|
Other
Services
Estate Planning
- The Need to Plan Ahead
Don't
postpone the effort needed to develop a comprehensive estate plan.
Failure to plan ahead can lead to needless, substantial depletion of a
family's assets, and to long, expensive court proceedings.
Consider whether you, or your parents, are prepared to address issues
such as these:
Has a healthcare proxy
been prepared to identify who will make life-and-death decisions for
you if you are unable to do so?
Has a power of attorney customized to your financial needs been prepared so that someone you trust can make important decisions if you can no longer manage your finances?
Should
you form a revocable living trust as an alternative to a will?
Should
elderly parents transfer title in their home to one or more of their
children? Can the parents still retain some control over the property
if the transfer is made?
Should
steps be taken now to assure that at least some of a family’s
assets can be retained if a parent must enter a nursing home?
And
finally..... Adults who are concerned about the care and finances
of their parents often neglect themselves. A truly comprehensive plan
for a family’s future must encompass the needs of both the elderly
and their adult children.
|
