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There are many parents who have questioned how to create the best possible estate plan for their children. Some parents even make mistakes about how beneficiaries are able to access assets. As a result, this article reviews some important advice that should be followed by parents with young children.
# 1 – Create a Living Document
While it might not seem like it would directly help your children, one of the best steps to take is to make sure that your own living documents are written.
Despite the prevalence of aggressive, life-prolonging medical procedures, such as feeding tubes, ventilators, and dialysis, once a patient enters a long-term care hospital, L.T.C.H. for short, more than one-third of them will never return home. According to the New York Times, the median survival for such patients is 8.3 months. Much of the time will be spent in a combination of hospitals, skilled nursing home, and specialized rehab facilities.
The high and low spots
Patients in their 60s with musculoskeletal diagnoses, like complications from a hip fracture or joint replacement, do better in L.T.C.H. institutions then people over 80. A high number of patients that are transferred to L.T.C.H facilities from hospitals have undergone a medical procedure called a tracheostomy. Also called a stoma, a tracheostomy is a surgical opening in the windpipe to accommodate a breathing tube that is attached to a ventilator. This procedure is commonly performed on patients who suffer from chronic and severe lung disease and neck cancers among other neck and voice box disorders.
The amount of attention as well as the volume of digital currencies like Bitcoin is at an all time high.
Digital currency is just one of several trends away from traditional assets and towards digital elements. While digital currency has made business in some senses much easier, digital currency also present some challenges.
For one, when the owners of digital currency die or become incapacitated, digital currencies can make the transfer of assets much more complex. This is because traditional estate planning documents were not designed to address the numerous challenges that can arise with digital currency.
Remarriage among individuals who are 55 and older increased approximately 15 percent between 1960 to 2013.
No matter the reason for remarriage, estate planning often becomes much more complex when a new partner is involved. These issues can be made even more complex if a couple makes the decision to remarry later in life.
# 1 – Determine what Each Person Brought into the Marriage
Parents with dementia and other memory loss disorders, such as Alzheimer’s and Parkinson’s disease, present extraordinary challenges for the parent and adult children tasked with assisting them. Drafting a will, making health care decisions, and taking care of legal and financial matters are just some of the items that must be sorted out, hopefully before the onset of the worst conditions.
The first step when caring for a parent is to assess their mental capacity. It is important that you seek medical guidance, including a diagnosis, when you observe signs of dementia. If your parent has been diagnosed with dementia-causing illnesses, like Alzheimer’s or Parkinson’s disease, adjustments should be made to all legal and financial matters.
Durable power of attorney
There are a number of common estate planning errors that we see people make. These errors occur in almost equal proportion among the wealthiest as well as individuals of modest means.
In the hopes of making the estate planning process more efficient for everyone, this article reviews some of the most common mistakes made by people during the estate plan.
# 1 – Not Having an Estate Plan
This is the second post in a two-part series on the opioid crisis at home. Addiction, the subject of our first post, is not the only opioid-related impact on older adults. The following post will examine the rise in elder abuse tied to the opioid epidemic.
I assisted a client with the purchase of commercial real estate property and had the opportunity to talk to the sellers at the property closing. I was surprised to learn that the building had been a family restaurant, in business for nearly eighty years. I asked the sellers why they were selling their business. They told me that they could no longer keep running it. They continued to share that they have two adult children battling opioid addiction.
The dad confided further that their children used to break into their restaurant and steal steaks and seafood to fund their drug habit. They were tired of hiding their valuables around their children and were having a difficult time anticipating what they would raid next. When the kids started breaking into the business, they knew they could not keep it going. In addition, they have grandchildren that they are raising as the primary caregivers because their children and their partners were not able to care for the young ones.
After creating an estate plan, you might think that you’ve made all of the steps necessary to plan for your future.
Instead, it is just as important to make sure that estate planning documents are stored in a safe location. This article reviews some of the various options that people utilize to make sure that estate planning documents are safely stored.
# 1 – A Lawyer Holds the Documents
Many of us don’t keep our assets in tangible items. Instead, many people’s assets are retirement accounts including 401(k)s, IRAs, and worker benefit plans.
One way in which retirement accounts differ from more tangible assets is that wills do not dictate how individual accounts are disposed. As a result, it is vital to make sure that beneficiary designations on individual retirement accounts are properly updated.
After all, there are a number of events including births and deaths, which can greatly impact a person’s estate plans.
A recurring theme in estate planning is that it is not a once and done activity. Instead, it is critical to revise estate plans following major life changes.
One of the countless life changes that many people still do not think necessitates changes to estate plans is divorce. In reality, divorce changes a number of things about asset ownership as well as forever alters plans that a couple might have for the future.
If you’re navigating the divorce process, you might encounter irrevocable trusts.
New York Estate Planning & Elder Law Blog