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Posts tagged "Estate Planning"

The important elements of an effective estate plan

There are a variety of documents that are the foundation of an effective estate plan. An estate plan can be useful and important at any stage of life whether the estate planner is concerned about planning for their children or ensuring their assets are distributed how they wish for them to be distributed.

Planning for the possibility of losing a spouse

What would happen if one’s spouse were to pass away isn’t something people generally like to think about. This may tempt individuals to put off planning for this occurrence. A recent survey indicates that many people don’t have plans in place for responding to the death of a spouse. In the survey, a little over half of the widows polled reported that they and their spouse didn’t have such plan.

The risks of using a power of attorney when caring for a parent

When you have a power of attorney over an aging parent, it gives you the ability to make financial decisions in your parent's place. It does not give you absolute authority and power, however. If you take action without understanding your rights and responsibilities, you could put your own finances and your parent's estate at risk.

When do you need a guardianship or conservatorship over your parent?

As your parents age, it may be become difficult for them to make decisions on their own. This can happen for a variety of reasons. Your mom or dad may develop dementia, Alzheimer's, aphasia or another type of neurological disorder. Your parent may be injured or develop an illness where they may not be able make financial or medical decisions.

Protect your children through estate planning

When you are raising young children, your life is busy. And when you are busy, it can be easy to focus only on the present and forget to consider the future. To protect your children, however, it is essential that you take the time to create an estate plan that outlines your wishes.

Reducing the cost of long-term care

Nursing homes, long-term care facilities and in-home care can be expensive. According to a survey conducted by Genworth Financial, the average cost of a nursing home in Massachusetts is $353. That is approximately $128,845 per year. With these high costs, it is can be difficult for a family to know where to turn.

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