A recent study on middle income boomers by Bankers Life and Casualty Company showed that while members of this age group generally have a financial plan in place for their final life expenses, they are largely unprepared for any future that may require nursing home planning or Medicaid planning. Many, aside from plans for their final expenses, simply have plans to retire based on their financial situations.
In our previous post, we began looking at durable powers of attorney and how they match up to guardianships. A power of attorney is a document giving another individual the legal authority to act on one's behalf. The scope of that authority can be general or specific, limited to a particular asset, transaction or period of time. Another feature of powers of attorney is that they can be made effective immediately or upon incapacity.
In early May, attorneys for the aging actress Zsa Zsa Gabor were set to appear in court for a hearing as to whether the aging celebrity should have independent management of her finances and health care. The hearing was requested by Gabor's daughter Constance Francesca Hilton, who feels it is necessary for her to have a conservatorship, though her husband Frederic von Anhalt apparently opposes the request.
In our previous post, we began looking at the topic of minor guardianships. As we noted, selecting a guardian or guardians for minor children is an important aspect of estate planning, and for many it is the careful decision they will make in their will.
For many people, ensuring that the needs of their children are met is one of the most important reasons to get an estate plan done. There is no question that appointing guardians for children is a very important question, and one that shouldn't be taken lightly.
Parents who have special needs children often have concerns about how they will be taken care of after they are gone, and who will be around to ensure their welfare or make decisions for them if they are unable to care for themselves. Creating a will, a special needs trust and setting up a guardianship are all fundamental estate planning approaches to easing concerns about this situation.