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Now that spring has sprung and COVID restrictions are not dominating our daily lives, we need to get back to the basics. Time to change your linens, clean those baseboards and review your documents!
At a minimum, everyone needs a Durable Power of Attorney for financial matters and one for health care issues. It is surprising to me how few people execute this very basic estate document. If you don’t have one, and you have a massive stroke, your family will likely have to go to court in order to handle your most basic personal financial matters. This cost thousands of dollars and is a very difficult process on your loved ones.
Next, everyone should execute an Advanced Directive for Health Care, which is also known as a living will. This document allows you to choose ahead of time whether you would want to have your life artificially extended by the administration of medicine or machines, and whether you wish to have food or water given to you through a tube or IV. If you do not have this document and catastrophe strikes, the hospital must take the maximum steps to keep you alive, and often the client is then sent to a nursing home where they can live a very long time under these circumstances. Many do not want this to happen. If this is the case, execute this document. For Alabama, this document can be located for free on the Alabama Hospital Association’s website. Most hospitals, hospice companies and doctor’s offices can also provide the form.
This document is often associated with a “DNR” or “Do Not Resuscitate” form. That form is initiated by your physician most often, and is available for you if you reach the stage of your life that you really have no quality of life. This is not a required document, even though a lot of facilities would prefer it and may infer that it is required. You are the master of your destiny and you get to choose how your life ends.
The next, most common document is the Last Will and Testament. Everyone should have one, even if you put your children as beneficiary on your accounts and policies. There may be a reason to open an estate and it will be more expensive and time consuming if you do not execute a will. You should appoint a Personal Representative and should dictate who gets what property. If you just want to say, “I want my children to have my stuff,” then the document will divide your “residuary” estate. A common problem I see is where someone has a child they have raised but never formally adopted, or a partner they didn’t marry, and those will be left out of any estate if you do not write a will.
The last document you may want to consider is a Trust. We are living in more complicated times, and it is important to have a will, however, that will needs to be probated in court to take effect following your death. One way to exercise more control over your situation after your death is to set up a trust, that will manage the property over time.
If you have a set of documents that have been completed, make an appointment to determine if any changes should be made. Laws and circumstances change all the time, so it is important to keep up with those changes.
Talk to your estate professional as soon as possible and get your spring cleaning under way! If you are concerned about getting out in person, call and set up a virtual appointment.
For older adults, life can become quieter and lonely as the years go by. One way to combat this life change is by owning a pet. The health benefits of owning a pet for seniors far outweigh the work that goes into owning one.Our furry, feathery, or even scaly family members can provide a variety of physical, mental, and emotional benefits. The bond between seniors and their pets goes far beyond mere companionship. Here are some of the top health benefits of owning a pet for seniorsReduces Loneliness And IsolationAs they get older, many seniors experience feelings of social isolation and loneliness. This can lead to depression and other significant health problems. Having a pet, whether its a dog, cat, or even a bird, provides companionship and helps to reduce these feelings of isolation. Pets are loyal and loving, offering unconditional affection that can significantly improve your mental and emotional well-being.Increases Physical ActivityOne of the biggest benefits of owning a pet, particularly an active dog, is that it forces you to be physical. Dogs need to be walked, which in turn encourages regular physical activity on your part. Seniors with dogs are more likely to go for daily walks or play with them in the yard. Even this little bit of physical activity helps maintain mobility, joint flexibility, and cardiovascular health. In addition, physical activity of any kind leads to a stronger immune system and a reduced risk of chronic diseases like heart disease and diabetes.Lowers Stress And AnxietySimply looking at a picture of a little puppy or kitten is almost guaranteed to put a smile on your face. Studies show that petting a dog or cat can trigger the release of the mood-regulating hormone serotonin. It also increases the feel good hormone dopamine while decreasing the level of the stress hormone cortisol. This fluctuation helps to reduce stress and anxiety levels. Additionally, a pets rhythmic, soothing presence can help lower blood pressure, contributing to overall cardiovascular health.Boosts Mental AlertnessInteracting with pets can stimulate mental alertness and cognitive function. While training your pet and teaching them tricks helps to boost their mental capacity, it also helps to maintain your mental acuity. This mental stimulation can delay the onset of cognitive decline and reduce your risk of dementia and Alzheimers disease.Fosters A Sense Of PurposeMost of us work hard and look forward to the day we can finally hang up our work boots and retire. However, when that day finally comes, many seniors often experience a diminished sense of purpose. Owning a pet can give you back a sense of responsibility and purpose. Caring for a pet requires routine tasks like feeding, grooming, and exercise, providing structure to your days and a reason to get out of bed in the morning.Enhances Social ConnectionsA study has shown pet owners are more apt to meet their neighbors than non-pet owners. Pets make great icebreakers for seniors when they are out on walks or at pet-friendly facilities. This can give you an opportunity to connect with others and strike up a conversation.Reduces The Risk Of Allergies And AsthmaAlthough it sounds like it would be the opposite, having a pet has been found to reduce the risk of developing allergies and asthma the older we get. This can be an added health benefit for seniors who have had pets throughout their lives.Get Your Purrfect CompanionOwning a pet can do wonders for your health and well-being. These little bundles of joy enrich seniors lives in ways that extend far beyond companionship. The emotional, physical, and mental health benefits of having a pet cannot be argued or overlooked. Seniors who share their lives with a furry friend often experience reduced stress, increased physical activity, enhanced emotional well-being, and a greater sense of purpose. This article was submitted by VIPCare. For more information visit the website: getvipcare.com
What Are Elder Law and Special Needs Planning?Elder law and special needs planning involve preparing for expected and unexpected life circumstances, including the possibility of becoming incapacitated as well as protecting and providing for future needs of loved ones with disabilities.At its core, Elder Law focuses on the unique needs of older persons and practice areas that address issues of concern for aging adults, adults with disabilities/incapacity, their families and caregivers. Unlike traditional estate planning, Elder Law begins by assisting you with issues associated with a long and healthy life, rather than simply planning for death. It mixes legal and practical issues such as being able to continue residing in your home if you had a chronic condition, having someone help in managing your finances, and not becoming a victim of financial abuse in the process. Elder law endeavors to help you solve the problem of not knowing what you dont know.Special Needs Law focuses on solving legal problems for individuals with special needs and their caregivers. Although there is no uniform definition of special needs, the phrase describes individuals with a wide variety of physical or mental conditions who require assistance with personal care needs, activities of daily living, paying bills, managing finances, etc., who may be vulnerable to and need protection from exploitation or abuse, and who may need access to public benefits or any number of other types of assistance. If you currently provide care for a child or loved one with special needs (such as mental or physical disabilities), you must have contemplated what may happen to him or her when you are no longer able to serve as the caregiver. Frequently, parents and grandparents are concerned about how their children and grandchildren will be cared for after the parents or grandparents deaths and want to plan in advance to protect their special needs loved one. Elder Law and Special Needs Planning encompass many different fields of law, including, for example: Disability planning, durable powers of attorney, living trusts, advance directives, other tools to delegate management and decision-making to another in case of incompetency or incapacity Estate planning, including the management of finances and assets during life and disposition on death using trusts, wills, and other instruments Special/Supplemental Needs Trusts Conservatorships and guardianships Long-term care planning and placements Trust and probate/estate administration Elder abuse and financial exploitation Medicaid planning Retirement and Social Security planningWhen each day seems to present a new challenge, thinking about the future can be overwhelming. A plan can help break things down into achievable pieces. No matter what age or stage, it is getting started that counts.This article is for informational purposes only and is not intended to be legal advice.This article was submitted by Ashley Day, Esq., A Day Law, LLC. Reach her at 251-277-3377.
Basics of Reverse Home MortgageA reverse home mortgage is a type of loan that allows homeowners to access a portion of their home equity without having to sell their home or make monthly mortgage payments. Unlike a traditional mortgage, the loan balance of a reverse mortgage increases over time and is typically only repaid when the homeowner sells the home or passes away.Differences from Traditional Mortgage Reverse mortgages do not require monthly mortgage payments, while traditional mortgages do. The loan balance of a reverse mortgage increases over time, while the loan balance of a traditional mortgage decreases over time as payments are made. Reverse mortgages are typically only repaid when the homeowner sells the home or passes away, while traditional mortgages are repaid over a set term. A Financial Solution for Seniors For seniors, a reverse mortgage can be a great financial solution. It allows them to access the equity in their homes without selling or giving up ownership. Reverse mortgages are also a great way to supplement retirement income. They provide a steady stream of funds that can be used to cover living expenses. With a reverse mortgage, seniors can enjoy their retirement years and have peace of mind knowing they have a reliable source of income.Reverse mortgages are also a great way to pass on wealth to heirs. The loan is paid off from the sale of the home, and the remaining equity is passed on to the heirs.Eligible homeowners obtain reverse mortgages for many reasons including: Repairing or modifying the home to meet the physical needs of getting older Supplementing retirement income to meet expenses Managing the costs of in-home care Paying off an existing mortgage Paying increased bills due to inflation and economy Paying property Taxes Delaying Social Security Providing a source of funds for living expenses in lieu of liquidating financial investments during times of market downturn or disruption Helping retirement savings last longer Purchasing a retirement home Recent ClientsA retired couple in their late 60s, John and Susan, were struggling to make ends meet on a fixed income, due to inflation and the cost of living increasing. They had significant equity in their home but were hesitant to sell it and downsize because of the current real estate market. They decided to explore a reverse mortgage as an option to access their home's equity without having to sell it. The reverse mortgage allowed John and Susan to access their home's equity and use the funds to pay off their existing mortgage and cover their increased living expenses. They were able to stay in their home and maintain their quality of life, without having to worry about making monthly mortgage payments. Mary Anne, a retired infusion nurse, suffered some medical challenges and her insurance did not cover all of her additional expenses. She decided a reverse mortgage was her best option. It allowed her funds to seek non-traditonal treatment and was able to eliminate the financial stress in her life, allowing her body to heal.A retired widow in his late 70s, James wants to stay in his home as long as possible. His home was mortgage free and he intends to leave it to his two children who live out of state. The reverse mortgage allowed him to access his home's equity and use the funds to make the modifications to continue staying in the home unassisted.It allows him the peace of mind knowing the has additional money to pay an in-home care giver if and when he needs one.He is able to stay in his own home and now worry about being a burden on his out of state children. He expressed to me that feeling of relief is priceless.This article was submitted by Nicole Cramer with Anchor Funding, Inc. Contact Nicole at 251-349-9891 or email her at nicole@cramergrp.com for more information about whether a reverse mortgage can work for you.
Aging in Alabama is a full service elder law firm offering simple and custom solutions for clients and their caregivers who have real problems with nursing home Medicaid qualification, discharge, appeal, and disputes, as well as a variety of planning services, and estate and probate solutions, to preserve and protect your life's work.Alabama Rules of Professional Responsibility require the following: "No representation that the quality of legal services to be performed are greater than the legal services performed by other lawyers."
Aging in Alabama is a full service elder law firm offering simple and custom solutions for clients and their caregivers who have real problems with nursing home Medicaid qualification, discharge, appeal, and disputes, as well as a variety of planning services, and estate and probate solutions, to preserve and protect your life's work. Alabama Rules of Professional Responsibility require the following: "No representation that the quality of legal services to be performed are greater than the legal services performed by other lawyers."
Aging in Alabama is a full service elder law firm offering simple and custom solutions for clients and their caregivers who have real problems with nursing home Medicaid qualification, discharge, appeal, and disputes, as well as a variety of planning services, and estate and probate solutions, to preserve and protect your life's work.Alabama Rules of Professional Responsibility require the following: "No representation that the quality of legal services to be performed are greater than the legal services performed by other lawyers."