Estate planning should best be viewed as a holistic endeavor. Yes, planning your estate involves preparing your financial assets for eventual distribution to your heirs, but there are other matters to take into consideration. Here are three things to think about. How to Transfer Assets Understanding the general fact that you have to arrange for the transfer of your assets to your heirs is one thing. But how should you go about it? The answer to this question varies person by person. Some … [Read more...] about Estate Planning: Three Things to Think About
Develop a Long-Term Plan for Aging
The statistics indicate that most people don't have a proper estate plan in place. At the same time, a significant percentage of the unprepared understand that they should take action. Everyone knows that they will die someday, but most people are also going to reach their elder years. Once you start to reach an advanced age, certain contingencies may present themselves, and this is why a comprehensive plan for aging is recommended. Long-Term Care About 40% of people who reach the age of 65 … [Read more...] about Develop a Long-Term Plan for Aging
Don’t Overlook These Details
Estate planning obviously entails making preparations for the transfer of financial assets to your loved ones after you pass away. However, there are some additional details to consider, and we would like to take a look at a few of them here. Incapacity Planning Individuals who reach an advanced age sometimes become unable to make their own medical and financial decisions. If you do nothing to prepare for this contingency and you do in fact become incapacitated, a conservator can be appointed … [Read more...] about Don’t Overlook These Details
Medi-Cal Planning for Single People – An Elder Law Today Blog
Nancy Watson feels worn out. Four years ago her father died and for the past three years she has been caring for her aging mother. At first, it was little things...grocery shopping, trips to the doctor, help with her mother’s medication, and things like that. But as her mom’s health deteriorated, Nancy’s burden has increased. The last six months have been very difficult. That’s because Nancy had to move her mom to a nursing home. Mom couldn’t live at home any more. Nancy thought her job would … [Read more...] about Medi-Cal Planning for Single People – An Elder Law Today Blog
Incapacity Component Adds to Appeal of Living Trusts
There are some estate planning devices that accomplish multiple objectives, and living trusts are among them. The primary reason why individuals decide to utilize revocable living trusts is because of the fact that these trusts enable future distributions of assets to the beneficiaries without the hindrances of probate. Probate is a legal process that can take a lot of time. There are also costs that go along with this process. When you use a revocable living trust rather than a last will to … [Read more...] about Incapacity Component Adds to Appeal of Living Trusts
Alzheimer’s Strikes High Percentage of Seniors
When you feel perfectly healthy and of sound mind, the possibility of someday being unable to handle your own affairs may seem unthinkable to you. In truth, you would do well to understand the facts, because the human condition is not an invincible one. People are enjoying increased longevity during our current era, and it is not uncommon for individuals to live into their mid-80s and beyond. It would probably be safe to suggest that most people who consider themselves to be healthy would not … [Read more...] about Alzheimer’s Strikes High Percentage of Seniors
HIPAA Release Should Be Included With Advance Directives
Advance directives for health care should be a part of every estate plan because incapacity planning is part of the equation. A very significant percentage of people who live to an advanced age do in fact suffer from incapacitation at some point in time. One of the major threats to elders is Alzheimer's disease. The Alzheimer's Association states that one out of every eight older Americans is an Alzheimer's sufferer, and this increases to approximately 40% of people who are at least 85 years of … [Read more...] about HIPAA Release Should Be Included With Advance Directives
Shorter Strides, Slower Gait may be Alzheimer’s Indicators
Given the fact that dementia strikes upwards of half of all Americans who are 85 years of age and older, incapacity planning is really a must for serious minded individuals. If you fail to take action in advance and become incapacitated, a conservatorship proceeding could take place and your affairs could wind up being conducted by an individual who is not of your choosing. On the other hand, if you are proactive about executing the appropriate documents, your own hand-picked decision-makers … [Read more...] about Shorter Strides, Slower Gait may be Alzheimer’s Indicators
Beware of Financial Predators
There are two prevalent types of elder financial abuse as defined by the experts: Crimes of opportunity and crimes of predation. Crimes of opportunity are perpetrated by individuals who know the victim. Obviously a lot of elderly Americans need assistance with their day-to-day needs. So, the individuals who help them out are often going to have opportunities to take advantage of the senior in question financially should they choose to go that nefarious route. Crimes of predation involve … [Read more...] about Beware of Financial Predators
Oldest Among Us Face Dementia Threat
The "oldest old" is a term that is used in the elder law community to describe individuals who are at least 85 years of age. It could be natural to assume that this would be a relatively small group. But surprisingly, we are told that this is the fastest-growing age demographic in the United States. Therefore, the fact is that you may well live into your mid-80s and perhaps significantly longer than that. With this in mind, you have to consider some of the contingencies that you may face if you … [Read more...] about Oldest Among Us Face Dementia Threat
