Growing Older
In A Nutshell
Time is of the Essence Why it is imperative that you draw up a complete estate plans
Now! Today! Not Tomorrow!
- Sudden Death and Illness
- Families of Origin vs. Chosen Families
- Illness, Accidents and Incapacity vs. Death
- Your Life vs. "Your stuff when you're dead"
- Children and Guardianships
- Everyone's Peace of Mind
Key Issues for the Elderly
Advanced age and existing infirmities: great age differences; diminishing friendship networks
Choosing personal representatives: executors, trustees and attorneys in fact
Issues of competency and "undue influence:" don't wait too long . . .
Incapacity and Conservatorships: a very expensive "clean-up" mode
Planning Ahead
Creating a Basic Estate Plan: consisting of a Will or Living Trust, Powers of Attorney, Advance Health Care Directive. Get the DPOA and Advanced Health Directive in place NOW, even if you can't quite get to the Will or Trust.
Planning for Disability: Powers of Attorney and Advance Directive for Health Care; Long-term Insurance; Disability Insurance
Provide liquidity: for the costs of your last illness and death and taxes on your estate. Insurance products work well here.
Reduce possible Gift and Estate Taxes: In 2009, only estates having more than 3.5 million in assets had to pay estate taxes. In 2010, unless Congress enacts a retroactive law to January 1st. 2010, there is no estate tax on any amount of assets at death. We do not yet know what the estate tax exemption will be for 2011. Take it upon yourselves to explore techniques (with your attorney or financial planner) to shift assets and avoid crippling estate taxes. CAVEAT: This is complex and careful planning and shifting is imperative.