Fraudsters are known to target our elderly loved ones and, according to a recent report in Barron’s, their efforts are successful. Scammers have reportedly gained billions of dollars in ill-gotten gains from elderly Americans.
Long-term care can be very costly. Those who need to plan for this expense may find themselves trying to figure out how to pay for a loved one to receive the care they need without depleting the assets the family has worked for generations to accumulate. This may leave the family wondering if it is possible to plan for long-term care expenses and protect assets from depletion.
A recent case out of Texas is calling attention to the need for family members to better ensure their loved ones are safe at long-term care facilities. The case involves an individual that gained access to long-term care units and allegedly murdered inhabitants. The prosecution states the individual would pose as a maintenance worker to gain access to the unit, smother the resident and then take jewelry and other valuable items.
The “Queen of Soul” died last August. At the time of her passing, her heirs were not aware of an estate plan. Now, months after her passing, handwritten wills were recently discovered in her home.
The current legal market is shifting from one where a single individual can handle almost any legal issue to a market that requires specialization. Much like the medical field, these days it is common for each attorney to have a specialty. As a result, just like you would not go to a cardiologist to treat a broken foot, it is generally best to avoid asking a family law practitioner about your estate planning needs.
An elder law attorney is a legal professional that specializes in the issues that arise as we age. These issues can include the transfer of the power to make financial or health care related decisions and planning for long-term care needs.
The right to independence is a core American value, something many have committed their lives to defending in service to the country. Living life independently on our own terms ranks equally high on that value scale. Sadly, aging has a way of slowly eroding our abilities to perform the basic activities of daily living.
Ensuring appropriate medical care for a loved one in old age can be a challenge. Health insurance only covers so much. Estate planning may provide the means to ensure maintenance of needed care through Medicaid, the combined state and federal government program for those in financial need, without exposing hard-earned assets to possible government recovery. But it requires careful, strategic planning that might need to be started years ahead of time
A woman who celebrated turning 100 had this to say when asked how she felt about the achievement. "It's nothing to strive for." Not everyone feels that way, of course, but many do. And one of the certainties of the world today is that many of us are living longer. What is less certain is that our faculties and our ability to care for ourselves will remain unchanged as we age.
Let's presume you are a millennial only child and your parents are in their 60s. Maybe you are not feeling concerned about their ability to take care of themselves right now, but you recognize that the day is bound to come when they won't have the capacity to make decisions. Someone, most likely you, will have to take over that function. What should you do?