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Elder Care Information |
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Baby Boomers: Will They Be Able to Afford Their Parents?
Do you worry about whether your aging parents have their "affairs in order?" You should. After all, you're the one who will have to pay unnecessary taxes and endure time-consuming court procedures if your parents don't have an effective estate plan. Without some forethought on their part and your part, you could be facing a lot of wasted time and money in addition to a lot of frustration. All of the waste and frustration can easily be avoided. Experts predict $10 trillion will be transferred in the next two decades from parents to baby boomers. The average inheritance will be $200,000. The parents have spent all of their lives saving to leave something to their family. For most boomers, their inheritance will be the largest single financial transaction most they will ever handle. Depending upon the planning done today, the amount actually transferred could be doubled. During the final years of a parent's life, the family can lose a lot of the estate in rest home expenses or legal fees. Too often the family has to get a court order to have a parent declared incompetent and get permission to manage their affairs. After both parents die, probate will eat 2-5% of the estate, and estate taxes can take another 37-50%. Additionally, the estate mess can take many days of time out of the boomer's busy life. Not only money is lost, but life styles often have to be altered just to work through the mess. Good planning is worth every effort made and every dime spent, not just in the money and timesavings, but also in the peace of mind it will give to both the parents and the kids. Boomers need to help get the planning done. However, discussing money, especially in this context, is very unpleasant for most families. The kids don't want to appear grabby or look like they are just waiting for their parents to die so they can get their inheritance. The parents don't want to face their own mortality, and they don't want the kids nosing in their financial affairs. The bottom line is nothing gets done. The sooner this discussion takes place the better. Everybody has to recognize that planning is good business and financial management. The parents have an obligation to take care of it for the children's sake, and the children have an obligation to help their aging parents. The discussion will take place at some point. The worst time to have the discussion is when a parent is in intensive care. The following six tips will help protect a parent's hard-earned money, transfer the maximum amount of inheritance to the family, and ease the family's legal and emotional burden. 1. Review current wills and/or living trusts. Do the documents reflect the parent's current wishes? Have there been changes in family relationships, such as divorces, marriages, or new grandchildren? 2. Look into living trusts. All wills that transfer property must go through a court process called probate. Probate eats time and money - lots of both. Today, many families use living trusts to avoid probate, reduce legal fees, and pay the least possible taxes. Living trusts work well, provided they are handled properly during the parent's life. Is the living trust being used properly? 3. Dodge family disputes. Make sure either the will or trust distribute personal items with a list describing the item and the intended recipient. Most states allows distribution of personal items through a "personal letter," which is just a list of items and their intended recipient. The letter is not part of the will until death, and then it essentially becomes part of the will. Thus, the letter can be rewritten or updated as often as desired without a trip back to the attorney. The letter must be "authorized" by the individual's will in order for it to be effective. If specific distribution of personal items like the shot gun, wedding ring, and the family stamp collection is made in the letter, family fights will be avoided. 4. Split trusts to save taxes. If mom and dad have over $1.5 million in their estate, including the life insurance, retirement money, and business, they should either have an individual trust for each or have a trust that "splits" into two trusts when the first one of them dies. This shields up to $3 million from estate taxes that eat away at a family's wealth. 5. Protect life insurance. Life insurance is taxed. The family doesn't have to pay income tax on the money they get, but the money is taxed in the departed loved one's estate and the IRS will routinely take up to 50% of it. A living trust can help in smaller estates, and an irrevocable insurance trust can totally eliminate the tax in bigger estates. 6. Solve the incompetency problem. Use a durable power of attorney to transfer power to someone when the parent can no longer take care of their own business affairs. The power of attorney has to have language in it that states it will endure the incompetency of the individual making the power of attorney. With the power of attorney, there isn't any need to have the parent declared incompetent and have a court appoint a guardian. It removes a lot of frustration. The parents need to soften up and realize that estate planning is something they need to talk about and be taking care of. If they cannot do it for themselves, they need to realize that their children are the ones that they have to turn to. The boomers need to take their parents' estate planning very seriously. The boomers have a lot at stake - a lot of money, a lot of time, and a lot of frustration. Attorney Lee R. Phillips is a nationally recognized expert in the field of finance, estate planning, and asset protection. Lee is licensed to practice law before the United States Supreme Court and also holds licenses in insurance and securities. Lee is an engaging, dynamic speaker and has spoken to over a half million people throughout the United States, Canada and the Pacific Rim helping them understand the law and how to use it to their benefit. His goal is to reposition you in the law so you can actually use the law to make more money, and keep it! His ability to present critical information in a clear manner has made him a highly sought after guest on hundreds of radio and television shows. His specialty is in creating easy to understand, do-it-yourself legal systems. For more information, visit http://www.DIYestateplanning.com.
MORE RESOURCES: 'Failure of government': Nunavut elder care needs to be brought home, federal minister says - CBC.ca Kamala Harris vows to revive Biden’s defeated ‘care economy’ plans The Washington Post MLA presses government on status of elder-care home work Nunatsiaq News Quebec is 'one minute to midnight before a collapse of the elder-care system,' provider says Montreal Gazette Abuse of older people World Health Organization (WHO) Considerations When Offering Senior Care Dining Times i Advance Senior Care Seniors' podcast aims to ease loneliness by sharing inspiring stories from nursing home residents ABC News Home-based dementia day care service seeks hosts Yahoo Canada Shine On Long-Term Care, Retirement Home and Elder Care Lodge Resources Haliburton, Kawartha, Pine Ridge District Health Unit With dementia rates projected to rise, northerners call for better elder care in Nunavut Nunatsiaq News Suspected gunman in Croatia nursing home killings charged on 11 counts, including murder Yahoo News Canada Norbert Health and Lumina Care Announce Strategic Partnership to Transform Elder Care through AI Technology Business Wire Older adults and population aging statistics Statistique Canada Eskasoni, Province Celebrate Opening of New Long-Term Care Home Government of Nova Scotia Suspect detained in Croatia after ‘savage’ shooting at senior’s home kills 6 South China Morning Post Senior and Older Adult Resources Cash Advance Payday Loans Hamilton Meet Lorraine Breuer, 2024 Hall of Honor inductee McKnight's Long-Term Care News A fire, two deaths and the business of elder care in India Al Jazeera English Canadian grad's elder care app wins Apple's Swift Student Challenge, earns Tim Cook's praise MobileSyrup Seniors Recreation & Things to Do City of Toronto Croatia: Several dead in nursing home attack DW (English) Could a robot keep grandma company? UBC IDEA lab experiments with AI for elder care - Ubyssey Online Whatever Happened to All Those Care Robots? The Atlantic Automation Solutions for an Aging Society: The Future of Elder Care A3 Association for Advancing Automation Older people’s risk of abuse is rising. Can an ad campaign protect them? The Conversation Indonesia Creating 'centres of excellence' will help improve senior care in hospitals, says health minister CBC.ca A gunman has killed 6 people including his mother at a nursing home in Croatia, officials say The Associated Press Senior hospitalized with multiple infections suffered neglect in care home, children allege - CBC.ca Health System News Transforming Elderly Care with the Hospital Elder Life Program Ontario Hospital Association Perley Health Foundation reaches $10M goal to transform elder care Ottawa Business Journal Alyssa Renk: State must do something to support elder care Winona Daily News Facing Financial Ruin as Costs Soar for Elder Care The New York Times Frailty Coordinator Lauren Jefferson supports seniors in their health care journey Nova Scotia Health Authority Hiring An Elder Law Attorney Forbes CTV National News: Raising the alarm on elder care CTV News Windsor Australia looks to digital strategies for better elder care BioWorld Online A novel elderly care robot could soon provide personal assistance, enhancing seniors' quality of life Tech Xplore Personal Conflicts, Even Violence, Are Not Uncommon in Long-Term Care The New York Times Seniors spend thousands on dental work, suffer in pain or wind up in ERs. Will Canada's plan help? CBC News Family sues South Bay nursing home after 98-year-old beaten to death KTVU FOX 2 San Francisco Unsung Heroes: How Elder Care Leans on Singapore’s Women Think Global Health OMHHyperLocal World Brain Day Struggles And Hope Of Abandoned Elderly Patients With Dementia At SHEOWS Onlymyhealth Blue Haven Bonaira aged care home sold for $95 million after pushing Kiama Council into heavy debt ABC News Ontario Breaks Ground on Long-Term Care Home in Scarborough Government of Ontario News Indian elderly need people to talk to, places to go to and feel needed, says Asheesh Gupta, founder of Sa The Times of India Connecting Ontarians to The Tools They Need to Stay Healthy This Respiratory Illness Season Government of Ontario News Nursing home reform could move to the ‘side burner’ with Harris focused on reproductive rights McKnight's Long-Term Care News Croatia shooting: Gunman opens fire inside elderly care home killing at least five people Evening Standard |
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