- Elder Law18
- Estate Planning324
- How To Start Estate Planning228
- Trust Administration18
Many people focus on only protecting their estate from probate. However, in the big picture, probate is the least of their worries.
Aging parents grow stubborn, and researchers are uncovering the reasons why.
According to the American Association of Retired Persons (AARP), roughly 50% of those aged 65 will need long-term care (LTC) one day. Long-term care insurance covers things not normally covered by regular medical insurance. This includes nursing home, assisted living or home care for those who need it, due to chronic conditions like dementia or other disabilities.
As you age, it is important to have your affairs in order to ensure peace of mind for you and your family. Several documents need to be in place to help your family know and carry out your wishes.
Each year, senior citizens lose billions of dollars to financial fraud, with the loss to individual victims averaging tens of thousands of dollars.
The heirs to Henry Ford II – the eldest grandson of legendary Henry Ford – filed a legal challenge against their late patriarch’s attorney, Frank Chopin, who is now the champion of Ford’s widow, Kathleen DuRoss Ford, 80.
Scammers gravitate to tightened finances, like moths to a flame. To complicate matters, shelter-in-place restrictions have pushed people to make more online transactions. That means new opportunities for fraudsters to take advantage of seniors, who may be new digital accountholders.
Take, for example, the sad and sordid tax case of Mary Ellen Cranmer Nice vs. United States of America, which would not have existed if an attentive financial advisor hadn’t noticed the large IRA distributions that were allegedly stolen right from under a matriarch’s nose.
Without a proper elder law estate plan, the children’s responsibilities are even more exhausting, stressful and sad.
You’ve considered how you want your estate to be distributed after you die. Hopefully, you’ve even written a will to make sure your wishes will be followed. So, your estate is planned…right?