Life can turn on a dime without any warning, and things can rapidly change without you even realizing it is happening. One day you could be just fine and loving life, and the next day you could be lying in a hospital bed clinging to life. Yes, it can happen that fast – even faster in some situations! What do you do, though? While you can’t prevent things from happening because it is, after all, unexpected – you can put some plans into place. Incapacity planning, believe it or not, is an … [Read more...] about Why is Incapacity Planning Important?
Incapacity Planning
Three Estate Planning Tools to Avoid Guardianship
Guardianship is a court proceeding in which a surrogate decision-maker is appointed to make either personal and/or financial decisions for an adult that lacks the capacity to make these decisions on their own. It is often used as the last resort in helping an elderly loved one who can no longer handle their own affairs. There are no winners when it comes to guardianship cases, and it is in everyone’s best interest to take steps to avoid the possibility of a court-ordered guardianship in the … [Read more...] about Three Estate Planning Tools to Avoid Guardianship
Estate Planning Basics
Many people find the term “estate plan” somewhat confusing. A very large percentage of the population do not really understand what an estate plan is or what types of documents are included in an estate plan, or may believe that estate planning is only for the wealthy. The truth is that nearly everyone has some type of estate, even if that only consists of a small bank account and an automobile. Whatever you leave behind when you die is considered to be your estate; this also includes your … [Read more...] about Estate Planning Basics
Five Things You Must Do To Get Your Affairs in Order
No one likes to think about it, but it's a fact of life. At some point, we will all need to have our financial affairs in order because everyone passes away. Making decisions early will allow you to have some semblance of security that your loved ones will be taken care of and will go through less grief when it comes to your financial affairs. Here are five things you can do to get your financial affairs in order. First, you should really consider having life insurance especially if … [Read more...] about Five Things You Must Do To Get Your Affairs in Order
Talking With Your Parents About Alzheimer’s Disease
Talking with your parents about disability planning can be almost as difficult as talking with them about estate planning, but it is just as necessary. Disability planning should be a key element in your parents’ overall estate plan. There are a number of conditions that could cause an elderly person to become disabled, but one of the most common, and dreaded is Alzheimer’s disease. A very large percentage of people with dementia suffer from Alzheimer’s disease. Though this does not mean that … [Read more...] about Talking With Your Parents About Alzheimer’s Disease
Minimizing Challenges to Your Power of Attorney
Did you know that a power of attorney, like a Will, can be challenged by concerned or disgruntled loved ones? This is especially true when the person making the power of attorney is elderly. Family members might be concerned about a lack of mental capacity or about their loved one being coerced into appointing an agent against their will. If you’re worried that your family members might challenge your power of attorney, there are a few steps you can take ahead of time to minimize the … [Read more...] about Minimizing Challenges to Your Power of Attorney
Alzheimer’s and Powers of Attorney
An Alzheimer’s diagnosis means significant life changes, for the patient and for his entire family and circle of friends. If your parent or another loved one has been diagnosed with the disease, one of the first things that needs to be considered is incapacity planning: who will be in charge of financial and medical decisions as the illness progresses and your loved one can no longer manage these things by himself? Depending on your loved one’s condition, one of two approaches can be … [Read more...] about Alzheimer’s and Powers of Attorney
What Does the “Durable” in Durable Power of Attorney Mean?
Part of having a complete estate plan is thinking ahead about who should be in charge of your finances if you become mentally incapacitated at some point during your life. One of the essential documents in your incapacity plan is a Financial Power of Attorney, and many people have a Durable Financial Power of Attorney. What Makes it Durable? With a Durable Power of Attorney, you appoint an agent to manage your assets and make financial decisions for you, and not only does your agent have … [Read more...] about What Does the “Durable” in Durable Power of Attorney Mean?
Your Power of Attorney Might Not Work for Your Retirement Plan
When you establish a Financial Power of Attorney, it is with the intent of appointing a trusted person to take care of your finances in the event of your disability. But did you know that not all Powers of Attorney allow your agent access to your retirement plan? In order for your agent to have the authority to access and manage your 401(k), IRA, or other retirement plan, your Power of Attorney must contain specific language authorizing such access. If you have a do-it-yourself Power of … [Read more...] about Your Power of Attorney Might Not Work for Your Retirement Plan
Is a Convenience Account Right for You?
In addition to a Durable Power of Attorney for Finances, one way to help ensure that your bills will be paid and your bank account effectively managed if you become mentally incapacitated is to establish a multiple party account without right of survivorship. Also called a “convenience account,” this is a type of bank account that lets you designate a trusted friend or loved one to have access to the account, without making him or her a co-owner of the account. This type of account is similar … [Read more...] about Is a Convenience Account Right for You?
