There is no universal, one-size-fits-all plan. At the same time, some of the documents in a complete estate plan are necessary for everyone. In this post, we will provide clarity that will help you cover all of your bases appropriately. Asset Transfers All estate plans will arrange for postmortem asset transfers. However, there are different documents that can be used to facilitate the distributions. A will is one option, but a trust of some kind will be a better choice for a wide range of … [Read more...] about What Documents Are in a Complete Estate Plan?
Incapacity Planning
What Can Good Estate Planning Do for You? (Part 1)
There is a difference between good estate planning and an uninformed, hope for the best DIY approach. When you work with our firm to develop a properly constructed plan, your wishes will be carried out correctly, and your family will benefit. In this post, we will look at the advantages, and we will follow up with a second installment. Effective and Efficient Asset Transfers A will is usually not going to be the best choice as an asset transfer vehicle unless the situation is extremely simple. … [Read more...] about What Can Good Estate Planning Do for You? (Part 1)
Are You Prepared for Life as an Octogenarian?
As elder law attorneys, we help people prepare for the eventualities of aging. Without question, it can be difficult to envision the way you will feel when you are in your 80s. At the same time, the average lifespan for someone that is 67 is the middle 80s, so this is a life stage that you will probably experience. Alzheimer’s Disease Among the Oldest Old The Alzheimer’s Association does a lot of great work educating the public about this disease, and they also offer hands-on resources for … [Read more...] about Are You Prepared for Life as an Octogenarian?
Did the Pandemic Spur Incapacity Planning Awareness?
Far too many people are going through life without estate plans in place, and sometimes an unexpected event will provide a wake-up call. For most of 2019, no one would have ever thought that intensive care units would be overflowing in just a few months. The pandemic was an enormous shock on many levels, but from an estate planning preparedness perspective, it did not have much of an impact. In fact, the numbers have gone in the wrong direction. Caring.com has been conducting annual … [Read more...] about Did the Pandemic Spur Incapacity Planning Awareness?
Estate Planning: Do You Need More Than a Will?
A lot of people think estate planning equals the creation of a will, and that’s the long and short of it. Why would you need anything else when a simple will can be used to express the way that you want the slices of your pie to be distributed after you are gone? This logic may make sense to someone that is not in the estate planning field, but in reality, there is a lot more to think about. In fact, you may be surprised to hear that a will is not the best asset transfer vehicle to use in … [Read more...] about Estate Planning: Do You Need More Than a Will?
Elder Financial Abuse Is All Too Common
As you get older, you will invariably have a new set of concerns, and this is simply part of the human condition. You should be aware of the challenges that are looming so you can take the appropriate preventative measures. Elder financial abuse is a major problem that a lot of people never think about. It was brought to light back in 2009 when the MetLife Mature Market Institute released a groundbreaking study. Researchers stated that abuse cases cost victims a total of $2.6 billion … [Read more...] about Elder Financial Abuse Is All Too Common
Answers to These Questions Will Shape Your Estate Plan
A lot of people that are fully aware of the importance of estate planning are unprepared because they don’t have a starting point. With this in mind, we will share some questions here. When you think about the answers, your estate plan will start to take shape. Are family members relying on your income? Even if you are single and you have no children, you should have a basic estate plan in place, but you would be taking a minimal risk if you do not. On the other hand, if you are married and … [Read more...] about Answers to These Questions Will Shape Your Estate Plan
Brace Yourself for Alzheimer’s When You Plan Your Estate
Elder law attorneys are forced to explain some unpleasant truths to their clients, and one of them involves cognitive impairment. Alzheimer’s disease is a widespread threat because it strikes just under 13 percent of all seniors, and there are 200,000 people under 65 with the disease. As you get older, the likelihood of contracting Alzheimer’s disease increases. It strikes 32 percent of the oldest old, which is a term that is used to describe individuals that are 85 years of age and … [Read more...] about Brace Yourself for Alzheimer’s When You Plan Your Estate
Family Feud Was Fueled By DIY Planning Error
When you plan your estate on your own without any legal counsel, mistakes can be made that lead to problems later on. This is demonstrated by a court battle that was waged in Pennsylvania last year. Power of Attorney Debacle The person at the center of this imbroglio is a woman named Mercedes Goosley. She downloaded a durable power of attorney form on the internet because she wanted to give her son, Joseph, the right to act on her behalf. Goosley was in her 80s at the time. This is in 2013, … [Read more...] about Family Feud Was Fueled By DIY Planning Error
Follow These Steps to Create Your Estate Plan
Estate planning can seem complicated and overwhelming if you do not know anything about it, and this is understandable. In this post, we will break it down to some easy-to-understand steps to help you get started if you are currently unprepared. Evaluate Your Assets It is important to inventory your assets and tally up the value of the resources that you intend to pass along to your loved ones. You should attach a dollar figure to your estate because of potential estate tax exposure. The … [Read more...] about Follow These Steps to Create Your Estate Plan
