Know that no matter how poor or rich your parents are, they especially must secure an estate plan because their affairs will affect you and will become your responsibility in the event they become incapacitated or die. Their estate plan ensures that their assets no matter how much or how little it can be will be distributed to their heirs according to their personal wishes. If you do not know whether or not your parents have estate planning in place that will help you best support them, read on.
It can be difficult trying to convince your elderly parents about the importance of social distancing and self-quarantine during the pandemic but with proper communication and telling them how much you care using "I" statements will help them realize your point. Be clear about why you're worried and model the way for them, even if they have not modeled the way for you in the past. Read here to learn more about how to effectively communicate with your parents and get them to stay at home.
Keeping your loved ones out of the probate court and conflict is the primary reason for establishing a living trust. It plays a major part in you and your loved one's life because it does not only keep them out of court and conflict, but it also helps educate them on your true purpose and details what your wishes are for your assets upon your demise. Read here to know if your living trust is set up the right way for the people you love.
Contrary to popular belief, creating a trust isn’t a luxury reserved only for the ultra-rich. Your desire to maintain your privacy, to protect, and have control over your assets if you are no longer able to, no matter how much they are worth does not need you to be wealthy to create your own trust fund because there are no financial minimums required for creating one. Taking this step is an option even for people living paycheck to paycheck. Read here to learn more.
At some point in life, you might not be able to make decisions for yourself due to a medical condition, and when this time comes, you should be prepared. To ensure you remain part of the decision-making process concerning your life and that the preferences for your ongoing care are respected, you'll need to have the right legal documents in place. Read here how to help you and your loved ones make these important decisions on your behalf, which you may be unable to make later in the future.
Not having proper planning vehicles in place leaves not just you but also your senior loved ones vulnerable to exploitation and court-ordered guardianship should they become incapacitated caused by illness or injury. With no government agency tasked with preventing abuse by professional guardians, it’s up to you to protect yourself and your loved ones through proactive estate planning. Read here to know more.
Same-Gender spouses are often challenged when they need to make parental, medical, and financial decisions for partners who are incapacitated or unable to communicate because they may have family members who remain opposed to the validity of their marriage. If you're in the same situation, you especially must need to put a comprehensive estate plan specifically design for your situation to ensure your planning strategies for your loved ones work exactly as you intended. Learn more here.
Each of us is at constant risk of experiencing a devastating accident or disease that may leave us incapable of caring for ourselves & our loved ones. Temporary or not, such may render emotional trauma, or worse, financial loss. This is why incapacity planning is significant to ensure someone can take charge of your legal decisions in case you are incapacitated to keep your family out of court & out of conflict. Consult with an experienced lawyer like us to guide you in this decision making.
When it comes to powers of attorney, there are several options for granting decision-making authority in your life. Which option might be better for you depends on the situation and type of decision. Here are some things to consider when considering power of attorney.