Health Care Directive

Aging Parents and the Important Conversations to Have Now, Not Later

Published on: October 19, 2018 | By McCulloch & Miller, PLLC

The roles are reversed when parents age. You can’t count on them to take the lead in having discussions about money, health, aging and other concerns that come in the later years.

When you were a kid, your parents were in charge. Now your parents are older, and you must be the adult in the room. Embracing that role, with thoughtfulness, will make it easier for you and your parents as you address the issues that come with aging. As recommended in the article “How to Have Difficult Conversations With Your Aging Parents” from Next Avenue, having these conversations will help you all avoid some of the uncertainty and stress in the future.

Here are the conversations you need to have:

Mid-Summer is Time for a Midyear Financial Checkup

Published on: August 19, 2016 | By McCulloch & Miller, PLLC

While the number of people making New Year’s financial resolutions are on the rise, we would do well to make a midyear financial check a regular part of the summer season.

The good news is more than 30% of Americans did give some thought to making financial resolutions this past New Year, according to a survey from Fidelity Investments. The goals were nothing out of the ordinary. They were simply the things we should all be doing with our money: saving more, spending less and getting rid of debt.

If you were one of these go-getter and goal-setters, this summer is a perfect time to look at your progress, says US News in “Keep Your Money Goals on Track with a Midyear Financial Checkup.”

Second Marriage and Blended Families Add Complexity to Estate Planning

Published on: August 16, 2016 | By McCulloch & Miller, PLLC

The old adage is right—a second marriage is indeed the triumph of hope over experience. Add estate planning to keep that hope—and peace in the family—intact.

It’s a delicate balance to hold: preserving assets for children from a first marriage and—at the same time—ensuring that your new spouse will have the assets needed to maintain his or her life in comfort. Balancing the two often requires coming to terms with realistic expectations for all.

CNBC’s article, “Getting remarried? Protect your assets and your interests,” recommends looking ahead and addressing questions about your goals, how your existing family and new spouse will relate to one another when you're gone and who will be in charge of the money. The big issue that heirs of a remarrying couple need to worry about more than federal estate tax is the new spouse.

Estate Planning Alzheimer’s Disease Patients

Published on: July 29, 2015 | By McCulloch & Miller, PLLC

When a loved one has Alzheimer’s, advanced planning for legal and financial matters becomes even more important than in day-to-day estate planning. Ideally, planning well in advance, before the disease has taken a toll on the person’s cognitive abilities, may give them an opportunity to express their wishes for their care. The debilitating nature of Alzheimer’s and other forms of dementia is extremely stressful for family members who are charged with being caregivers and decision makers. Planning early with the help of an experienced professional can alleviate some of the stress that results.

Caring for a loved one with Alzheimer’s or a different type of dementia is a challenge that requires a great deal of planning in advance. An article in The Lincoln (NE) Journal Staraddressed a number of financial, legal and medical care issues – “Planning the future of a loved one with dementia.”

You will encounter a number of costs in caring for a person with dementia. Planning for these expenses and costs throughout the course of the disease will involve examining all the costs you could possibly face now and in the future. These can include prescription drugs, personal care supplies, adult day care services, in-home care services, and residential care services.

Estate Planning Isn’t Just for Older Adults

Published on: May 26, 2015 | By McCulloch & Miller, PLLC

"A lot of people think this is just about elderly parents, but it's a big issue for people with adult children away at school or on their own as an unmarried adult," said Carnick, president of Carnick & Kubik Personal Wealth Advisors. "Who's going to speak for them if they get in an accident?"

A recent Chicago Tribune article, titled “Checklist for updating, organizing estate planning documents,” reported some interesting survey results that show many adults are very unprepared and unaware when it comes to estate planning.

The Tribune reports that a new survey of 1,000 adults for www.caring.com shows these startling figures: