Blending two families often comes with its share of ups and downs. Spouses who are busy trying to handle the emotional and practical aspects of blending families often forget about some of the estate planning considerations that a blended family brings with it such as: Fiduciaries – the executor of your will, an agent in a power of attorney, or a trustee of a trust all wield considerable power within your estate plan. Once two families are blended you may wish to reconsider these roles and … [Read more...] about Five Important Estate Planning Considerations for Blended Families
Revocable Living Trust and Incapacity Planning
A revocable trust is a type of inter-vivos, or living, trust. An irrevocable trust is the other living trust option. If you are considering the use of a revocable trust as part of your estate plan, you should have a basic understanding of the benefits, and limitations, of a revocable trust. One way that a revocable living trust can be useful as part of an estate plan is as an incapacity planning tool. When you create a revocable trust, you must name a trustee, at least one beneficiary and … [Read more...] about Revocable Living Trust and Incapacity Planning
Autism Awareness Month Highlights the Need for More Research
The month of April has marked Autism Awareness Month across the country since the mid-1970s. The Autism Society hopes that by designating the months of April as Autism Awareness Month it will bring public attention to the disorder and therefore finally locate the cause and/or the cure for those suffering from an Autism Spectrum Disorder, or ASD. Autism is not just one disorder but refers to a broad range of disorders that are collectively referred to as Autism Spectrum Disorder. While ASD … [Read more...] about Autism Awareness Month Highlights the Need for More Research
Legal Concerns When Your Spouse Develops Alzheimer’s
Alzheimer’s disease is a progressive disease that slowly destroys memory and thinking skills of the sufferer. Currently, it is believed that over five million Americans suffer from the disease with 600 more diagnosed each day. As we age, the risk of being diagnosed with Alzheimer’s increased exponentially. In fact, your chance of being diagnosed with Alzheimer’s almost doubles every five years as you age.To some degree, most of us worry about having Alzheimer’s, but what about the consequences … [Read more...] about Legal Concerns When Your Spouse Develops Alzheimer’s
Keeping Control of Your Estate–Preventing Involuntary Conservatorship
Most of us prefer not to think about the possibility that we will be unable to handle our own finances one day due to the natural aging process or a disease such as Alzheimer’s. Burying your head in the sand though could result in you losing control of all of your estate assets at a later point in time through an involuntary conservatorship petition. Taking the time now to plan for the possibility, however, could prevent that from happening. An involuntary conservatorship petition can typically … [Read more...] about Keeping Control of Your Estate–Preventing Involuntary Conservatorship
Guardianship or Conservatorship of a Parent
At some point in your life, you may be faced with deciding how to handle a parent who has become incapable of caring for herself or himself. This may be due to a physical incapacity, a mental incapacity, or both. When the child becomes the parent, it can be a confusing and complicated situation. Not only must you make a difficult decision to step in, but there are legal steps that must be taken as well. Often, when an adult child is required to step in to take over legally for a parent, it … [Read more...] about Guardianship or Conservatorship of a Parent
What Is A Health Care Directive?
Most states recognize some form of advanced directive, often referred to as a health care directive or living will. Understanding the benefits and purpose of a health care directive can help you decide whether executing one should be part of your estate plan. A health care directive generally allows you to accomplish two important things. First, you may legally appoint someone who will have the authority to make health care decisions on your behalf in the event you become incapacitated and … [Read more...] about What Is A Health Care Directive?
Incapacity Planning
Many people take great pains to create and execute an estate plan that will dictate what happens to their assets upon death, yet they do not dedicate the same time and attention to incapacity planning. While deciding who will receive your assets when you die is important, deciding who will handle your finances and make decisions on your behalf in the event you become incapacitated is of equal importance. If you become incapacitated as some point during your life as a result of a tragic … [Read more...] about Incapacity Planning
The Importance of An Advanced Directive for the GLBT Community
Advanced directives, also known as health care directives or living wills, are common estate planning tools that can be used by anyone. Although the importance of creating an advanced directives is applicable to anyone, it can take on heightened importance for members of the Gay, Lesbian, Bi-Sexual and Transgender, or GLBT, community. State laws determine whether advanced directives are recognized within the state, and if so, what form they must take, what may be included, and what limitations … [Read more...] about The Importance of An Advanced Directive for the GLBT Community
What is a Conservatorship?
If you are the parent of an adult disabled child or the family member of an elderly individual in declining health, you may need to consider petitioning the court for conservatorship over the individual at some point in time. As in many states, Oregon separates the duties of a guardian and those of a conservator. A conservator has control over the finances, money, and property of the protected person while a guardian has control over the personal affairs of the protected person. Before a court … [Read more...] about What is a Conservatorship?
