Articles Tagged with Capacity

2.27.20It's never too early to start estate planning. If you already have a family, getting your personal affairs in order is a must. The sooner you start planning, the more prepared you will be for life's unexpected twists and turns.

Estate planning is a crucial process for everyone, no matter what assets you have now. If you want your family to be able to deal with your affairs, debts included, drafting an estate plan is critical, says Wealth Advisor’s recent article entitled “Estate planning for those 40 and under.”

If you have young children, or other dependents, planning is vitally important. The less you have, the more important your plan is, so it can provide as long as possible and in the best way for those most important to you. You can’t afford to make a mistake.

9.30.19It’s a hard thing to imagine: what would your life be like, if you were not able to take care of yourself? Not being able to manage your physical or financial needs, drive, leave your home without assistance, or do any of the things that you do now as a legally competent, abled-bodied person?

Being incapacitated means that someone has to be named to carry out your health care and manage your finances. Without a plan, courts usually get involved, and often people who don’t know the person needing help are the ones who make decisions for them. With a plan, as described in The Post-Searchlight’s recent article, “How to go about planning for incapacity,” you have the ability to tell what your wishes would be for health care and name someone to be in charge of your financial and legal affairs.

Incapacity can strike at any time. Advancing age can bring dementia and Alzheimer’s disease, and a serious illness or accident can happen suddenly. Therefore, it’s a real possibility that you or your spouse could become unable to handle your own medical or financial affairs.

12.11.19Once you understand what a will can do, the reason that everyone needs one becomes a lot clearer, especially if you have any minor children or any assets.

A will is a legal document used to provide clear and binding instructions on how you want your assets to be distributed after you die. Everyone should have a will, because they can also be used to identify a person who you want to handle your property, known as the executor and who should be the guardian of your minor children, if both parents die.

Yahoo Finance’s article, “What Does a Last Will and Testament Actually Do?” explains that a last will and testament has instructions for what you want to happen with your assets. A will also designates an executor, names beneficiaries and more. You should work with a qualified estate planning lawyer, when preparing one.

11.27.19Estate planning is even more important for individuals and couples without children. Without an estate plan, your assets may go to long-lost relatives you’ve never met. You also need to plan for incapacity, especially if there are no living relatives.

While your legacy may be different if you don’t have children, you still need to have an estate plan.

Motley Fool’s article, “5 Estate-Planning Tips for Child-Free Couples,” suggests that you may want to leave some of your money to friends, family members, charitable organizations, or your college. No matter the beneficiaries you choose, these estate planning tips are vital for childless couples.

11.6.19Leaving the workplace behind and heading into retirement can be as much an emotional transition, as it is financial. The prospect of fulfilling dreams long deferred, while recognizing a milestone of aging can take time to work through. At the same time, there are time-sensitive tasks that need doing.

During this process, which is easier for some than others, it’s very important to tend to financial and legal matters in estate planning, reports Forbes in a recent article, “Retirement, Estate Planning: Documents You Should Have.”

Putting together a well thought out financial plan and creating an estate plan lets you be certain that personal, financial, and health wishes will be carried out the way you want. Managing your estate, regardless of the size, starts with working with an experienced estate planning attorney who will help give you greater control, privacy and security of your legacy. Here are the documents you need to get started:

11.4.19The durable power of attorney is a means of naming a person who can represent another in all legal and financial matters, while they are alive and well, as well as when they are incapacitated. It is a legal document that needs careful consideration.

The power of attorney gives a representative or an agent the legal right to conduct financial affairs for another individual. A healthcare power of attorney gives an agent the ability to make medical decisions for another person. Both can be crafted by an estate planning attorney to give complete and wide-ranging decision making powers, or to be more targeted.

The Aitken (SC) Standard’s recent article, “The durable power of attorney,” explains that there are three different types of powers of attorney: nondurable, springing and durable.

9.13.19“By the time Groucho was an old man, however, he experienced significant problems in his daily activities, medical decision-making and the management of his estate. He suffered from elements of dementia, a heart attack and congestive heart failure, falls resulting in a broken hip, and after that hip was repaired, another fall and broken hip, urinary tract infections, strokes and hypertension.”

Julius Henry Marx, better known as Groucho, died 42 years ago on Aug. 19, 1977, at age 86. Groucho teamed with three of his four brothers—Harpo, Chico, and Zeppo—to become stars of vaudeville, Broadway, film, radio and television. (A fifth brother, Gummo, wasn’t part of the act).

PBS News Hours’ recent article, “How Groucho Marx fell prey to elder abuse” reports that the legal battles over Groucho’s money and possessions went on long after he died. The unrest of his last few years is familiar to adult children concerned with the well-being of their elderly parents.

7.30.19When you die, the assets you’ve accumulated during your lifetime have to be distributed. If you don’t make a plan, your family may be left to clean up a legal mess, quarrel amongst themselves, or watch as a long-lost family member is given everything by a court decision.

An estate planning attorney helps clients, by making sure that the distribution of property after the person dies is done the way they wanted it done. While a plan may be simple or complicated, says the New Hampshire Union Leader in a recent article, “Estate planning is important and may require help from a professional,” working with an experienced estate planning attorney will save your family time, unnecessary costs and stress.

You definitely need to work with an attorney if your life falls into any of these categories:

7.26.19The progressive nature of dementia makes advance directives necessary to manage the health care needs of the patient.

When adult children suspect that one or both of their parents may be suffering from the early symptoms of dementia, it’s a good idea to sit down with an experienced elder care attorney to start planning for the legal issues that will follow, says The Roanoke Times in the article “What to do in absence of advance directive.” If the parent is unwilling to cooperate, the attorney will be able to refer the family to a social worker or other professional who may be able to assist. In addition, a geriatric evaluation consultation with a board-certified geriatrician will help to clarify the medical issues.

It’s wise for anyone older than 55 to have advance directives in place, should they become incapacitated so a trusted agent can fulfill the patient’s wishes in a dignified manner. Think ahead and plan ahead.

7.25.19The fight over Conrad Prebys’ $1 billion estate continues, three years after the San Diego developer and philanthropist died.

When the directors of the Conrad Prebys Foundation decided to give his son Eric $15 million, despite the fact that his father had left him out of the will, Preby’s longtime partner tried to sue them.

The San Diego Union-Tribune reported in the article “Court fight continues over control of $1 billion Prebys estate,” that in January, a San Diego Superior Court judge dismissed Debra Turner’s suit, holding that she had no legal standing to bring it. She then filed an amended complaint. However, the judge recently dismissed her lawsuit.

Contact Information