Sooner or later most people think about and talk about common concerns should they pass away. Below is a brief summary of some of those concerns.
Elder law encompasses many different categories of law. Most people think of Medicaid eligibility or estate planning, but it also includes durable powers of attorney that allow transfers of assets under the law. Along with that, it requires knowledge of HIPAA forms to allow family members to speak with your doctor, living wills so your chosen person can make medical decisions if you cannot, and living trusts that can be revocable or irrevocable. Other matters are Veterans Administration programs for care, social security and disability claims and the Connecticut Homecare Program for Elders. And when all is said and done, probate and inheritance tax filings may be necessary.
A Trust is a tool you may consider creating as part of your estate planning. There are many reasons one may make sense for you. For example, if you want to delay someone’s inheritance, perhaps because there is a special needs situation, or you think the beneficiary should be at least 25 or 30 years of age, or older before being given their inheritance directly to make their own decisions (and perhaps mistakes). Perhaps you fear your child’s marriage may not last much longer. Those are typical reasons. However, a trust can also be used to simplify probate and/or for asset protection for you, not just the inheritance of others. That is less known, but very helpful. Trusts are a more common tool than you may realize!
Since falling is the single biggest reason we see as the cause for needing nursing home care, here are some thoughts on how to reduce that risk. It’s important for those kids in their 50’s and 60’s to keep a watch on mom or dad whose balance, eyesight, and physical mobility may be declining. Just this week former Senator Joe Lieberman died, reportedly from a fall at home that resulted in head injuries. This is something that all of us should consider is a serious safety risk.
We all want to pass on our hard earned estate to our heirs. But, depending on the age and circumstances of the heirs, the safe and meaningful way to do it can vary greatly. Young children or young adults do not have the ability or experience to handle a large chunk of money suddenly placed in their lap. After years of seeing such situations, it is sad to say that relatives or friends may show up asking for some of that money. So protect your children who due to youthfulness may lose a good part of their inheritance.
Many families sooner or later face the problems and stress of giving care to a spouse or elder parent with some degree of dementia or physical decline. In each case the spouse or children, all feel the anxiety and stress of worrying about the safety and well being of the older loved ones. If you are anxious for your loved one, and feel overwhelmed by the unrelenting demands, that is a clear sign that not only is the family member not be safe for any number of reason, but outside help is needed.
