to state. However, for the most part include the following: the person has to be a legal adult, must not be incapacitated, and cannot be a felon or an “undesirable” person. As long as they are an upstanding member of the community, they may serve.

What are your choices? Some people prefer a family member, even if it is a distant relative or someone with whom they do not have a great relationship. It may take some digging to identify distant relatives. You may also have no idea how someone you don’t know will manage your estate. You should also contact them to be sure they will accept the responsibility. Without having an established relationship, they may decline.

An alternative is a trusted friend, as long as they meet the criteria noted above.

Another option is an institution that holds trust powers, such as a bank’s trust department. Community banks and some national banks do offer traditional trust services, including estate administration. There will be fees, but the experienced and impartial management of your estate may make this a better choice.

Some estate planning law firms serve clients in this role. Talk with your attorney to see if this is a service the firm offers. If the firm does not do this, they may have relationships with other professionals or institutions that can help.

One final note: don’t delay creating an estate plan because you cannot decide who should be your executor. Selecting someone for this role is not always an easy or obvious choice, but your estate planning attorney will be able to help you make the decision. Not having an estate plan is far worse than not knowing who to name as your executor.

Reference: nwi.com (April 18, 2021) “Estate Planning: Non-family member personal representatives”