What does the word incapacity mean to you? Do you assume it’s something you only have to concern yourself with later in life? While incapacity may be more common in older individuals, keep in mind that it can happen to anyone. For example, if you’re injured in a serious motor vehicle accident, you may be incapacitated to the point of not being … [Read more...] about Incapacity Planning Addresses These Key Questions
You may not want to focus on the possibility of your own incapacity, but you should take the time to do so. In the event that you do become incapacitated, either as a result of the natural process of aging or because of a sudden illness or accident, someone will need to manage your money. Will it be someone who you want managing your money? That … [Read more...] about If You Become Incapacitated, Who Will Manage Your Money?
A revocable living trust, is an inter-vivos trust, meaningit is created and takes effect while you are still alive. It has benefits and drawbacks. Although a revocable living trust does not offer the same estate tax avoidance and assets protection benefits that an irrevocable trust offers, it can be an excellent way to plan for your … [Read more...] about Revocable Living Trust and Incapacity Planning
You will hear mention of the senior population explosion often when you are seeking information about elder law and estate planning. The baby boomers are today's seniors, and this is the fastest growing group of American citizens. Furthermore, people 85 years of age and older are the fastest growing subset of the senior demographic. This has some … [Read more...] about Incapacity Planning
When you are making plans for your twilight years it is important to make sure that your assets get to your heirs efficiently and effectively via a well executed estate plan. But it is also important to prepare for the possible eventualities that we all face toward the end of our lives. The segment of society that is 85-years-old and older is the … [Read more...] about Health Care Proxies & Unmarried Couples
As people continue to live longer lives and the capabilities of the medical industry expand, the need for careful long term planning becomes all the more important. Demographic statistics tell us that the segment of the population that is at least 85 years of age is growing faster than any other. If you retire at the typical age you now have … [Read more...] about Long Term Care Costs Skyrocketing
The specialty of estate planning is in fact one aspect of elder law, so it is not surprising that it would be categorized out of hand as being something that younger people need not be concerned with. However, this is not entirely true. The minute someone else is depending on you in any way is the minute that estate planning becomes relevant to … [Read more...] about Young Adults & Estate Planning
A Power of Attorney (POA) is a document that allows you to name someone to make a decision for you. Your Power of Attorney will dictate what decisions can be made and what your wishes are so they can be followed. For disability planning, there are two common types of POAs: medical and financial. Medical POA A Medical Power of Attorney … [Read more...] about Should You Create Separate Medical and Financial POAs?
Have you been named as an Attorney-in-fact on a family member’s Power of Attorney (POA)? Your responsibilities may vary depending on the size of the assets in question and on what powers your loved one had granted to you. Manage Business Affairs If your family member owns part or all of a business, you may be in charge of helping to run that … [Read more...] about What Are Your Duties as Attorney-in-Fact?
Medical emergencies happen every day. You never know when a medical crisis could leave you mentally disabled or in a constant vegetative state and unable to make your own medical decisions. This is why you should have a disability plan. One of the most common disability planning devices is an Advance Medical Directive. Choose a Health Care … [Read more...] about What Does Your Advance Medical Directive Do?