We are all eventually going to pass away at some point in time.  While we would all love to avoid it for as long as possible, we should be prepared for it in more ways than one.  The first thing that you are going to want to do is create an estate plan and establish a will that lists who oversees your estate.  This is the person that you trust the most to follow your wishes after you pass away and is essential during the estate planning process.

When the time comes, your executor, the person you put in charge of your final wishes, will take care of your estate.  They will use any money that you had left to pay off your debts and if there is any debt left, they can also sell your property or other items to cover it all.  That is all completed before heirs receive the money that you left to them, so there is a chance that they may not receive anything, depending on how much debt you had.

If you do not have enough money to pay off all your debts, your spouse or co-signers on the loans are going to be responsible for paying that debt off.  This can include your mortgage and home equity loans, plus credit cards.  If your executor does not pay off your car loan, your vehicle can be repossessed.  Debt collectors are going to do all that they can to collect on your debts, but legally they are not supposed to lie or mislead a person into thinking that they are responsible for repaying that debt.

If you are currently in debt and want to ensure that your heirs receive some money from you when you die, you will want to purchase a term life insurance policy.  The money from those policies are protected from creditors but can be used by a spouse or another person who is responsible for paying off your debts once you pass away.  It is important to keep your beneficiaries up to date on your life insurance policies though, because if they are no longer living, the money will automatically go into your estate to be used to pay off your debts.

Oftentimes, creditors cannot take any money from your retirement accounts either, which means that the beneficiaries that you have on those will receive that money as well.  Depending on how old they are, they may be able to start withdrawing that money to live or they can keep it as a retirement plan to use when they get of retirement age.

The last thing that your family needs is to be hassled by creditors when you pass away, but if you take the proper precautions ahead of time by creating an estate plan, the entire process will be quite simple for everyone.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols, call 734.386.0224 today.

Most people fail to plan for their long-term care.  More often than not the reason given for this is that people don’t start to think about growing old and what is going to happen to them simply because it is so far off.  What is important to them is the present: remaining healthy, independent, and not out living their income. Although they may not be worried about the future it is important for us as family member to help stress the importance for them to create a long-term care plan for the inevitable.

When it comes to considering our inability to care for ourselves, natural human nature is to shut down thoughts that it will ever happen to us.  Although long-term care is not of a high concern to many because it isn’t happening, and, in our face, it is crucial that we take the necessary steps to plan ahead for events beyond our control.  No one can be sure that they will not fall victim of the effects of aging such as increased accidents, more illnesses, & a rise in hospital visits; all which could involve the need to have prepared a long-term care plan.  We plan for many risks such as fire, car accidents, theft, and more so why wouldn’t we plan and prepare written documentation of our long-term care plan, our power of attorney, and estate plans.

For aging individuals one of the most earth-shattering events that can take place is the need for long-term care.  Typically, the need for long-term care comes along with the removal of a person’s ability to care for themselves.  When needing long-term care, elderly people most often lose their independence, experience a loss of their health, and uses up financial assets.   The need for long term care is really the most overwhelming late in life event that can occur.  There is very little wonder why so many of us are reluctant to plan for this event.

It is important for individuals to start planning early for retirement as long-term care can be costly.  Not only should we be putting money towards retirement and savings for Medicare and other expenses, we need to start putting money towards long-term care insurance.  Planning for the risk and need for long-term care, is less expense than the results of having a financial need that you cannot fulfill leaving the burden to fall on your family.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols, call 734.386.0224 today.

Dementia is not a single disease, but a collective term used to describe various symptoms of cognitive decline that occur as part of aging. A person with dementia will present various symptoms that someone else or even themselves may notice. Early symptoms, which are as a result of memory loss include

• Forgetfulness especially with language
• Disorientation
• Mood and personality changes
• Difficulty completing familiar tasks
• Misplacing things
• Problems with abstract thinking such as dealing with money

There are several types of dementia, which can range from mild cognitive impairment to severe dementia and because there is known known cure, early management of some demetia disorders, such as Alzheimer, is focused on providing care including ensuring the safety and comfort of the patient. Creating a dementia care plan is extremely important, and an elder care lawyer ensures that future long-term care, asset planning and management, retirement, social security, and many other needs of seniors are fulfilled.

An elder law firm handles a wide range of legal and sensitive matters that affect the elderly and their loved ones. Elder law planning also handles a variety of challenging issues that include:

• Help with drafting wills and estate planning
• Probate proceedings
• Long-term health care planning
• Housing opportunities
• Durable financial powers of attorney
• Help with the appointment of legal guardianship
• Locating long-term care facilities

Our parents have taken care of us are entire lives.  It is only appropriate that we strive to do the same for them as to make their golden years as comfortable as possible. Elder law firms have attorneys that specialize in sensitive areas of law that affect the physical and emotional needs of older adults living.

Therefore, do not hesitate to contact an elder law attorney if you need help with issues like guardianship, long-term care options, financial planning, assisted living, and much more.   It is crucial to find an attorney that specializes in situations surrounding elder law when looking at creating a long-term plan for your care if you should be come debilitated.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols, call 734.386.0224 today.