At some point in your life, you may be asked to become the power of attorney, guardian, executor of a will, or trustee for a friend or family member. There are many circumstances in which someone may ask you to act on their behalf. For example, they may be planning for the possibility they will become incapacitated and unable to act on their own behalf, or on the behalf of a minor child. They may be writing their will and planning for their estate to go through the probate process.

Imagine your grandfather, Martin is elderly and has deteriorated to a point where he is now unable to make decisions for himself. A court appoints you to be Martin’s guardian of property, to help Martin manage his money. You become Martin’s “fiduciary.” The law now requires you to act to a high standard of good faith and honesty.

This article will help you decide if a trust suit your particular circumstances. For example, maybe you have a disabled child and you want a trust to permit that child to inherit without losing government benefits. Maybe your own or your spouse’s health is heading into difficulties, and you can foresee eventually needing long-term care benefits. Trusts can avoid an expensive, public, and lengthy probate process before your beneficiaries can inherit after you pass. Or, you might be in the classic “trust fund” situation, where you’re concerned that your children won’t be able to manage money wisely.

Future care is uncertain for many elderly diagnosed with dementia. Once this type of diagnosis is received, preparing for the future can no longer be avoided. If you or someone you love has received a dementia diagnosis, begin immediately to discuss and seek guidance for future care. For help in implementing the steps that need to be taken and for developing a plan, seek the guidance of an elder law attorney.

Financial abuse among the elderly have steadily grown over the past ten years. The financial exploitation of older or vulnerable adults can take many different forms. This portion of the population can be exploited by strangers of professionals who deal with their assets, and even trusted family members and friends. It is a problem to which a solution has been difficult to find because many exploited people are ashamed that they were able to be taken advantage of and therein do not report the crimes. Unfortunately, this type of abuse not only affects the finances of the victim, but also their mental and physical well-being. Let’s take a look at the types of financial elder abuse and some measures that can be and are being taking to prevent this type of abuse.

It can be hard to conceive that at 18 years of age, your once little child, becomes an adult (in most states). Now your child is free to vote, marry, apply for a credit card, make medical and financial decisions, sign contracts, and live independently. No wonder the law calls this coming of age “emancipation.”

A large number of Americans have been creating their wills online lately. Understandably, the coronavirus pandemic has created the scramble to set up wills and end-of-life-directives. However, online do it yourself (DIY) wills are often deemed invalid as they do not comply with all of the legal requirements of your state. According to Caring.com, the prevalence of will and estate planning has been on the decline since 2017 but this trend is quickly reversing itself with the advent of the coronavirus pandemic.

The pandemic is causing us to consider a lot of things that we may not have before, even if maybe we should have. Have you thought about who would care for your children if you got sick with COVID-19?

In the first part of this series, we discussed a unique planning tool known as a Lifetime Asset Protection Trust. Here we explain the benefits of these trusts in further detail.

As a parent, you’re likely hoping to leave your children an inheritance. In fact, doing so may be one of the motivating factors driving your life’s work. But without taking the proper precautions, the wealth you pass on is at serious risk of being accidentally lost or squandered. In some instances, an inheritance can even wind up doing your kids more harm than good.

If you’re a parent, you may feel even more guilty than usual. If so, you are definitely not alone. Currently, the burden is on you to both carry on with your work and manage your child’s full-time care and education. Two full-time jobs that you’re trying to do by yourself, likely without teachers or care providers to help you.

When you think about those loved ones who’ve passed away, you probably don’t think very much—or even at all—about the “things” they’ve left you. And when they do leave something behind, what you likely cherish most about the object are the memories and feelings it evokes, not the thing itself.