When you think about estate planning, monetary asset transfers will probably come to mind first. This is understandable, and it is important to make sure that your loved ones receive their inheritances in an effective manner. However, this is not the only consideration. A properly constructed estate plan will address some unpleasant eventualities that may present themselves toward the end of your life. Aging, Alzheimer’s, and Cognitive Impairment If you were born 1960 or a year after that, … [Read more...] about Prepare for Incapacity to Prevent a Guardianship
Incapacity Planning
Is There a Way to Prevent a Guardianship?
As elder law attorneys, we are forced to broach difficult subjects. One of them is the possibility of incapacity late in your life. Once you reach your mid-60s, according to the statistics, it is likely that you will live well into your 80s. When you reach an advanced age, incapacity is a very real threat. Everyone is aware of the existence of Alzheimer’s disease, but most people are bit surprised when they find out how common it has become. The Alzheimer’s Association is a good source of … [Read more...] about Is There a Way to Prevent a Guardianship?
Why Is a Power of Attorney Part of an Estate Plan?
Most people are aware of the fact that a power of attorney is a document that you can use to give someone else the power to act on your behalf in a legally binding manner. On the surface, it may seem as though a power of attorney would have no place in an estate plan, but this is really not the case. A well-constructed estate plan will center around the events that will take place after your passing, and the facilitation of asset distributions will be at the core. This being stated, it is … [Read more...] about Why Is a Power of Attorney Part of an Estate Plan?
Don’t Overlook Advance Directives for Health Care
Many people assume that estate planning is a purely financial endeavor. You state your wishes with regard to how you want your assets to be transferred through the terms of a will or trust, and that’s the end of the story. This is actually an incomplete understanding. Yes, the facilitation of asset transfers will be at the core of the process, but you should also address eventualities that you may face at the end of your life. Admittedly, no one is especially anxious to consider these … [Read more...] about Don’t Overlook Advance Directives for Health Care
Census Report: Burlington Senior Population Exceeds National Average
As elder law attorneys, we are very significantly impacted by an emerging demographic phenomenon. During the years after World War II, there were an inordinate number of babies born in the United States. These are the baby boomers, and over recent years, they have started to reach their senior years. Because of this, there is a rapidly aging of the population underway. Across the country, seniors comprise about 14 percent of the population. Here in the Burlington area, it is 16.4 percent … [Read more...] about Census Report: Burlington Senior Population Exceeds National Average
How Is a Power of Attorney Used in Estate Planning?
Most people are aware of the fact that a power of attorney is a legal device that can be used to allow someone else to act for you in a legally binding manner. The person that gives the power is called the grantor or principal, and the term for the proxy is “attorney-in-fact” or agent. There are general powers of attorney, and limited powers of attorney. If you execute a general power of attorney, the agent or attorney-in-fact would have sweeping powers to act as your representative. In a … [Read more...] about How Is a Power of Attorney Used in Estate Planning?
Incapacity Planning Is a Must
When you think about the matter of estate planning, arranging for postmortem asset transfers will probably come to mind. Without question, you have to execute a will or some type of trust to state your final wishes. The ideal course of action will depend upon the circumstances, and there are many possibilities. This is one of the most important financial decisions you will ever make, so you should certainly discuss your options with a licensed estate planning attorney. End-of-Life … [Read more...] about Incapacity Planning Is a Must
What Happens if it is Too Late for a Power of Attorney?
Burlington elder law attorneys provide advice on making an incapacity plan, which typically includes a power of attorney. However, many people have no plans in place in case of incapacity and do not make a power of attorney (POA), which could have helped both them and their family members after a serious illness or serious injury strikes. A POA must be created while a person is of sound mind, and it is often too late to create a power of attorney once once is needed. You should talk with … [Read more...] about What Happens if it is Too Late for a Power of Attorney?
What Kinds of Healthcare Directives Do You Need?
Healthcare directives can allow you to provide instructions on your preferences for life-saving medical care. There are many situations where an illness or injury will cause you to need medical services at a time when you are not able to communicate. A decision will have to be made regarding whether to administer or withhold care. If you have advanced directives in place, your wishes will determine how that decision gets made. If you don't have any advanced healthcare directives, then it becomes … [Read more...] about What Kinds of Healthcare Directives Do You Need?
What Happens if You Don’t Create a Durable Power of Attorney?
A durable power of attorney can be one of the most important documents that you make as part of your incapacity plan or your estate plan. A durable power of attorney can give you the maximum amount of control over your future, even if something bad happens to you and you become unable to communicate your own wishes or make decisions on managing your own affairs. You need to create a durable power of attorney before something happens to you. If you don't, the consequences for your family, … [Read more...] about What Happens if You Don’t Create a Durable Power of Attorney?
