COVID-19 has had an enormous impact on all of our lives, and it has given us a lot to think about. One of the lessons learned is the fact that unexpected circumstances can arise at any time, even some things that are absolutely unprecedented. Even though death is one of the inevitable facts of life, statistics show that the majority of American adults do not have estate plans in place. The most recent study that has been conducted indicates that less than half of people that are 55 years of … [Read more...] about Coronavirus Underscores the Importance of Planning
It is said that “experience is something that you get just after you need it.” There is a lot of truth in this statement, and that’s the way life is in many ways. You cannot fully understand something until you have experienced it, and it is not always easy to learn these lessons. This certainly enters the picture when it comes to planning ahead for the eventualities of aging. When you have been perfectly capable of handling all of your own affairs throughout your life, it can be hard to … [Read more...] about Incapacity Planning: Choose Representatives in Advance
Imagine a scenario where you were told by doctors that a relative was in a terminal condition and unable to communicate. This individual is being kept alive via the use of artificial life support systems. The medical professionals are asking you if they should continue keeping this relative alive or remove the life support and let nature take its course. There are other family members in the room with you. Some of them are certain that the best choice is to allow things to proceed naturally. … [Read more...] about Take Action To Assert Health Care Choices
Arranging for the transfer of your assets in writing is one thing, but it is not the only thing to consider. Human beings are going to have to make sure that your wishes are carried out, and you may need trusted family members or friends to make decisions in your behalf should you become incapacitated. If you use a last will to state your final wishes the person who will do the legwork is the executor or personal representative. The administration of the estate is going to be supervised by the … [Read more...] about Have You Appointed Decision Makers?
When you think about the topic of estate planning the matter of arranging for future asset transfers after your passing may immediately come to mind. Unquestionably this is at the core of estate planning, but to be totally prepared for the eventualities of aging there are some other very important things to take into consideration. It is quite possible that you will go through a period of incapacity before passing away. The level of your incapacitation can vary considerably, but there may well … [Read more...] about Include HIPAA Authorization With Advance Directives
Estate planning is usually thought of as being within the realm of financial planning. This is true on one level, but it also connects to elder law. You want to know all the facts and make preparations for the eventualities of aging. As a result, a comprehensive estate plan would include an incapacity planning component. Incapacity Planning As we all know, people can pass away under varying different circumstances. However, in most cases there will be a period of decline. The average life span … [Read more...] about Should I Have a Durable Power of Attorney for Health Care?
The process of estate planning should extend beyond the distribution of financial assets. Before you expire there may be an interim during which you are incapacitated. You may be unable to make and communicate your own decisions at that time. Is this a pleasant proposition to consider? Of course not, but it is a stark reality. Burying your head in the sand while you hope for the best is really not a very responsible approach. Incapacity planning is part of the equation when you want to become … [Read more...] about Incapacity Planning in Connecticut: What Is a Living Will?
When you are planning your estate there are obviously financial considerations. You must decide who will be receiving inheritances, how much each individual will be getting, and how you will be getting the money into their hands. You have a number of different options, and the best way to proceed would be to discuss them with a licensed estate planning lawyer. When you are doing this your attorney will invariably talk to you about some other important things to consider beyond the financial … [Read more...] about Choosing a Medical Decision Maker
Every estate plan should contain an incapacity component. It is very possible that you will become unable to communicate before you pass away. Decisions may become necessary, and you may not be able to make them for yourself. If you want to be comprehensively prepared you should execute documents called advance directives for health care. One of these is a living will. This type of will has nothing to do with arranging for the transfer of financial assets. With a living will you state your … [Read more...] about Survey Finds Most Without Living Will
Once you decide that you are no longer going to procrastinate about estate planning you are going to ask yourself exactly what you need. With this in mind we would like to share the various different components that are contained within the typical estate plan. Transfer of Financial Assets: Simple Wills Clearly, arranging for the future transfer of your financial assets is going to be part of the equation when you are planning your estate. The first document that may come to mind when you are … [Read more...] about Estate Planning: What You Need & Why You Need It