Monthly Archives: June 2011

Why You Should Create an Estate Plan Today

Estate planning is not only for the elderly. Even if you don’t think you have any significant assets to protect, it could be beneficial to consult an estate planning attorney and discuss your options. If you know anyone who has had to deal with the loss of a loved one who didn’t have an estate plan they will probably tell you, in retrospect, that they wish they had made specific arrangements. There’s a reason why people say “Always be prepared!” Here are some major reasons why you should consider creating an estate plan today:

Avoid Probate

The main reason that many people create an estate plan is to avoid probate. Probate is the process of the administration and distribution of the estate of a deceased person. This legal process is typically carried out according to the person’s legal will. However, if the person does not draft a will the probate court will administer the person’s estate according to state statute. As a result of horror stories in the media of families dealing with probate, most people often want to avoid probate at all costs. Creating an estate plan is an effective solution.

Reduce EstateEstate Planning Taxes

Another good reason to consult an estate planning attorney about creating a plan is to reduce estate taxes and/or state inheritance taxes. Depending upon the individual’s situation, the payment of these taxes can account for a significant loss of an estate. Through simple planning you can make estate or inheritance tax much less burdensome or nonexistent.

Avoid Stress

Many times when people have personal experience, or witness someone, go through the process of dealing with the administration of a loved one’s estate they’re more likely to meet with an estate planning lawyer. Not having a plan in case you become mentally incapacitated or pass away can be overwhelmingly stressful for loved ones to deal with. Creating an estate plan is a proactive way to avoid family feuds and costly court proceedings.

Protect Beneficiaries

One of the main reasons for creating an estate plan is to protect beneficiaries. Beneficiaries could be either minors or adults. When creating an estate plan with minor beneficiaries in mind you should appoint a guardian and trustee to oversee the minor’s finances until they are of age (either 18 or 21 years old, depending on the state in which they live). If the beneficiary is already an adult but has trouble managing money you should create an estate plan which will protect the beneficiary from their own bad decisions.

It’s always good to plan ahead – contact elder law attorney Adam J. Tobin today to discuss the best steps toward creating your own estate plan.

Avoiding Online Scams

Have you had an elderly loved one be financially taken advantage of through the use of the internet? Without proper financial protection from consultation with an estate planning attorney, there are many threats online for the elderly.

Why the Elderly Are The Target of Scams

Several factors combine to make many senior citizens victims of financial abuse – many have a large “nest egg” available for investment; many live alone and isolation makes them perfect targets for telemarketing; memory Elderly Online Scamsproblems may enhance gullibility; they tend to be unwilling to report victimization or poor judgment due to fear of losing independence.

Online Scams

Another serious threat contributing to the financial abuse of the elderly is access to the internet. Those of us who use the internet on a regular basis have become accustomed to ignoring the many scams we stumble upon throughout the day.

However, for our elderly loved ones, it may not be as easy to ignore the email they received stating that they won the lottery in a foreign country or that they inherited millions of dollars from a deceased long-lost cousin. Their trusting nature usually makes senior citizens a much easier target for scams such as these.

Who Can You Trust?

Many times financial internet scams involving the elderly are more difficult to detect than the flashing advertisement on the side of the screen. It’s possible that your parents were actively seeking an investment specialist and found someone who seemed like an expert. After several conversations with the person (usually through email or over the phone) your elderly parents seem to think this investment opportunity is one they can’t pass up. Before realizing it, they’ve signed away thousands of dollars that they’ll probably never see again.

The question is – how do you protect your elderly parents from being taken advantage of? The most proactive way to ensure that your parents don’t lose money to online scams is to have access to their financial statements. But most importantly you should have your parents meet with an elder law attorney to discuss financial planning and how they can best protect their assets. Contact estate planning lawyer, Adam J. Tobin today for a free consultation.

Housing Options for Senior Citizens

Is staying at home still the best option for your elderly parents? Certain circumstances may have made you realize that this is no longer the case. Perhaps they have grown incapable of taking care of themselves in addition to their home. This could be the result of changing physical, mental, or financial conditions. Now you’re faced with the decision of how to go about providing the best opportunity for your parents to lead a comfortable lifestMassachusetts Retirement Communityyle. Before you try to swoop in and save the day, make sure to include you parents in the decision-making process. Ultimately, it’s their life and you need to be sure to recognize and respect their personal wants and needs. Now that you’ve got the conversation started it’s time to evaluate the various alternatives:

Retirement Community. Otherwise known as an Independent Living Community or Congregate Living, this may be the best option if your parents are still fairly independent – meaning that they don’t need help with daily activities, such as getting dressed, bathing, feeding themselves, etc. – but desire the security and convenience of a community. Some of these communities offer organized social and recreational activities, while others offer amenities such as housekeeping and transportation. Other amenities may include swimming pools, exercise facilities, clubhouse, laundry facilities, and access to meals. However, be aware these types of communities do not offer medical care to residents and there is also usually an age requirement (typically 55).

Assisted Living Community. These living communities aim to provide as much independence to the residents as possible in a private setting. These communities are designed for senior citizens who cannot safely live completely independently, but do not require the high level of care of nursing homes. Although 24-hour support services and licensed nurses are often provided, assisted living communities are not considered medical facilities and do not accept Medicare or Medicaid as payment. Also, amenities such as housekeeping, social activities, transportation, aMassachusetts Home Carend meals are also usually offered.

Nursing Home. Nursing homes cater to elderly citizens who can no longer care for themselves and require 24-hour professional care. Long-term residents generally require a high level of care and may have complex medical conditions. Nursing home residents receive in-house medical care, rehabilitation, physical and other types of therapies. Some facilities concentrate treating those with Alzheimer’s Disease, cancer, dementia or other special health situations.

Home Care. Home care is designed to allow senior citizens to maintain a feeling of independence while still receiving the care that they require. Many home care nurses will come in on an agreed upon schedule, while others may live in the home in order to provide the highest level of care possible. This type of care typically includes help with daily activities, paying bills, making appointments, providing transportation, and providing companionship and emotional support to the individual.

After gathering all of the information about the best options in your area, your parents’ living preferences, and your financial position, you can make a decision. To help understand your parents’ rights and obligations throughout this process, consult an elder law attorney. Contact the law offices of Adam J. Tobin today for more information!