I know of someone who was joint account holder with his dad for many years, then later his dad then appointed him as power of attorney. How does that work? Is the son still a joint account holder?
Elder Law is made up of three major categories, which can be broken down further into deeper topics.
Many people already had pets before COVID-19, but a recent University of Michigan National Poll on Healthy Aging found as many as 10% of those individuals between ages 50 to 80 acquired a new pet between March 2020 and January 2021.
The documents may still be valid but if they are stale or outdated, you may spend significant money trying to use them down the road.
Ensuring that your wishes on your medical care are followed is up to you. Take action now while you’re well, or you could lose a say in the matter during a crucial time later.
You can reduce stress and expenses for yourself and your family, if you develop an estate plan that includes these important documents.
What Emergency Documents Should I Have?
Due to the debilitating nature of Alzheimer’s and related forms of dementia on your loved one’s ability to make sound financial decisions, the sooner you can get financial matters in order the better.
Many baby boomers may hesitate to discuss money with their children. However, the reality is that a massive amount of wealth will be transferred in the next couple of decades. Cerulli Associates estimates that about $68 trillion will move between generations within 25 years, with most of those assets transferred to Generation X households.
While legally you may not need all-new estate planning documents if you move to a different state, you should have your documents reviewed by a local attorney in your new home.