Estate planning documents are essential if you wish to protect your assets & loved ones. It includes Advance Healthcare Directives, Power of Attorney, Maryland Medical Orders for Life-Sustaining Treatment (MOLST), Trusts and Last Will & Testament, and Special Needs Planning.
Have you ever said or overheard someone else say I do not need a Will, Power of Attorney or Advance Care Directive? By not engaging in estate planning you are allowing laws enacted by the legislature to make your decisions.
The Alzheimer’s Association currently estimates about 11% of those over the age of 65 have Alzheimer’s and that number is expected to triple by 2050. Yet, many people have not given any thought to how they would care for themselves or a loved one when faced with this disease.
Planning for a future after you die is never fun, but it is one of the best ways we can protect and help the ones we love. Selecting the correct beneficiaries of your estate is a task nobody relishes, but it is nonetheless important.
Reverse mortgages can be a useful tool. However, like most loans, a reverse mortgage is not a perfect product and should not be entered into until all of the factors, risks, etc. have been examined and explained to the borrower.
According to the National Council on Aging, approximately 1 in 10 Americans over the age of 60 have experienced some form of elder abuse, and of the nearly 5 million cases each year, only 7% are ever even reported to the police.