Tuesday, November 15, 2011 Estate Planning with a Chronic or Terminal Disease
We mention often on our blog that each family will have unique circumstances and unique estate planning needs—this is especially true of families in which one member has a chronic or terminal disease such as cancer, diabetes, or, as mentioned in this article in Forbes Magazine, multiple sclerosis.
For most people, the documents in their estate plan constitute a “someday” or a “what if” scenario, but for those people with chronic or terminal diseases the documents in their estate plan address issues that are much more immediate and certain. For this reason, the advice in the article mentioned above focuses mainly on doing whatever you can to take control of your estate planning, health care, and financial affairs right now. Some of the suggestions include:
* Finding financial and estate advisors who are comfortable discussing your situation, and can help you customize your plans to fit your needs.
* Customizing your estate planning documents, including your will, trust, or living will.
* Signing important forms right now, while you still can.
* Making use of your temporary or limited powers options in your healthcare and financial documents, giving your chosen agents the limited power while you are temporarily incapacitated to “pay your bills and file your taxes but not sell your house or make gifts of your assets.”
Living with a chronic or terminal disease is a unique situation and requires unique planning and preparation—planning that is best done right away, for the good of your family and for yourself. If you have questions about estate planning with a chronic or terminal disease please don’t hesitate to contact our office—we can help.
Wednesday, September 08, 2010 Planning for the Future is Essential for Special Needs Families
If you have a special needs child, parent, or sibling then you know that planning for the future can be overwhelming under the best of circumstances; which is why so many parents and caretakers tend to live for today, while planning for tomorrow is always put off until... well, until tomorrow. But if planning and caring for your loved one is this difficult for you, can you imagine how difficult it would be for a friend or guardian if something were to happen to you? For this reason, the importance of planning for the care of your special needs loved one cannot be overstated.
Getting started with your planning can feel like climbing Mt. Everest at first, especially if you’re trying to navigate through government programs and federal financial aid. But as overwhelming as it can be in the beginning, with the right advisors the planning process can and should be a relieving and beneficial experience for all. The following article from CNN Money (and posted courtesy of the Special Needs Alliance) gives a few tips on how—and why—to begin planning for your special needs loved one.
If you would like to have a secure plan for the future but aren’t sure where to begin, perhaps the best way to start is to find an attorney in your area who specializes in Special Needs planning. The laws and requirements for government aid will vary from state to state, but more importantly, there is no substitute for a knowledgeable expert who will listen to your family’s unique story and help you blaze securely into the future. |