Although many estate planning documents address what you would like to happen after you pass away, some documents, like powers of attorney, address what you would like to happen if you are alive but have become incapacitated. There are two types of powers of attorney to consider based on the needs of your situation. These include a power of attorney for healthcare and a power of attorney for property.
Power of attorney for healthcare
We want to trust the people we give our money to, whether it’s our accountants, stockbrokers or bankers. We do not want people to betray our trust and abuse their power for financial gain.
One of the largest groups of people we trust is our financial advisors. We depend on them to counsel us and determine our financial decisions into retirement. Believing the wrong person may lead to more than economic harm; it may result in financial ruin.
Estate planning can be a complex process with many elements and moving parts to consider, but it is an important component of anyone’s life.
Trusts can be critical parts of estate planning for people with considerable assets who want to protect their legacies and provide for their families. These are complicated fiduciary entities, but they provide many benefits. Why might you need to create a trust as part of your estate plan? What are the advantages?
Setting up an estate plan for when you die can be extremely beneficial to the surviving members of your family. However, there might be an important family member you are forgetting. Animal owners often fail to consider, what happens to Fido when something happens to them?
Luckily for pet owners, pet trusts provide a legal plan for furry family members after their owners pass away. Like a traditional trust, a pet trust is a legal document that names your animal as a beneficiary to your estate. You will also need to name a trustee who will manage the money in the trust for the animal.
Making sure your family is taken care of even after you no longer can might be one of your top priorities. You've already begun estate planning and it is well thought out, but have you considered creating a trust yet? Some people think trusts are only for the ultra-wealthy, but this is not true. Creating a trust can be beneficial for families at any level of wealth.
Benefits of a trust
When you suffer from a disability, working may prove a significant challenge. Establishing a sufficient income when you cannot walk, see or even speak may not be a possibility for you. Luckily, multiple government programs have the authority to help you by providing benefits that offer income, so that you can accurately care for yourself and your family.
The Supplemental Security Income (SSI) program helps millions of elderly adults across the United States gain access to income due to their inability to work because of a disability. It is extremely important for you to take advantage of the program if you qualify, so that you can receive accurate benefits. The application process simply determines your eligibility and puts you in contact with a representative to begin receiving compensation. You are not alone if you suffer from a disability and have limited access to income.
You care about your parents but sometimes you might worry about them. Unfortunately, there are some people in the world who might want to take advantage of your parents in their old age.
Financial scams and exploitation are one way your parents might be in danger. Many scams and con jobs are centered on elderly people. In fact, it was reported that one in 20 older adults were the victim of some sort of financial mistreatment in their recent past. Further, only one in 44 financial abuse cases on elderly people is even reported, so these statistics may be even higher.
You have spent most of your life working diligently, investing in your property and making memories with your loved ones. When it comes time for you or your spouse to enter a nursing home, you might worry what will happen to your assets.
As you grow older, having a large house may become more of a hassle than a benefit. When you were younger, having a big house was great as you raised your kids. But now, it might be too much. Owning a home might not be as enjoyable as it once was.
If you feel this way, downsizing might be an option for you. But how do you know if downsizing is a good option for your family?
The pain is close to unbearable. Your back continues to ache even after three surgeries. You’ve had one knee replaced and the other will likely get the same treatment soon. And both hips have been replaced. The result: You are unable to work.
Such ailments that have accrued over time as well as unexpected medical hardships may qualify you for Social Security disability benefits. After all, you’ve been working for more than 25 years, and that means you’ve made more than 25 years of payments into the Social Security Disability Insurance (SSDI) system from your paycheck. If it’s time to seek benefits due to ill health, you should do so.
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The Law Office of
William C. Wombacher
Local: 309-674-8125
Toll Free: 888-541-2088
Fax: 309-674-8149
Commerce Bank Building
416 Main Street
Suite 700
Peoria, IL 61602
