Parents - No Estate Planning Secrets!

Over 20 years of estate planning experience has taught me a lot about what parents should and should not share with their children. Too often, a parent may insist on discussing unimportant or trivial matters and refuse to share the important matters such as how they decided who would receive an heirloom. As a Wall Street Journal article several years ago recommended, disclosing the specifics about your will or trust can be very beneficial to your children (“Five Reasons for Parents to Reveal Estate Plans”, Sept. 21, 2014). The benefits of disclosing the contents of your estate plan can be significant. Not only can it help avoid hard feelings or fighting among children, but the input from chi

Durable Powers of Attorney - What You Need to Know

A durable power of attorney - where an agent is appointed to handle the financial affairs for a principal - has been used for decades. Until recently, it was unusual for these documents to ever be challenged or exploited. Unfortunately, with the rise of elder abuse, banks and other financial institutions have started rejecting valid durable powers of attorney for fear of potential liability. Without the ability to transact business for the principal, a durable power of attorney is effectively worthless. While there is no guarantee that a financial institution will honor a durable power of attorney, here are some steps to take to help avoid such an issue: 1. Keep it current. The most common r

Long Term Care Options

Many baby boomers are facing the decision of whether or not to buy long term care insurance. Unfortunately, most choose not to purchase coverage leaving their assets at risk of being wiped out if long term care should be necessary. While the odds of requiring long term care services are significant – more than 70% of Americans over the age of 65 will need long term care services at some point in their lives – most seniors are under the mistaken impression that they will never need it. A. The Danger of Denial. At nearly $9,000.00 per month for nursing home care, about $4,000.00 to $5,000.00 per month for an assisted living or $25.00 per hour for in-home care, few seniors can afford long ter

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The Elder and Estate Planning Law Firm

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