Archive for the Blog Category

Brain Health: Myths Versus Reality

On July 23, 2020   /   Blog  
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Brain Health: Myths Versus Reality

You’ve no doubt heard plenty of stories about how to keep your brain healthy and boost memory. A recent article on AARP’s website explored this subject and distinguished between myth and fact. Here are some the highlights. Myth: Brain aging is inevitable. Although the brain does shrink with age, exercise has been shown to increase brain mass. Researchers at the University of Pittsburg and the University of Illinois asked 120 older, relatively inactive people to either walk or stretch three times a week. The researchers then took MRIs of the subjects’ brains. It took one year for the walkers to increase the size of their hippocampus by two percent, in essence reversing the shrinkage associated with one to two years of aging. In addition, people who exercise regularly may also have less amyloid (plaques found in the brains of people with Alzheimer’s disease). Myth: Supplements can boost your memory. Substances

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Estate Planning Fundamentals

On July 21, 2020   /   Blog  
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Estate Planning Fundamentals

Clients often ask us about the estate planning tools we use and what each of them can accomplish. Here is a list of the most commonly used tools and brief descriptions of their purpose. Last Will and Testament This allows you to specify “who gets what” when you pass away. Without your own Last Will and Testament, your assets will be distributed according to state guidelines. A Will also allows you to name guardians for your minor children. This is important because if something happens to you and your spouse, the state will decide who will have legal authority over your minor children. This could very well be a person or institution you would never have chosen to have such authority. Durable Powers of Attorney These allow you to name people of your own choosing to make decisions for you in the event of incapacity. A power of attorney for

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Protecting Yourself Against The High Cost of Long-Term Care, Continued

On July 16, 2020   /   Blog  
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Protecting Yourself Against The High Cost of Long-Term Care, Continued

Last time, we looked at the cost of long-term care and two strategies frequently used to cope with it. Now let’s look at several other options.  Life insurance. Some insurance companies have begun to offer life insurance policies that can help pay for long-term care services. The options include combination life/long-term care products, accelerated death benefits, life settlements and viatical settlements. Combination products are relatively new and the features change constantly as the products evolve. Annuities. You may choose to enter into an annuity contract with an insurance company to help pay for long-term care services. In exchange for a single payment or a series of payments, the insurance company will send you an annuity, which is a series of regular payments over a specified and defined period of time. There are two types of annuities, Immediate Annuities and Deferred Long-term Care Annuities. You can learn more about long-term care

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Four Reasons You Might Want To Use A Corporate Trustee

On July 14, 2020   /   Blog  
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Four Reasons You Might Want To Use A Corporate Trustee

A trustee can be one person, multiple people, or what is called a “corporate trustee,” such as a bank or trust company staffed by people who manage and grow trust assets. People name corporate trustees for a variety of reasons, including: Necessity If you have no one you can count on to administer your trust, or you don’t want to burden a loved one with the responsibilities of serving as trustee, a corporate trustee may be the way to go. Avoiding family disputes When one member of the family is named as trustee, other family members might feel slighted. This can lead to arguments and even legal disputes. A corporate trustee is unbiased and can help eliminate infighting between family members. Also, if you are unhappy with how trust assets are being managed, it is much easier to fire a corporate trustee than, say, your eldest son. Experience In the vast

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Protecting Yourself Against The High Cost of Long-Term Care

On July 9, 2020   /   Blog  
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Protecting Yourself Against The High Cost of Long-Term Care

Thanks to improvements in medical science and healthier lifestyles, Americans are living longer than ever before. Unfortunately, many of us will require long-term care at some point in our lives, and one in five of us will require long-term care for at least five years. According to Genworth Financial, the median cost of long-term care nationwide ranged from $51,480 to $102,200 per year in 2019, depending on the type of care needed.  (Care costs also vary widely based on where you live. To see the cost of care in your area, visit https://www.genworth.com/about-us/industry-expertise/cost-of-care.html.) The median cost of in-home care provided by a home health aide was more than $52,000 in 2019, while care in a nursing home can easily top $100,000 per year. Worse, experts predict that the cost of nursing home care will more than double over the next twenty years. Tragically, many families exhaust their life savings within

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Here’s What Can Happen If You Don’t Have An Estate Plan of Your Own, Continued

On July 7, 2020   /   Blog  
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Here’s What Can Happen If You Don’t Have An Estate Plan of Your Own, Continued

In this post, we’ll continue our discussion of why everyone needs an estate plan. Loss of Control Losing control over how your assets are distributed after death isn’t the only negative consequence of failing to plan. You and your family may suffer physically, financially and emotionally while you are still alive. For example, a properly designed and implemented plan allows you to name people you trust to make medical and/or financial decisions on your behalf if you become incapacitated. Without a plan, someone will petition the court for the right to make these important decisions for you. The court could very well decide to choose a person or persons you would never have wanted to have such authority. The result? You may not receive the level of medical care you would have wanted. Conversely, you might be subjected to medical procedures you would not have wanted to keep you alive

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Estate Planning and Alzheimer’s Disease

On July 2, 2020   /   Blog  
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Estate Planning and Alzheimer’s Disease

While everyone should have an estate plan, it is especially important for families living with Alzheimer’s disease. If you or a loved one has recently been diagnosed with Alzheimer’s, and you do not have estate planning documents like a will, Power of Attorney, or advance directive, please contact our office as soon as possible. Estate planning documents require the person who signs them to have the legal capacity to understand the documents’ consequences. In most cases, someone who has just received a diagnosis of Alzheimer’s can understand the meaning and importance of a given document and therefore has the legal capacity to sign it. However, the ability to understand the implications of legal documents may decline as the disease progresses. We can guide you through all the legal ramifications surrounding an Alzheimer’s diagnosis, including medical and asset protection planning, advance directives and guardianship. We understand what you are going through

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Here’s What Can Happen If You Don’t Have An Estate Plan of Your Own

On June 30, 2020   /   Blog  
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Here’s What Can Happen If You Don’t Have An Estate Plan of Your Own

We often discuss the benefits of estate planning. However, a discussion of what can happen when a person fails to plan is perhaps a more powerful way to stress the importance of proper planning. Let’s look at a few potential consequences of not having a plan of your own. If a person passes away without a will or trust, his or her estate assets are distributed according to what is known as intestate succession. It is important to note that certain assets are not subject to intestate succession laws. These can include funds in an IRA, 401(k) or other retirement account; property owned in joint tenancy or tenancy by the entirety; proceeds from life insurance policies; payable-on-death bank accounts; and securities in a transfer-on-death account. Most other assets are transferred according to intestate succession. As a result, “who gets what” follows a strict formula, with no regard to the actual

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Alzheimer’s Disease: Facts Versus Fiction, Continued

On June 25, 2020   /   Blog  
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In our last post, we discussed some of the myths surrounding Alzheimer’s disease and other forms of dementia. Now, let’s dispel some other myths. You have to be old to get Alzheimer’s disease. People in their 50s, 40s and even 30s can get Alzheimer’s disease. This is known as younger-onset or early-onset Alzheimer’s. It is estimated that there are currently more than 200,000 people under the age of 65 with early-onset Alzheimer’s disease. Cooking with aluminum pots and pans or drinking from aluminum cans may lead to the development of Alzheimer’s disease. This myth began in the 1960s and is still widely held. However, studies have failed to show any connection between Alzheimer’s disease and commonly used items containing aluminum, such as cookware, cans, antiperspirants and antacids.  The artificial sweetener aspartame causes memory loss. Artificial sweeteners such as NutraSweet and Equal, which contain aspartame, were approved by the Food and Drug

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Protecting A Child’s Inheritance

On June 23, 2020   /   Blog  
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Protecting A Child’s Inheritance

A number of our clients have expressed concern about protecting the inheritances of their children. Sometimes, they worry about the security of a child’s job and what will happen if he or she loses that job in a tough economy, cannot pay bills, and loses the inheritance to creditors. Other times, they worry about the influence sons or daughters-in-law have over their children, and what would happen if their child got divorced. Some parents wonder if their children are mature enough to handle an inheritance and if they can make sound, long-term decisions on their own. Fortunately, there are a number of ways for you to leave an inheritance to your children and protect that inheritance against threats such as these and more. In addition to their ability to avoid probate and minimize taxes, trusts are some of the most effective tools to protect your children’s inheritances. Here are a

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