Revocable living trusts – or RLTs – are flexible estate planning tools that facilitate the smooth transition of property and asset management in case of incapacity as well as allow families to avoid the probate process in state court. The RLT is “living” because it is created during the lifetime of the grantor (person who establishes it and puts their assets into it) and is “revocable” because the grantor can modify or terminate it.
The ‘hot powers’ of a financial power of attorney
A financial power of attorney is a crucial legal tool for anyone with even modest monetary considerations. With a financial power of attorney, you – the principal – name an agent to handle financial and business transactions on your behalf.
It is a role that requires trust, as agents are often granted fairly wide latitude to handle financial tasks. But an agent cannot act with impunity. They must act based on your preferences and wishes. Some decisions, however, are so notable they are automatically prohibited unless otherwise specified.
How can I reduce my gift tax burden?
Estate planning is often about family legacy. In many cases, this means taking the assets you’ve worked hard to obtain and using them to better the lives of those you love. Sometimes, simply giving that person a thoughtful gift seems like the simplest method.
But will you have to worry about the gift tax?
What are the reasons you can challenge a will in Colorado?
When someone has died with a will, it is not uncommon for a family member or sometimes a friend or a person with a professional relationship with the decedent to have reason to suspect something is not right about the will’s terms or the circumstances around its execution and signing. This often happens when the testator (person who writes and signs the will) made an unusual change to their estate plan, especially if it occurred at a time when they were suffering from problems related to advanced age or illness.
What's the difference between a nursing home and assisted living?
One of the most difficult aspects of aging is the impact on a living situation. For most people, aging in place is not possible. That could be due to the sheer amount of medical support needed, the availability of family caregivers, or the cost of providing care in a private residence in this manner.
It is during these conversations you’ll begin to hear about nursing homes and assisted living facilities. So what, exactly, are the differences between these two options?
More technology to benefit people with cognitive impairments
Technological innovation continues to make the world more accessible to folks with cognitive disabilities as well as elders with age-related memory loss or dementia. We recently shared information about efforts by Apple to make technology easier to access and step up specialized technical support for people with cognitive impairment and the family and professionals who support them.
Now, Google is contributing to this effort, according to Disability Scoop. Those with cognitive disabilities, memory loss or dementia as well as their loved ones, guardians, conservators, teachers and other support professionals will be able to program smartphones to make it simpler to use them. Specifically, a new app “Action Blocks” allows an Android user to program a task that normally requires several steps to be performed by pressing one button.
The cost of caring for an adult with special needs
Living with and caring for an adult with special needs comes with a wealth of emotional benefits. The love and care you show, and the bond with that individual, can be enriching parts of any adult’s life.
Because of this, it can be all the more jarring when you stop to consider the financial commitment required to provide just the basics. Navigating these monetary waters is one of the toughest responsibilities any caregiver will take on.
Creditors and paying bills: The role of a personal representative
The role of a personal representative is vital in the administration of an estate. This individual takes on a host of responsibilities, following the wishes of the decedent while navigating the legal system. It is an important job with many moving parts.
A key piece of the estate administration process involves getting a thorough handling on the decedent’s bills.
Be sure beneficiaries are correct for assets that transfer on death
Your estate plan may use a variety of documents like a will or trust to transfer property to others or for the benefit of others during your life or at death. One way that assets can transfer is through a beneficiary designation on particular kinds of accounts or instruments that pay out to your beneficiary upon your death. These assets are called pay-on-death or transfer-on-death accounts.
Light exposure may benefit people with Alzheimer’s disease
At our law firm, we advise and support clients who care for, support or protect people who suffer from the challenges Alzheimer’s disease and other dementias. These clients may be family members, guardians, conservators, trustees, representative payees and others. In their roles, they seek a variety of ways to help their loved ones or protected persons to improve the quality of their lives and lessen distressing symptoms.
We have recently posted in this space about the impact of physical activity and socialization in slowing down cognitive decline in older adults. Today, we share information about the benefit of light for people with Alzheimer’s.
