Estate planning is not strictly confined to inheritance distribution decisions. A comprehensive estate plan will address the eventualities that you may face as you get older, and there are some unpleasant realities that should be confronted head on. Aging, Alzheimer’s, and Cognitive Impairment Once you are a senior citizen, it is likely that you will experience life as an octogenarian. When you are in your 80s, your ability to handle your affairs may start to diminish. Over 30 percent of elders … [Read more...] about Prepare for the Eventualities of Aging
durable powers of attorney
A Discussion With an Estate Planning Lawyer
Imagine yourself striking up a conversation with the person sitting next to you on an airplane. You find out that they are an estate planning lawyer, and they are open to answering questions that you have about the subject. This would be a great opportunity to walk away with some important information. In this post, we are going to provide a hypothetical discussion between a layperson and an estate planning attorney to give you some food for thought. Do I have to be concerned about taxes on … [Read more...] about A Discussion With an Estate Planning Lawyer
Proper Planning Can Prevent a Conservatorship
The process of estate planning should be viewed in a holistic manner. Yes, you want to make sure that your loved ones receive their inheritances when the time comes, but you should also consider end-of-life eventualities. Anticipated Longevity It can be difficult to imagine a time when you will be unable to handle all of your own affairs. This being stated, when you see someone that is in their 80s, you would not be surprised to find out that they were experiencing some level of cognitive … [Read more...] about Proper Planning Can Prevent a Conservatorship
You Need These Five Estate Planning Documents
Estate planning can seem like a mysterious and complicated matter, but it can be broken down to its component parts. In this post, we will look at five essential documents that should be part of every estate plan. Will or Trust The facilitation of asset transfers is at the core of the estate planning process. You could use a will to state your final wishes, but it is not the best choice unless your situation is extremely simple and straightforward. A living trust is the ideal alternative … [Read more...] about You Need These Five Estate Planning Documents
Incapacity Planning: Choose Representatives in Advance
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
What Are the Advantages and Disadvantages of a Guardianship?
It is important to plan ahead for the eventualities of aging in a pragmatic manner. It may not be the most pleasant thing to consider, but many people become incapacitated late in their lives. Who would handle your affairs in the event of your incapacitation? This is a question that you can answer yourself if you take the appropriate action. Guardianship Proceedings If you do not plan ahead for the possibility of future incapacity, the state could be petitioned to appoint a guardian to act … [Read more...] about What Are the Advantages and Disadvantages of a Guardianship?
Durable Financial Power of Attorney in Hartford CT: What Are Its Advantages?
Estate planning is not exclusively confined to monetary matters. When you talk to an estate planning attorney about the realities that we all face, you will be reminded about the period of time that may precede your passing. Think about it logically. You are probably not going to be healthy one day, and dead the next. If you are fortunate enough to live a normal life span, you may well go through a period of incapacity before you pass away. This possibility is something to prepare for in … [Read more...] about Durable Financial Power of Attorney in Hartford CT: What Are Its Advantages?
What Is a Guardianship or Conservatorship?
With your estate plan you arrange for the distribution of your monetary resources after you die. However, a comprehensive estate plan should address the period of time that will precede your death. Many people go through a period of incapacity late in their lives. If you do nothing to prepare for this possibility, guardianship or conservatorship hearings could take place. Court Appointed Representative The terms guardian and conservator are both used to describe someone who would be appointed … [Read more...] about What Is a Guardianship or Conservatorship?
Hartford Connecticut Incapacity Planning: What Is the Nomination of a Guardian?
Incapacity planning is an important part of a comprehensive estate plan. People often equate estate planning to the transfer of financial assets, but there is more to it than that. If you think about it logically, people do not ordinarily pass away while they are still fully capable. A significant percentage of individuals become unable to make their own decisions for a period of time before they pass away. There are various different causes of incapacity, but one very ubiquitous cause is … [Read more...] about Hartford Connecticut Incapacity Planning: What Is the Nomination of a Guardian?
