Several high-profile celebrities have recently sought a conservatorship for a family member including Jay Leno, his wife Mavis, and Cher for her son, Elijah Blue Allman, claiming they cannot adequately manage their affairs or make proper medical decisions.
An estate plan with wealth preservation, long-term care and medical directives strategies provides clarity and guidance to loved ones on aging parents’ wishes, while retaining control for aging parents over financial and health-related matters.
Your business, likely your most valuable asset, deserves careful consideration within your estate plan to ensure a smooth transition of ownership and management in the event of incapacity or death.
Many Generation Xers are in a unique position, “sandwiched” between raising their children and caring for aging parents. A proactive estate plan can help alleviate financial burdens and smooth aging parents’ path into retirement for both generations.
Tax laws, property laws, contract laws, wills and trust laws, all change over time, and it’s likely that some of the changes will apply to you.
Inheriting a pre-tax IRA may be less beneficial than the parent intends.
Elder law attorneys help seniors protect their life savings for future generations and plan for long-term care by empowering individuals to navigate the journey of aging with dignity, security, and peace of mind.
The fact that many baby boomers lack the robust pension and Social Security benefits enjoyed by their predecessors underscores the importance of working with an elder law attorney to plan for financing long-term care and guarding existing assets as they age.
In a season of economic unease, inflation, and changing state laws, strategies like trusts, trust protectors, and a clear purpose statement in your estate plan ensure that your assets and values transfer according to your wishes.
Living trusts avoid the costs and time associated with the probate process. They’re also private documents, unlike wills filed with courts. They can be more easily amended as circumstances change.
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