You may have noticed the decline of an elderly parent and wondered if it may be time for you to assume responsibility for managing his or her affairs. There are several legal tools that allow you to do this, including guardianship and power of attorney.  On the surface, the two seem very similar. Both can grant you legal authority to make decisions on your parent’s behalf regarding certain legal matters. However, Read More

There are lots of different tools at your disposal for protecting your assets, including revocable and irrevocable trusts. Both of these types of trusts are used to pass assets to beneficiaries outside of probate. However, they do so differently. In today’s blog post we’ll look at the pros and cons of both of these types of trusts. Revocable Trusts 101 If your priority is maintaining control over your assets as long Read More

As people age, they may lose the ability to make important decisions about their lives. In this situation, adult children may need to become their parents’ guardian. As a legal guardian, adults carry out many responsibilities for their parents. According to AgingCare.com, guardians manage a senior’s finances and other assets. They also make medical decisions and act as a legal representative. Adult children often Read More

Caring for a special needs child requires added vigilance in planning for his or her future. Careful coordination of your desires for his or her care, as well as disclosing which resources you foresee providing required support, may enable your surviving family members to adequately care for the person you love. An estate plan designed for your special needs child may look different than the options you have seen Read More

Americans are living longer than ever, and this means that more careful planning must go into our golden years. Long-term care can be extremely expensive, and many are wondering how to work this into their financial planning. Some people believe that Medicare will cover the expenses related to long-term care. However, this is not true in all cases. According to LongTermCare.gov, Medicare does not cover custodial Read More

In today’s blog post, we’re taking a look at how parents of children with special needs can plan for the future and avoid stressful situations.  Every person with special needs faces a different situation, but we’ve often worked with families of special needs people who are not in a position to care for themselves financially once they reach legal adulthood at the age of eighteen. Often their special needs prevent Read More

You love your children, but that doesn’t prevent you from seeing their flaws. And if you have a child who makes poor financial decisions, you worry about how he or she will survive when you’re not there to lend a helping hand. Can you protect your child from spending an inheritance too quickly? A successful estate plan distributes your assets to your family according to your wishes. If you wish to ensure your child Read More

As people age and their friends and family pass away, they face the prospect of spending much more time alone. This certainly is not the case with all seniors; However, for many seniors avoiding loneliness is a struggle. The following information presents strategies to minimize the pain of loneliness. Many seniors experience loneliness WebMD cites a University of Michigan study that shows about 1 in 3 seniors report Read More

Many think that Medicare and Medicaid are interchangeable, but they have distinct purposes and benefits. It’s important to first understand the differences when looking to get healthcare coverage. Starting with the basics, Medicare is meant for seniors who need help covering medical care, while Medicaid works for a larger group of people with a limited or low income. Each program has different eligibility Read More

The probate process, which involves having a court “prove” the contents of your will, is often costly and time-consuming, so you may want to make efforts to help your loved ones avoid it if possible. Luckily, you may be able to help them avoid the probate process by planning ahead and taking care when drafting your estate plan. According to some estimates, the probate process may take anywhere from about three months Read More