Deciding how you will arrange for asset transfers for the benefit of those that you love is part of the estate planning process. You don't have to give direct inheritances to each individual, and in many cases this is actually not the best course of action.Every family is unique, and this is why it is important to discuss your future with a good central New Jersey estate planning lawyer. Experienced professional guidance is the key to a well constructed estate plan that covers all your bases … [Read more...]
Intelligent Planing Includes Incapacity Component
There are certain realities that come along with aging, and if you want to make sure that you are prepared for any and all circumstances that may come your way you need to plan comprehensively. Of course making sure that your assets get to your loved ones in an efficient manner after you pass away is a big part of what estate planning is all about, but you must consider the period of time that will precede your death as well. People are living longer than ever, with the oldest old being the … [Read more...]
Paying For Long Term Care
Considering the rising costs of nursing homes and assisted living communities, prudent long term planning is necessary to make sure that you are prepared financially for all of the eventualities that you will face as you enter your twilight years. It is likely that you or your aging parents will need long term care at some point in time, and this is something to address both as an individual and as a family.The current national average cost for a year in a nursing home is over $83,000, and … [Read more...]
Alzheimer’s Disease, Dementia, & Elder Law
Most estate planning attorneys consider themselves to be experts in the larger specialty of elder law, and it is indeed a rapidly burgeoning legal niche. Many people are surprised when they hear that senior citizens are the fastest-growing segment of the society in the United States. But they are even more stunned when they hear just how fast the senior population is growing. It is estimated that the number of seniors in America will double by 2030. Some 10,000 Americans are applying for Social … [Read more...]
Incapacity Planning, Advance Directives, & Your Family
When you look at the statistics, the rapid increase in the numbers of people who are 85 years of age and older is really eye catching. The fact is that you may well live into your mid to late eighties and beyond, and this makes incapacity planning a vital component to any comprehensive preparatory strategy.If you are a widow or a widower and you were to become incapacitated, your various family members may have different ideas about the the way that you would choose to proceed if you were … [Read more...]
Guardianship, Conservatorship, & Incapacity Planning
To plan your estate properly and comprehensively you need to take a mature and pragmatic approach and be unafraid to confront somewhat unpleasant possibilities. For your family, the only thing worse than having to address a difficult matter is having to do so completely unprepared, and this is something that you would do well to consider when you are planning your estate.With this is in mind we would like to take a frank look at the topic of incapacity. A significant percentage of senior … [Read more...]
Five Wishes Advance Directive
More and more people are becoming aware of the need to prepare for the end of their lives through advance directives, and this is a positive development. Many of us are reluctant to talk about the subject of death, especially when we are having a conversation with family members who have reached their twilight years. Ironically, the fact is that this is exactly when frank and open discussions about the wishes of our elders is necessary and appropriate. If they don't make their wishes known a lot … [Read more...]
Nursing Home Costs Trending Upward
Planning your estate is intertwined with the plans that you must make for the end of your life, and to do this with due diligence you have to ask yourself how long you can realistically expect to live. When you look at the current statistics regarding longevity in the United States you see a remarkable trend. People are living longer, with the "oldest old, " those 85 years of age and older being the single fastest growing segment of our society. So if you have no specific health problems you may … [Read more...]
What Happens in the Absence of a Disability Plan?
Every U.S. state enacts guardianship or conservatorship laws to handle instances when citizens become physically or mentally incapacitated. For instance, many are familiar with Britney Spears' case; her family used California's conservatorship laws to involuntarily admit her to a mental institution. During that time, her father was designated as her conservator in order to look after her and take care of her finances.Many individuals often forget to plan for disability in later life and avoid … [Read more...]
Consult With A Probate Lawyer
When an estate goes through the process of probate there are many details that need to be addressed, and just how complex the matter is depends on the specifics of the estate in question. The probate or surrogate court proceeding requires the filing of a great deal of standard paperwork, and making sure that this is done and done correctly is the first step.There can also be matters of guardianship or conservatorship involving fiduciaries that need to be addressed. Any outstanding debt must be … [Read more...]
