Because fraud is on the rise, financial institutions are becoming increasingly finicky about General Durable Power of Attorney (GDPOA) documents. The GDPOA documents that we write at Roberson Law are usually 11 pages long in order to cover all of the bases, yet there are instances when we are still asked to provide additional substantiation to a bank that a GDPOA is valid.
For many seniors, independent living is an opportunity to remain just that, independent. Unlike living at home alone, this type of retirement arrangement allows for social interactions and entertainment without having to drive anywhere. But is independent living right for you? Here are some things to think about as you consider your transition.
Independent living and assisted living are not the same thing.
The title of this article is a common misconception that people have about avoiding probate. A person will assume that just because he has been designated as his parent's Agent in his parent's Power of Attorney (POA) that he will have access to his parent's bank account after the parent dies. The person will incorrectly assume that having his name listed on his parent's account will be enough to avoid probate.
Let's face it...as we age, we need help. Admittedly, many of us need help despite not having aged!
I recently finished an emergency job requiring a quick amendment to a trust to enable a client's children to sign checks for her because Client had a debilitating stroke. Client signed her trust about 15 years ago when she was 70ish and quite capable of handling things herself. I wish that Client had come in for periodic reviews so that we could have suggested her adding cotrustees with her.
Most people assume the phrase "estate planning" involves having wealth. That assumption couldn’t be any further from the truth. Estate planning simply means that you are preparing for the unexpected and inevitable. Death does not discriminate according to income level, age, or social status. Face the reality, death is certain for everyone.
I'm writing this after meeting with yet another client who was surprised, upon seeing his birth certificate for the first time, that the name he was using was not the same as the name in his birth certificate.
For example, my friend Betty Schwab, who is also a client, thought her name was Elizabeth until she got her birth certificate and discovered that her birth name is Betty. (I am giving this example with Betty's permission.)
This has happened with clients whose names are Allen/Alan, Joseph/Joe, and William/Bill/Billy, for example.
Two documents that we often prepare in conjunction with Medicaid planning are the Personal Services Agreement and Lease. Both documents can be very important proof for substantiating the money paid to a caregiver, who is often a family member, so that the money paid to the family member does not have to be repaid in order for the Medicaid application to be approved.
Social media, a term that didn't event exist until the late 1990s, is now something that influences almost every teenager every day. Long gone are the days when teenagers' biggest influencers were MTV and "Seventeen" magazine.
After practicing for over fifty years, Attorney James Brennan has decided to retire and pass the baton to Nancy Roberson. James has had hundreds of clients over his career and so he needed another experienced attorney to whom he could refer his clients after he retired. James decided that Nancy was the person who he would trust with the large original Will inventory that James has accumulated since the 1960s. James formerly practiced at Young & Alexander and Pyper Alexander & Nordstrom, LLC.
Talking about financial matters, end-of-life options and your eventual death is difficult, but especially with the ones closest to you. Your loved ones may not want to hear it, but they need to know what will happen after you die.
Giving your loves ones an explanation of what you intend to do and why before your death will guarantee that they aren't left unprepared to handle fulfilling your last wishes. This also may help avoid hard feelings about inheritance issues.