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Trying to care for an aged parent is a challenging and sometimes impossible-seeming task. Whether you live a few hours away from your parent or on the other side of the country, it’s common to end up whether you are providing your parents with adequate care.
As a result, this article reviews some helpful tips to make sure that you provide the best long-distance care possible for an aging parent.
# 1 – Decide What You Can (And Can’t) Do
With the implementation of the Biden administration in the country, various changes are likely to occur including several related to estate planning. One change involves a reduction in the estate tax exemption while a second revision to estate planning law is an elimination of the basis step-up for inherited property.
While these changes are likely to occur, it is difficult to both predict what repercussions this change will have as well as when these changes take effect. To better prepare people interested in creating successful estate plans, this article reviews some critical details to understand about these approaching changes.
Preparing for the Elimination of Basis Step-Up
There are more than 40 million family members in the United States who act as caregivers for loved ones. There are also many ways to provide the requisite care for your aging loved one.
If you recently placed a loved one in a nursing home, you’re likely still getting comfortable with the idea that your loved one will reside in a nursing home. You likely also want to make sure that your loved one receives the best care possible while there.
As a result, this article reviews some helpful strategies that you can follow to make sure your loved one in a nursing home receives the appropriate care.
No one likes thinking about what will happen when their health begins to decline or what that person’s loved ones will do following their death. Failure to engage in adequate planning now can leave your loved ones in an undesirable situation and can also greatly increase the chances that these individuals face anger and confusion after you pass away.
You can help to avoid these undesirable results by taking sufficient actions while you are still able to do so. To hopefully push you towards making the appropriate estate planning decisions, this article reviews some of the most critical estate planning decisions that you should make today.
# 1 – Appoint an Executor
The covid-19 pandemic has disrupted many aspects of our lives. One of the most overlooked aspects of how the pandemic has altered our lives is the pandemic has led to increased reports of elder abuse and mistreatment. Despite the Centers for Medicare & Medicaid Services’ guidelines to provide appropriate care, various reports exist of clients dying in long-term facilities without access to family members. The National Clearinghouse on Abuse in Later Life organization also reports that elder abuses are utilizing the threat of the pandemic to provide misinformation to people. To better prepare elderly individuals and loved ones for navigating the current climate, this article reviews some critical details about elder abuse during the covid-19 pandemic.
# 1 – The Pandemic Has Led to an Increase in the Risk for Elder Abuse
The pandemic has led to an increase in the rate at which elder abuse is occurring for several reasons. On its simplest terms, the pandemic has resulted in elderly individuals being further isolated than ever before. Elderly individuals also have reduced access to healthcare as well as other essential services due to the pandemic. Consequently, abusers are more likely to get away with abusing elderly individuals. The pandemic has also reduced access to respite services for caregivers and increased that make individuals likely to be abusive. Consequently, the atmosphere is riper than ever for elderly abuse.
In the 2020 case, In the Estate of Mayberry, a Texas court ruled that the common-law wife of a deceased individual who died interstate lacked standing to remove the deceased’s daughter as an independent administrator.
The court’s ruling was based on the perspective that the deceased’s daughter was not an “interested” party following a settlement agreement between the daughter and the deceased’s common-law wife to voluntarily release all of the daughter’s rights in the estate.
Under the terms of the agreement, the daughter agreed to accept $2,000 as “consideration” for the settlement and release of all claims to any part of the deceased individual’s estate. The daughter later argued that she did not release her right to receive an inheritance from the estate but had only released “claims” against the estate. The daughter argued that her right to receive an inheritance from the estate was not a claim against the estate.
The estate planning dispute that occurred following Prince’s death in 2016 has arisen again after the Internal Revenue Service determined that Prince’s estate is worth approximately $163 million or twice what Prince’s estate representatives reported on his estate tax return. This difference resulted in approximately $39 million of penalties and interest being placed against Prince’s estate.
This discrepancy is not the first time that the estate of a deceased celebrity has been undervalued. For example, following Michael Jackson’s death in 2009, representatives claimed that a likeness of Michael Jackson was worth $2,105. The artist’s fortune had dropped substantially in the years before his passing as a result of child molestation claims. Michael Jackson’s estate was also reported to be insolvent with assets estimated to be worth $236 million with debts of approximately $500 million. The Internal Revenue Service, however, later disagreed and valued Michael Jackson’s likeness at approximately $435 million. Michael Jackson’s estate later disputed this valuation and the case is still pending.
What happens next with the valuation of Prince’s estate will be decided on by the United States Tax Court. This article reviews just two critical lessons that everyone should understand about the valuation of estate assets.
Data compiled by the Centers for Disease Control and Prevention show that more than 16 million Americans care for someone who has been impacted by dementia. Caring for a person that you love who has dementia can require specific care techniques to make sure that the loved one functions in the best way possible.
While it’s not a specific type of disease, dementia can impact various aspects of a person’s emotional and physical well-being. These changes can make caring for a person with dementia stressful as well as painful.
As a care provider, it can prove helpful to understand some tips for making sure you provide your loved one afflicted with dementia with the best care possible.
The coronavirus pandemic has substantially altered the way that we engage in business. There are, however, ways to sign estate planning documents remotely without needing to be in close proximity to anyone.
To better prepare you for navigating the estate planning process remotely, this article reviews some important details that you should remember.
# 1 – Executive Order No. 202.7
Adequate estate planning is a critical part of the divorce process, but it is frequently overlooked because people are worried about navigating many other aspects of the divorce process.
Careful attention should be paid to the complex issues that arise when handling estate plans where a divorce action is either pending or has been finalized. You should continuously review and update your estate plan after separation and before filing a divorce complaint as well after filing a final decree of divorce.
To make sure that you engage in sufficient estate planning after a divorce, this article reviews some key strategies that you should make sure to review so you have the best chance possible of protecting your wishes after divorce and separation.
New York Estate Planning & Elder Law Blog