When do you need your estate plan to “go to work” for you? While you may think the right answer is “after I die,” the actual answer is “if you lose the ability to manage your affairs.”
Which means having the right kind of Durable Power of Attorney for Finance is vitally important. A June 2020 Transamerica Center for Retirement Studies survey found that only 28% of retirees have a financial power of attorney, yet many people don’t understand that there are two types of these advance directives and that each one serves a very different purpose. Knowing how both types work is critically important, particularly in this COVID-19 environment.
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Remember, having a Plan in place Before a Crisis, will mean you can manage the situation more calmly – with professionals alongside to help guide you.
Schedule an appointment to discuss the best options for your situation Today! As parents grow older, a health crisis can often highlight the need for family members to become involved in making elder care decisions for a loved one. According to the Caregiving in the U.S. Report, 66% of family caregivers report having significant decision-making authority on behalf of their care recipient. For elderly parents to receive the care they need several factors need to be considered, starting with establishing an accurate picture of their care needs. When it comes to a parent or spouse’s healthcare, the law can be strict about who can receive status updates, participate in conversations with medical professionals and make medical decisions. These policies are meant to protect our sensitive information, but they can also pose serious problems for family caregivers.
Many baby boomers may hesitate to discuss money with their children, but the reality is that a massive amount of wealth will be transferred in the upcoming decades.
Some $68 trillion will move between generations in the next two decades, reports U.S. News & World Report in the article “Discuss Your Estate Plan With Your Children.” Having this conversation with your adult children, especially if they are members of Generation X, could have a profound impact on the quality of your relationship and your legacy. Is there anyone sad to say goodbye to 2020? For many of us, 2021 epitomizes the symbolic renewal of a new year, with an extra kick of life motivation. In what ways will you channel this energy?
Everyone should tend to their personal affairs in some manner. For some this may be a simple review of existing documents or an update of contact lists and account inventories. However, if you are reading this and you know you still have not taken care of those basic documents everyone must have – Now is the time! It has become more common than not that retirees over 65 have parents that are still living independently, but are they at risk? What if they were to fall or a sudden illness meant they could no longer maintain their current lifestyle, and there now senior-aged children do not live close by? Or their children have health concerns of their own. Are both you and your parents at risk?
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