New Law Set to Impact RMDs for Inherited Retirement Accounts

The “Setting Every Community Up for Retirement Enhancement Act” (a/k/a the “SECURE Act”) has passed through Congress and has been signed by President Trump, taking effect on January 1, 2020. This new law will have a significant impact on Required Minimum Distributions (RMDs) for inherited retirement accounts. Anyone who has a retirement account, or is set to receive an inherited retirement account, should be aware of these changes. Continue reading “New Law Set to Impact RMDs for Inherited Retirement Accounts”

What is a Power of Attorney?

As you grow older, it is natural for your physical and mental health to decline. While it may be manageable at first, over time it may become harder and harder to manage your own affairs, and eventually you may need to consider allowing someone else to handle things for you. It is for this reason that you should consider whether a power of attorney would be appropriate for you and your estate plan. Continue reading “What is a Power of Attorney?”

What Does It Mean to Have a Guardian?

Guardianships aren’t the most commonly talked about part of caring for elders, but unfortunately, they do become occasionally necessary. Not everyone has a power of attorney set up before they become incapacitated, either because they put it off until it is too late, or because the onset of their incapacitating condition is so sudden, they have no time to prepare. Either way, it is important to know what a guardian is, just in case a guardian becomes necessary for you or your loved ones. Continue reading “What Does It Mean to Have a Guardian?”

What is a Testamentary Trust?

If you are thinking about planning your estate, you may already know the benefits of having a will. However, it is important to know the tools you have available to you for estate planning beyond executing a simple last will and testament. One such tool is known as the testamentary trust, and depending on your needs, it can be an essential part of your estate plan. Continue reading “What is a Testamentary Trust?”

What is a Living Trust, and Why Would You Want One?

In the context of estate planning, you might sometimes hear about “living trusts,” also called revocable trusts or inter vivos trusts. Living trusts are useful tools for anyone trying to plan for their future under certain circumstances, as they can allow you to fully marshal all assets of your estate prior to your death in lieu of having a last will and testament. Living trusts can create some security for you and your loved ones, since you direct how the trust will be managed and distributed according to your wishes even when you are not there to take care of your family anymore. Continue reading “What is a Living Trust, and Why Would You Want One?”

The Fiduciary Duty of an Estate’s Executor

When a person dies with a last will and testament, it becomes the duty of someone (usually someone dictated within the will itself) to execute the will of the deceased. On the one hand, it is an honor to be trusted with carrying out someone else’s will. On the other hand, it comes with a lot of work and potential liabilities, and it can be helpful to know what you’re getting into, in case you or someone you know is making a decision about who they want to be the executor of their estate. Continue reading “The Fiduciary Duty of an Estate’s Executor”

End-of-Life Conversations Can Be Difficult but Necessary

end-of-life planning lawyerFor many elderly people, discussing and planning for end-of-life situations may be very difficult. However, if you are a child of a parent that has not yet discussed his or her wishes for end-of-life care, you may be able to ease them into the process.  Here are some tips to remember: Continue reading “End-of-Life Conversations Can Be Difficult but Necessary”

New Jersey’s FedUp Program Seeks to Help Seniors from Falling Victim to a Scam

elder law attorney New JerseyTelephone and internet scams have been around for decades. Criminalistic hackers and con artists prey on the most vulnerable in an attempt to rob them of their fortune; the most vulnerable are our senior citizens. Senior citizens are often the main targets, as they spend most of their time in leisure, usually by the phone or on their computer. Hackers understand this trend in senior citizen behavior and attack when you least expect it. Continue reading “New Jersey’s FedUp Program Seeks to Help Seniors from Falling Victim to a Scam”

Nursing Home Financial Abuse

nursing home abuse lawyers New JerseyElder abuse can take many forms, including physical, sexual, emotional, and financial. In long-term care facilities across the U.S., elders are facing financial abuse in alarming numbers. Nursing home financial abuse is a growing issue in today’s society and is likely to increase as the elderly population continues to grow. As many as one in nine individuals over the age of 60 years old have reported being financially exploited within the last year, according to the National Adult Protective Services Association. Elder financial abuse can cause serious harm to the senior and may result in depression, financial destitution, inability to support long-term care needs, among other effects. Continue reading “Nursing Home Financial Abuse”

Planning Your Own Funeral May Mitigate the Risk of Disputes Between Grieving Family Members

An authorization for final disposition allows someone to designate an agent to make arrangements for their funeral, as well as take control of his or her body upon death. An authorization for final disposition can set forth instructions for the following:

  • Burial;
  • Viewing;
  • Headstone;
  • Attire;
  • Flowers; and
  • Cost, among other arrangements.

Continue reading “Planning Your Own Funeral May Mitigate the Risk of Disputes Between Grieving Family Members”