Topic: estate planning
This is the first article in a three-part series on Navigating Age with Confidence
As we age, planning ahead can make all the difference in maintaining independence, security, and peace of mind.
Organizing your documents and personal information is crucial in case of unexpected life events or changes in circumstances that require someone to step in and assist you. Having key information like financial records, medical details, and legal documents readily accessible ensures that your wishes are honored and decisions can be made quickly and effectively. …
Plan Today, Protect Tomorrow: Organizing documents and personal informationRead More »
Taking care of your financial future means more than just meeting with an investment advisor. What if the unexpected happens? For example, you get into an accident: How will you make sure your bills are paid and your assets protected? That’s where a “financial power of attorney” comes in.
A financial power of attorney is a legal document that you prepare to authorize someone to handle financial transactions on your behalf. This person is called your “agent” or “proxy,” though sometimes they are also referred to as your “power of attorney.” …
Have you done your legal planning and paperwork? The first step, for yourself, or if you’re helping your parents, is the estate planning documents. Usually, estate planning is a package of documents.
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Proactive Planning: Legal planning and paperwork (2/11)Read More »
“An ounce of prevention is worth a pound of cure.” ~ Benjamin Franklin
Family caregivers, we see you. There are medical appointments to schedule, insurance invoices to reconcile, medication to administer, groceries to buy, meals to prepare, laundry to wash. You also have a home to maintain, and the car needs an oil change and tires rotated. There are finances to manage and bills to pay. All this in addition to caring for your partner or parent. And if you’re lucky, you can get some respite and a little self-care time.
Amid daily responsibilities and within your role as a care partner, do you also find yourself worrying about who would manage all this on behalf of the person in your care if something were to happen to you? …
Contingency Planning: What if Something Happens to You?Read More »
Unexpected health changes that require long-term care can occur at any age, though the likelihood increases with age. Someone turning age 65 today has a 70% chance of needing long-term care services and supports as they grow older, according to the U.S. Administration on Aging.
I’m sure you know someone who has assisted an aging parent with navigating a health challenge. It was likely a stressful situation because their parent had not made plans for long-term care, refused help, and left their adult children to pick up the pieces. …
When an adult child asks for money, it’s hard to say no. You want to respond to a need. But perhaps your child perceives that you don’t need all you have, or that they’re simply requesting some of their inheritance, just a bit early.
Before you answer, ask for time to think it over. You want to make a decision based on wisdom, not emotion. You also need time to discuss this with your spouse, if you have one. …
If you have more than one child, deciding how to distribute your assets among them may prompt some angst: If and how should your will or trust reflect your understanding of their different needs? According to a Merrill Lynch study, two-thirds of parents over age 55 are open to the idea of unequal bequests.
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Elder law focuses on the special rights, needs, and challenges that arise in the context of simply growing older and planning for possible care needs.
Attorneys specializing in elder law take a holistic perspective. …
At 72, Betsy is doing all the right things to ensure she maintains good health and continues to enjoy physical, emotional, mental, and financial health well into her 80s and beyond. She eats a Mediterranean diet, doesn’t smoke, drinks in moderation, exercises regularly, has adjusted her spending and investments for retirement, goes to regular check-ups with her doctor and gets the recommended health screenings. Additionally, she gardens, spends quality time with family and friends, takes classes, travels, and volunteers. Her life is busy, full, and fun.
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The Power of Planning: Taking Charge of Your Own Aging JourneyRead More »