A power of attorney is a document that grants various powers and responsibilities to a trusted third party or “agent” who can act on your behalf. This document usually only allows an agent to make non-medical decisions on your behalf. A power of attorney can be a valuable planning tool that lets you decide in advance who will manage your affairs should you become unable to do so. It can also be a way to Read More
When Should You Start Helping With Your Parents' Finances?
It is tough to know when you should step in and help your parents with their finances or if you should at all. You may go back and forth about when and if to take over or even offer help. Deciding whether your parents still have the cognitive ability to manage their money is a difficult call to make. A recent report reveals why it may be important for you to get involved. The Study Results An analysis published in Read More
What Not to Include in Your Will
If you are considering preparing a will, this is a great first step in planning for the future. After reflecting on the basics, such as whom you want to be in charge of administering your wishes, you may wonder if there’s anything you shouldn’t include in your will. The answer is yes. There are some things that you should avoid. Personal Preferences or Desires Sometimes it is best not to state personal Read More
What's the Difference Between Alzheimer's and Dementia?
Dementia is a general term that refers to severe memory loss and problems with thinking, behavior, and social skills that interfere with daily life. According to the National Institutes of Health, this neurological condition affects one in seven adults over age 71. Alzheimer’s disease is a type of dementia and makes up 60 percent to 80 percent of dementia cases, per the Centers for Disease Control and Read More
Alternatives to Traditional Funeral Arrangements
After losing a loved one, consider the best way to honor them and their life. Sometimes, a traditional funeral is not the best fit. Today, there are many alternatives to a traditional funeral service and burial. If you are seeking to lay your loved one to rest in a nontraditional way, the following are some modern alternatives to traditional funeral arrangements: Cremation Perhaps the most recognizable Read More
11 Common Acronyms in Elder Law and Estate Planning
In helping clients prepare for their future, estate planning and elder law attorneys use many acronyms. Understanding some of the common medical and legal terms in this field can give you added confidence in your approach to planning for your own future or that of your loved ones. 1. AEP (Accredited Estate Planner) — An AEP is an estate planning professional who has attained a graduate-level designation in Read More
When Planning Your Estate, Don’t Let the Perfect Be the Enemy of the Good
There are many unknowns when planning an estate, but you can’t let the uncertainties get in the way of creating any kind of plan. Having an imperfect plan is usually better than having no plan at all. When planning an estate you want to be able to consider all the angles, but there are inevitably a number of “known unknowns” that can make planning difficult. These include: How long you Read More
Who Are Parties to an Estate?
When people pass away, the estate administration process introduces a new cast of characters who will need to be addressed. Though each of these parties may be known, if this is your first time navigating an estate administration process, the terms may be new. First, many of the person's assets may go through probate — a legal process that distributes the person’s assets after death. (Keep in mind Read More
Estate Planning After Divorce
So, you’re officially divorced. In starting this new chapter of life, estate planning may not be at the top of your list, but it should be. You may no longer be legally married, but divorce does not automatically remove your prior spouse from your will, trust, or beneficiary designations. Even in the friendliest of divorces, a review is always a good idea at this juncture. Here are some items to consider Read More
How You Can Help Your Loved Ones by Planning Your Funeral Arrangements
When an individual passes away without a funeral plan, responsibility for arranging the funeral often falls on the deceased’s close family members, such as surviving spouses and children. Planning your own funeral arrangements can assist your loved ones in an emotionally challenging time, while also protecting them from incurring extraneous costs. While the remainder of this article focuses on the practical Read More