Studies are conducted on an annual basis to gauge the estate planning preparedness of American adults. Though passing away is one of the two certainties of life as the saying goes, the vast majority of people in our country are going through life without any type of estate planning documents at all. There are different reasons why they fail to take action, but one of them is the simple fact that they do not know how to begin. The process seems a bit overwhelming, so they resolve to do it … [Read more...] about Estate Planning Simplified
As elder law attorneys, we keep a finger on the pulse of trends that can have an impact on our clients. At this time, Alzheimer’s disease is one of the most significant sources of concern. Everyone has heard of the disease, but you may be surprised when you know all the facts. Widespread Impact The Alzheimer’s Association is a fantastic source of information about this disease, and they also provide resources for families that are directly impacted. According to research that they cite, about … [Read more...] about Consider the Potential Impact of Alzheimer’s Disease
The basketball community and others around the world were thrown into a state of shock when Kobe Bryant, his daughter, and seven others died in a helicopter crash. Death is inevitable for all of us, but when people pass away before their time, the sense of loss is quite profound. From an estate planning perspective, we are not going to get into the specific preparations that any of the victims may or may not have made. The point of this post is to underscore the importance of planning for … [Read more...] about Estate Planning: Bryant Tragedy Serves as a Stark Reminder
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
Estate planning is considered by many to be a purely financial exercise. Without question, you have to decide how you want your assets to be distributed after you are gone and state your wishes in a legally binding manner. However, a well-constructed estate plan will include another component. Sadly, many people become unable to communicate at the end of their lives. Decisions may present themselves, and it is wise to anticipate all possibilities in a proactive manner. This is partially done … [Read more...] about Are Your Advance Directives in Place?
You should discuss your objectives with an estate planning attorney because there are multiple different approaches that can be taken. The ideal way to proceed will depend upon the circumstances, and this is why personalized attention is so very important. This being stated, there is a basic framework that applies to everyone in a general way. In this post, we will explain the basic anatomy of a well-rounded estate plan. Asset Transfer Vehicle A legal device that is utilized to state your … [Read more...] about A Basic Estate Plan Blueprint
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?
Many people are unconcerned about the matter of incapacity planning because they feel as though it is unlikely that they will ever be in a position where they are not able to make their own decisions. Admittedly, this is not a very pleasant subject to consider, and when you are perfectly healthy and in full control of your faculties it can be hard to imagine a future point in time when you would be unable to take care of everything on your own. In truth you would do well to understand the … [Read more...] about Are You Unconcerned About Incapacity Planning?
In the legal field there are binding documents that are utilized to accomplish various different aims. One of them is the power of attorney. These legal devices are used within the elder law and estate planning niche to account for the possibility of incapacity. Empowering a Representative When you execute a power of attorney you are the grantor or principal. As the grantor you name someone that you would like to empower to act as your representative in a legally binding manner. This … [Read more...] about What Is a Power of Attorney in Hartford Connecticut?
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?