Monthly Archives: February 2021
The Difference between Power of Attorney and Guardianship for Elderly Parents
The primary difference between guardianship and a power of attorney is in the level of decision-making power, although there are many intricacies specific to each appointment, explains Presswire’s recent article entitled “Power of Attorney and Guardianship of an Elderly Parent.” The interactions with adult protective services, the probate court, elder law attorneys and healthcare… Read More »
How to Be an Effective Advocate for Elderly Parents
Family caregivers must also understand their loved one’s wishes for care and quality of life. They must also be sure those wishes are respected. Further, it means helping them manage financial and legal matters, and making sure they receive appropriate services and treatments when they need them. AARP’s recent article entitled “How to Be… Read More »
Does a Trust Have to Be Funded to Be Valid?
Thinking you have divided assets equally between children by creating a trust that names all as equal heirs, while placing only one child’s name on other assets is not an equally divided estate plan. Instead, as described in the article “Estate Planning: Fund the trust” from nwi.com, this arrangement is likely to lead to… Read More »
How to Tell If Mom or Dad Need Caregiving Help
A 2016 AARP article entitled, “5 Signs Your Loved One May Need Caregiving Support, ” provides some great tips on what to look for when determining if an elderly loved one needs caregiving. Fall hazards. Does your parent have stairs without railings or poor lighting and other clutter that’s caused a fall? You need… Read More »
Protect Your Estate from Nursing Home Costs
Nursing home care is expensive, costing between $12, 000 to $20, 000 per month, so most seniors should do all they can to prepare for this possibility. According to a recent article from the Times Herald-Record, “Elder Law Power of Attorney can save assets that would go to nursing home costs, ” this is… Read More »
Marilyn Monroe’s Estate Makes Money 50 Years after Her Death
Screen siren Marilyn Monroe starred in 23 films in her career. She created the first female-owned production studio. Marilyn Monroe Productions first film produced was The Prince and the Showgirl with Laurence Olivier. Cheat Sheet’s recent article entitled “Marilyn Monroe’s Estate Is Still Making Millions but Not Because of Her Movies” says that as… Read More »
How to Plan for a ‘Fragile’ Beneficiary – Minors, Special Needs, and Those with Creditors
Frequently, estate plans will include an inheritance for a minor beneficiary. If you have minor children, you should spell out exactly what you want as far as who will care for your children and how your children’s financial needs will be met. Wealth Advisor’s recent article entitled “Handle with care: Tips on planning for… Read More »
What to Do First when Spouse Dies
Forbes’ recent article entitled ‘Checklist for Handling the Death of a Spouse” tells us what to do when your spouse passes away: Get Organized. Create a list of what you need to do. That way, you can tick off the things you have done and see what still needs to be done. Spending the… Read More »
How to Plan for Spouse’s Medicaid
Medicaid eligibility, assuming that you require long term care and have satisfied the medical eligibility requirements , is essentially a two-prong test or analysis of assets and income. That is, there are restrictions on the types of resources that you can have when you apply for Medicaid, specifically with regard to assets, if you… Read More »