While it may be difficult, it is important to have financial conversations with your elderly parents. These conversations are important because they will best prepare your family to cope when a parent loses the ability to handle his or her money and other affairs. A recent article discusses several issues you should be sure to[...]
When people are young and healthy, they don’t often take the time to plan for their possible incapacity by executing legal documents including a power of attorney and living will. As a recent article explains, however, these documents should be completed sooner rather than later. These documents are especially important given the fact that a[...]
The New York Times is chock-full of good material this weekend. Here is an article showing what happens when parents don’t discuss their financial affairs with their kids. Much of the article focuses on problems after death (although there is one section that follows a child dealing with their parent’s Alzheimer’s condition. The point is[...]
One of the documents that helps to make up a proper estate plan is the power of attorney (“POA”). A POA is a document that authorizes a representative of your choosing to act on your behalf in private and business affairs. Although most people select one person to serve as their POA, this recent article[...]
Despite the grave importance of having an estate plan, a large amount of Americans still have not undertaken any steps towards drafting their estate plan. Often, people put the task aside because it is unpleasant to consider the reality of our deaths. A recent article suggests that, by simply preparing for a meeting with an[...]
All of us in New Jersey just got a harsh, harsh lesson in preparing for emergencies. As my family and I left for the warmth (and hot showers at the homes) of family in Delaware, folks without a place to crash were left to fend for themselves as they tried to outlast the effects of[...]
Two good posts coming from Leanna Hamill in Massachusetts and Tredway, Lumsdaine & Doyle in California on planning for children with special needs. Among the excellent suggestions are the following: Special Needs Trust - allowing parents, grandparents and guardians to provide funds for a special needs child without disrupting eligibility for government aid. Exploring the[...]
This post is important enough that I might run a variation of it every month for year. Let me spoil the surprise and give you the answer up front. You should have: A Durable Power of Attorney for Health Care A Durable Power of Attorney for Finances A Living Will The first and second one[...]