Facebook-f Twitter Linkedin-in Youtube Rss
estate planning and elder law
Book Your Free Call

Estate Planning Blog Articles

Estate & Business Planning Law Firm Serving the Providence & Cranston, RI Areas

Is Your Student Off to College? Make Sure These Legal Documents are Available

Sending your child to college is a major milestone but comes with important legal considerations. Now that they live independently, handling a medical emergency could be much more complicated. The Wall Street Journal makes the case that, as parents, you must ensure your college-bound student has their documents in order. This way, you can help them if they need it in any situation.

Why are Legal Documents Important for College Students?

When your child turns 18, you lose access to their medical, financial, or academic records. You could face significant hurdles in helping them during emergencies without the proper legal documents. There are four essential legal documents.

HIPAA Waiver

A HIPAA waiver allows your child to grant you access to their medical records. Without this form, healthcare providers cannot share any medical information with you due to privacy laws. This waiver ensures that you stay informed about your child’s health and can make informed decisions in a medical emergency.

Medical Power of Attorney

A medical power of attorney designates someone to make medical decisions on your child’s behalf if they cannot. If your child becomes incapacitated due to illness or injury, you’ll need this document to manage their care. Families without a medical power of attorney will have to delegate important healthcare decisions to people they don’t know.

Durable Power of Attorney

With a durable power of attorney, you can manage your child’s financial affairs if they cannot do so. This can include paying bills, handling bank accounts, and managing investments. This document is particularly important if your child is studying abroad or becomes incapacitated.

FERPA Waiver

The Family Educational Rights and Privacy Act (FERPA) protects the privacy of student education records. A FERPA waiver allows your child to grant you access to their academic records. This can be important if you need to stay informed about their academic progress or assist in managing their education.

Why are Legal Documents Needed?

Without these legal documents, you could face significant challenges in assisting your child. For instance, you could be unable to learn about your child’s condition if they become hospitalized. You would also be unable to make decisions on their behalf to manage their care or finances.

How to Obtain Relevant Legal Documents?

Most of these documents can be obtained online for free or through your attorney. Ensuring that the forms meet your state’s legal requirements is essential. Some documents may require notarization. Here’s a brief guide on how to obtain each:

  • HIPAA Waiver: Available online or from your child’s healthcare provider.
  • Medical Power of Attorney: Available online, but ensure it complies with state-specific laws.
  • Durable Power of Attorney: Obtained from an attorney to ensure it meets state legal standards.
  • FERPA Waiver: Available through your child’s college or university.

Do Legal Documents for College Students Vary between States?

The requirements for legal documents for college students can vary by state. If your child is attending college out of state, you may need to prepare valid documents for your home state and the state where your child studies. Consulting with an attorney helps properly prepare and execute all documents.

What If My Child Is Studying Abroad?

A durable power of attorney becomes even more critical if your child studies abroad. This document ensures you can manage their financial matters and make decisions on their behalf if they encounter issues while overseas.

Secure Your Child’s Future Today

Preparing these essential legal documents for college students maintains their safety and your peace of mind. Don’t wait until an emergency arises; take action now.

If you need assistance preparing these legal documents or want to learn more about estate planning for your college-bound student, contact our office today to schedule a consultation. Our experienced attorneys are here to help you navigate these important decisions and ensure your child’s future is protected.

Key Takeaways

  • Access to Medical Information: A HIPAA waiver ensures you can receive updates on your child’s health in emergencies.
  • Medical Decision-Making: A medical power of attorney allows someone to make medical decisions for your child if incapacitated.
  • Financial Management: A durable power of attorney enables you to handle your child’s financial matters if needed.
  • Educational Records Access: A FERPA waiver lets you stay informed about your child’s academic progress.
  • State Compliance: Ensures documents meet specific state requirements, which is crucial if your child attends college out of state.
  • Peace of Mind: Having these documents prepared ensures you can support your child effectively in any situation.

Reference: WSJ (Aug. 14, 2023) “Before Your Child Goes to College, Complete These 6 Important Documents – WSJ”

Am I Obligated to Pay My Deceased Parent’s Medical Debts?

Being responsible for your parent’s medical debt plus your medical expenses is a genuine worry for many Americans. A recent article from U.S. News & World Report starts with an unsettling title: “This Is Why You Might Be Responsible For Paying Your Parents’ Medical Debts.” A total of 25 states currently have “filial responsibility laws,” enacted to give adult children the responsibility to support parents who can’t provide for themselves.

The reality is more nuanced than the headline. Technically, you could be required to pay for some of your parents’ essential needs if they cannot. In Nevada, a law states that if there’s a written agreement to provide care, the child has control over and access to the parent’s assets or income, and the child can financially support the parents.

In most cases, certain triggering events must occur before the children need to pay their bills. For one, the parent must be found to be indigent. If parents receive nursing home care and cannot afford to pay for care until they qualify for Medicaid, the facility could sue the children.

Enforcement now rarely occurs. In Pennsylvania, a statute was proposed to prevent having family members support impoverished family members, including a person’s “child, spouse and parents.”

However, there’s more to the story. Adult children might get phone calls and letters from debt collectors if medical bills are unpaid. If a healthcare provider doesn’t receive payment and sells the debt to a third-party collection agency, the collection agency then owns the debt. It may turn to any viable source—typically, an adult child.

What can you do? Unless you co-signed or agreed to be a guarantor on bills for your parents, you are not liable for the debt. The collection agency will hope you don’t know this and press for payment. They may not be polite about it either. They cannot sue you or add the debt to your credit reports by law. They can be very aggressive. However, you have the law on your side. You don’t have to pay if you’re not legally responsible for the bill.

You’re also protected by the Fair Debt Collection Practices Act (FDCPA), which gives you the right not to talk with third-party debt collectors. Once you tell the person it’s not your debt and to stop contacting you, they are bound by the FDCPA to stop contacting you.

There are steps to prevent any accidental mingling of funds with parents. For starters, don’t co-sign debts, including loans, mortgages and credit cards. Read nursing home contracts thoroughly; some contracts may attempt to sign you up as a responsible party. Don’t sign anything you don’t understand—ask your estate planning attorney to review the contract first.

Plan by ensuring that your parents have wills, trusts and powers of attorney with medical directives. Talk with them about insurance policies and find out if they have created trusts to protect their assets. If they are relatively healthy, see if they are eligible for long-term care insurance.

Put a plan in place for the inevitabilities that occur in life. They may be spry today. However, aging is not always a kind or easy process. If it’s likely they will need your help, and you’re able to do so, build in some emergency funds for their needs. If parents have not put any estate planning into place, including planning for long-term care, talk with your estate planning attorney about how to help them get started.

Reference: U.S. News & World Report (June 28, 2024) “This Is Why You Might Be Responsible For Paying Your Parents’ Medical Debts”

Senior Coastal Properties Facing Increased Flood Risks

Climate change is causing more frequent and severe weather events around the world, especially in coastal areas. Seniors who live near the sea need to be aware of these risks. As sea levels rise and hurricanes strengthen, protecting yourself and your property becomes even more important.

Martha Shaw’s Story with Coastal Flooding

Martha Shaw is an 84-year-old retiree who experienced the devastating effects of Hurricane Ian in 2022. Living in Fort Myers, Florida, Martha had been through hurricanes before. However, she had never experienced something like Ian. The storm surge pushed water nearly to the ceiling of her mobile home, making it uninhabitable. Despite having homeowners insurance, it did not cover flood damage. Ultimately, Martha no longer had a home and struggled to rebuild her life.

Why Are Seniors More at Risk from Flooding?

According to AARP, flooding poses a unique set of challenges for seniors. Limited mobility and health issues can make it difficult to evacuate quickly. Since many older adults live on fixed incomes, it can be difficult to recover financially. Many seniors also rely on regular medical care that flooding can disrupt.

What Are the Long-Term Impacts of Flooding on Coastal Seniors?

Long-term impacts of flooding on seniors include the loss of homes and personal belongings. However, it’s also a traumatic event with a deep emotional toll. Martha Shaw, for example, moved to a shelter where she had to be separated from her pet. Eventually, she relocated to a temporary rental far from her community. In many cases, the isolation and chaos can be just as overwhelming for seniors as the financial strain.

Are Flood Risks Increasing?

Climate change is increasing flood risks. Rising sea levels and stronger hurricanes mean more frequent and severe flooding. Many seniors choose to retire to coastal areas. However, these regions are particularly vulnerable. According to the National Oceanic and Atmospheric Administration (NOAA), high tide flooding has increased by three to nine times over the past 50 years.

How Can Seniors Protect Themselves?

Seniors living in coastal areas should take steps to protect themselves from flooding. This includes:

  • Reviewing Insurance Policies: Ensure that you have flood insurance. Standard homeowners insurance does not cover flood damage, which many seniors overlook.
  • Preparing for Emergencies: Prepare an evacuation plan and pack an emergency kit.
  • Home Modifications: Consider making your home more flood-resistant, such as elevating the structure.
  • Stay Informed: Keep updated with local weather forecasts and promptly heed evacuation warnings.

Why Is Estate Planning Important for Seniors?

Estate planning is crucial for seniors, especially those living in flood-prone areas. A solid estate plan can help ensure that your assets are protected and that your wishes are followed during a disaster. Knowing that your loved ones will be cared for can also provide peace of mind.

How Can You Get Started with Estate Planning?

If you or a loved one is living in a coastal area, it’s important to take action now. An estate planning attorney can help you create a comprehensive plan that includes:

  • Budgeting Your Assets: Work the cost of flood insurance into the assets funding your retirement.
  • Power of Attorney: Designate someone to make financial decisions if you cannot.
  • Advance Healthcare Directives: Outline your healthcare wishes in case you cannot decide for yourself.

Request a Consultation

Don’t wait until it’s too late. Protect yourself, your estate and your legacy with a solid estate plan. Get started by contacting us today to schedule a consultation. Together, we can ensure that you are prepared for whatever challenges climate change and flooding may bring.

Key Takeaways

  • Increased Risk Awareness: Understand how climate change and rising sea levels increase flood risks for seniors living in coastal areas.
  • Importance of Insurance: Ensure that comprehensive flood insurance as part of your homeowner’s coverage.
  • Emergency Preparedness: Have an evacuation plan and emergency kit to mitigate risks during natural disasters.
  • Home Modifications: Consider making your home more flood-resistant to minimize damage.

Reference: AARP (May 28, 2024) “Rising Seas Are Wiping Out Some Older Americans’ Futures”

Heirs’ Property and Potential Landowners Issues in Inheritance through Probate

Heirs’ property describes land or real estate that an heir inherits without a legally binding will. When a person dies without a will, their property goes through probate. This legal process determines the value of the deceased’s assets, pays off any debts and identifies the rightful heirs. Without a will, property is often divided among multiple heirs, fracturing the property among various landowners.

What Landowners Issues Arise from Heirs’ Property?

Heirs’ property creates several challenges for landowners:

  • Lack of Clear Title: Landowners cannot access the full benefits of homeownership without a clear title. They are often ineligible for loans or government assistance programs, making maintaining or improving the property difficult.
  • Vulnerability to Partition Sales: Any heir, regardless of their fractional interest, can initiate a partition sale. A forced sale can occur if the property cannot be physically divided, which is common in urban areas. This makes heirs’ properties susceptible to speculators who can buy out a single heir and force a sale.
  • Tax Issues: Heirs’ property owners may face higher property taxes because they cannot qualify for tax exemptions without a clear title. This increases the risk of tax foreclosure.

At first, fractional ownership under heirs’ property wouldn’t seem like a bad solution. However, the divided property ends up being worth much less to your descendants than the sum of its parts.

The Impact on Black Communities

Heirs’ property is particularly prevalent in Black communities, especially in the rural South. Historical factors, such as exclusion from the legal system during Reconstruction and Jim Crow eras, contributed to this issue.

Black families have lost significant wealth due to a historic lack of access to estate planning. According to HousingMatters, roughly one-third of all Black-owned land in the South is heirs’ property. This amounts to around 3.5 million acres with a value of $28 billion.

What Is the Uniform Partition of Heirs Property Act?

The Uniform Partition of Heirs Property Act (UPHPA) is legislation designed to protect the owners of heirs’ property from forced sales. According to ABCnews, the UPHPA helps families preserve their inherited property and maintain their wealth.

This bill aims to provide a fair process to partition inherited property. Co-owners can buy out the shares of other heirs before any forced sale. This law prioritizes keeping the property within the family, closing an avenue for real estate speculators to exploit heirs’ property owners.

Protecting and Preserving Heirs’ Property

Addressing the issue of heirs’ property requires a multi-faceted approach:

  • Legal Assistance: Providing legal services to help landowners create wills and clear titles is crucial. Legal clinics and pro bono work can connect lawyers with communities in need.
  • Community Engagement: Partnering with trusted community organizations can help build trust and encourage estate planning.
  • Policy Changes: Implementing state policies, like the Uniform Partition of Heirs’ Property Act, can protect landowners by allowing them to buy out other heirs and prevent forced sales.

Black Families, Estate Planning, and Truth in Fiction

In a poignant episode of HBO’s “Insecure,” Issa Rae’s character mentions that her great-aunt’s will was thought to be with God. However, it ended up with the county. This humorous line underlines the unfortunate reality that many Black families lack legally binding wills. As a result, many Black families have suffered even more obstacles to accruing generational wealth.

Without proper estate planning, properties end up in probate. This leads to avoidable taxes, fractional ownership and vulnerability to partition sales. This strips families of their heritage, while simultaneously perpetuating the racial wealth gap.

Plan for Generational Wealth

If you own property and lack a robust estate plan, taking action now is crucial. Contact our estate planning attorneys to learn more about protecting and transferring your assets to your descendants. Request a consultation today to secure your family’s legacy and reduce the racial wealth gap.

Key Takeaways

  • Clear Title Importance: Obtaining a clear title helps landowners access loans and government assistance.
  • Risk of Partition Sales: Any heir can force a sale, making properties vulnerable to speculators.
  • Tax Challenges: Heirs’ property owners may face higher taxes, risking foreclosure.
  • Impact on Black Communities: A significant portion of Black-owned land in the South is heirs’ property, affecting wealth transfer.
  • Solutions: Legal assistance, community engagement and policy changes are crucial for protecting heirs’ property.

References: ABCnews (Oct. 27, 2023) “In North Carolina, a proposed law could help families protect land ownership” and HousingMatters (Dec. 13, 2023) “What Is Heirs’ Property, and Why Does It Matter for Equitable Homeownership?”

Your College Student Needs a Power of Attorney for Finance and Healthcare

Once a child reaches the age of legal majority, they are considered an adult with privacy rights.  This means that parents lose access to private information. This can have dire consequences if the student is involved in an accident or gets seriously ill, explains the article “Navigating The Transition To Adulthood: A Legal Guide For Parents” from mondaq. With proactive steps, parents can address these situations before they occur.

Whether or not your insurance covers your child’s healthcare doesn’t matter. Without a Healthcare POA, parents cannot make medical decisions, speak with healthcare providers, or talk with the health insurance company. Parents are strongly urged to have their college-bound student complete a Healthcare Power of Attorney.

If there is no POA and the child is incapacitated, parents will have to go to court to be able to make medical decisions for their child. Hospitals and healthcare providers are extremely strict about following these rules to avoid litigation and fines. No matter how bad the situation is, don’t expect any rules to be bent.

Your adult child should also have a Living Will. This is a document controlling decisions about end-of-life. It only becomes effective when a person is in a state of permanent unconsciousness, like a coma, or if they are terminally ill. The student uses this document to express their wishes concerning care: do they want to be artificially fed, hydrated, or kept alive by extraordinary means? Do they want to become an organ donor? This document conveys their wishes and can save the family an unimaginable amount of added stress during a trying time.

A Durable Power of Attorney is used to name a person, known as an “agent” or “attorney in fact,” to act on their behalf. The agent can take care of legal and financial matters. This is needed in case of incapacity so the parent or trusted person may deal with financial institutions, colleges, courts and any other company or organization on behalf of the student. Without it, parents cannot access account information or act on the student’s behalf.

Does your student need a will? The estate planning attorney who helps create the documents listed above can help you answer this question. Depending on their situation, if the student owns a car, has a bank account, an inheritance, or sizable cryptocurrency accounts, they may need a will.

The documents mentioned above should also be in place for parents. If parents don’t have a will, Power of Attorney, Healthcare Power of Attorney, Living Will and trusts, if appropriate, their newly minted adult will have a lot to deal with if they should both die unexpectedly. A visit to the estate planning attorney for all generations is a good idea.

Reference: mondaq (June 24, 2024) “Navigating The Transition To Adulthood: A Legal Guide For Parents”

Can You Use AI to Create a DIY Estate Plan?

Estate planning is crucial to carry out your wishes after you’re gone. However, with the rise of artificial intelligence (AI), some wonder if it can bypass traditional methods. Some people have used AI tools to create DIY estate plans that look good to the untrained eye but have serious shortcomings.

What Is AI, and Can I Use ChatGPT in Estate Planning?

Artificial intelligence refers to computer programs that use complex algorithms to perform tasks usually requiring human intelligence. AI tools like ChatGPT and Google Gemini have recently become widely available. Creative writers and many others use these tools for help with research, drafting documents and other purposes. You would think a DIY estate plan with AI could work. However, a close examination reveals its shortcomings.

Can AI Draft My Will?

If you’re comfortable writing a document, you can use AI to assist in drafting. This could help in documents, like wills and powers of attorney, by generating them from information you provide. For most people, though, this would do more harm than good. It’s necessary to understand the limitations and risks of AI in estate planning.

What are the Risks of Using AI for Estate Planning?

While ChatGPT and other chatbots are impressive tools, they lack true intelligence. This can often make DIY estate plans with AI no better than having no estate plan at all.

  • Lack of Critical Thinking: AI lacks the ability to think critically. It uses pre-fed data to generate responses, which can lead to inaccuracies. For example, AI might misinterpret your instructions or miss important details about your estate.
  • Hallucinations: AI can “hallucinate,” or produce entirely fictional information. There have been cases where AI-generated legal documents contained fabricated cases and statutes. This can render AI-based legal documents completely invalid, with severe consequences.
  • Incomplete Customization: Estate plans need to be highly personalized. AI might not consider all personal details, such as the specific needs of your family members or your unique financial situation. This could result in a plan that doesn’t reflect your wishes.

Can You Trust AI with Confidential Information?

When you input personal data into an AI tool, there’s a risk of confidentiality breaches. AI systems store this information, which others can potentially access. This raises significant privacy concerns, since a data breach could expose sensitive information about your family and assets.

Is It Cost-Effective to Use AI for Estate Planning?

AI might seem like a cost-effective solution compared to hiring an attorney. However, the likely risks and inaccuracies can be devastatingly costly in the long run. Errors in your estate plan can result in legal disputes, probate battles and avoidable tax burdens.

Why Should You Consult an Estate Planning Attorney?

Estate planning attorneys bring a level of expertise and personal touch that AI cannot match. They can:

  • Ensure that all legal documents are accurate and tailored to your needs.
  • Provide critical thinking and problem-solving skills.
  • Address complex family dynamics and financial situations.
  • Guarantee confidentiality and privacy of your personal information.
  • Offer ongoing support and updates to your estate plan as laws and personal circumstances change.

Real-Life Examples of AI Failures

The American College of Trust and Estate Counsel (ACTEC) reports that a New York lawyer used AI to find case law for his case. However, they discovered the cases were entirely fabricated, and he soon faced sanctions. A Florida attorney similarly faced suspension for submitting AI-generated pleadings with non-existent cases. Despite the progress in AI, these tools remain inadequate for legal purposes.

How Does AI Estate Planning Compare to Human Attorneys?

AI lacks the human element necessary for comprehensive estate planning. Human attorneys understand the nuances of the law with true understanding that AI simply cannot replicate. Furthermore, a human attorney brings interpersonal skills and business experience to your estate planning. They can foresee potential issues with your family and new developments in the law to create a comprehensive, enforceable estate plan.

Secure Your Future

While AI can help draft simple documents, it is not a substitute for an estate planning attorney’s expertise. The risks of inaccuracies, lack of customization and potential privacy breaches make it unreliable.

A skilled estate planning attorney is needed to create a comprehensive and accurate estate plan. Contact us today to schedule a consultation and take the first step towards securing your future.

Key Takeaways

  • Hallucination and Other Dangers: AI cannot understand complex personal and legal nuances.
  • Privacy Concerns: Personal information you share with AI may not remain confidential.
  • Professional Guidance: A qualified attorney can ensure a comprehensive and personalized estate plan.

Reference: American College of Trust and Estate Counsel (ACTEC) (Apr. 18, 2024) ”Use of Artificial Intelligence (AI) in Creating an Estate Plan”

How to Prepare for Cognitive Changes in Your Life

Planning for the cognitive decline that often accompanies aging can prevent expensive mistakes, says a recent article from U.S. News & World Report, “How to Minimize 4 Financial Management Disasters That Come With Aging.” Planning for cognitive decline can make our later years less stressful.

Age and Vulnerability to Financial Elder Abuse. Simple tasks like paying bills can become problematic as our cognitive abilities diminish. This also leaves people more susceptible to fraud and scammers—today’s thieves’ prey on the elderly through telephone, online, mail and in-person schemes. Add a layer of protection by having a trusted person or family member oversee accounts. A professional fiduciary or a bill-pay service could be used if no family member is available or trustworthy enough.

Freezing a senior’s credit with major credit bureaus can make it harder for thieves to steal their identity, take out loans, or open credit cards under their names.

Financial documents should be organized, and their location should be shared with loved ones. Your estate planning attorney, financial advisor and CPA should have the contact info of a trusted person who can step in to manage your affairs, if necessary. Your estate planning attorney can create a Financial Power of Attorney, so they can act on your behalf.

You can appoint a representative payee with the Social Security Administration, so another person can help you with Social Security matters.

The Death or Disability of the Family’s Financial Person. One person in the household very often runs the business side of life, paying bills, balancing checkbooks and keeping an eye on investments. If that person dies or becomes disabled, the spouse needs to be able to take over finances. To do this, they’ll need to know more than the usernames and passwords on accounts—although they’ll need to know this information as well. Regular check-ins on financial matters with a spouse and a trusted adult is a good practice.

Planning for Long-Term Care Expenses. Failing to prepare for the cost of long-term care or to protect a couple’s assets with Medicaid planning can be financially catastrophic. Medicaid can help with the cost of nursing home care. However, if the family has assets, they must be used up before the person is eligible for care. Medicaid also has a five-year lookback period, meaning any transfers or sales of assets taking place five years from the date of application will delay eligibility. An estate planning attorney can help with the use of irrevocable trusts, often referred to as Medicaid Asset Protection Trusts. There are also trusts designed to protect assets for the healthy spouse. A consultation with an estate planning attorney long before long-term care is needed is critical to avoiding this mistake.

Outliving Your Money. Experts believe nearly two-thirds of Americans nearing retirement age are unprepared for two, three, or even four decades of retirement. The past year’s skyrocketing costs of living have prevented many from adding to their savings during the end of their working lives, and many don’t even have emergency savings. Having a financial plan and an estate plan is important at every age and stage of life.

Cognitive changes don’t happen to everyone as they age. However, it is still wise to have your estate planning done long before any changes occur. Having a will and any necessary trusts created and executed while you are at full capacity allows you to be the one making these decisions.

Reference: U.S. News & World Report (June 26, 2024) “How to Minimize 4 Financial Management Disasters That Come With Aging”

How to Protect Wealth over Generations

The Gilded Age was a time of rapid economic growth, creating extraordinary new wealth, materialistic excess, political corruption and terrible poverty and struggle for the lower economic classes. Famous families from this era, including the Rockefellers, Carnegies, Vanderbilts and Astors, had huge wealth. Nevertheless, not all benefited from multi-generational estate planning, says the article “Estate Planning to Protect Generational Wealth Transfers: Lessons From The Gilded Age” from mondaq.

The Vanderbilt family’s wealth came from shipping and railroad empires. In 1877, the family’s wealth was estimated at $200 million—$105 billion in today’s value. The family name continues, but with every generation, the size of the wealth dwindles. While the exact terms of the Vanderbilt estate plan are unknown, it’s understood that the family had no strategic long-term plan.

The Pulitzer family is best known for the Pulitzer Prize and the founding of the Columbia Journalism School. Two generations after Joseph Pulitzer’s death, a grandson lost most of the massive fortune in a single bad investment. Without a multi-generational plan for wealth transfer, the fortune evaporated.

The Rockefellers are known as one of the Gilded Age families that got estate planning right. They used irrevocable trusts to protect assets from wasteful spending by heirs over multiple generations. The Rockefellers created business succession plans and incorporated philanthropic goals that are still used today.

Your family can benefit from trust and estate plans, even if you’re not worth $100 billion. Creating a strategic plan to protect and transfer wealth over many generations can happen with the skilled experience of an estate planning attorney. Teaching financial literacy and shared family values, including understanding the importance of stewarding wealth and philanthropy, is as important as the money itself.

Generation-skipping trusts (GSTs) are just one means of preserving wealth transfer. With a GTS, a grandparent can leave assets in the trust to grandchildren and other beneficiaries at least 37.5 years younger. By skipping a generation, federal estate taxes aren’t paid twice on inherited assets. Trusts have also been used to offer creditor protection for generations. Divorcing parties can’t access funds in a trust.

If appropriate, there are some states where perpetual trusts are permitted. An estate planning attorney will be able to make recommendations as to whether these are appropriate for your family.

Selecting trustees and successor trustees is extremely important for wealth to last over many generations. Your estate planning attorney will also guide you in choosing either individuals or institutions to ensure trustee power is in the right hands.

Reference: mondaq (June 18, 2024) “Estate Planning to Protect Generational Wealth Transfers: Lessons From The Gilded Age”

How Elder Caregivers Take a Much-Needed Vacation

How Elder Caregivers Can Take a Vacation

Caring for an elderly parent can be a full-time job. Elder caregivers might dream about taking a vacation but feel unable to fulfill those dreams. The good news is that with a bit of planning and the right strategies, you can take a much-needed break without guilt or worry.

Why Is It Important for Caregivers to Take a Vacation?

Taking care of an elderly parent is physically and emotionally demanding. Without regular breaks, caregivers can experience burnout, stress and even health problems. This burden takes a toll on the elder caregiver and can result in care mistakes that also affect the elderly parents. A vacation offers a chance to recharge, relax and return with renewed energy to provide the best care possible.

Can You Find Coverage for Your Caregiving Duties while You’re Away?

According to Care, the first step in planning your vacation is finding someone to care for your parent temporarily. There are several options to consider:

Ask a Family Member or Friend

Family members or close friends can often step in to help. Care discusses how Carolyn Miller Parr, a family caregiver, asked her siblings to cover for her so she could take a trip. They enjoyed spending time with their parents and saw it as a mini vacation.

Similarly, Laurie from Boston asked her brother to extend his visit with their mother so she could enjoy a brief getaway. Although she only stayed at a local hotel, it was still a peaceful, rejuvenating experience.

Hire a Temporary Caregiver

If family and friends are not an option, consider hiring a temporary caregiver. Introduce them to your parent ahead of time to ensure that they are comfortable with each other. If you don’t have personal recommendations, try looking through an agency.

Look into Respite Care

Respite care is another excellent option. Many assisted living facilities offer short-term stays with professional care for elderly parents. While this is usually for the parent’s respite following an injury or hospital visit, it can also be for your respite. Research local facilities to find one that suits your needs.

How to Prepare a Temporary Caregiver?

Preparing the temporary caregiver is crucial for a smooth transition. Provide detailed instructions about your parent’s needs, from medications and meal preferences to daily routines and quirks. Laurie, who arranged for her brother to care for their mother, provided him with a comprehensive guide, including everything from medication schedules to household tips.

How Should You Handle Communication while Away?

Decide how you want to communicate with the temporary caregiver while on vacation. Some caregivers prefer daily updates, while others only want to be contacted in emergencies. Ensure that the caregiver has all the necessary information, including insurance details, medical records and emergency contacts.

How to Deal with Caregiver Guilt?

Feeling guilty about taking a vacation is common among caregivers. However, it is essential to remember that caring for yourself is crucial to being an effective caregiver. Overcoming guilt involves recognizing that you deserve a break and accepting that you can’t control everything.

Janet, from Homewood, Alabama, felt guilty about going on a pre-booked trip after her mother was diagnosed with cancer. However, she realized that worrying about worst-case scenarios was unproductive. By accepting her limitations, she was able to improve her well-being and better support her mother through hard times.

Start Planning Your Break

If you’re an elder caregiver who needs greater peace of mind, we can help. While our estate planning attorneys can’t plan your vacation, we can help you create a comprehensive plan for your elderly parents’ care and estate. Schedule a consultation with us and secure your peace of mind today.

Key Takeaways

  • Preventing caregiver burnout is a must: Taking a vacation helps prevent burnout and reduces stress, enabling caregivers to continue providing quality care.
  • Find a temporary care solution: Family, friends, temporary caregivers and respite care facilities can provide temporary coverage.
  • Make detailed preparations: Thorough preparation and clear communication ensure a smooth transition and peace of mind.
  • Care for yourself and your parents: A break allows caregivers to recharge. This is just better for them and those they care for.

Reference: Care.com (Mar. 2, 2024) “Yes, you can take a vacation — even if you’re caring for aging parents. Here’s how”

Search
Join Our eNewsletter

Recent Posts
Categories
estate planning and elder law
Email/Social Media
Facebook-square Twitter-square Linkedin Youtube Blog
Quick Links
Powered By

Copyright © Lambros Law Office LLC. All rights reserved. Some artwork provided under license agreement.