In the event you may become incapacitated and need a trusted person to manage your affairs, a power of attorney will declare who this trusted agent is. These legal documents can grant broad authority to one or more power of attorney agents to transact business or make medical decisions based on your behalf. What…
Leaving property to your heirs should be fairly simple, you would think. You make a will or a trust, you do a transfer-on-death deed for your real estate, you put your kids on your bank account, you designate beneficiaries for your life insurance and retirement accounts, and you’re done. If only things were that…
It is unclear whether or not your parent has a plan in place for long-term care. It is a difficult topic to broach; no one wants to talk about death and the financial realities that come with aging. Instead of having a proactive conversation early in a parent’s aging process, most families have a reactive…
The US Food and Drug Administration (FDA) recently approved a new drug under the trademark Aduhelm™ to treat Alzheimer’s disease. The drug, Aducanumab, is a therapeutic drug that clinically demonstrates a potential to delay further decline from Alzheimer’s disease and is also the first FDA approval for a drug that does more than address the…
One of the most crucial components of an estate plan is a durable power of attorney. It allows someone who you appoint (your agent) to make decisions on your behalf in the event you become incapacitated. If you have not appointed an agent then your friends and family may not have the authority to make…
A trust is set up to manage a person’s assets and property, and this trust is overseen by an appointed person. The person or entity who manages the trust is known as the “trustee” and is entrusted with the responsibility of making decisions in the best interest of the person who benefits from the trust,…
While Michael was waiting for his home in Texas to close, he was vacationing with friends in California. Unfortunately, he took a bad fall and ended up in a California hospital. He had his Texas powers of attorney, but the problem was that they were “springing” powers. They were only effective if Michael lost capacity.…
It makes sense that more aging Americans have completed wills and estate plans compared to younger Americans. Still, a significant number — 19 percent of those over age 72 and 42 percent of those between 53 and 71, according to survey data — lack any type of estate plan. Although managing these details can…
Current medical and health care advancements have made it possible for dependents with special needs to live more useful lives than ever before. Many scientists regard the term special needs as a euphemism for disability. Yet, the difference between the two terms is primarily one of acceptance and preference as both terms describe the four…
The document that lets you state your wishes for end-of-life medical care is called a living will. It is often accompanied by a health-care proxy or power of attorney, which allows someone to make treatment decisions for you if you are incapacitated and the living will do not have specific instructions for the situation at…