There is no question that our pets often become a major part of our family unit. Because of this, pet planning has become a critical part of the estate planning process. When you think forward to the future, it is important to make sure that your pet is also considered during that process. While we would all like to think that our family and friends would step up to take care of our pets after we die, you don't want to leave anything to chance. If you happen to pass away before your pet, … [Read more...] about Pet Planning: Should You Set Up a Trust?
The Top Three Reasons Why Every Parent Needs a Will
When starting a young family and watching your first child come into the world, the last thing on your mind is creating a will. However, as soon as you are responsible for another human life, one of the very first things you should do is create your last will and testament. There are many reasons for this, not the least of which is making sure that your child is taken care of after your death. Even though we all plan to live a long, healthy life, we know that it doesn't always happen. Making … [Read more...] about The Top Three Reasons Why Every Parent Needs a Will
Elder Abuse Isn’t Always Physical
There is no question that elder abuse seems to be on the rise around many parts of the world. When we think of elder abuse, we typically think about physical marks such as bruises. However, it's important to note that elder abuse isn't always a physical attack. Sometimes, people are specifically trying to scam the elderly out of money by using underhanded tactics. Recently, police in Vancouver arrested a man who was trying to scam the elderly out of money using the mail system. When the man was … [Read more...] about Elder Abuse Isn’t Always Physical
Assets That You Don’t Need to Fund to Your Trust
A Living Trust is an estate-planning tool that can help keep many of your assets out of probate. When you fund your assets to your trust, they can be passed to the trust beneficiaries without the need of going through the probate system first. The reason that assets in your trust can pass to your heirs without going through probate is that they don’t belong to you, but to the trust you created. Fortunately, there are some assets that do not need to be funded to your trust due to the fact that … [Read more...] about Assets That You Don’t Need to Fund to Your Trust
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
Medicaid: Separating Fact from Fiction
There’s a lot of information floating around about Medicaid, particularly when it comes to paying for nursing home care. Some of the information is reliable, while some is not accurate at all. So, how do you know which information you can trust? Get the facts from a trusted expert, like an experienced and qualified elder law attorney. Below are three myths surrounding Medicaid, along with the corresponding facts: 1) You can simply transfer your assets to your spouse and qualify for … [Read more...] about Medicaid: Separating Fact from Fiction
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
The First Step in Avoiding a Probate Mess
Who have you chosen to serve as executor of your estate? And are you confident that the person you’ve selected is the right fit? Making sure the right person is in charge of your estate can go a long way toward avoiding a probate mess. A recent Reuters Wealth blog puts the spotlight on a daughter who had an unpleasant experience with her father’s executor, and gives some good advice on how to choose the right executor for your estate: Know Your Estate. If settling your estate will be a … [Read more...] about The First Step in Avoiding a Probate Mess
Why You Might Want to Consider a Pooled Special Needs Trust
If you are the parent of a disabled child, or if you help support a loved one with special needs, a special needs trust can be an effective – even essential – tool. Special needs trusts help to ensure that your loved one’s Medicaid or Supplemental Security Income won’t be jeopardized by an inheritance or, in the case of a disability caused by someone else’s actions – by a personal injury settlement. Strict Rules In order for a special needs trust to protect a disabled person’s benefits, the … [Read more...] about Why You Might Want to Consider a Pooled Special Needs Trust
