It is a daunting task to prepare for your child to go to college. Now that the enrollment deposit has been paid, the dorm application is complete, and you’ve purchased their first official college sweatshirt, you can breathe – right? Not necessarily. College is an exciting and emotional time for both parents and students. As parents, we are sometimes so consumed with raising our children, that we tend to see them as just that – children. However, the truth is, in the eyes of the law, the apron strings are cut the moment they turn 18.
Any number of emergencies or disputes could arise when a student goes off to college. Issues such as a disagreement with a landlord, a speeding ticket, or heaven forbid – an accident. Parents lose the ability to make medical decisions, financial decisions, or obtain grades and disciplinary information from their child’s school once the child is 18 years old, even if the parents are the ones writing the check. So what does this mean for you and your child?
If your student would like for you to continue to be involved in those important decisions, they would need to complete legal documents that would allow you to intercede on their behalf.
Here are five important legal documents recommended for your college aged child:
- Family Educational Rights & Privacy Act (FERPA) Waiver
- Healthcare Power of Attorney
- Living Will
- HIPAA Release
- Financial Power of Attorney
FERPA
The Family Educational Rights & Privacy Act transfers the rights of educational information such as transcripts, GPAs, enrollment status, financial aid, and class schedules to the student when they reach the age of 18 (with few exceptions). The FERPA waiver allows the student to appoint a parent (or other adult) to receive educational records and information.
Healthcare Power of Attorney
A medical power of attorney allows parents the ability to make vital medical decisions if their adult child is incapacitated or otherwise unable to do so.
Living Will
A living will outlines the student’s preferences for end-of-life medical care, donating of organs, and life-extending medical treatment in the event they are in a vegetative state for an extended period of time.
HIPAA Release
The Health Insurance Portability and Accountability Act (HIPAA) Release authorizes healthcare professionals to release medical information such as diagnosis, medication, treatments, and test results to a designated person(s). Without this authorization, doctors are prohibited from giving this information to parents.
Financial Power of Attorney
Once your child reaches the age of 18, their finances also become private. While it is a good idea to set up a joint bank account so that you can deposit money for food, books, and other necessities, it is also important to have a financial or durable power of attorney in place. This will allow the parents to pay bills in the event the student is incapacitated. This also allows parents to be able to renew car registrations, sign titles, or complete financial transactions for students in the event they are unable.
These important documents should be completed when your child turns 18 or at the latest, when they leave for college. If the student is going to a college out-of-state, it may be necessary to complete documents that comply with each state’s requirements.
At Axis Estate Planning, we specialize in preparing families for every stage of life. Whether your child is heading to college or you’re planning for your future, we’re here to help. Contact us today to schedule a consultation and ensure your family is protected, no matter where life takes you.
In our previous blog, we discussed the general challenges of estate planning for blended families and why careful planning is essential. Now, let’s delve into specific types of trusts that can help you navigate these complexities while protecting your loved ones and honoring your wishes.
Qualified Terminable Interest Property Trust (QTIP)
A QTIP Trust offers an excellent solution for providing financial support to your surviving spouse while ensuring that your assets are distributed according to your wishes after their passing.
- How It Works: The QTIP Trust generates income for your surviving spouse during their lifetime. After they pass, the remaining assets are distributed to your children from a previous marriage or shared children, based on your predetermined instructions.
- Protecting Minor Children: If your children from a prior marriage are still young, the QTIP Trust’s assets can be transferred into another trust managed by an independent trustee, preventing an ex-spouse from gaining control of the inheritance.
Long-Term Discretionary Trust (LTD Trust)
A Long-Term Discretionary Trust provides enhanced control over your children’s inheritance.
- Independent Trustee: You can appoint a trusted individual or professional as the trustee, ensuring that the inheritance is used solely for your children’s benefit, even if they reside with an ex-spouse.
- Multigenerational Protection: If one of your children predeceases your ex-spouse, the inheritance can remain in the LTD Trust for your grandchildren or other beneficiaries of your choosing.
- Spendthrift Provisions: This feature protects inherited assets from being squandered due to reckless spending, divorces, lawsuits, or bankruptcies, ensuring your children’s financial security for the long term.
Estate Tax Exemption Trust (ETE Trust)
An Estate Tax Exemption Trust is a powerful tool for minimizing estate taxes and maximizing the inheritance available for your loved ones.
- Tax Efficiency: This trust shelters the maximum allowable exemption amount upon your death, ensuring that your assets are not unnecessarily reduced by estate taxes.
- Complementing the QTIP Trust: Often used in conjunction with a QTIP Trust, an ETE Trust ensures that both your spouse and your children benefit from tax-efficient planning.
Tailored Planning for Your Unique Family
Every blended family has unique dynamics, and a one-size-fits-all approach simply won’t do. By leveraging these trust options, you can protect your loved ones, provide for your spouse, and ensure your wishes are respected long after you’re gone.
At Axis Estate Planning, we understand the challenges of planning for blended families and are here to help you navigate every step of the process.
Contact us today to schedule a consultation and learn how these trusts can address your specific concerns and goals.
Call (248) 920-9398 or visit www.axisattorneys.com to get started.
Blended families are beautiful, but they often come with unique challenges when it comes to estate planning. Balancing the interests of a current spouse, mutual children, and children from a previous marriage requires careful thought and a solid plan. Without it, your wishes may go unfulfilled, leading to unintended consequences and even conflict within the family.
Here’s why proper estate planning is essential for blended families and how you can protect everyone you love.
Why Estate Planning Matters for Blended Families
Without an estate plan, the default laws of inheritance (known as intestacy laws) often take over. These laws may split your estate in ways you didn’t intend. For example:
- Assets Left Solely to a New Spouse: If you leave everything to your current spouse, children from a previous marriage could be unintentionally excluded, as there’s no legal obligation for a step-parent to provide for stepchildren.
- Assets Left Solely to Children from a Previous Marriage: Conversely, leaving assets only to your prior children could leave your current spouse and mutual children financially vulnerable.
- Intestacy Rules: In the absence of a will or trust, intestacy rules may direct up to two-thirds of your estate to children from a previous marriage—regardless of their financial needs—leaving your current spouse and minor children underprovided for.
In some cases, minors from a prior marriage could even have an ex-spouse gaining control over the assets. The emotional and financial repercussions of these scenarios can be significant.
The Role of Trusts in Blended Family Planning
While a will is a basic estate planning tool, blended families benefit most from using trusts. Trusts allow for a more nuanced and flexible distribution of assets, ensuring your wishes are honored while minimizing conflict.
- Protecting Your Current Spouse: Trusts can provide financial support to a surviving spouse while safeguarding a portion of assets for children from a previous marriage.
- Ensuring Children Are Provided For: Trusts can designate specific amounts or percentages of your estate for your prior children, ensuring they receive what you intend.
- Avoiding Probate: Unlike wills, trusts avoid the costly and time-consuming probate process, offering privacy and efficiency.
A properly designed trust or combination of trusts is often the best solution to meet the needs of everyone involved in a blended family.
Plan Now, Protect Later
Even in harmonious blended families, failure to create a comprehensive estate plan can lead to unintended consequences. Planning ahead ensures that your spouse, children, and stepchildren are all cared for according to your wishes.
At Axis Estate Planning, we specialize in crafting estate plans tailored to the unique needs of blended families. From wills to trusts, we’ll work with you to ensure that your legacy is preserved and your family is protected.
Contact us today to schedule a consultation and learn more about trust options that can secure your family’s future.
Call (248) 920-9398 or visit www.axisattorneys.com to get started.
As costs continue to rise, many older Americans find that their retirement savings don’t stretch as far as expected. If you’re looking for ways to supplement your income without selling your home, a reverse mortgage may be worth considering. At Axis Estate Planning, we’re here to help you understand how this financial tool works and when it might be the right choice for your financial and estate planning needs.
What is a Reverse Mortgage?
A reverse mortgage is a loan option available to homeowners aged 62 and older who wish to tap into the equity they’ve built in their home. This can be a valuable tool for those who are “house-rich but cash-poor”—owning a home with substantial value but needing liquid assets to cover daily expenses, unexpected bills, or even healthcare costs.
Through a reverse mortgage, you can receive cash from your home’s equity in the form of a lump sum, monthly payments, or a line of credit, all while remaining in your home. Unlike a traditional mortgage, reverse mortgages don’t require monthly repayments; instead, the loan is settled when the homeowner sells the property, moves out, or passes away. To remain eligible, homeowners must continue paying property taxes, insurance, and maintenance costs.
Who is Eligible for a Reverse Mortgage?
If you’re considering a reverse mortgage, here are a few requirements:
- Age Requirement: At least 62 years old. If you have a spouse under 62, they’ll be considered a “non-borrowing spouse.”
- Home Equity: You must have at least 50% equity in your primary residence.
- Primary Residence Requirement: The mortgage applies only to your primary residence.
- Counseling Session: HUD-approved counseling is required to ensure you fully understand the loan terms and process.
When Might a Reverse Mortgage Be Right for You?
Reverse mortgages can be a flexible solution for older homeowners who need cash without sacrificing their homeownership. Here are a few situations where this option could be helpful:
- Supplementing Retirement Income
If retirement savings aren’t enough to cover your monthly living expenses, a reverse mortgage can provide a steady income stream to help you live comfortably. - Funding Health-Related Costs
Healthcare needs tend to increase with age, and reverse mortgages can help cover costs associated with medical care, home health services, or long-term care. - Financing Home Improvements
Aging in place can often require home modifications, such as adding accessibility features or upgrading certain amenities. A reverse mortgage can fund these improvements, enhancing both your quality of life and your property’s value. - Covering Unexpected Expenses
Life’s surprises—such as large medical bills or emergency repairs—are often costly. A reverse mortgage can offer quick access to funds in times of need.
How a Reverse Mortgage Fits into Your Estate Plan
While a reverse mortgage can be beneficial, it’s essential to consider its impact on your estate. At Axis Estate Planning, we can help you assess whether this financial tool aligns with your legacy and broader financial goals. Our team will walk you through the pros and cons and work closely with your financial advisor to ensure this decision is right for you.
Secure Your Financial Future with Axis Estate Planning
A reverse mortgage is just one of many tools available to help support financial stability in retirement. At Axis Estate Planning, we are dedicated to helping you make informed decisions that protect your assets and secure your legacy. Contact us to learn how a reverse mortgage could fit into your estate plan and help you achieve your financial goals without leaving your home.
In the ever-evolving world of estate planning, staying informed about financial adjustments is essential. For those who depend on Social Security benefits or Supplemental Security Income (SSI), the Social Security Administration (SSA) has announced the 2025 cost of living adjustment (COLA), which could play a pivotal role in your financial planning.
At Axis Estate Planning, we aim to keep our clients updated on changes that may influence their estate and legacy strategies. The 2025 COLA can be a valuable consideration as you assess financial security for both you and your beneficiaries.
What’s New with the 2025 COLA?
To help Social Security benefits keep up with inflation, the SSA has approved a 2.5% increase in benefits for 2025. This equates to an average increase of approximately $50 per month. Although lower than the 3.2% increase in 2024 and the significant 8.7% adjustment in 2023, this smaller COLA suggests that inflation may be stabilizing—an important trend to note in long-term financial planning.
Additional Changes That Could Affect Your Estate Planning
In addition to the COLA, there are a few other updates that may be relevant to your estate planning approach:
- Medicare Part B Premiums
Starting in 2025, Medicare Part B premiums will increase from $174.70 to $185.00 per month. For those relying on Medicare for healthcare coverage, budgeting for this change can be crucial for a balanced financial plan. - Medicare Part D Out-of-Pocket Cap
For those with prescription drug expenses, Medicare Part D will introduce an out-of-pocket maximum of $2,000 in 2025. This cap can add a level of predictability to healthcare costs, which may support your retirement and estate strategies. - Social Security Tax Cap Increase
The Social Security tax cap is rising to $176,100, up from $168,600 in 2024. For higher-income beneficiaries, this change can affect tax planning, potentially impacting your wealth distribution and estate tax considerations.
How These Updates Fit into Your Estate Plan
These adjustments are not only essential for your current financial planning but also for crafting an estate plan that provides lasting security for your loved ones. Here’s how Axis Estate Planning can guide you in aligning your estate plan with these changes:
- Budgeting for Healthcare and Living Expenses
With updated Medicare premiums and a new prescription drug cap, understanding and planning for healthcare costs can help secure your financial resources, ensuring they align with your estate objectives. - Tax Planning and Wealth Distribution
The Social Security tax cap increase may impact how you approach estate taxes and wealth distribution, particularly if you or your beneficiaries fall into higher income brackets. By factoring in these adjustments, we can help you refine your strategies for a smoother wealth transfer. - Investment and Income Planning
As COLA increases fluctuate, reviewing your investment and income strategies is crucial. Our team can help you adapt to changing inflation rates, ensuring that your legacy remains resilient over time.
Your Financial Legacy is Our Priority
Understanding and responding to these updates can empower you to make informed decisions, reinforcing both your immediate financial security and your long-term estate goals. At Axis Estate Planning, we’re here to help you navigate these changes and integrate them into a comprehensive estate plan that supports your legacy and secures your family’s future. Contact us today to discuss how these updates may fit into your estate planning strategy.
At Axis Estate Planning, we believe that understanding the probate process is essential for making informed decisions about your estate plan. Probate is a legal process that occurs after someone passes away to ensure that their assets are distributed according to their wishes and applicable laws. While probate is necessary for some estates, many people are surprised to learn that it can often be avoided. By understanding probate and taking proactive steps, you can simplify the process for your loved ones and ease concerns about estate administration.
What is Probate?
Probate is the court-supervised process of validating a deceased person’s Last Will and Testament (if one exists) and overseeing the administration of their estate. The probate process ensures that the estate’s debts are paid, and the remaining assets are distributed to the beneficiaries as directed by the Will or, if no Will exists, according to state law.
The probate process generally includes the following steps:
- Filing the Will: If a Will exists, it must be filed with the probate court in the county where the deceased lived. The court will confirm the validity of the Will.
- Appointing an Executor: The Will usually names an Executor, who will be formally appointed by the court to manage the estate. If no Will exists, the court will appoint an administrator, often a close family member.
- Inventory of Assets: The Executor is responsible for identifying and cataloging all the deceased’s assets, including real estate, bank accounts, investments, and personal belongings, often with the help of an attorney.
- Paying Debts and Taxes: The Executor must settle any outstanding debts and pay applicable taxes from the estate before distributing the remaining assets to beneficiaries.
- Distribution of Assets: After debts and taxes are paid, the Executor distributes the remaining assets to the beneficiaries as outlined in the Will, or according to state laws if no Will is present.
How Long Does Probate Take?
The length of the probate process can vary greatly depending on the complexity of the estate, the number of assets, and the jurisdiction. Simple estates may go through probate in a few months, while more complicated estates with disputes among heirs, challenges to the Will, or the need for asset appraisals can take a year or longer.
Can Probate Be Avoided?
Yes, probate can often be avoided with proper estate planning. At Axis Estate Planning, we work closely with clients to develop strategies that help minimize or eliminate the need for probate, ensuring a smoother transfer of assets to beneficiaries.
Here are some common ways to avoid probate:
- Establishing a Trust: One of the most effective ways to avoid probate is by creating a revocable or irrevocable trust. Assets placed in a trust bypass the probate process, allowing for a more seamless and private transfer to your beneficiaries.
- Joint Ownership of Assets: Some assets, such as real estate or bank accounts, can be held jointly with rights of survivorship. When one owner passes away, the surviving joint owner automatically inherits the asset without the need for probate. However, this strategy must be approached with caution, as it can have unintended consequences and should be done under the guidance of an attorney.
- Beneficiary Designations: Life insurance policies, retirement accounts, and some bank accounts allow you to designate beneficiaries. These assets transfer directly to the named beneficiaries upon your passing, bypassing probate. It’s important to periodically review these designations to ensure they align with your current estate plan.
- Outright Gifting of Assets: Gifting assets during your lifetime can avoid probate, but this approach may not always be aligned with your overall estate planning goals and could have tax implications.
The Importance of Consulting an Estate Planning Attorney
While avoiding probate can offer several benefits, the strategies to do so must be carefully considered to ensure they align with your overall estate planning goals. At Axis Estate Planning, we help clients weigh the pros and cons of different approaches and develop comprehensive estate plans tailored to their specific needs.
Our team can help you determine whether a trust is the right solution, review beneficiary designations, or explore other probate-avoidance strategies that best fit your goals. Taking these proactive steps can help minimize the probate process’s impact on your heirs, saving them time, money, and stress.
Plan Ahead with Axis Estate Planning
Understanding probate and how it can affect your estate is crucial for ensuring that your wishes are carried out efficiently and with as little burden on your heirs as possible. Whether you’re looking to avoid probate or simply want to understand your options, Axis Estate Planning is here to guide you through the process.
Contact us today to schedule a consultation and learn how we can help you create a comprehensive estate plan that protects your legacy and provides peace of mind for you and your family.
Contact Axis Estate Planning
Phone: (248) 920-9398
Website: www.axisattorneys.com
Take the necessary steps today to safeguard your legacy and ensure your estate is handled according to your wishes.
At Axis Estate Planning, we understand that estate planning is about more than just safeguarding your assets—it’s about ensuring that your legacy is managed and distributed according to your wishes. One of the most important decisions you’ll make in this process is selecting the right Trustee. A Trustee plays a crucial role in managing and distributing your assets according to the terms of your trust, ensuring your intentions are honored after your passing.
What is the Role of a Trustee?
A Trustee is the individual or entity appointed to manage and distribute the assets in your trust. As the creator of the trust, you can serve as the Trustee while you’re alive, but upon your disability or death, a successor Trustee steps in. This person or institution is responsible for following your outlined instructions to manage your estate. Selecting a Trustee who is responsible and detail-oriented is essential, as they are entrusted with protecting your legacy.
Fiduciary Duty: Acting in the Best Interest of Beneficiaries
The Trustee’s primary responsibility is their fiduciary duty—they must act in the best interest of the beneficiaries of the trust. Every action taken must benefit the beneficiaries and align with the terms you have set. This duty requires transparency, open communication, and accountability, ensuring that the Trustee’s decisions are justifiable and made with the beneficiaries’ best interests in mind.
At Axis Estate Planning, we help clients through the process of selecting the right Trustee and provide guidance to Trustees in understanding and fulfilling their fiduciary responsibilities.
Managing and Protecting Trust Assets
A Trustee must also take responsibility for managing and protecting the trust’s assets. This includes regularly reviewing investments, maintaining properties, and ensuring that the assets are preserved and managed effectively. The goal is to ensure that the trust remains valuable and that the beneficiaries benefit as intended.
Choosing a Trustee who is financially savvy can make a significant difference in how your assets are managed. At Axis Estate Planning, we provide resources and support to ensure Trustees are equipped to handle these responsibilities.
Record-Keeping and Tax Compliance
Accurate record-keeping is another crucial aspect of a Trustee’s duties. Trustees must keep a detailed record of all transactions, communications, and decisions made on behalf of the trust. This not only ensures transparency but also helps resolve potential disputes down the road. Additionally, the Trustee must handle the trust’s tax filings, which can be complex depending on the assets involved.
Many Trustees seek legal guidance to manage the complexities of tax filings and other obligations. Axis Estate Planning offers support to Trustees to ensure all legal requirements are met and that the trust is administered efficiently.
Making Distributions to Beneficiaries
Trustees are also responsible for distributing assets to beneficiaries according to the terms of the trust. These distributions may be straightforward, involving set amounts at specific times, or they may require the Trustee to exercise discretion in making decisions about how and when assets should be distributed. Selecting a Trustee who can manage these decisions thoughtfully and impartially is essential to maintaining the integrity of the trust.
Choosing the Right Trustee
Selecting the right Trustee is one of the most important decisions you will make in your estate planning process. Family members or friends may offer a personal touch, but it is crucial to ensure they have the time, experience, and temperament to handle the complexities of the role. In some cases, clients opt to appoint a professional Trustee, such as a bank or trust company, which can bring expertise and impartiality, though it often comes with a higher cost.
At Axis Estate Planning, we help clients evaluate whether a family member, friend, or professional Trustee is the right choice for their specific estate plan. We provide personalized guidance to help you select someone who can fulfill the role responsibly and effectively.
Ensuring Your Legacy is Protected
Understanding the duties of a Trustee is crucial for the success of your estate plan. By selecting a trustworthy and capable individual or institution, you can help ensure that your assets are managed responsibly and distributed according to your wishes.
At Axis Estate Planning, we are here to help you navigate every step of the estate planning process, from selecting the right Trustee to ensuring the proper administration of your trust. For more information or to schedule a consultation, contact us today.
Contact Axis Estate Planning
Phone: (248) 920-9398
Website: www.axisattorneys.com
Let us help you protect your legacy and provide peace of mind for your loved ones.
You may have noticed a shift in obituaries towards the phrase “In lieu of flowers, please…” as more families choose to honor loved ones through donations rather than traditional floral tributes. For those passionate about environmental issues, this trend extends to end-of-life planning, with green burials and eco-friendly estate plans becoming popular alternatives to traditional practices. Axis Estate Planning is here to help you integrate these values into your estate plan, ensuring your legacy reflects your commitment to sustainability.
What Makes a Burial “Green”?
Conventional burials often involve harmful chemicals and non-biodegradable materials. Green burials, however, focus on natural processes and minimizing environmental impact. Options include using biodegradable caskets or shrouds, opting for natural burial grounds that blend with the landscape, and choosing conservation burial sites that support land preservation. These choices honor both the deceased and the environment, creating a lasting positive impact.
Legal and Logistical Considerations
Green burials require careful planning due to varying state and local regulations. Axis Estate Planning can help you understand the specific legal requirements, such as approved burial containers and cemetery certifications. We’ll ensure your wishes are clearly documented and legally compliant, so your green burial plans proceed smoothly and in accordance with your values.
Including Green Burial Preferences in Your Estate Plan
It’s important to include your green burial preferences in your estate planning documents to avoid confusion or disputes. A Disposition of Remains document is the best way to outline your wishes and designate someone to carry them out. While similar instructions can be included in your Last Will and Testament, having a separate document can be crucial since funeral decisions are often made quickly, before the Will is reviewed.
Creating a Green Legacy
There are many ways to extend your commitment to sustainability through your estate plan. Consider supporting environmental organizations with charitable bequests, creating a conservation trust, or using easements to protect undeveloped land. Axis Estate Planning can help you incorporate these and other eco-friendly practices into your plan, leaving a meaningful legacy that reflects your values and inspires future generations.
As seniors explore new ways to live and thrive in retirement, unconventional housing options are gaining popularity. At Axis Estate Planning, we help clients navigate the complexities of co-housing, shared housing, eco-villages, and themed retirement communities. Each option presents unique benefits and legal considerations that should be thoughtfully addressed.
Co-Housing and Shared Housing: Embracing Community Living
Co-housing provides a unique blend of private living and communal spaces. Seniors maintain their own homes but share common areas like kitchens and gardens. Shared housing takes this a step further, with multiple seniors living in a single residence, sharing responsibilities and costs. These arrangements foster community and reduce expenses, but they require clear agreements to outline shared responsibilities and financial arrangements.
The Rise of “Boom-Mates”
An innovative concept known as “Boom-mates” is gaining traction among Baby Boomers. This arrangement allows two or more seniors to rent a home together, sharing costs and companionship. While it offers social and financial benefits, it’s essential to have well-defined agreements in place to avoid potential conflicts over shared expenses and responsibilities.
Eco-Villages: Sustainable Living for the Golden Years
For environmentally conscious seniors, eco-villages offer a community-focused lifestyle with an emphasis on sustainability. These communities often feature green homes, communal gardens, and eco-friendly amenities. While they provide a unique living environment, residents must navigate specific legal requirements related to property ownership, community rules, and shared responsibilities.
Living with Family: Rediscovering the Joys of Multigenerational Living
Living with family members is an increasingly popular choice, offering mutual support and companionship across generations. This arrangement can reduce living costs and provide a supportive environment, but it’s important to consider legal aspects such as property rights, caregiving responsibilities, and estate planning to ensure everyone’s needs are met.
A dementia diagnosis is a difficult and emotional time for any family. Symptoms often begin subtly, with behaviors like misplacing items or forgetting appointments, but they progress over time and can significantly impact your loved one’s ability to manage their life. Early planning is key to protecting their interests and ensuring their wishes are honored. Here are important steps to take after a dementia diagnosis.
Consolidate and Secure Financial Documents
One of the first steps after a dementia diagnosis is to gather and organize all financial documents. Create a comprehensive binder that includes essential documents like wills, powers of attorney, health care directives, insurance policies, and bank account information. Keep original documents in a safe place and make copies available to trusted family members. This will make managing your loved one’s affairs much smoother as the disease progresses.
Prevent Financial Fraud
Seniors, especially those with cognitive decline, are often targeted for financial exploitation. Be vigilant for signs of fraud, such as unusual spending, changes in financial habits, or new people showing undue interest in your loved one’s finances. Regularly monitor their accounts and consider setting up alerts to track suspicious activities.
Establish a Durable Power of Attorney
A durable Power of Attorney is essential for managing your loved one’s financial affairs as their condition worsens. This document allows a trusted individual to make financial decisions, manage investments, and conduct banking transactions on their behalf. It’s important to establish this while your loved one still has the mental capacity to make this decision.
Create a Health Care Directive
A Health Care Directive outlines your loved one’s preferences for medical care, long-term care, and end-of-life decisions. It’s crucial to discuss and document these choices early on, while they can still communicate their wishes. This directive should be kept in an easily accessible location and shared with family members and healthcare providers to ensure it is followed in an emergency.
Review and Update the Estate Plan
Reviewing and updating the estate plan is an important step after a dementia diagnosis. This ensures that all documents are up-to-date and reflect your loved one’s current wishes. At Axis Estate Planning, we can help you navigate these changes, ensuring that your loved one’s legacy is preserved and their final wishes are carried out as intended.
