It’s no surprise that having a special needs child is both challenging and rewarding. Not only are there school and medical issues to consider, there are also the financial needs of your child. Planning for your child’s financial well-being should be an important part of your estate plan especially since improved healthcare has allowed children with conditions such as cerebral palsy and Down’s Syndrome, to live longer.
Social media is great, since it lets you can connect with faraway friends and family. MP3s and online television networks like Hulu and Netflix are fun as well, since they give you the opportunity to enjoy music and television programs on any device and on your schedule. Of course, let’s not forget about how great email is. Write a message, hit send and it’s off.
Have you ever given any thought to what will happen to your digital accounts when you die? Like most people, you probably haven’t given much thought to your digital accounts, since it isn’t a physical thing or even an asset. Still, it is something that you need to consider because your online accounts don’t just disappear when you die. According to Intel Security, the average person has 27 different logins. Yikes! That’s a lot of passwords to manage, so it would make sense to set up a plan for your digital assets after your death.
When it comes to our family members, we like to think that we know what is best for them. For the most part that is true. After all, these are people we grew up with or in the case of family by way of marriage, got to know over the years.
Yet there are times, in particular when loved ones get older and need help, that the question, “Should I seek professional help?” arises with respect to the health and financial affairs of your loved one.
Despite concerns about finances and health, most people look forward to retirement. The idea is that people will have more time for personal interests since they no longer have to work or care for small children.
Of course, things aren’t always ideal. A serious illness, dementia, or even death can mean that retirement won’t be so golden. While many health issues can’t be prevented, they can be planned for, especially since a stroke, complications from diabetes or osteoporosis can lead to long-term care situations, such as assisted living or nursing home placement.
How do you plan for a future that may include chronic health issues when you aren’t sure what the future may hold for you? These things can help:
Preparation is a key component when planning for the future. Choices about where to live, long-term care and how to protect assets are common age-related decisions. One way to keep these choices from becoming overwhelming is to seek the advice and guidance of an elder law attorney.
While many people feel they don’t need the help of an elder law attorney, there are instances where the guidance and legal support of an attorney may become necessary.
Often, people disregard the benefits of consulting with an elder law attorney because they see it as an unnecessary cost, especially when they do not have any persistent health issues. However, legal and health issues can arise suddenly and without the correct preparation, elders can have a difficult time recovering and managing healthcare expenses.
Facing your own mortality is difficult, but don’t let the anxiety of what is to come stop you from planning for the future. The most basic part of your estate plan is a will that identifies your fiduciary or executor and what should be done with your assets after your death.
A thorough will can ensure that your assets are used and distributed to the correct people or organizations and reduce any legal and family strife.
Once you have decided to create a will, keep these five things in mind:
If your parent loses a mate, spouse or life partner, he or she may need a good deal of emotional and practical support. If you are close to your parent’s mate you may need support too. Family members, friends, neighbors and even grief groups are all good places to turn to for comfort during this time. Here are some tasks and decisions you may need to help your parent face.
Dealing with Property In some circumstances, your parent will have to act as executor in dealing with their mate’s estate and there may be a lot to do. You may need to help with such things as sorting through their records for a will or collecting insurance and other benefits. Take it one step at time and know that there are always resources to help you and your parent out. Continue Reading How to Help When Your Parents Lose a Life Partner →
Writing a will is something many adults avoid for as long as possible. A will is one of those things our parents always intend to do to pass on assets, but do not always find the time to do. There are excuses and too many other things “to do”. Waiting until one is faced with having to write a will creates stress and undue pressure. Some parents and seniors never create a will and in those cases, their children and heirs are often left with much administrative work and complications in trying to obtain the inheritance their parents planned for them.
When you are taking care of a parent and you know they do not have a will, it is often a sensitive topic to begin to discuss. The best thing is to encourage them to begin thinking about their wishes once they are gone, and then move to support them in doing some estate planning and to write a will. This can be done easily with the help of an elder law attorney. If you do not have a will yourself, one way to approach the situation is to suggest that you each have a will written. And, if you are the primary caregiver of a parent or other vulnerable adult, it is extremely important that you have procedures in place that will assure that your loved one is taken care of if you are no longer able to do so. A will not only plans for your heirs’ inheritance, it can also plan for one’s own care and medical choices because along with a will, a durable power of attorney and perhaps a living will and healthcare power of attorney can be prepared in conjunction with the will. Continue Reading The Importance of Being Earnest…about a Will! →
We’ve written previously about important healthcare documents everyone needs to have on file. The most important of these are your will, and in addition certain advance directives for your medical care. The need for these written directives often does not seem important when health is good. However, as health declines, it is smart to be prepared and to share your medical healthcare preferences in the event of a serious accident, hospitalization or continuing palliative care.
Today’s advanced and widespread use of medical technology has created the need for these advance directives. You may have seen a few of the numerous studies performed documenting deficits in medical care of the dying. Aggressive medical intervention leaves millions of Americans confined to nursing homes and over a million are left so medically weak that they survive only with feeding tubes. Your own circle of friends and relatives probably includes several families overcome with the financial burden of considerable medical costs.