Law Offices of Ginger R. Lore, P.A. Blog

The True Cost of Low-Cost Estate Planning

Mon, 15 Sep 2025 18:10:46 GMT

The True Cost of Low-Cost Estate Planning
Opting for a low-cost estate plan might feel like a smart financial choice—until it fails your family when they need it most. It’s like hiring the cheapest contractor to fix a leaky roof. The patch holds until a storm hits, then water floods in, walls collapse, and cherished belongings are lost. A bargain estate plan can leave your loved ones facing legal battles and financial stress during their toughest moments.

Why Low-Cost Plans Fall Short

Some attorneys offer basic wills, trusts, or powers of attorney at a discount. You might even find downloadable forms online. But these aren’t the same as a thoughtful estate plan.

Here’s what low-cost plans often deliver:

Generic documents that don’t fit your family’s unique situation.
Assets tied up in probate, costing thousands—like a family home stuck in court for years.
Unclear plans for minor children, leaving their future uncertain.
No guidance for your family, forcing them to navigate complex legal processes alone.

When illness or loss strikes, a weak plan can’t be fixed. Your family bears the consequences.

The Value of a Thoughtful Plan

A well-crafted estate plan goes beyond paperwork. It’s about ensuring peace of mind with:

A strategy tailored to your family, assets, and goals.
Smooth asset transfers, avoiding costly court delays.
Clear guardianship and financial plans for your children.
Ongoing support for your loved ones when they need it most.

Build a Plan That Endures

A strong roof isn’t built for sunny days—it’s built to withstand storms. Your estate plan should be too. Instead of focusing on the lowest price, ask: Will this plan protect my family when it matters most?

Ready to secure your family’s future? Contact us to create an estate plan that stands strong.

What Can Be Accomplished by a Will

Fri, 20 Dec 2024 15:44:47 GMT

What Can Be Accomplished by a Will?

A will is often the first thing people think of when they hear “estate planning”—and for good reason. It’s one of the most foundational tools for ensuring your wishes are carried out after you’re gone.

But what exactly can you accomplish with a will? Let’s explore the many ways a will works to protect your family, simplify the legal process, and ensure your legacy is handled the way you want.

1. Name Guardians for Minor Children

One of the most important things you can do in a will is designate guardians for your children. If something happens to you, a will ensures you have a say in who will care for them.

Without a will, the decision falls to the court, which may not align with your wishes. Naming guardians in your will provides clarity, reduces uncertainty, and ensures your kids are cared for by the people you trust most.

2. Distribute Your Assets

A will allows you to decide who gets what. Whether it’s real estate, personal belongings, or money, a will outlines how your assets will be divided among your beneficiaries.

This can include:

Providing for family members, such as your spouse, children, or other relatives.

Leaving specific items or gifts to friends or charitable organizations.

Preventing disputes by clearly outlining your intentions.

3. Name a Personal Representative

The Personal Representative ("Executor" in some states) of your will is the person responsible for carrying out your wishes.

This includes:

Managing your assets.

Paying outstanding debts or taxes.

Distributing your property to the right beneficiaries.

Choosing a trustworthy Personal Representative ensures that your estate is handled efficiently and according to your plan.

4. Provide for Charitable Causes

If you have causes or organizations close to your heart, a will allows you to leave a legacy by including charitable donations. You can specify monetary gifts, property, or other assets to be donated, helping to make a lasting impact.

5. Minimize Family Confusion and Disputes

Without clear instructions, disagreements about how your estate should be handled can arise, causing unnecessary stress for your loved ones. A well-drafted will helps eliminate uncertainty and provides guidance, making it easier for your family to focus on healing and honoring your memory.

6. Include Special Instructions

A will can include instructions beyond simply distributing assets. For example, you can

specify:

Funeral and burial wishes.

Preferences for how sentimental items should be passed down.

Guidelines for any specific responsibilities your beneficiaries or executor may need to handle.

While some of these instructions might not be legally binding, they provide helpful guidance to your loved ones during a difficult time.

What a Will Can’t Do

While a will is powerful, it does have its limits. For instance:

Avoiding probate: A will doesn’t bypass probate, the court-supervised process of distributing your estate.

Managing assets after death: If you want more control over how and when beneficiaries receive their inheritance, a trust might be a better tool.

Covering certain assets: Assets with beneficiary designations (like retirement accounts or life insurance) pass directly to those named and aren’t covered by your will.

That’s why a will is often part of a broader estate plan that includes tools like trusts, powers of attorney, and health care directives.

Why Creating a Will is Essential

Even with its limitations, a will is a cornerstone of any estate plan. It gives you a voice in how your affairs are handled, protects your loved ones, and provides clarity during an emotional time. Without a will, the state decides how your assets are distributed, which may not align with your wishes.

Ready to Create Your Will?

Creating a will is one of the most important steps you can take to protect your family and ensure your legacy reflects your values. If you’re ready to get started or want to review an existing will, we’re here to help. Let’s work together to build a plan that gives you peace of mind.

Final Thought

A will is more than just a document—it’s a way to care for your loved ones, even after you’re gone. Take the time to create or update yours today; your future self (and your family) will thank you.

How Often Should You Update Your Estate Plan

Thu, 19 Dec 2024 14:39:03 GMT

How Often Should You Update Your Estate Plan?

You’ve created an estate plan—congratulations! That’s a big step toward protecting your loved ones and ensuring your wishes are followed. But here’s the thing: life doesn’t stand still, and your estate plan shouldn’t either.

An estate plan isn’t a one-and-done kind of thing. It needs to grow and adapt as your life changes. So, how often should you revisit your estate plan, and what kinds of changes should prompt an update? Let’s dive in.

When to Update Your Estate Plan

As a general rule, it’s a good idea to review your estate plan every 3–5 years. Even if nothing major has changed in your life, it’s worth taking a fresh look to make sure everything still aligns with your current situation and goals.

But there are certain life events and milestones that absolutely call for an update. Here are some key moments to keep on your radar:

1. Major Family Changes

New additions to the family: Welcoming a new baby or adopting a child means revisiting your plan to include them.

Marriage or divorce: Whether it’s you, your children, or other key people in your life, marriage and divorce can have significant legal implications for your estate plan.

Death of a loved one: If someone named in your plan (like a beneficiary, guardian, or executor) passes away, it’s time to make updates.

2. Significant Financial Changes

Buying a home: Purchasing real estate or other major assets should be reflected in your plan.

Starting or selling a business: If you’ve become a business owner or passed on your company, your estate plan needs to account for this.

Inheriting money or property: A sudden boost in your financial situation may require updates to ensure proper management and tax planning.

3. Changes in Laws

Estate planning laws can change, and so can tax rules. When they do, your plan might need adjustments to stay current and effective.

4. A Move to a New State

Estate planning laws vary from state to state. If you’ve relocated, review your plan to make sure it complies with your new state’s rules.

5. A Change in Your Wishes

Sometimes, your priorities or relationships shift. Maybe the person you originally named as a guardian, trustee, or executor is no longer the right fit. Or maybe you’ve changed your mind about how you’d like your assets distributed. It’s important to reflect those changes in your plan.

What Parts of Your Estate Plan Might Need Updates?

When you revisit your estate plan, here’s what you’ll want to check:

1. Beneficiary Designations

Life insurance policies, retirement accounts, and payable-on-death accounts often have designated beneficiaries. Make sure these are still accurate—these designations often override your will or trust.

2. Guardian for Minor Children

If you’ve named someone to care for your kids, ask yourself if that person is still the best choice. Relationships, circumstances, or your kids’ needs may change over time.

3. Healthcare Directives and Power of Attorney

The people you’ve chosen to make medical or financial decisions on your behalf should still be individuals you trust. Confirm they’re still willing and able to take on this responsibility.

4. Assets and Property

Add any newly acquired property, financial accounts, or other significant assets to your estate plan to ensure they’re properly accounted for.

Why Updating Your Estate Plan is So Important

Keeping your estate plan up to date is about more than just paperwork—it’s about making sure your loved ones are protected and your wishes are honored. An outdated estate plan can cause confusion, lead to legal disputes, or fail to reflect your current wishes, leaving your family with unnecessary stress.

How to Get Started

Updating your estate plan doesn’t have to be complicated, especially when you work with an experienced professional. A quick review and a few small changes can go a long way toward ensuring your plan works exactly as you intended.

Haven’t reviewed your estate plan in a while? Now’s a great time to take a look. Reach out, and let’s make sure your plan is ready for whatever life brings next.

Final Thought

Your life evolves, and so should your estate plan. By keeping it updated, you’re making sure your legacy is protected and your loved ones are cared for—exactly the way you want.

Why A Will Isn't Enough: Key Documents for a Complete Estate Plan

Thu, 05 Dec 2024 14:34:11 GMT

Key Documents for a Complete Estate Plan

To ensure your loved ones are protected and your wishes are respected, consider adding these essential documents to your estate plan:

1. A Revocable Living Trust

A trust is a powerful tool that can complement or even replace a will in some cases. It allows you to:

Avoid probate for assets held in the trust.

Manage how and when assets are distributed to beneficiaries (great for young kids or heirs who need financial guidance).

Provide a seamless transition if you become incapacitated, since a successor trustee can step in to manage the trust.

2. Durable Power of Attorney

This document lets you appoint someone to handle your financial matters if you’re unable to. From paying bills to managing investments, your chosen agent can step in to keep things running smoothly.

3. Designation of Health Care Surrogate (or Health Care Proxy or Medical Power of Attorney)

A designation of health care surrogate allows someone you trust to make medical

decisions on your behalf if you’re unable to communicate your wishes. This ensures your medical care aligns with your preferences, even in an emergency.

4. Living Will (Advance Directive)

A living will outlines your wishes for medical care, such as whether you’d want life- sustaining treatment in specific situations. It provides clarity for your loved ones and guides your health care surrogate or proxy in making decisions.

5. Beneficiary Designations

Many assets, such as life insurance, retirement accounts, and payable-on-death accounts, are distributed directly to beneficiaries you name. These designations override what’s in your will, so it’s crucial to keep them up to date and consistent with your overall estate plan.

6. Guardianship Designations

While you can name guardians for minor children in your will, it’s important to think through this decision carefully and include backup options. This ensures your children are cared for by the people you trust most.

Why a Complete Estate Plan Matters

Having all the right documents in place gives you peace of mind, knowing you’ve covered all the bases:

During your lifetime: If you become incapacitated, your power of attorney, health care surrogate, and living will ensure your wishes are respected and your affairs are managed.

For your loved ones: A trust and updated beneficiary designations make the process easier, faster, and less stressful for your family.

For your legacy: A complete plan reflects your priorities, avoids unnecessary legal hurdles, and ensures your loved ones are taken care of.

How to Get Started

If you only have a will—or haven’t started estate planning at all—don’t worry. Expanding your estate plan doesn’t have to be overwhelming, especially with professional guidance. We’ll help you assess your situation, identify what’s missing, and put the right documents in place.

Remember, estate planning isn’t just about what happens after you’re gone. It’s about protecting yourself and your loved ones every step of the way.

Final Thought

A will is a great start, but it’s just one piece of the puzzle. By creating a complete estate plan, you’re building a stronger, more comprehensive safety net for your future and your family. Take the next step today—you’ll thank yourself later.

Estate Planning for Young Families: What You Need to Know

Fri, 22 Nov 2024 16:59:08 GMT

When you’re juggling work, kids, and everyday life, estate planning might seem like one of those “someday” tasks. After all, you’re young and healthy—there’s plenty of time, right?

But estate planning isn’t just about preparing for the end of your life. It’s about making sure your family is cared for no matter what life throws your way. For young families, it’s one of the most important ways to protect the people you love most.

Let’s explore why estate planning matters for young families and how to get started.

Why Every Young Family Needs an Estate Plan

As parents, your biggest priority is making sure your kids are safe, secure, and cared for. An estate plan gives you the tools to do just that—even if you’re not around. Here’s why it’s so essential:

1. Choosing Who Will Care for Your Children

If something were to happen to you, who would step in to raise your kids? It’s not an easy question to think about, but it’s one of the most critical parts of your estate plan. You have the power to name the person (or people) you trust most to care for your children if the unexpected happens. Without a plan in place, the court could make this decision for you, and it might not align with your wishes.

2. Providing Financial Stability

Your kids rely on you for everything. An estate plan allows you to create financial protections, like setting up a trust, so their needs are met and their future is secure.

3. Avoiding Confusion or Disputes

Clear instructions in your estate plan reduce the chances of misunderstandings or disagreements among family members, making a tough situation just a little easier.

4. Preparing for the Unexpected

None of us can predict the future. Estate planning ensures your wishes—about guardianship, medical decisions, or financial matters—are carried out, no matter what life brings.

The Basics of Estate Planning for Young Families

Getting started doesn’t have to be complicated or time-consuming. Here are the musthave pieces of any young family’s estate plan:

1. A Will

This is the foundation of your estate plan. It allows you to:

Decide who will raise your children if you’re not able to.
Outline how your assets will be distributed.
Name an executor to ensure your wishes are followed.

2. Life Insurance

Life insurance is a simple way to make sure your family is financially secure. A policy can help cover expenses like childcare, education, or living costs if something happens to you.

3. Beneficiary Designations

Make sure the beneficiary information on your life insurance, retirement accounts, or other financial accounts is up to date and aligned with your overall plan.

4. A Health Care Proxy and Power of Attorney

These documents give someone you trust the authority to make medical or financial decisions on your behalf if you’re unable to. They’re a small step that makes a big difference during emergencies.

5. A Trust (If Needed)

Trusts aren’t just for wealthy families. If you have young kids, a trust can be an excellent way to manage how your assets are used, ensuring funds are available for their needs while protecting them until they’re old enough to manage things on their own.

Don’t Forget to Update Your Plan

Life doesn’t stay the same, and neither should your estate plan. Revisit it whenever you:

Welcome a new child.
Move to a different state (laws vary!).
Experience a major life event like a divorce or remarriage.
Accumulate significant new assets.

Start Today for Peace of Mind

Estate planning may feel like a big task, but it’s one of the most loving and responsible things you can do for your family. It’s not just about “what if”—it’s about ensuring the people you care about most are supported and cared for in the best possible way. If you’ve been putting it off, now’s the time to take that first step. Whether it’s naming someone to step into your parenting shoes, setting up financial protections, or creating a trust, having a plan in place means more security for your family. We’re here to help make the process simple, straightforward, and tailored to your family’s unique needs. Let’s work together to create an estate plan that gives you peace of mind—and helps you focus on what matters most.

Final Thought

Estate planning is about love and responsibility. It’s about creating a safety net for your kids and ensuring their future stays bright, no matter what. Take that first step—you’ll be glad you did.

The Truth About Reading a Will in Florida: It's Not What You Think

Thu, 04 Jan 2024 19:40:15 GMT

When it comes to the distribution of a deceased person's assets in Florida, there is often confusion and misinformation surrounding the reading of a will. You might have seen dramatic scenes in movies or TV shows where family members gather around a lawyer's office to hear the last wishes of the deceased read aloud. However, the truth is quite different in the Sunshine State. In Florida, the reading of a will is not a real legal requirement, and it may surprise you to learn why.

What is the "Reading of a Will"?

The concept of the "reading of a will" often comes from popular culture, where it is portrayed as a dramatic and emotional event where beneficiaries learn about their inheritance and any final messages from the deceased. This scene has been dramatized in many movies and television shows. However, in reality, this practice is not legally required in Florida, nor is it a common practice in most states across the United States.

Why Doesn't Florida Require the Reading of a Will?

Florida, like many other states, does not have a legal requirement for the formal reading of a will. There are several reasons for this:

Privacy: One of the main reasons is privacy. The contents of a will are considered a private matter between the deceased person and their beneficiaries. There is no legal need to make this information public or to gather all interested parties for a formal reading. However, it is essential to note that during the probate process, a will becomes a public record, which means that it is available to the general

public, not just interested parties, and can be accessed and reviewed by anyone as part of the legal proceedings.

Legal Procedures: In Florida, the probate process is used to distribute a deceased person's assets according to their will or the state's intestacy laws if there is no will. The probate court oversees this process, ensuring that all legal requirements are met and that assets are distributed according to the law.

Beneficiary Notification: Instead of a formal reading, beneficiaries in Florida are typically notified through legal channels, such as certified mail or in-person notification by the estate executor or personal representative. These notifications inform beneficiaries about their rights, responsibilities, and the upcoming probate proceedings.

Trusts and Legal Representation: Some individuals may create trusts to manage their assets, which often bypass the probate process entirely. In such cases, beneficiaries may work closely with legal counsel to understand the terms of the trust and how it affects their inheritance.

Conclusion:

While the idea of a dramatic will reading may be popular in movies and television, it is not a legal requirement in Florida. The state's probate laws govern the distribution of a deceased person's assets, and beneficiaries are typically notified through legal channels about their rights and responsibilities. It is essential for individuals to consult with legal professionals and create a clear and legally valid will to

ensure that their wishes are carried out effectively in accordance with Florida law. Understanding the legal processes and requirements can help ease the stress and confusion that can arise during a difficult time for families. Additionally, it's important to be aware that during the probate process, a will becomes a public record, making it available to the general public, not just interested parties, for access and review as part of the legal proceedings.

Understanding Undue Influence in Wills and Trusts

Wed, 13 Dec 2023 19:36:34 GMT

When courts are faced with the question of undue influence in the creation of wills or trusts, they rely on a set of guidelines to ensure fairness. This blog explores these guidelines, focusing on the well-known Carpenter Factors and additional considerations that have emerged in recent legal practice.

Understanding Undue Influence in Wills and Trusts

Undue influence in the context of wills and trusts is a legal concept that implies a person was unfairly persuaded or coerced into making decisions about their estate. Courts take this issue seriously to protect individuals’ true intentions and prevent manipulation.

The Carpenter Factors: A Seven-Point Checklist

Traditionally, courts have referred to the seven Carpenter factors as a benchmark for identifying undue influence:

Beneficiary’s Presence: Was the beneficiary present when the testator expressed the desire to make a will?

Attorney Recommendation: Did the beneficiary recommend the attorney who drafted the will?

Instructions to Attorney: Was the beneficiary involved in giving instructions for drafting the will?

Knowledge of Will Contents: Did the beneficiary know the will's contents before it was executed?

Witness Arrangement: Did the beneficiary arrange witnesses for the will?

Execution Presence: Was the beneficiary present at the execution of the will?

Will Safekeeping: Did the beneficiary keep the will safe after it was executed?

These factors help determine if the beneficiary had an excessive or inappropriate level of involvement in the will-making process.

Beyond the Carpenter Factors: Additional Considerations

Recent legal developments have expanded the scope of analysis to include three more factors:

8. Isolation: Was the person making the will isolated from others, potentially making them more susceptible to influence?

Mental Strength Disparity: Is there a significant difference in mental strength or capacity between the testator and the beneficiary?

Fairness of Provisions: Do the provisions of the will or trust seem fair and reasonable?

These additional factors offer a more comprehensive view, considering the testator's social circumstances and the overall fairness of the will or trust.

Conclusion

Courts use these ten factors to paint a detailed picture of the circumstances surrounding the creation of a will or trust. This approach helps ensure that the final document genuinely reflects the wishes of the person making it, free from undue influence or manipulation. By understanding these factors, individuals can better appreciate the legal safeguards in place to protect testamentary freedom.

Tips for talking to parents about their estate plans

Tue, 01 Mar 2022 05:18:00 GMT

Florida law will dictate where a person's assets go if they don't have a valid will. The same might be true if an individual has a trust that was improperly structured. Therefore, instead of leaving what happens to your parent's property to chance, it may be a good idea to speak to them about their estate plan.

Do your parents have any components of their plan in place?

It's possible that your mother or father has a will, trust or other estate plan documents already drafted. In such a scenario, it may be worthwhile to ask if you could learn more about the details of those documents. You can frame this request as an attempt to make it easier to settle your parent's affairs when they pass.

What if your parents don't have estate plan documents in place?

If your parents acknowledge that they don't have a will or trust, it may be a good idea to talk about the potential benefits of making one. You might also want to explain the potential benefits of creating a financial or medical power of attorney. In the event that you have created a will, trust or power of attorney documents, you can talk about how you did so or who you turned to for help doing so.

The conversation should be about what your parents want or need

Regardless of what you choose to include in an estate planning conversation, be sure that the talk is focused on what your parents want or need. This can help to ensure that they don't perceive your efforts to talk about this topic as a way to lay claim to their stuff before anyone else can.

If you are concerned about a loved one's plans for the future, it may be a good idea to express them as soon as possible. The sooner you talk to an elderly family member about his or her estate plan, the easier it will be to create it while that person is still of sound mind.

The basics of living wills in Florida

Fri, 28 Jan 2022 04:41:00 GMT

Leaving a will is a great way to ensure that your loved ones know your wishes after you die or if you become incapacitated. There are different types of wills, and each one has its own benefits. If you're considering creating a will, one type you may want to familiarize yourself with is a living will.

What is a living will?

Living wills are documents that state the wishes of their creators regarding medical care if they become incapacitated and can't speak for themselves. This type of will can be very helpful for people with chronic illnesses or who are at a high risk of becoming incapacitated.

What are the most important elements of a living will?

There are several important things to include in your living will. First, you should state what treatments you do and don't want to receive if you become incapacitated. You should also name someone to make medical decisions for you if you can't make them yourself. Finally, you should specify how long you want doctors to continue providing treatment. For instance, you may want them to provide treatment until you die or only for a certain amount of time.

What happens if you don't have a living will?

If you don't have a living will and become incapacitated, your loved ones will have to make decisions about your care based on what they think you would want. This can be difficult and stressful for them. For instance, assume that you don't want anyone to put you on life support indefinitely, but you fail to create a living will that stipulates that. If you become incapacitated and have to be put on life support, your loved ones may feel obligated to keep you alive even if that's not what you would have wanted.

Creating a living will is an important step in ensuring that your loved ones carry out your wishes after you die. You wouldn't want your loved ones to have to make difficult decisions about your care just because they don't know what you would have wanted. If you're interested in creating a living will, make sure you familiarize yourself with the steps involved.

When to revise your estate plan

Wed, 29 Dec 2021 23:27:00 GMT

Many Florida residents engage in estate planning to prepare for the future. Knowing when to update your estate plan documents is important as certain situations make it necessary.

You’ve gotten married or divorced

Estate planning documents need revisions whenever you have a change in marital status. If you get married, you'll want to add your new spouse’s name to documents such as your will and trust to leave property and assets to them. You may also want to name them as your financial and healthcare power of attorney so they can make decisions on your behalf if you’re unable to due to incapacity.

If you get a divorce, you'll want to remove your former spouse from those documents.

Issues arise with a beneficiary

Unfortunately, things happen in life that may be unforeseen. One of your beneficiaries could pass away unexpectedly. If this happens, you will want to make changes to your estate planning documents. You can also name an alternate beneficiary who could receive the property and assets you wish to leave your first choice as a just-in-case.

Sometimes, a beneficiary you've named might decide they don’t want to inherit anything from you. This could happen for any number of reasons.

You have a new child

Having a new child means that you should add them to your estate planning documents. Whether that child is by birth, adoption or even a stepchild through a new marriage, you will want to ensure they are taken care of by leaving them an inheritance.

While your child is a minor, you will want to update your will</a> to designate a legal guardian for them in the event of your death. Forgetting to take this step might mean that the court will appoint someone to act as their guardian depending on the circumstances.

Tax implications

You might want to update estate planning documents such as trusts if there are potential tax implications. You can add assets to a trust to hold and protect them if you plan on passing them down to beneficiaries. These assets are owned by the trust and thus are generally not considered part of your estate for estate tax purposes.

A legacy that only charity builds

Wed, 24 Nov 2021 19:08:00 GMT

Building a charitable legacy can't be done perfectly in just one day. Understanding the full influence that your giving will have requires insight and thorough estate planning. Florida laws are friendly to those building their estates in an effort to positively impact society.

Assigning beneficiaries

The first step in planning future charity is to start with naming your beneficiaries. Beneficiaries are people or entities that you consent to receive your assets. Even if you're alive, assets can be automatically bequeathed to a charity when you wish. The only way to have your charities listed as beneficiaries is to name them when you update your estate plan.

Rollovers for charities

The estate planning process accounts for your retirement and the money you set aside for this period. For retirement accounts like IRAs, you can designate a specific date in which funds get sent to a charity. Any funds transferred to a charity are tax free and will even reduce your taxable status.

The revocable trust

Trusts are coordinated agreements that are financial in nature. A trustee, being an account manager, oversees the trust. The assets of the trust go to a beneficiary, which can be a charity you choose. Transferring assets from a trust to a charity ensures that the assets aren't taxed.

The will

Wills can state your wishes for specific assets to go to a charity. Within a hearing, a judge identifies the charities you bequeath assets to. Your will is then examined for specific or general orders. These orders are given to the charity in regard to how they must use your money.

Estate planning in Florida

It's possible to create a legacy behind your charity. You need good planning to understand what your impact will result in.

Estate planning for new parents in Florida

Thu, 21 Oct 2021 22:26:00 GMT

As a new parent, you will need to make many decisions about the future of your family. One of these is estate planning. However, this task is not always easy, especially considering that any mistakes in estate planning can be catastrophic. To boost your chances of creating a successful plan, consider the following points.

Who the estate executor will be

An estate executor is responsible for making sure that your estate plan works as expected. This includes making sure that your estate gets distributed in the way you intended. You may appoint someone close to you, but this person should have no personal interest in what happens with your estate after death. This is important because if there are any disagreements within the family about your estate, an impartial estate executor will help to resolve the issue.

Whether you have life insurance or not

Life insurance is necessary for estate planning as it provides a source of money to cover the deceased's final expenses, such as funeral costs and estate taxes, as well as a source of income for surviving dependents.

Having a good life insurance policy will ensure that your dependents are financially stable after death. This means taking into consideration what will happen with any student loans or other debt once they inherit everything from your estate.

Whether you've accounted for all your assets and taxes

It is important to make sure that all your estate's assets are accurate and accounted for, including taxes. This is because estate taxes are usually calculated by the estate's value, which includes all assets, including property, cash savings and investment accounts, that you own at your death. You don't want your beneficiaries to face any surprises in the form of estate taxes or previously unknown estate assets at the time of your death.

If you've not made estate planning a priority, it is time to consider this important task and take the necessary steps forward. The considerations above are some of the most important ones in this process, so always keep them in mind.

POAs are just as important as having a will

Wed, 22 Sep 2021 20:04:00 GMT

Power of attorney designation can be a real asset for senior Florida residents who have difficulty functioning normally through life. It allows the primary grantor to focus on themselves and their well-being while having someone they can trust handling personal affairs. Anyone with power of attorney designation still has a responsibility to the grantor, so it is not an absolute assignment. POA designees are primarily meant to serve as an official decision-maker only in the event of incapacity.

Medical POA

A medical power of attorney allows the grantee the authority to make medical decisions for the grantor outside of any prior advanced directive, also known as a living will. A living will is usually established in addition to a primary last will and testament, and the POA must adhere to these directions. In general, a medical POA works with medical professionals when decisions must be made concerning the grantor, including nursing home or home care decisions. This designation is typically a part of any estate planning preparations for Floridians.

Financial POA

Financial POA is the more common agency assignment, and it is also the one that individuals think of first when POA is granted. The assigned POA grantee does have the authority to act as a personal agent in all financial matters, but they also have a fiduciary responsibility to the grantor when the grantor is still capable of making decisions. Some estate planning directives will state what must be done in certain situations involving finances, and the designated POA must follow any prescribed instructions.

While the designation of power of attorney can be granted to two or more different individuals, most cases will include only one power of attorney who has official authority for decisions. These are typically family members or very close friends with others to consult when decisions are to be made. It is important to remember that power of attorney ends upon the death of the grantor, so any looming issues should be addressed in short order before any eminent passing.

The benefits of revocable trusts

Tue, 24 Aug 2021 01:37:00 GMT

Florida residents who would like to simplify the way their estates are administered after they pass away often choose to create revocable trusts instead of drafting wills. Revocable trusts are documents that allow individuals to manage their assets while they are alive and determine how they will be distributed after they die. They are called revocable because they can be modified or terminated.

Creating a revocable trust

The person who creates a revocable trust for asset management purposes is called the grantor, and the parties they choose to manage them are called trustees. Trustees are usually family members or trusted acquaintances, but they can also be corporations like trust companies or banks. Under Florida law, the person who creates a revocable trust can also be a trustee. The benefits of doing this include avoiding a new assessment and possible fees and taxes when real estate is transferred to a revocable trust. However, grantors who name themselves as trustees should always have at least one additional trustee to ensure that their assets will continue to be managed if they become incapacitated.

Incapacity

One of the chief benefits of revocable trusts is that they ensure the grantor’s assets remain available to them if they become physically or mentally incapacitated. When individuals who do not have a revocable trust or durable power of attorney in place become incapacitated, court proceedings are necessary to appoint a guardian to handle their legal and financial affairs. These proceedings take place in public, which means they can be embarrassing as well as costly.

Avoiding probate

Creating a revocable trust can provide peace of mind and allows the grantor’s estate to avoid probate. This is the legal process that determines whether the will left by a decedent is valid and supervises the transfer of their assets. Jointly owned assets are not subject to probate. In Florida, estates that have non-exempt assets worth less than $75,000 go through a simplified procedure called summary administration. An experienced estate planning attorney could explain the benefits of revocable trusts as well as other estate planning tools like durable powers of attorney and health care directives.

Do-it-yourself wills can be problematic

Wed, 21 Jul 2021 21:56:00 GMT

One of the most important estate planning documents in Florida is a last will and testament. This allows people to name an executor, select a guardian for their small children and set out their wishes for what happens to their property when they pass away. There are several ways that people can make their own wills without a lawyer's assistance, such as hand-writing one or buying a template. But is that really the best idea?

Pitfalls of DIY wills

Writing a will on your own is better than not having anything in place. Every adult in America should do at least some estate plan creation. However, you should understand that wills are governed by state laws. Sometimes, there are rules about how many people must witness a will, for example. If these aren't followed exactly, the will may be challenged in court and not hold up.

Another issue to consider when writing a will is how complex your estate is. If you rent an apartment, own one car and don't have many investments, it might be fine to write your own will from a template. But if you own a considerable amount of real estate, have minor children to consider or own a business, your estate is more complex. High-net-worth individuals need to be especially careful about estate planning because their heirs are sometimes targeted by unscrupulous fortune hunters.

When should you consult an estate planning lawyer?

It's a good idea to get some legal advice before making a will. Attorney fees may seem expensive, but going through probate is often time-consuming and nerve-wracking for everyone involved. Ensuring that you have a will that holds up in court is a great way to give your loved ones peace of mind. An experienced lawyer may be able to answer your questions and help you create exactly the kind of document you need.

Creating a valid power of attorney in Florida

Mon, 21 Jun 2021 22:23:00 GMT

Estate planning is complex, and it's a sensitive topic because it deals with vulnerabilities and the end of life. In Florida, power of attorney can be a very useful tool in estate planning. Understanding how to create a valid power of attorney is important for any adult.

The basics of a power of attorney

A power of attorney makes it possible for one person to act as agent for another under certain circumstances. Typically, it's used when someone becomes disabled. For example, if you have a power of attorney and you're in an accident that leaves you comatose, the power of attorney could go into effect. Once you're recovered, it would be terminated.

Power of attorney documents are also very useful for people who are aging and lose the ability to be responsible for their own care. In some cases, families may employ two powers of attorney: One person may take over medical decisions while the other handles finances.

Writing a power of attorney document in Florida

Florida has very clear rules about what constitutes a valid power of attorney. Typically, the state will recognize POAs that were executed in other states or in the military even if they are slightly different to the Florida requirements. However, these are still complex documents, so it's a good idea to seek legal advice when developing a plan for power of attorney.

Consulting an experienced attorney while developing an estate plan may be one way of avoiding problems at the end of life. Also, it's important to understand that estate planning is an ongoing, lifelong process. Adults in Florida need to revisit their estate plans as their families change due to birth, death and divorce to make sure their current wishes will be carried out.

Understanding Medicaid Vs. Medicare

Mon, 31 May 2021 14:10:00 GMT

LASA, which stands for “look-alike-sound-alike,” is usually seen when referencing medications by those who work in the healthcare industry. When it comes to federal programs, Medicaid and Medicare, in written form, look alike and they do sound alike but work very differently. Both Medicare and Medicaid were started in 1965 under Lyndon B. Johnson’s administration in response to the inability…

Before Retiring, Evaluate These Six Major Factors

Mon, 24 May 2021 06:12:00 GMT

It is important to consider the impacts on your financial situation, before you decided to retire or leave full-time employment for other interests. The transition to your next phase of life, whether full or semi-retirement, adventure seeking, or family driven, requires thoughtful planning to avoid needless surprises that can mean the difference between financial success or financial stress. Whether you…

The perils of do-it-yourself estate planning

Fri, 21 May 2021 23:34:00 GMT

Many industries have opened the door to do-it-yourself or DIY methods, from home improvement to tax return preparation. The legal profession is no exception, estate planning services in particular, but many people wonder if a DIY approach to crafting complex documents is safe. While it’s true that you can use online services to create a Last Will and Testament, Durable…

The Coronavirus Pandemic Resulted in More Americans Creating Wills

Mon, 17 May 2021 04:00:00 GMT

There has been a sharp increase in the number of people completing their wills online. Understandably, the coronavirus pandemic has created the scramble to set up wills and end-of-life-directives. However, online do it yourself (DIY) wills are often deemed invalid as they do not comply with all of the legal requirements of your state. According to Caring.com, the prevalence of…

Is the End of Long Term Care Health Insurance Near?

Mon, 10 May 2021 04:00:00 GMT

Long term care will be a reality for 50 percent of all older adults. If you are an adult 65 or more, the percentage moves up to 70 percent. However, the demand for long-term care far outnumbers an affordable or even existing supply. For years the private sector long-term care insurers have been fleeing the marketplace. Americans who currently carry…

It Is Crucial to Plan for the Unforeseen

Mon, 03 May 2021 04:00:00 GMT

Many were left confused and unprepared when the coronavirus pandemic began. There are numerous reports of shortages of antibacterial hand sanitizer, disinfecting wipes, and even toilet paper. While we can’t predict when something like COVID-19 might strike, we can take steps to prepare for an unexpected crisis to help reduce the stress on ourselves and family members. Designate a family…

Budget Balancing for Seniors

Mon, 26 Apr 2021 04:00:00 GMT

Money is one of life’s biggest concerns. People of all ages struggle to stretch their dollars to meet their needs and wants. Many seniors live on a fixed income and are presented with more challenges in making ends meet. Creating a budget can help seniors plan how to use the money they have to pay their bills and to save…

Britney Spears’s Conservatorship: A Lesson in Estate Planning

Mon, 19 Apr 2021 04:00:00 GMT

For those who might not know, Britney Spears is a wildly successful pop singer who got her start in show business at the age of eight in the Mickey Mouse Club. Later, when she was in her twenties, she was reported as having a bit of an emotional melt-down and ended up spending some time in an institution. At that…

Apprehension Among Millennials About Social Security

Mon, 12 Apr 2021 04:00:00 GMT

When the US federal government established its social insurance program on August 14, 1935, its purpose was to provide retirement, disability, and survivors’ benefits. Since that time, in part due to the disappearance of extended family networks, an increase in population, and a profound increase in life expectancy, it has become challenging for the Social Security Administration (SSA) to maintain…

Estate Planning vs. Undue Influence

Mon, 05 Apr 2021 04:00:00 GMT

When people, family members, become quite elderly or ill, they also become susceptible to manipulation from those who will defraud or steal. Targeted attacks on vulnerable older people to exert what attorneys deem “undue influence” constitutes elder abuse. It disrupts the older persons’ impulse to provide for loved ones and instead leaves assets to the manipulator. Often, family members do…

Respite Care: Giving Caregivers a Break

Mon, 29 Mar 2021 04:00:00 GMT

Respite care is substitute care when a caregiver needs a break. If possible, these breaks should be scheduled regularly, giving the caregiver time to rest. It can be for a short period like a day or a few hours or for the purpose of giving the caregiver a vacation. Respite care is often overlooked. However, this type of care should…

Why a Guardianship May be Necessary

Mon, 22 Mar 2021 04:00:00 GMT

What is a guardianship? A guardianship is typically defined as a protective legal proceeding for someone who is incapacitated and unable to manage his/her own affairs. Incapacitated means that the elder is no longer able to receive and evaluate information and communicate decisions. This usually applies to the ability to make financial decisions or care-related decisions. When is a guardianship…

When It’s Time to Leave the Family Home

Mon, 15 Mar 2021 04:00:00 GMT

Jane lived alone after her husband died and the kids moved away. She started to forget things, like putting the kettle on to boil and coming back to find the stove on fire. This, together with her diabetes and osteoporosis, seemed to Jane’s daughter Carolyn like a fast-approaching crisis. It was time to talk about Jane moving into a retirement…

Plan for Your Digital Footprint

Mon, 08 Mar 2021 05:00:00 GMT

There are very few individuals without a digital footprint anymore. From social networks like Facebook, Linkedin, Instagram, Twitch.tv and Twitter, blogs and licensed domain names, email, music, photos, seller accounts on eBay, Amazon, or Itsy, gaming accounts, even your financial, utility, and medical accounts are all part of your digital footprint. When most of us created these accounts, we blithely…

Changing Your Health Care Directives During COVID-19

Mon, 01 Mar 2021 05:00:00 GMT

The advent of the coronavirus pandemic has prompted individuals to assess their values and priorities, and overall health. The little COVID-19 clinical information relating to treatment options and likely outcomes based on personal health history should lead all of us to the same conclusion; hope for the best, be prepared for the worst. If you have a medical directive, it…

Financial Considerations as You Age

Mon, 22 Feb 2021 05:00:00 GMT

It is true that you spend the first half of your life trying to get something and the second half of your life trying to keep it. If you are a senior, or very nearly there, it is time to review how you plan to protect your finances. Below are seven steps to assist you in your financial planning. Get Qualified…

Bacteria is the Hidden Cause of Many Diseases

Mon, 15 Feb 2021 05:00:00 GMT

Health experts have been advising people for years about unhealthy habits being the cause of “lifestyle” diseases that are increasing across the US. These lifestyle diseases become more common with age and include heart disease, type 2 diabetes, some cancers, and Alzheimer’s disease. Around the globe, these diseases account for 70 percent of all deaths. New Scientist magazine is reporting…

Retirement Trends Have Changed

Mon, 08 Feb 2021 05:00:00 GMT

In France, proposals to raise the retirement age have been met with street protests. Yet around the world, the retirement age is creeping up; in the United States, it is moving up from 65 to 67. In fact, 2019 research shows that many Americans expect that they might never retire at all. People simply do not have enough saved to…

Life Care by Geriatric Care Managers

Mon, 01 Feb 2021 05:00:00 GMT

Professional geriatric care managers tend to a senior’s unique health care situation needs rather than being responsive to a particular age. The truth is aging is a complex, highly individualized process, and a geriatric care manager (GCM) may be appropriate at age 65 or 105 and any age in between. A geriatric care manager is a highly-skilled advocate for older…

Enhance Your Estate Plan with Life Insurance

Mon, 25 Jan 2021 05:00:00 GMT

Recent events have caused many of us to consider our mortality and how we can plan to ensure our loved ones are taken care of, especially if the unexpected happens. Life insurance can be an affordable way to provide for our children, a spouse, a sibling, aging parents, and other loved ones. Life insurance can provide heirs numerous benefits: extra…

Deterring Depression in Seniors

Mon, 18 Jan 2021 05:00:00 GMT

It is easy to be overcome with depression at any phase of life. Life is full of surprises and twists, and not all of them have a positive effect on our mental health. However, once a senior is in the grasp of depression, it is often difficult to find release. More than 6.5 million Americans aged 65 and up are…

The Danger of Adding Your Children to Your Bank Accounts

Mon, 11 Jan 2021 05:00:00 GMT

I plan to leave bank accounts to my children when I’m gone. Can I make my children joint owners? That idea sounds better than it truly is. Yes, you would avoid court proceedings when you pass. But you’d put yourself at risk, at a time when you might need your money yourself. Your accounts would be exposed to your children’s…

Senior Americans are Having Trouble Meeting Basic Needs

Mon, 04 Jan 2021 05:00:00 GMT

It is nothing short of a national tragedy; 45 percent of aging Americans are not financially able to meet their most basic needs. Many of these older adults must routinely shuffle their available resources in an attempt to keep quality health care, a roof over their heads, lighting, heating and air conditioning, cash resources for food and medicine, and other…

The Effect of Inheritance on Medicaid Planning

Mon, 28 Dec 2020 05:00:00 GMT

An inheritance is often the source of costly Medicaid-related mistakes which should be avoided. When a person is drawing Medicaid benefits and inherits money or property, that inheritance jeopardizes the benefits. The inheritance must be handled carefully to minimize expensive penalties. What “careful” means, though, can be misunderstood without the necessary expertise. The Right Steps for Handling Inheritance The first…

Family Connection Promotes Healthy Aging

Mon, 21 Dec 2020 05:00:00 GMT

The importance of maintaining family presence and connection in a senior’s life cannot be overstated. Family creates a consistent social network and connection that directly impacts the senior’s overall quality of life. Prioritizing family relationships provides continuity as a senior experiences change in their social network. Friends may change, become ill and unavailable, or even pass away, but family is…

Learn the Difference Between Wills and Trusts

Tue, 15 Dec 2020 05:00:00 GMT

Wills and trusts have specific yet differentiating benefits for the purpose of estate planning. Each state has specific laws and regulations governing these legal documents. You can have both a will and a trust; however, the information in each should compliment the other. As a standalone, it is not accurate to say one is better than the other. The better…

The Concerns of Do-It-Yourself Estate Planning

Tue, 08 Dec 2020 05:00:00 GMT

“Can’t I just grab a will off the internet, do a transfer-on-death deed for my land, put my kids on my bank account, and be done with my estate plan?” This is a common question we frequently hear. It’s just not a good idea. For the plan to work as you would want it to, it should account for plenty…

A Crowdsourcing Site Can Help You Choose Where to Retire

Tue, 01 Dec 2020 05:00:00 GMT

While aging in place is very popular among the baby boomer generation, about one-third of those retirees might choose to live elsewhere. The family remains the most significant factor when deciding where retirees live, followed by the general livability of an area and desirable weather conditions. The decision about where to live should be a high priority as you approach retirement age.…

Addressing the Challenging Cost of Health Care

Tue, 24 Nov 2020 05:00:00 GMT

We are always grateful to those who are caring for the sick, as well as those who work to support those caregivers. At the same time, we should be skeptical of bills which may be presented for that care. The struggle to contain health-care costs in this country is now a fixture in the national policy debate. Our health-care expense…

Key Considerations for Retirement

Tue, 17 Nov 2020 05:00:00 GMT

Before you leave full-time employment for other pursuits, consider the impacts of your decision on your future financial well-being. The transition to your next phase of life, whether full or semi-retirement, adventure seeking, or family driven, requires thoughtful planning to avoid needless surprises that can mean the difference between financial success or financial stress. Whether you have been planning your…

Which Hospital Will You Go To if an Emergency Arises?

Tue, 10 Nov 2020 05:00:00 GMT

When you call 911 for emergency medical services (EMS) your transport may route you to a hospital that is not closest to your home. While you have the right to ask to be transported to the hospital of your choice, either out of preference or to stay in your insurance network of doctors, you might not be permitted to do…

Enhance Your Estate Plan with a Letter of instruction

Tue, 03 Nov 2020 05:00:00 GMT

A letter of instruction (LOI) is an important part of any comprehensive plan. A letter of instruction can help your loved ones manage important information about you. A LOI conveys your desires, includes practical information about where to find various items referenced in your plan, and it can provide advice to help those you designate in managing your affairs. Even…

Discover the Benefits of Walking

Tue, 27 Oct 2020 04:00:00 GMT

Walking is one of the most effective ways to maintain your overall health as you age. It provides a myriad of benefits both physical and mental. Grab a buddy and walk. It can be your spouse, your neighbor, your children, a friend, your dog or any combination of these. If you don’t have a dog consider adopting a middle-aged slightly…

Plan for When the Power Goes Out

Tue, 20 Oct 2020 04:00:00 GMT

The electronic infrastructure that powers our digital lives, including seniors aging in place, in retirement communities, assisted living facilities, and in nursing homes is a service frequently taken for granted. Everything is fine while devices, enterprise servers, and cloud services are powered up and providing the digital environment senior residents and business operators of senior facilities have come to expect.…

Finding a Silver Lining in the Coronavirus Pandemic

Tue, 13 Oct 2020 04:00:00 GMT

High unemployment rates related to COVID-19 business closures have hurt business owners and their employees, many of whom are over the age of 50. Though workers of all ages have felt the effects of unemployment or reduced working hours, older workers will fare worse upon re-entering the workforce. Research shows the recession of 2008 found that those adults age 62…

Creating Powers of Attorney for an Adult Child

Tue, 06 Oct 2020 04:00:00 GMT

When your child turns 18 (in most states), it might be difficult to realize that little child who once needed you for everything has now become an adult. Now your child is free to vote, marry, apply for a credit card, make medical and financial decisions, sign contracts, and live independently. No wonder the law calls this coming of age…

Gains in Alzheimer’s and ALS Research

Tue, 29 Sep 2020 04:00:00 GMT

Good news on the health front is so welcome these days. Now there is some, for the huge numbers of people suffering from Alzheimer’s dementia and ALS (Amyotrophic Lateral Sclerosis, commonly known as Lou Gehrig’s disease). Researchers have found links between those two dread illnesses, and the new understanding is showing promising results in the laboratory using drugs and genetic…

Avoiding Pitfalls of Beneficiary Designations

Tue, 22 Sep 2020 04:00:00 GMT

You might think that leaving your property to your heirs would be simple. 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 simple. The result you wanted…

How Telemedicine is Changing

Tue, 15 Sep 2020 04:00:00 GMT

Telemedicine is the digital source of healthcare-related services. Not long-ago telemedicine was an innovative practice, primarily a supplement to hospitals’ information strategy managing patient care and their data more efficiently. During the coronavirus pandemic and its associated urgent healthcare needs, hospitals and medical offices are making telehealth capabilities more available than ever before. Long-distance patient and clinician contact, advice, reminders,…

Gray Divorce Impacts Finances

Tue, 08 Sep 2020 04:00:00 GMT

Americans aged 50 and over are experiencing gray divorce in larger numbers than ever before. The term gray divorce generally refers to the baby boomer generation and affects all classes and education levels. Research shows that splitting during middle age is particularly damaging to your financial well being. According to Bloomberg News, the US divorce rate for couples past the…

Living Alone as You Age Increases Dementia Risk

Tue, 01 Sep 2020 04:00:00 GMT

Living arrangements for older Americans are decidedly leaning towards aging in place. Nearly all older adults prefer to age in the comfort of their long time homes and familiar community surroundings. Aging in place often means living alone. Pew Research findings show that older people are more likely to live alone in the United States than in any other country…

Aging Americans Face a Long Term Care Crisis

Tue, 25 Aug 2020 04:00:00 GMT

Aging Americans are facing an escalating crisis regarding long-term care (LTC). Industry driven, massively underpriced policies are playing fiscal catch up with hefty premium rate increases. This price increase is forcing some aging Americans to abandon their policy while others struggle to reduce their amount of LTC coverage to keep their rates affordable or reduce their future lifestyle by dipping…

The Challenge to Develop a COVID-19 Vaccine Effective for the Elderly

Wed, 19 Aug 2020 04:00:00 GMT

Older Americans are the demographic at the greatest risk of COVID-19 as well as the demographic which is least likely to respond well to a vaccine. A vaccine shot works by fooling the body into believing it has been infected with a virus, thereby prompting its immune system to fight the intruding pathogen by making antibodies. Unfortunately, as we age,…

Even Wealthy Retirees are Cautious to Spend

Tue, 11 Aug 2020 04:00:00 GMT

When the US economy was in a cycle of more than ten years of economic growth, its citizens, even the “wealthy” ones, were worried about running out of cash and scared to spend. Bloomberg.com is reporting many retirees, and near-retirees are sitting on their wealth in much the same way large corporations are hoarding stockpiles of cash. Even famed investor…

Planning for Your Parent to Stay at Home

Tue, 04 Aug 2020 04:00:00 GMT

Tips for Selecting an In-Home Care Provider There may come a time when your parent is no longer safe living at home due to physical or emotional/social concerns. Instead of moving Mom or Dad to an assisted living or nursing home, in-home care can provide a solution that makes everyone happy— your parent can stay at home in familiar surroundings…

A Living Will is an Important Part of Planning

Tue, 28 Jul 2020 04:00:00 GMT

A living will defines your preferences for life-sustaining medical treatment. 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 does not have specific instructions for the situation at hand. “Living will” and “advance directive” are often used synonymously, but a…

Utilize a Personal Property Memorandum

Tue, 21 Jul 2020 04:00:00 GMT

When a parent dies, family members often argue over that parent’s favorite items. Arguments can take place over things like a coffee mug, a piece of jewelry or a painting. These types of arguments can be eliminated by filling out a personal property memorandum and keeping it with your will or trust. A personal property memorandum is designed to cover…

Elder Abuse Has Increased During the COVID-19 Pandemic

Tue, 14 Jul 2020 04:00:00 GMT

Whether at home or in a long-term care facility, elderly Americans are facing increasing incidents of mistreatment and abuse as social isolation during the pandemic creates more vulnerabilities. Stay-at-home guidelines isolate seniors from the systems that can protect them like medical providers, congregations, extended family, and senior centers. The high rate of coronavirus deaths for those Americans 70 and older…

Make Sure You Have a Strong Power of Attorney

Tue, 07 Jul 2020 04:00:00 GMT

Powerful “power of attorney” (POA) documents are essential, if there ever comes a time when you or your elderly loved ones become unable to manage your finances or make health-care decisions. Beware of Hospital and Internet POAs Beware if you rely only on POAs that hospitals provide, or that you have pulled off the Internet, or that you have got…

Should Adult Children Pay for Elder Care?

Tue, 30 Jun 2020 04:00:00 GMT

The astronomical costs of long-term nursing care is no longer news. Costs can run around $7,000.00 or more per month, depending on location. Hundreds of thousands of people presently need that kind of care and the numbers are rising. Ten thousand “baby boomers” a day turn 65, and it’s projected that seven of ten of those people will need long-term…

Medicaid: Will They Take Away My Home?

Tue, 23 Jun 2020 04:00:00 GMT

A primary element of the American Dream is home ownership. People work hard all their lives to own a home, and it is often their most valuable and significant possession. So when health begins to fail and the need for long-term care arises, we often get this fear-filled question from our clients: will they take away my home? The enormous…

Help Seniors Stay Connected Online

Tue, 16 Jun 2020 04:00:00 GMT

For many of us who are staying at home during this pandemic, the internet has become the primary source of action and connection. In many states, lawyers can now create estate plans remotely from start to finish. Likewise, many doctors are now practicing tele-medicine over the internet. Groceries, pharmaceuticals, clothing, all these and more can be ordered through the internet,…

Health and Financial Concerns to Address Before Turning Age 65

Wed, 10 Jun 2020 04:00:00 GMT

In the United States, turning 65 years of age is a milestone on many levels, but before this birthday, there is a hefty checklist that you need to address to continue aging successfully. Overall the most crucial thing to do before turning 65 is to invest your time wisely crafting the best approach possible for your health and financial security…

How Can an Advance Directive Help You?

Thu, 04 Jun 2020 04:00:00 GMT

Kevin stands at the door of Wanda’s nursing home room, tears streaming down his face. The medical staff just finished inserted a feeding tube into Wanda – an act Kevin knew she didn’t want. Unfortunately, Wanda couldn’t express her wishes due to advanced dementia, and she had no legal documents that expressed her wishes not to be fed by artificial…

Tips on Communicating with Your Kids About Their Inheritance

Thu, 28 May 2020 04:00:00 GMT

Many parents are uncomfortable talking to their kids about their wealth. Talking about how much money or property you have is usually viewed as taboo. Asking someone else about what they have is often considered impolite. But failing to talk to kids about how much they may inherit could leave them unprepared to handle even a modest amount, and often…

The Impact of the Pandemic on Social Security Funding

Thu, 21 May 2020 04:00:00 GMT

The US Social Security Administrations has funding trusts known as the Old-Age and Survivors Insurance (OASI) Trust Fund and the Disability Insurance (DI) Trust Fund. In their 2019 annual report to Congress, the Board of Trustees released some startling detail about projected insolvency for the Social Security Program by the year 2035. The Social Security Administration (SSA) has been dipping…

Simple Steps to Save Money While Aging Well

Thu, 14 May 2020 04:00:00 GMT

Your senior years should not be plagued with money woes. The stress that money problems bring not only ruins your aging experience but can also be disastrous to your health. Rising health care costs and your increased need for health care can add up to big bills that can further tax your health. To age well, you must use sound…

How Will the Aging Middle Class Pay for Long Term Care?

Thu, 07 May 2020 04:00:00 GMT

As we age, simple things we took for granted as kids become more difficult — and more expensive. That’s a truth all of us know. What you may not realize is that the aging middle class will face unique difficulties going forward. The private market offers options for assisted living, but at a price too high for the middle class;…

Telehealth Replacing In-Person Appointments During COVID-19 Pandemic

Thu, 30 Apr 2020 04:00:00 GMT

Through the use of videoconferencing over wireless devices and remote health tech monitoring, telehealth can connect patients to vital health care services. According to the American Hospital Association (AHA), fully 76 percent of US hospitals are using some form of telehealth for their patient groups. During this COVID-19 pandemic, the federal government has freed up some regulations that previously stifled…

Living Trusts and How They Can Help Seniors

Wed, 22 Apr 2020 04:00:00 GMT

It’s an unfortunate fact that seniors can be prime targets for financial abuse and scams. Sadly, the elderly are often taken advantage of by strangers — and sometimes even their own family members. That’s why it’s important that planning is in place to help seniors protect themselves and their assets. As we age, it can become increasingly difficult to manage…

Stimulus Checks Impact on Government Benefits

Thu, 16 Apr 2020 04:00:00 GMT

We continue to receive questions from members about the impact stimulus check payments (up to $1,200 per person) will have on government benefits (SSI/Medicaid). As previously reported, because these payments are like tax rebates, they “shall not be taken into account as resources for a period of 12 months from receipt, for purposes of determining the eligibility of such individual…

If Your Spouse Needs Long Term Care Then an Inheritance May Not Be a Good Thing

Fri, 10 Apr 2020 04:00:00 GMT

Say your spouse is living in a nursing home because of advanced Parkinson’s. Your spouse is currently receiving Medicaid benefits to pay for the high cost of that care. If you were to pass before your spouse, you wouldn’t want your spouse to inherit all your life savings, no matter how much you love your spouse. Inheriting all of your…

Americans Are Creating Wills Amid the COVID 19 Pandemic

Fri, 03 Apr 2020 04:00:00 GMT

There has been an explosion in the numbers of Americans rushing to make their will online. Understandably, the coronavirus pandemic has created the scramble to set up wills and end-of-life-directives. However, online do it yourself (DIY) wills are often deemed invalid as they do not comply with all of the legal requirements of your state. According to Caring.com, the prevalence…

The Influence of Baby Boomers in the 2020s

Thu, 26 Mar 2020 04:00:00 GMT

The baby boom generation is comprised of those Americans born 1946-1964, and according to the US Census Bureau (Bureau of Census), their numbers are estimated to be 73 million strong. This number represents nearly 20 percent of the American public. As they enter their 60, 70, and 80th decades, their influence will help to guide how billions of federal funds…

Coronavirus and the Impact on seniors

Thu, 19 Mar 2020 04:00:00 GMT

We are living in confusing and scary times. The senior population has been identified as the most at-risk demographic for COVID-19. Information coming out about COVID-19 is very fluid, which can also contribute to overall stress. Thankfully there are ways to try and manage stress and stay as healthy as possible during this time thanks to advice from several federal…

Simplify Life With a Bill Paying Service for Seniors

Fri, 13 Mar 2020 04:00:00 GMT

If you are a senior or have a loved one who is struggling with the process of paying their household bills, Silver Bills can eliminate the task and alleviate the worry about proper handling of monthly bills. As many baby boomers continue to opt for aging in place, home administrative tasks can become difficult. Family members who would like to help may…

Understanding Medicare Coverage for Long Term Care

Fri, 06 Mar 2020 05:00:00 GMT

Most people understand that by paying into Social Security throughout their careers, they can receive health care benefits through Medicare starting at age 65. Individuals under age 65 who qualify to receive Social Security Disability benefits are also covered under Medicare, as well as anyone of any age who has Lou Gehrigs disease, known as Amyotrophic Lateral Sclerosis (ALS), or…

A Guide to Caring for Your Aging Parents

Thu, 27 Feb 2020 05:00:00 GMT

Aging is something you cannot escape, and it affects all family systems. It can be challenging for adult children to imagine their parents as seniors and to understand and respond to the reality that each parent will age differently. Even if you are in the fortunate circumstance where your aging parents can go it alone for a long time there…

Steps to Take When You’ve Been Appointed Guardian of Property

Fri, 21 Feb 2020 05:00:00 GMT

Your grandfather, Steven, can no longer make decisions on his own. A court appoints you to be Steven’s guardian of property, to help Steven manage his money. You become Steven’s “fiduciary.” The law now requires you to act to a high standard of good faith and honesty. There’s a lot of work involved with guardianship, and the high standard could…

Reasons Seniors Should Engage in Estate Planning

Thu, 13 Feb 2020 05:00:00 GMT

When it comes to establishing wills and estate plans, older Americans outpace their younger counterparts. 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 seem daunting, and even depressing, the task becomes far less…