A responsible family member executed a well-drafted and carefully thought through estate plan that included a financial power of attorney and now that family member has become incapacitated in some manner activating the POA. When the agent named under the power of attorney document approaches a financial institution to rightfully gain access to the information the agent may still run into issues.
When you get to a point where you fear for your loved one's safety and the elderly individual has refused to relinquish their independence, you may be forced to take legal action. Caregivers encounter many challenges when it comes to ensuring the well-being of those dependent upon their care.
Probate is the court-supervised process of inventorying the assets and liabilities when someone dies and then satisfying creditors and distributing remaining assets to beneficiaries. The decedent’s will provides instructions for how this will be done; however, not all property is subject to disposition by will or the probate process.
Seniors often jeopardize their health and succumb to patterns of unhealthy consumption of alcohol or misuse of prescription medication. Age-related changes in the body and chronic health conditions exacerbate substance abuse issues among the elderly.
A last will and testament is not meant to function as a set-in-stone document, contrary to what many may think. Circumstances change. For example, you may get married or divorced, one of your intended beneficiaries may pass away, the size of your assets made drastically grow or shrink, or you may simply change your mind on how you want your assets distributed upon your death
Whether you are frugal by nature or by necessity, finding services for the best price always makes good financial sense. Many of today's seniors live on modest incomes from government assistance or small pensions.
The Health Insurance Portability and Accountability Act, commonly known as “HIPAA”, has a huge impact on providing care for loved ones. This federal law was enacted in 1996 to protect the privacy of individuals’ medical information.
Designating someone to act on your behalf as an agent using a power of attorney document is a serious decision. Clients typically choose a trusted family member to handle the responsibility of making health and/or financial decisions on their behalf.
Interest rates can change the outcome of most types of deferred gift strategies. For a GRAT, CLAT, CRAT, or sale to an IDGT, the particular interest rate can make the strategy work or cause it to fail.
Adding one very simple step in your estate planning process can reduce the potential for family discord later should one of your aging loved ones exhibit signs of dementia or forgetfulness. This could lead other family members to wonder whether the person knew what he was doing when drafting and signing estate planning documents.
