When creating an estate plan, it’s important to implement incapacity planning. As you go throughout life, you will take part in many adventures (and misadventures). You never know what medical emergencies may occur. It’s important to have a plan in place, so that you and your assets are protected. Take a look at the following information, to better understand the need for incapacity planning. In order to fully understand the importance of incapacity planning, ask yourself the following … [Read more...] about Don’t Ignore Your Need for Incapacity Planning
Incapacity Planning
You May Not Be Able to Afford Long Term Care without Insurance
Many people don’t realize how expensive long-term care costs are. As more people continue to age, the costs only continue to rise. This is why it’s important to consider the purchase of long-term care insurance. Without this insurance, long-term care can be unaffordable. Take a look at the information below, to better understand the use of this insurance. If you have any questions, or if you need help selecting a long-term care insurance policy, contact an estate planning attorney. Consider … [Read more...] about You May Not Be Able to Afford Long Term Care without Insurance
5 Benefits to Creating an Estate Plan Early in Life
Many people put off their estate plan and then find that they’re unprepared when something goes wrong. It’s a good idea to create an estate plan as soon as possible. Signing your estate planning documents on the day you turn 18 is ideal! Take a look at the benefits to early planning, below. If you have any questions, or if you’re ready to commit to your estate plan needs, meet with an estate planning attorney. You can have control over important issues. Whether you’re choosing a guardian … [Read more...] about 5 Benefits to Creating an Estate Plan Early in Life
Why You Need to Name Back Ups in Your Estate Planning Documents
You need to name back up trusted helpers in your estate planning documents because as life rockets along, people and circumstances change. For example, the trusted helper you named to raise your minor children may not be able to serve when the time comes. Jan was a single mom. She had a great relationship with her only sister, Becca. So, when Jan had her two children, Elle and Eric, she named Becca as their guardian in her will. Becca carefully considered the responsibilities and … [Read more...] about Why You Need to Name Back Ups in Your Estate Planning Documents
Estate Planning is Not an Unnecessary Expense
When money is tight, the last thing you may be thinking about is spending it on estate planning. While some people may feel that paying money to an attorney to help them with their estate plan is an unnecessary expense, nothing could be further from the truth. In fact, an estate plan should be one of the primary things that you spend your money on, even during a recession. If you invest in a solid estate plan, you can rest easy knowing that your family will be taken care of, even if something … [Read more...] about Estate Planning is Not an Unnecessary Expense
The FAQs of POAs
A durable power of attorney is a must-have estate planning document. In a Power of Attorney, one person delegates authority to another to make decisions, or take action on their behalf. The person who gives the authority is the principal. The one to whom authority is given is the agent - also called attorney in fact or a proxy. If the Power of Attorney is durable, the agent can make decisions for the principal if the principal becomes incapacitated and is no longer able to act. Some of the most … [Read more...] about The FAQs of POAs
When it is Appropriate to File for Guardianship
Filing for guardianship over a parent is a serious matter. In most cases, a court will not appoint a guardian unless the person is mentally incapacitated in some way that places them in danger. For example, if mom is spending all of her money on scams and there doesn’t seem to be any way to stop her, you might then consider a guardianship. If dad is found wandering around in town and placed in the psychiatric ward of your local hospital, you may need to file for guardianship. Aside from these … [Read more...] about When it is Appropriate to File for Guardianship
Incapacity Planning Is Key
Part of planning for the future includes estimating exactly how long you will live, and when you look at the age demographic statistics it becomes clear that you may want to prepare for the long haul. People 85 years old and up are the fastest-growing group the United States. This longevity is fantastic as long as you stay relatively healthy, but it is important to plan for all the eventualities that go along with reaching an advanced age. One of these is possible incapacitation. We have all … [Read more...] about Incapacity Planning Is Key
Long Term Care Assistance For Veterans
One of the most alarming trends affecting seniors today is the already high and rising cost of long-term care. Many people are under the impression that Medicare will take care of all their medical needs once they reach the age of 65, but this is not the case; Medicare does not pay for long-term care. Last year it cost over $83,000, on average, to spend a year in a private room in a nursing home, and almost $40,000 for a year in an assisted-living facility, so we are talking about some pretty … [Read more...] about Long Term Care Assistance For Veterans
Veterans’ Aid and Attendance Benefits
Did you know that the Veterans Administration offers a Veterans’ Aid and Attendance Pension as a benefit to eligible retired military personnel and their spouses? The program, called the A&A Pension, provides a monthly benefit for veterans and their surviving spouses that require assistance with the activities of daily living (ADL), such as bathing, cooking, and eating. In 2011, the benefit provides up to $1,632 monthly to a veteran, $1,055 to a surviving spouse, or $1,949 to a couple. … [Read more...] about Veterans’ Aid and Attendance Benefits
