Two out of three American adults are unprepared from an estate planning perspective, and this is not confined to younger people. Less than half of individuals that are 55 years of age and older have estate plans in place. Why do they ignore an event that is one of the certainties of life? In this post, we will look at five reasons why people fail to take action. Simple Procrastination The first group is comprised of individuals that are fully aware of the fact that estate planning is … [Read more...] about Top 5 Reasons for Estate Planning Unpreparedness
Impact of Pandemic Is Eye Opening From an Estate Planning Perspective
Though COVID is an ongoing threat for the vulnerable, the worst of the pandemic is behind us. At the same time, there were some valuable lessons learned. From an estate planning perspective, the tenuous nature of life as we know it was clearly demonstrated. In fact, according to the Centers for Disease Control and Prevention, average life expectancies have been measurably impacted by the pandemic. Estate Planning Preparedness In spite of the fact that passing away is one of the two certainties … [Read more...] about Impact of Pandemic Is Eye Opening From an Estate Planning Perspective
What Documents Are in a Complete Estate Plan?
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?
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