I’m often asked what elder law is. So here is a little more information.
One of the better articles I’ve read is located here at Wikipedia.
Elder law consists of 3 major areas:
Very related to Elder Law are Elder Rights. These are the rights of the elderly, who are not a Constitutionally protected class.
In this day of electronic records, it is still a good idea to track what medicines you take currently, and have taken in the past as part of your medical estate planning.
It is actually a simple task to create a spreadsheet in Google or Excel to track your medicines, how much, when, and who prescribed it.
Here is a sample of my tracking spreadsheet. Notice that it has the medicine, how it is taken, the dose and units of dose, when, who ordered it, their speciality, the time of day and reason it is being taken.
| Medicine | Route | Dose | Unit | Timing | From | To | Ordering Physician | Specialty | Timing | Reason |
| Oxygen | canula | 2 | liters | sleeping | Fomin, Dimitry | Neurology/Sleep | PM | sleep apnea | ||
| CPAP | nasal | 6 to 10 | cm H20 | sleeping | Fomin, Dimitry | Neurology/Sleep | PM | sleep apnea | ||
| Tramadol | PO | 50 | mg | 1 or 2 PRN | James Blankenship | Neurosurgeon | PRN | pain |
Also, I have a separate worksheet in Excel that has the medicines I have taken in the past so I have a history.
Then, you should create another spreadsheet that has your procedures in it with as so:
| Procedure | When | Who | Where | Why |
| Remove transverse process from T1 | 5/15/1985 | Dr. Carry Couch | Stillwater, OK | Alluvial fracture of spinous process of T1 |
| Rhinoplasty | 12/20/1997 | Dr. Fincher | Fayetteville, AR | Deviated septum. Left side of nose unusable |
Now, when you go to see a new doctor, you don’t have to take all those bottles or try to remember everything. Just print out the spreadsheets and voila, you are ready.
For people without children, a will is important for ensuring your wishes are fulfilled. As the adage goes, you can’t take it with you. Whether you want to spend your last dime or leave it all behind when you go, creating a comprehensive plan for your estate begins earlier than you might think. If you don’t have children or obvious heirs, documenting your wishes and making them accessible will help ensure those wishes are fulfilled should something happen to you. “If today were your last day on earth, who would get your stuff?” says Jean-Luc Bourdon, a certified public accountant in Santa Barbara, California, and a member of American Institute of Certified Public Accountants’ personal financial planning executive committee. It’s a question he poses to all of his clients, especially those without kids . While parents may think their children are the answer, Bourdon says people without children need to plan more carefully. “When it comes to what you’ll leave behind, there are only three buckets: Uncle Sam, charity or individuals,” he says. “Generally speaking, Uncle Sam is the least appealing.” Many people with children create a will to ensure their children are cared for, and in the absence of a will, next of kin are the obvious heirs. But for people without children, a will can be just as important, and it can easily be overlooked. “It’s important to check all the estate planning documents,” Bourdon says. “Having a family creates more of an urgency in making sure […]
Click here to view original web page at money.usnews.com
Anybody and everybody.
A will is instructions on how to pay the final expenses, who should take care of wrapping everything up, and who gets your stuff.
A Last Will and Testament is only one of the many estate documents of a complete estate plan. If you die without a will or trust, you are said to have died “intestate.” The state will determine who gets what in that case. You really want to put your plan in place of the default state plan.
If a will is what you want, then immediately.
Anytime you have a major life change such as the birth or adoption of a child, buying or selling real estate, major inheritances, etc.
Answer these 3 questions and you will have a good idea of what your estate plan needs to be:
Making a will, even a “simple will” is better than nothing in making your wishes known. At the very minimum everybody should create a will. Creating a will is not the hard task you may think it is if you keep the 3 questions in mind. However, writing your own will is not suggested as legal wills are complex legal documents in the area of estate law.
(Photo: Desert Valley Times) The use of a revocable trust (sometimes referred to as a “living trust” or “family trust”) to plan one’s estate has become very popular. Despite the popularity of the revocable trust, revocable trusts are not without their potential problems. First, it is important to understand that there is no definitive answer as to whether a trust is necessary. Another estate planner explained that asking whether a revocable trust is good or bad is like asking whether a wrench is good or bad. It depends on what you are trying to accomplish. A trust is just an estate planning tool. Whether it is good or bad depends on your needs and desires. Although there are many factors to consider in determining whether a revocable trust is right for you, here are a few of the more significant factors: Avoiding Probate It is true that a properly funded trust avoids probate. If the goal of the client is to avoid probate, it is critical that the trust be properly funded. To “properly fund” a trust, title to all assets and beneficiary designations for insurance policies and retirement accounts must be reviewed. A properly funded trust avoids probate because the owner of the assets (generally termed the trustor, settlor, grantor or trustmaker in the trust document) conveys ownership from him or herself (in his or her individual capacity) to him or herself as trustee of his or her trust. Probate is avoided because for “probate purposes” the deceased […]
Click here to view original web page at www.thespectrum.com
(Photo: Special to the Statesman Journal) This summer, Oregon saw more forest fires and smoke than any other year in recent memory. Families and towns were evacuated, and some did not have homes to go back to. Like a forest fire, an estate plan with a will or living trust that is poorly developed often goes up in smoke along with your family relationships. Putting time and thought into your will or living trust is time well spent. In general, a will transfers an estate after death to beneficiaries through court probate. A will also names guardians for children. A living trust is often the heart and soul of an estate plan. A trust contains instructions for your care during disability and enables named trustees to handle your finances. A trust transfers assets after your death, avoiding court probate. By developing these legal documents beyond filling in the blanks on forms, your estate plan can incorporate your goals, wishes and values into a plan for the benefit of you and your family. The following planning considerations will help preserve family values and alleviate any sparks that could ignite family relationships after you are gone: For children, consider a plan that does not pay outright but provides them with guidance on how to spend inheritance (for example, for college or retirement). Without guidance, most inheritance is spent within 18 months. For nonprofits, consider setting up a charitable fund with as little as $25,000 that continues for generations. Oftentimes, parents are […]
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When a parent dies, siblings may battle for years over their inheritance. For example, a sibling of the late guitarist Jimi Hendrix and a company affiliated with another sibling recently reached a tentative settlement in a suit involving the Hendrix estate. Their father, Al Hendrix, died in 2002 and left Jimi Hendrix’s estimated $80 million estate under the sole control of one of the siblings. Jimi Hendrix died without a will in 1970. For estates of all sizes, many of these sibling battles can be avoided, estate lawyers and financial advisers say. That can require more than simply writing a will. Leaving detailed instructions regarding jewelry and other family valuables, appointing a professional fiduciary as executor and communicating your wishes before death are a few ways to prevent your heirs from battling it out once you’re gone. Battling over a $15 watch Fights over Mom’s or Dad’s possessions—whether it is a prized watch, lucky five iron or wedding ring—is a common area of conflict in estate settlements, advisers say. Even if the object isn’t of great financial value, the emotional attachment can make it priceless in the eyes of heirs. Parents should anticipate that heirs may have sentimental attachments to certain objects, and they should plan ahead to smooth over conflicts and right any perceived wrongs. Michael Wernersback, regional estate-settlement manager for Wells Fargo Private Bank in Bay St. Louis, Miss., recalls a particularly ugly example of two sisters who fought over their late mother’s jewelry—specifically a $15 watch […]
Click here to view original web page at www.wsj.com
In life, you make many plans and probably have:
But, do you have an estate plan?
Call today at (479)717-6300 to set your free 30 minute appointment.
A trust is created to avoid conflicts that all too often tear even the most close-knit families apart. Often, the issue isn’t even money.
Source: Estate Planning: Getting the Conversation Started
Do your clients hide documents a little too well for their own good?
Source: Financial Advisor IQ – The Best Estate Plan Is Worthless If It Can’t Be Found
