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June is Alzheimer’s & Brain Awareness Month: Learn 10 Ways to Love Your Brain
This June, during Alzheimer’s and Brain Awareness Month, join the Alzheimer’s Association to help raise awareness of this devastating disease. You can start by learning and sharing 10 Ways to Love your Brain.
Nearly seven million people in the United States, including 34,000 Utahns, are living with Alzheimer’s disease. The seventh-leading cause of death and the only leading disease without a prevention or cure, Alzheimer’s kills more Americans every year than breast cancer and prostate cancer combined. When possible, combine these habits to achieve maximum benefit for the brain and body:
1. Break a sweat: Engage in regular cardiovascular exercise that elevates your heart rate and increases blood flow to the brain and body. Several studies have found an association between physical activity and reduced risk of cognitive decline.
2. Hit the books: Formal education in any stage of life will help reduce your risk of cognitive decline and dementia. For example, take a class at a local college, community center or online.
3. Butt out: Evidence shows that smoking increases risk of cognitive decline. Quitting smoking can reduce that risk to levels comparable to those who have not smoked.
4. Follow your heart: Risk factors for cardiovascular disease and stroke – obesity, high blood pressure and diabetes – negatively impact your cognitive health. Take care of your heart, and your brain just might follow.
5. Heads up: Brain injury can raise risk of cognitive decline and dementia. Wear a seat belt, use a helmet when playing contact sports or riding a bike, and take steps to prevent falls.
6. Fuel up right: Eat a healthy and balanced diet that is lower in fat and higher in vegetables and fruit to help reduce the risk of cognitive decline. Although research on diet and cognitive function is limited, certain diets, including Mediterranean and
Mediterranean-DASH (Dietary Approaches to Stop Hypertension), may contribute to risk reduction.
7. Catch some ZZZ’s: Not getting enough sleep due to conditions like insomnia or sleep apnea may result in problems with memory and thinking.
8. Take care of your mental health: Some studies link a history of depression with increased risk of cognitive decline. Seek medical treatment if you have symptoms of depression, anxiety or other mental health concerns. Also, try to manage stress.
9. Stump yourself: Challenge and activate your mind. Build a piece of furniture. Complete a jigsaw puzzle. Do something artistic. Play games, such as bridge, that make you think strategically. Challenging your mind may have short- and long-term benefits for your brain.
10. Buddy up: Staying socially engaged may support brain health. Pursue social activities meaningful to you. Find ways to be part of your community – if you love animals, consider volunteering at a local shelter. Enjoy singing? Join a local choir or help at an
afterschool program. Or, just share activities with friends and family.
It’s never too late or too early to start thinking about your brain’s health – making healthy choices at any age is beneficial. Visit alz.org/10ways to learn more.
What do you know about testamentary trusts?A trust protects your assets and determines where those assets will go once you are gone. Three common types of trusts are a revocable trust, an irrevocable trust, and a testamentary trust.Most trusts, like revocable and irrevocable trusts, are made and actively used while the trustor (or the creator of the trust) is still alive. In contrast, a testamentary trust only comes into being after the trustors passing. A testamentary trust is created based on explicit instructions written into a will. In it, a trustee, (or the person who manages the assets on behalf of beneficiaries of the trust) is appointed and given instructions on how to distribute the estate. The trustee can decline the position. If a trustee does decline the position, a court can appoint someone to act as trustee. It is best to select a trustee that is willing and able to administer your estate after you are gone in order to limit the courts involvement. Advantages of testamentary trusts:There are many advantages to creating a testamentary trust. The following are reasons that you may want to consider setting up a testamentary trust.1. A testamentary trust can establish that assets cannot be paid to beneficiaries until certain conditions are met. This is especially helpful for parents who wish to condition the receipt of funds for children. For example, you may condition the disbursement of assets on a child reaching a certain age, graduating from college, or marriage. 2. A will can have more than one testamentary trust, meaning that there is no limit to the number of beneficiaries one can have. This ensures that assets will get distributed according to your desires, depending on the conditions you set. 3. Creating a testamentary trust is inexpensive. A testamentary trust does not come with the same costs as establishing a living trust. This can be beneficial if you cannot afford to establish a trust because the cost of creating a testamentary trust comes out of the estate. 4. There are tax benefits in using a testamentary trust as opposed to another type of trust. Testamentary trusts only require payment of income taxes on the trust as a whole. This means that the beneficiaries are not required to pay taxes on their distributions from the trust.Disadvantages of testamentary trusts:There is one major downside to establishing a testamentary trust: a testamentary trust must go through probate. Probate is the court procedure by which assets are distributed after an individual has passed away. Probate can be extremely expensive and lengthy. Assets cannot be distributed until probate is complete and assets are then transferred into the trust.Knowing what type of trust is right for you can seem confusing and difficult. We are here to help you decide what plan is right for you based on your individual circumstances and needs. If you have any questions about how to plan for your future and the future of your loved ones, contact us today at 385.334.4030 or email@skvlegal.com.
Funding your revocable trust is just as important as creating it. However, many people dont know what funding a trust means. Funding a trust is accomplished by retitling assets into the trusts name rather than your own. Incorrectly funding a trust can become very problematic. Consequences of not re-titling assets:There are a variety of reasons why we require and help our clients retitle their assets into the trusts name. Here are three reasons that you should retitle your assets: 1. Your assets may be subject to probate if they are not retitled. Probate is the legal process by which assets are distributed after death. It is best to avoid probate because it can be time consuming and expensive. And if your assets are owned by your trust and not you, they do not need to go through this process in order to be dispersed. 2. It makes the administration much simpler. When assets are already owned by the trust by retitling, there is less room for confusion about asset ownership and distribution. 3. Retitling can help protect your assets from lawsuits, creditors, and people you may wish to keep away from your assets. The whole point of creating a trust is to make a plan for how your belongings will be handled. But, if they are not correctly titled in the name of the trust, the plan you so carefully created flies straight out the window. What assets need to be retitled:A revocable living trust protects your assets and determines who your assets will go to once disbursements are made. To begin creating a revocable living trust, think about what assets you have and who you want to leave them to. As weve said, retitling your is a crucial step in creating a trust because it effectively transfers ownership of the asset to the trust. Titling, as a legal term, identifies who owns an asset. When it comes time to disburse the trusts assets the trust has the power to give out the assets it owns. Certain assets must be retitled in order to pass out of your possession and into your trust. These include:Bank accountsRetirement accountsLife insuranceHealth insuranceInvestment accountsReal estate Vehicles We would be happy to help you determine if your assets need to be retitled, because chances are, they do.How to retitle assets:Funding a revocable living trust involves transferring assets from the trustor, or the creator of the trusts individual name to the name of the trust. This means literally changing the names on your assets from your name into the name of the trust. Retitling assets is a straightforward process. However, it does differ from asset to asset.For real estate, retitling involves a deed. For example, if you own a home, the home is currently deeded in your name, even if there is a valid mortgage. In order to change the title of your house, deed it from yourself and into the trust. This can be achieved through a Warranty Deed or a Quitclaim Deed. The deed must then be signed, notarized, and recorded in the county where you live. To retitle a bank/ retirement/ investment/ insurance account, simply contact the bank or institution that holds the asset and request a change in ownership from your name to the trusts name. You can also request that the Trust be designated as the accounts pay on death beneficiary if you would like to retain ownership of said account while you are still living. We should note that the institution that manages your asset may require documentation stating that you are trustee of the trust. Correctly funding your revocable living trust by retitling your assets is the only way to ensure that you are correctly passing ownership and into the ownership of your trust. We want to help you understand how best to protect your assets for smooth and effective administration. Reach out to our team today at 385.334.4030 or email@skvlegal.com.
Healthcare Directives are valuable to people in all walks of life. As you read this article, consider obtaining one for yourself.A Healthcare Directive is a tool to designate a health care agent, or someone to make health care decisions on your behalf. It goes into effect upon your inability to make or communicate health care decisions. If you fail to appoint someone to fill this role, the court will appoint a guardian, which may create a costly legal process. If you have Healthcare Directive, you are able to choose the person who will determine what treatments and health care you will receive, including end-of-life or palliative care decisions. Your health care agent makes surrogate decisions, which means that they step in your shoes and make the decisions that you would make on your own if you were able to do so.Ideally, surrogate decisions should be based on your input and the specific preferences you communicated before any loss of decision-making capacity. It should be based on a prior understanding your health care preferences and what you would want under the circumstances. Healthcare Directives are intensely personal documents. When thinking about creating your own, consider:Your values and how they may be reflected in your health care;Your priorities;What life means to you personally; andHow important quality of life is to you.Are there certain conditions that are worse than death to you? Would you undergo a risky procedure if it had a low chance of survival? What if that same procedure had a high chance of survival but would permanently lower your quality of life? How long would you like to be on life support? Its never fun to think about these things, but by selecting a health care agent and informing them of your preferences, you are preparing for the worst-case scenario and ensuring that your wishes will be followed. Clearly, the consequences of having or not having a Healthcare Directive can be huge, which is why we so strongly advocate that everyone, regardless of age or health, have one in their estate plan. Please dont leave your relatives to fumble in the dark if the unthinkable happens and you are unable to make your own health care decisions. Again, while an Healthcare Directive will be helpful to you in the future, you might have an elderly relative who is in need of one right now. So, whether you need one for yourself or for a loved one, contact us today at (385)334-4030 or send an email to info@skvlegal.com to set up your free consultation to determine your specific needs.
The Utah Chapter of the Alzheimers Association is a non profit organization that has developed volunteer and formal care giving teams to help families caring for individuals with Alzheimers disease and other forms of dementia. We also provide Support Groups, Education Workshops and Volunteer Training to the public at no charge; as well as a twice yearly Newsletter providing information about local programs and services, caregiver information, new research, legal issues of concern and relevant research updates.
The Utah Chapter of the Alzheimers Association is a non profit organization that has developed volunteer and formal care giving teams to help families caring for individuals with Alzheimers disease and other forms of dementia. We also provide Support Groups, Education Workshops and Volunteer Training to the public at no charge; as well as a twice yearly Newsletter providing information about local programs and services, caregiver information, new research, legal issues of concern and relevant research updates.
The Utah Chapter of the Alzheimers Association is a non profit organization that has developed volunteer and formal care giving teams to help families caring for individuals with Alzheimers disease and other forms of dementia. We also provide Support Groups, Education Workshops and Volunteer Training to the public at no charge; as well as a twice yearly Newsletter providing information about local programs and services, caregiver information, new research, legal issues of concern and relevant research updates.