Carney Dye, LLC

How SECURE Is Your Retirement Planning?

Fri, 10 Jan 2020 18:42:00 GMT

On December 20, 2019 President Trump signed into law the Setting Every Community Up for Retirement Enhancement (“SECURE”) Act. The SECURE Act is one of the more significant pieces of legislation to affect retirement plans in recent years. The SECURE Act makes notable changes to how individual retirement accounts (“IRAs”) and certain other retirement benefits will be treated post-death.
At the heart of the SECURE Act is a mandated payout of many plans in about 10 years after the plan owner dies. This provision eliminates the so-called “stretch provision” for most non-spouse beneficiaries of inherited IRAs and other retirement accounts. Previously, non-spouse designated beneficiaries could take distributions over their entire life expectancy. This afforded attorneys the ability to establish trusts that would make annual contributions to its beneficiaries. The SECURE Act now limits this distribution time frame to just 10 years. What is important to note is that there is flexibility within the 10-year time period as to when funds are dispersed (i.e., equal annual payments, or one large lump sum at the end of the 10 years); however, certain types of trusts that have been drafted to serve as beneficiaries of retirement accounts may find that they’re no longer able to make annual distributions to the trust under the new rules (only to have both the IRA and trust liquidated at the end of the 10-year timeframe).

This new 10-year rule applies to beneficiaries who inherit in 2020 or when the account owner dies in 2020 or thereafter. Also, this new 10-year rule does not apply to certain designated beneficiaries: spousal beneficiaries, disabled beneficiaries, chronically ill beneficiaries, individuals who are not more than 10 years younger than the decedent, and minor children (but only until the age of majority). For minor children, the 10-year rule will, however, begin tolling when they reach the age of majority. For these eligible beneficiaries, the same rules that applied to them before the SECURE Act was enacted will continue to apply in 2020 and beyond. The Act also includes many favorable provisions for Special Needs Trusts.

The SECURE makes other significant changes, including the following:

As you can see, the SECURE Act makes numerous changes to the rules regarding retirement plans. The largest impact is to non-spouse beneficiaries of inherited IRAs and other retirement accounts currently planning to receive funds beyond the new 10-year limit. We are reviewing with our clients how the SECURE Act will affect existing estate plans and will share more information and recommendations in the coming weeks. Please feel free to send us an email or give us a call at (205) 802-0696 if you have any questions or concerns.

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We Are Thankful For You!

Fri, 22 Nov 2019 18:38:00 GMT

Our firm is grateful for our relationships with our many clients, friends and referral partners. All of you have added so many blessings to our lives. We want to take this opportunity to wish you a very happy Thanksgiving holiday.

Home for the Holidays

The holiday season is usually a time when we will travel to see our loved ones, many of whom we may only see once or twice a year. It can be a great opportunity to check-in on our family, particularly focusing on issues that may have arisen due to their age or illness. A home visit can be a good time to take notice of any “warning signs” that may require additional planning or care. It is also important to check on our loved ones in such a way that preserves their personal dignity and is not confrontational for them. If someone is starting to struggle with life activities, it can be embarrassing and many people seek to hide those facts.

Your family visit may also be a nice time to discuss “family business” such as estate planning. These matters can be especially important in the event there are any warning signs. For example, if your parent is showing signs of struggle with handling his or her personal financial matters, then a Durable Power of Attorney may be a useful tool, allowing an agent to help them from time to time. Again, it is important to address these matters in a non-confrontational manner. An individual’s personal estate planning can be a sensitive topic. Rather than asking a parent if they have an updated Last Will and Testament, consider an indirect approach, such as telling them about your own estate planning experience and how completing the process gave you a sense of peace.

We wish you safe, enjoyable and fruitful travels this holiday season.

If we can help you with any of your estate planning needs, please send us an email or give us a call at (205) 802-0696 .

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Happy Veterans Day!

Fri, 08 Nov 2019 18:17:00 GMT

We would like to thank all of our Veterans for their service and sacrifice. It is nice to see that many stores will be offering free or discounted services as a token of thanks for those who have served. For example, a Veteran can get a free meal at Golden Corral this Veterans Day (see https://www.usveteransmagazine.com/2019/10/veterans-day-freebies-2019/ for more information).

In our practice we have learned that the government also offers special benefits for Veterans and their families that can help with aging issues. Best of all these benefits are offered year round!

1. The first benefit is health care provided through the VA. Many Veterans are not aware that the VA can provide a variety of health care services, ranging from general medical care to hearing aides and prescription drugs. A Veteran’s eligibility depends on a few factors, including time period and years of service. For more information about receiving health services from the VA please visit: https://www.va.gov/health-care/apply/application/introduction

2. A second benefit is VA Pension and Aid & Attendance. The requirements to qualify for these benefits are as follows:

This benefit provides a monthly financial payment for caregiving or assisted living expenses. The best part is that you do not need an attorney to obtain these benefits! For more information see https://www.benefits.va.gov/pension/aid_attendance_housebound.asp

If we can help you with any of your estate planning needs, please send us an email or give us a call at (205) 802-0696 .

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First Things First – A Solid Estate Plan

Fri, 11 Oct 2019 18:15:00 GMT

Many people are concerned about planning for long-term medical care, focusing particularly on financial concerns. Services such as home health care or assisted living can be quite expensive. These are important matters and should be a topic of discussion with your legal and financial advisors. However, the first step in this process is to ensure that you have a solid foundation of estate planning documents.

There are several reasons a solid foundation is important. The first is that a strong foundational estate plan will allow your family to plan for your long term care expenses if you are unable to do so. When it comes to long-term care planning, we often do not plan until we have a need, and at that point we are usually no longer able to do the planning ourselves!

Another important reason to have a solid foundation of estate planning documents, is that we are all going to use these documents at some point in our lives (sorry to break the news, but at the very least, we will all die). Having estate planning documents will always lead to a more efficient and less costly administration of our personal affairs. In other words, planning now will save your loved ones lots of time and money later.

Let’s look at this scenario using a tale of two clients. Client 1 did not do any estate planning. She did not sign a Will, nor had she ever executed a Durable Power of Attorney. Client 1 suddenly suffered a stroke and was incapacitated (losing her ability to sign legal documents). She now requires around the clock care.

At that point her family is in a difficult position. They are frantic about the future, and more importantly how they are go to pay for the over $200 a day nursing home care that may be required. Furthermore, they are not sure about what assets she even has in her name. When they go to the bank to access the accounts, they are told that they do not have authority. They realize that their only option to begin caring for their loved one is to petition a court to become a guardian and conservator. This process will take time and thousands of dollars.

Client 2 is different. She signed a Will, Durable Power of Attorney and Advance Health Care Directive. When she unfortunately suffered a stroke, her family contacted her attorney. The attorney provided the family with copies of her legal documents, which allowed them to access her bank account and to even begin writing checks from her account to pay for her care. Client 2’s family also had the authority and access to begin structuring Client 2’s assets to help alleviate the financial burden of her long-term care expenses.

Having a foundational estate plan is like having a strong foundation in one’s home. When the storms of life come (and they invariably come), the home can withstand most of them and come through with little or no damage.

We would love to help you put your solid estate plan in place. Please send us an email or give us a call at (205) 802-0696 .

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Book Review: The Art of Dying Well: A Practical Guide to a Good End of Life by Katy Butler

Fri, 27 Sep 2019 18:11:00 GMT

Review by Jack Carney

A book about dying (even dying well) is not your typical weekend read (except perhaps for an estate planning attorney). Yet, I am certainly glad that I decided to read this book.

This book is an excellent resource manual for those feeling the effects of age or for someone (or their caregivers) who is facing a terminal illness. The information and stories progress from the first signs of decline in an individual to serious terminal illness. It also has a wonderful appendix full of additional resources for families in these situations.

I want to share some of the useful tips I personally took from the book:

If you would like to discuss your estate planning needs, please send us an email or give us a call at (205) 802-0696 .

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A More Complete Estate Plan

Thu, 12 Sep 2019 18:02:00 GMT

The basics of estate planning are fairly simple. There are three primary documents that every person should have in place: A Last Will and Testament, a Durable Power of Attorney and an Advance Health Care Directive. You may call these three the Holy Trinity of estate planning. If these documents are in place, things will generally go easier for one’s family in the event of death or disability.

There are some tools that you can utilize to make matters even easier for your family in the event of a tragedy. For example, simply leaving a detailed list of your assets and liabilities will allow an agent or Personal Representative to efficiently begin to handle your affairs. Another powerful tool is a document called a “Letter of Intent.” A Letter of Intent (LOI) is simply a personal writing detailing an individual’s wishes, directions, instructions, etc. It is not a legal document, meaning any directions in it are not legally binding. Rather it provides guidelines, which a family may consider to be morally binding.

I recently had the experience of being able to share a letter of intent with a family after the loss of their loved one. I found a copy of the letter when reviewing the client’s file after I learned of her death. Even though the letter remained in my file for well over a decade, it had a profound and significant effect on her family. In her own words she shared her feelings, gave directions about funeral arrangements and made some recommendations about how to distribute personal property (that is, the stuff). The best part of the experience was that the client’s personality was on display in the letter, as she wrote it in her own words (unlike a Will, which is full of formal legal jargon).

Including a LOI in your personal estate planning can provide your family with much needed practical directions. I believe that specific directions will certainly minimize the possibility of an estate dispute and will give your loved ones peace because they are following your wishes. Best of all, the LOI will not cost you one dime in legal fees!

If you would like to discuss your estate planning, please send us an email or give us a call at (205) 802-0696 .

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Back to School

Wed, 26 Jun 2019 18:01:00 GMT

School is about to start again, and many people have children who will be starting college as freshmen this fall. For most of these children, this will be the first time that they have moved away from home, many a great distance from their parents. In preparation for the move to school, most parents and their children make a comprehensive list of things to do or purchase before the upcoming freshman moves away.

That list of things to complete should include putting some simple estate planning documents in place for your child. In Alabama, once your child is nineteen (eighteen in most other states), he or she is considered an adult, and thus parents are no longer entitled to make medical or financial decisions on the child’s behalf.

In light of this, your child should execute both a Durable Power of Attorney and an Advance Health Care Directive. The Durable Power of Attorney comes in very handy when an issue arises and a parent needs to obtain financial or other protected information on a child’s behalf while he or she is away. For example, a parent might need to speak with an insurance company regarding a claim, or replace a lost debit card. If you are appointed as agent in a Durable Power of Attorney, you can speak directly with that insurance company or bank on your child’s behalf, thereby alleviating any potential delays.

The Advance Health Care Directive allows you to be appointed as your child’s health care proxy. In the event your child is injured while away at college and is unable to make decisions, you would be designated as someone who is able to make health care decisions for your child. We would recommend sending a copy of this directive to your child’s physician to keep in their file. In addition, we recommend having your child execute a HIPAA release so that you might be able to receive any necessary medical records on your child’s behalf.

You may also consider having your child execute a simple Will. Having that Will in place would help ensure that in the event something unexpected were to happen, you would be able to serve as the Personal Representative (executor) without having to post a bond or file an inventory with the Probate Court.

Doing just these few things should give you some peace of mind and help protect your child in the event something unexpected was to happen.

We would be happy to help your child get ready for school. Please send us an email or give us a call at (205) 802-0696 .

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A Plan For Your Digital Assets

Fri, 21 Jun 2019 17:59:00 GMT

You probably know that estate planning is an essential part of your financial planning. Having a Will, a Power of Attorney, and an Advance Health Care Directive ensures that if something happens to you, your loved ones can take care of you and your assets in alignment with your wishes.

As recently as 10 or 15 years ago, a basic estate plan is all most people needed when it came to making arrangements for your assets. These days, however, most people have digital assets that may not be adequately addressed by basic estate planning documents.

Maybe you only have an email account and a couple of social media accounts. Or, like many folks, maybe you have a trove of digital books, music, financial accounts, website domains, and/or cryptocurrencies like Bitcoin. What is going to happen to these things when you die?

Fortunately, Alabama has passed the Revised Uniform Fiduciary Access to Digital Assets Act, which gives people the ability to grant a fiduciary the power to access digital assets in their Will, Trust, or Power of Attorney. Our documents specifically include this grant of power. This Act makes dealing with digital assets much easier, as before the Act, a Personal Representative often had to procure a court order to access digital assets.

Some digital providers — such as Google and Facebook — also now have an option of designating a successor individual who may access your account after you are gone or incapacitated.

According to Kiplinger , here are five steps you can take to start getting your digital estate plan in order:

1. Take inventory of all your digital assets. Include any online accounts, no matter how basic or complex.

2. Make sure you have username and password information documented in a secure place. You may want to consider using a password management tool. Designate a trusted individual who will have the ability to access your login information after you die.

3. Determine if online accounts offer a way for you to spell out your legal custodians and, if so, complete any required electronic forms.

4. Update your will, trust, and power of attorney documents to authorize the individuals you would like to serve as fiduciaries to access your digital assets. Indicate who will have access to what.

5. Enlist the support of professionals to help you manage the estate implications of your digital assets. An estate planning attorney and a financial advisor can work together to help you develop a comprehensive plan that matches your legacy values.

We would be happy to help you address your digital assets in your estate planning. Please send us an email or give us a call at (205) 802-0696 .

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Update on the Queen of Soul’s Estate

Fri, 24 May 2019 17:54:00 GMT

We know you’ve been dying for an update on the administration of Aretha Franklin’s estate ever since we wrote an article about her death last year. As we mentioned in our previous article titled “All I’m Askin’ Is For a Little Estate Plannin’ (Just a Little Bit)!” , it was initially reported that Aretha had died without any estate planning documents at all, even though her attorney had pleaded with her for three decades to create a trust.

Now, juicy new details have emerged from the estate attorney. Apparently three handwritten wills have been discovered in Aretha’s Detroit home, including one that was hidden under the sofa cushion!

The most recently-dated one (March 2014) appears to give the singer’s assets to family members. However, according to reports, it is difficult to read, with many portions crossed out and extra notes handwritten in the margins.

The estate attorney filed the wills with the probate court this week, telling the judge that he did not know whether any of these wills were valid under Michigan law.

And so the TMZ-style stories of celebrities dying without a proper estate plan and of the mayhem that ensues continue. In 2016, with the title, “Dearly Beloved, We are Gathered Here Today to Get Through this Thing Called…Estate Planning,” we wrote about Prince dying without an estate plan. His estate, valued at somewhere between $200 million and $300 million, rages on, with many people claiming to be heirs and millions spent on legal fees.

Every few months feels like déjà vu all over again as yet another celebrity dies “intestate” (aka: without a will).

Don’t make the same mistake. Famous or not, you need a will. We can help.

We would be happy to help with your estate planning. Please send us an email or give us a call at (205) 802-0696 .

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The Practical Side of Estate Planning

Fri, 26 Apr 2019 17:53:00 GMT

Estate planning is a process that addresses issues that are legal, financial, emotional and practical. The legal side of planning encompasses documents such as Wills, Powers of Attorney and Advance Health Care Directives. These legal documents are by far the most important part of any estate plan and should be the primary focus of the planning process.

That said, even an estate with well-drafted legal documents can prove difficult to administer if the Personal Representative does not have access to the estate planning documents or information regarding the assets of the estate. In light of these common challenges, we suggest two practical steps that one can take to help ensure an effective estate plan:

1. Location of Your Documents . If you have estate planning documents, please make sure that your loved ones can find them when the need arises. On more than one occasion in my career, I have had individuals call my office to see if I did a Will for their loved one. They said they believed there was a Will, but could not find one, so they were calling attorneys hoping to get lucky. That is a terribly inefficient way to ensure one’s wishes are followed after death.

Tip : We do not recommend sharing copies of your documents with your loved ones (as it could cause confusion with later updates), but rather keeping them in a location at your home and placing copies with two trusted advisors (e.g., your attorney, CPA or financial planner). You can then leave directions for your family to contact one of these advisors if they are not able to find the documents.

2. Your Assets . It is hard to administer an estate or take control of a disabled person’s assets if you are not aware of where those assets are located. It is important to leave a list of financial assets (account numbers, bank location, etc.) for your agent or Personal Representative to use as a guide if the need arises. We have worked with Personal Representatives who were “playing detective” when it came to tracking down financial assets or simply had to go through piles of paperwork trying to locate relevant financial information.

Tip : We offer a free personal record book on our website . This resource is an excellent tool should one need to assume responsibility for your personal financial affairs. It is comprehensive, but can be daunting if you try to complete it in one sitting. My wife and I have made a pledge to work on our personal record book for 10 minutes at least once a month. Eventually it will be complete, but any little information we add to it in the meantime will certainly help our loved ones in the future.

Paying attention to the practical side of estate planning can provide a tremendous benefit for your loved ones and ensure that your estate planning documents work to their fullest potential when the need arises.

We would be happy to help with your estate planning. Please send us an email or give us a call at (205) 802-0696 .

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Estate Planning for the New Normal

Fri, 05 Apr 2019 17:50:00 GMT

Estate planning should be geared towards a person’s particular family situation. In the last several decades family situations have become more complex. In order to adequately address the needs of “today’s family,” estate planning must also become more complex.

The “traditional family” is defined as children with two parents both in their first marriage. In 1960, 73% of children lived in a traditional family environment. In 2014, the number of children living in the traditional family environment dropped to 46%. Many of these new households are blended families, single parents, co-habitating parents, same-sex couples or even grandparents. Blended families (families with step-children) are becoming more common, as today one-third of all marriages create a blended family.

This article is not meant to address the social implications of this demographic change, but rather to address the implications of these changes on standard estate planning. The bottom-line is that the simple “I love you” Will (leaving all assets to a surviving spouse, then to kids) does not work for most families. Documents in these situations may require more specificity and sophistication. There are several additional matters for blended families to consider, including:

1. Personal property – Items of personal property, such as clothing, books, jewelry, guns, pictures and things of that nature often have significant sentimental value. A parent may want to leave some of these items to his or her children, rather than leaving all personal property to a surviving spouse. Children often feel hurt and upset if someone who is not their parent now owns the “family property” and decides what to give to them, if anything.

2. Assets – When considering leaving assets at death, it is important to think about protecting the interests of one’s children in a new marriage. For example, a simple Will leaving everything to a second spouse does not prevent that spouse from later disinheriting the deceased spouse’s children. The surviving spouse may remarry and leave those assets to the new family.

There are several ways to ensure the children’s interests are protected. First, an individual may want to leave some assets to their children immediately upon death. If the surviving spouse will need the assets for his or her care, perhaps a marital trust or a post-nuptial agreement will suffice to protect the assets for the deceased spouse’s children.

3. Health Care Decisions – It is important to designate someone to make health care decisions for you if you cannot make them for yourself. Typically a spouse will serve in this role. However, where an individual may have adult children from a prior marriage, he or she may wish to name both a spouse and their children to serve together. If naming only a spouse, we recommend including language asking the children to respect the spouse’s decisions.

4. Burial Wishes – Burial decisions can also be emotional and a source of contention. The law provides that a spouse will make all burial decisions. It will be important to ensure that a person expresses their burial wishes (in writing and verbally) so that any decision of the surviving spouse would not be challenged by the deceased person’s children.

We would be happy to help with your estate planning. Please send us an email or give us a call at (205) 802-0696 .

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Is It Time To Update Your Estate Planning Documents?

Mon, 18 Mar 2019 19:29:00 GMT

send us an email

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Our Elder Law Precepts

Mon, 18 Mar 2019 19:29:00 GMT

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What is an Ethical Will?

Mon, 18 Mar 2019 19:27:00 GMT

https://www.carneydye.com/resources

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Estate Planning and Administration: The Complete Guide

Mon, 16 Jul 2018 14:46:00 GMT

Jack Carney will be speaking at the “Estate Planning and Administration: The Complete Guide” seminar on August 20 & 21. For more information and to sign up to attend, visit the following website: https://www.nbi-sems.com/ProductDetails/79702ER?ctname=SPKEM .

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Estate Planning and Addiction – There is a Solution!

Wed, 27 Jun 2018 16:21:00 GMT

https://al-anon.org/

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We Want Prenup!

Fri, 27 Apr 2018 17:39:00 GMT

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The Importance of a Deed Checkup

Thu, 22 Feb 2018 16:22:00 GMT

Email us

(205) 802-0696

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Gift Taxes: Why Most People Don’t Need to Worry About Them

Thu, 22 Feb 2018 16:20:00 GMT

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Legal Terms: Not Just for Lawyers to Look Smart

Mon, 22 Jan 2018 14:56:00 GMT

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Happy New Year!

Wed, 10 Jan 2018 19:03:00 GMT

The turn of the calendar year can be an exciting time and certainly provide a “fresh start” for many of our personal and business ventures. It is no surprise that many people celebrate the new year by committing to resolutions designed to make some life improvement.

Many resolutions such as losing weight, committing to an exercise program, saving more money, etc., can be difficult and often don’t make it to March. We would like to offer some easier alternatives that can have a tremendous impact on your life.

1. Resolve to Get a Last Will and Testament. You probably worry about your lack of a Will every time you board an airplane. Remove that anxiety by making 2018 the year you finally get a Will. It’s easier than you may think.

2. Run a Free Credit Report. Protect your financial integrity by running a truly free credit report. Avoid the sites advertised on TV and go to www.annualcreditreport.com.

3. Conduct an Insurance Review. Make sure you are adequately insuring your home, your car, and even your life. Life insurance can be incredibly valuable for your family. However, you want to apply for it while you are in good health; otherwise, it may be unavailable or too cost prohibitive.

4. Protect Against Theft. Take pictures of the items in your home, make copies of the contents of your wallet, and be sure to have a password on all your technology devices.

We would be happy to help you with that first resolution! Email us (george@carneydye.com) or give us a call at (205) 802-0696.

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Light Bulbs, Ice Cream Cones, and Lunch

Mon, 14 Nov 2016 15:11:00 GMT

I attended a presentation last week given by a financial advisor on planning to maximize quality of life. They used a publication by Joseph F. Coughlin, PhD, Director of the MIT AgeLab to focus their presentation: “ Three Questions that Predict Future Quality of Life .”

Coughlin submits three questions as predictors of future quality of life in retirement:

We’ll take a look at each of these questions below.

(1) Who Will Change my Light Bulbs?

This question is all about having a plan for maintaining one’s home and one’s ability to continue living at home for as long as possible. There may come a time when your father climbing a ladder to change a light bulb at home is simply no longer a good idea. Who will be around to help with maintenance and household tasks? Family? Service providers? Will home modifications be needed and/or desirable to facilitate one’s ability to “age in place?”

It’s helpful to think about the following activities and what the cost would be of hiring a service provider to take care of these areas: House cleaning, maintenance and basic repairs, lawn care, grocery delivery, laundry, home modifications, other.

(2) How Will I Get an Ice Cream Cone?

This question has to do with “being able to easily and routinely access those little experiences that bring a smile,” such as driving to get an ice cream cone on a hot summer night. Transportation is the key here. Will you have adequate transportation to get to where you need to go to do the things you enjoy doing — by car, public transportation, flight, etc.

You may think about the following categories for this question: Hobbies, volunteer activities, career, travel, time with family and friends, other.

(3) Who Will I Have Lunch With?

This question is getting at your social support network as you age. Families are more geographically spread out than they used to be, and divorce is also more common. Baby boomers are much more likely to live alone than were their parents. Keeping in regular contact with friends and family, and being plugged into civic, hobby, and/or religious communities is important for decreasing negative health effects and maximizing quality of life as we age.

Some ideas for fostering that social network include: attending a senior center, doing volunteer work, enrolling in a college course, visiting your neighborhood coffee shop, using online social networking to meet other retirees, joining a travel club, enrolling in an exercise class, and asking family or friends to introduce you to others.

I think these three simple questions are helpful in sparking some initial thinking surrounding what makes us happy and is important to us as we age. Once we identify some of these factors, we can then plan more effectively to ensure we can preserve and continue to access those things into retirement and beyond.

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Communicating with a Person with Alzheimer’s Disease

Wed, 26 Oct 2016 19:09:00 GMT

After a short hiatus, we at the Aging Well Blog are back!

Just a quick post today. George, our associate who also wears the hat of a speech-language pathologist, came across an excellent list of 10 tips for communicating with a person with Alzheimer’s disease (“AD”). This comes from Relias Learning’s continuing education course entitled “Alzheimer’s Disease and Dementia: Interacting with Family Caregivers.”

Depending on how advanced a person’s AD is, trying to communicate with a person with the disease can be a challenge. The conversation partner must not only endeavor to understand the person with AD but also to be understood by this person.

Here are some helpful tips:

You want to help the person with AD feel calm and safe, as coping with the symptoms of AD, such as memory loss, is naturally fear-inducing. Asking straightforward questions, one question at a time, and avoiding asking “Why” can decrease the linguistic complexity and resultant cognitive load on the person with AD. Even if the person is saying things not rooted in reality, arguing with the person will usually not help the situation. Try calmly validating the person with AD’s feelings and then redirecting the conversation.

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Depression and Aging (Part 3): What We Should Talk About Regarding Depression?

Wed, 07 Sep 2016 19:23:00 GMT

Depression is a mental health disease that can touch any of us at all stages of life. However, it is particularly prevalent in the elderly, and is in fact the most common psychological disorder late in life. Depression affects over 6 million older adults. And yet, in this population, depression is often ignored or overlooked, as its symptoms can be confused with other physical ailments.

In our first post in this series, we discussed WHY we should talk about depression with our aging loved ones. In our second post, we discussed WHEN to talk about depression. In this our final post in the series, we will discuss WHAT we should talk about when discussing depression with seniors.

Once you have decided to talk about depression with an aging loved one, remember that the word “depression” carries a stigma for many of the older generation. When they hear “depression,” they may hear “crazy” or “moral failing.” There may be a feeling that, as good Americans, they ought to be able to pull themselves up by their bootstraps to overcome it. If you have the sense that your loved one attaches this stigma to depression, use the word “depression” sparingly, and instead talk about the symptoms. You may say, “You seem sad, and I’ve noticed that you don’t get together with your friends anymore. Why is that?”

Keep the following tips in mind when you talk about depression (regarding HOW to talk):

As far as WHAT to discuss, you can focus on several areas: (1) the facts, (2) the difference between depression and sadness, (3) the symptoms of depression, (4) signs of substance abuse, (5) thoughts of suicide, and (6) treatment options.

Talking to an aging loved one about his or her struggle with depression is important, but realize your own limitations when you do this. You can’t “cure” your loved one of this disease, nor are you responsible for how he or she chooses to treat it.

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Depression and Aging (Part 2): When Should We Talk About Depression?

Fri, 19 Aug 2016 19:01:00 GMT

In our last post, we discussed WHY we should talk about depression with our aging loved ones. This week, we will discuss WHEN to talk about depression. In our next post, we will discuss WHAT we should talk about when discussing depression with seniors.

Unless you have a reason for concern, there is no reason to dive headfirst into a discussion about depression with an aging family member. Conversely, if (1) you suspect your loved one is at risk, (2) your loved one is suffering through a time of loss, or (3) you see the telltale signs and symptoms of depression, you should talk to your loved one about it. We cover these three situations below:

(1) When You Suspect Your Loved One is at Risk

Be on the lookout for depression if your loved one has any of these risk factors:

(2) When Your Loved One is Suffering Through a Time of Loss

“Loss” can include a wide variety of areas:

(3) When You See Signs and Symptoms of Depression

The DSM IV provides standard criteria by which doctors make a diagnosis of major depression. According to the manual, you should suspect depression if you see at least five of the following symptoms persist nearly every day for at least two weeks, and if these symptoms represent a change from the way the individual has felt or functioned in the past:

When you suspect that a loved one is suffering from depression, it is time for a talk about getting a medical checkup that includes a psychological evaluation.

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Depression and Aging (Part 1): Why Talk About Depression?

Mon, 25 Jul 2016 15:54:00 GMT

In this week’s post — the first of a 3-part series we are doing on depression and aging — we want to discuss WHY we should talk about depression. In the following weeks, we will discuss WHEN to talk about depression, as well as WHAT you should talk about.

It can be particularly difficult to talk to aging parents about depression, because members of this population often don’t have all the facts about this disease. They are from a generation that still often holds to these common myths:

Dispelling these myths is a good reason to talk to aging loved ones about depression if you expect they are at risk. Here are some other good reasons to talk to them about depression:

All of the above reasons can be summed up by this one underlying fact: unless you talk about the disease of depression with your parents or other loved ones when you see they are at risk, the problem is unlikely to be diagnosed and treated.

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How do I save my house if I have to move into a nursing home?

Tue, 28 Jun 2016 15:37:00 GMT

We get this question a lot. It usually goes something like this: “The government is trying to take my house and all my money now that I’m in a nursing home!” Or, “The nursing home is trying to take my house and all my money now that I’m in a nursing home!”

Let’s back up a little. The first thing to know is that, if you’re in a nursing home, the nursing home does not want your house, or your stuff. They don’t even necessarily want YOUR money. All the nursing home wants is to get paid. It doesn’t care whether that payment comes from you, or your family, or Medicaid. It’s a business, and like any other business, to be profitable, it needs to be paid for the care it provides.

The second thing to know is that the government doesn’t want your house, your stuff, or your money. It just wants to make sure that, if it’s paying for your long-term care via Medicaid, you are a citizen who actually needs to have your care paid for. Medicaid was designed to support those in poverty. In order to ensure this policy aim of Medicaid is achieved, the government has to scrutinize whether you are someone who, in fact, is unable to pay for long-term care with your own assets.

Now, that being said, there are some ways an attorney can help you plan for an eventual need for long-term care in a way that does protect your assets to the greatest extent possible. Folks can set up certain types of trusts over 5 years in advance of needing long-term care that can protect assets in the event they do need to pay for a nursing home later. Of course, these trusts have some downsides, including the fact that you are turning over control of your assets to someone else who serves in the role of Trustee.

Some folks are advised to deed their house to their kids in their older age and keep their fingers crossed that more than 5 years will pass before they need long-term care. We very rarely advise people to do this, as once the house is deeded over, you have no control over what may happen to it! (Your child may go rogue, creditors of your child may attach liens onto the house, it may get taken by an in-law if your child gets divorced, etc.).

The good news is that Medicaid does not require applicants to sell their houses as long as there is any “intent to return home” following the stay in the nursing home. There is always some possibility of returning home, even if only on respite care. Therefore, the house is generally excluded from any Medicaid eligibility determination. Medicaid will, however, attach a lien onto the house for any money it pays for the covered person’s care.

There are other ways to protect your house and assets when a Medicaid application is imminent. Rules allow for you to transfer the house to a child who has lived in the house and provided care for you during the previous 2 years, without penalty. The house can also be transferred to an adult disabled child, again with no penalty.

Assets can be spent on various items to benefit yourself and save money down the road while helping you speed up the process of qualifying for Medicaid. Moreover, if you have an adult disabled child, you can transfer money to a “sole benefit trust” for that child, without any penalty from Medicaid.

There are some ways that assets, including your house, can be salvaged when planning for and transitioning into long-term care. It’s really not a bad idea to start thinking about long-term care when setting up your estate plan. We also regularly refer clients to financial planners who can discuss the pros and cons of considering long-term care insurance as a component of your estate and financial planning.

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VA Benefits: A Primer

Tue, 21 Jun 2016 18:22:00 GMT

Today we’re looking at two types of VA benefits: (1) the VA Pension program, and (2) the VA Aid & Attendance program .

Sadly, many veterans and their families who would otherwise qualify for VA benefits never realize they are eligible, fail to apply, and miss out on participating in these programs. Today, we’re going to give just a brief overview of the eligibility requirements for these programs and tell you how to apply. If you think you might qualify for these benefits, there is absolutely no harm in applying just to find out if you might be eligible.

The VA Pension is available to those veterans who served during specific wartime periods and their spouses who meet other resource and income criteria. VA Aid & Attendance (“A&A”) benefits are benefits for veterans and/or their spouses who need the aid & attendance of another person, or are housebound. Most folks who qualify for the VA Pension, who also have need for aid & attendance, will qualify for the additional income provided by A&A. Additionally, some folks who have too high an income to qualify for the VA Pension may still qualify for A&A.

Information from the VA website is helpful in providing an overview of the VA Pension and A&A programs:

Pension benefits are needs based, and your “countable” family income must fall below the yearly limit set by law. Veterans must have at least 90 days of active duty, including one day during a wartime period. If the active duty occurred after September 7, 1980, you must have served at least 24 months or the full period that you were called up (with some exceptions). You must also be:

The Veteran must have met the service requirements above for surviving spouses and children applying for the Survivors Pension.

The Aid & Attendance (A&A) increased monthly pension amount may be added to your monthly pension amount if you meet one of the following conditions:

If you meet these criteria, you may be eligible for Pension and/or A&A benefits. And even if you’re not sure you meet them, but you think you might, it doesn’t hurt at all to submit an application. Contact your local VA office for help applying.

These benefits can provide significant help to veterans and their families in their aging years. The VA can help you with an application and also help you determine whether you might qualify for any benefits.

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Activities of Daily Living (ADLs)

Fri, 17 Jun 2016 14:45:00 GMT

Today we want to discuss Activities of Daily Living, more commonly referred to in the healthcare world as “ADLs.” Changes in a person’s ability to handle ADLs independently can be a key indicator of a need for increased support or a change in living environment.

When folks talk about ADLs, they are generally referring to 2 different categories: (1) Basic ADLs and (2) Instrumental ADLs. Basic ADLs are limited to self-care tasks. Instrumental ADLs (or “IADLs”) are less fundamental but still necessary for an individual to live independently in a community.

Basic ADLs include the following :

(1) Functional Mobility

(2) Bathing/showering

(3) Dressing

(4) Self-feeding (does not include cooking or chewing/swallowing)

(5) Personal hygiene/grooming

(6) Toileting

Independent ADLs include (but are not limited to) the following :

(1) Housework

(2) Cooking

(3) Taking medications

(4) Money management

(5) Grocery shopping

(6) Using the telephone

(7) Transportation

When a person’s ability to participate in ADLs begins to deteriorate, this can indicate that he or she needs more assistance throughout the day at home and maybe needs to consider an alternative living arrangement. Noticing that your mother has more difficulty standing up from her chair, or is letting the dishes pile up, or is making more frequent errors balancing her checkbook or remembering to pay her bills, for example, can let you know the time may be right to start a conversation about planning to maximize your mother’s safety and quality of life as she continues to age. Mom may need some extra help at home, or she may want to start thinking about the upside of moving into an independent or assisted living facility.

In my other life as a speech-language pathologist, I design almost all of my therapy goals to “maximize the patient’s ability to participate safely in ADLs.” That’s really another way of saying “to improve the patient’s overall happiness or quality of life.” From what I’ve learned from my nursing home patients, that is a huge component of aging well: the more we can continue to engage in those daily activities in which we’ve always engaged, and the more safely we can do this, the happier we will be as we age.

So be on the lookout for changes in ADL participation by your loved ones. Usually with just a little added support, they can resume ADL engagement as fully and in as fulfilling a way as possible.

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How to Prepare in Advance for a Medicaid Application

Wed, 01 Jun 2016 16:12:00 GMT

As many of us age, it becomes appropriate to consider the possibility for alternative living arrangements at some point down the road. Alternative living arrangements have been the topic of discussion on this blog for the past few weeks. Folks who are considering alternative living arrangements have to consider how they will pay the costs associated with these facilities.

One way of paying for long-term care in a skilled nursing facility is to apply for Medicaid benefits. Medicaid is a joint federal and state program that pays basic nursing home costs for those who qualify. In Alabama, over 60% of all nursing home beds are funded by Medicaid. For those individuals who become unable to continue funding their stay in a nursing home, Medicaid is essential.

There are certain things people who may need nursing home care in the next 5 years (and their spouses) should do to make any eventual need to apply for Medicaid a smoother process. Medicaid “looks back” 5 years from the time of application to ensure that no assets of the individual have been given away for less than fair market value. If they find that there have been gifts of money or property, they assume these “transfers” were intended to dump assets in order to be able to qualify for Medicaid, and they impose a “transfer penalty.”

People who may need nursing home care within the next five years, and their spouses, should:

Basically, the simpler the financial situation and the more documentation regarding movement of any funds, the better.

We also recommend banking with an institution that provides check images with your online account statements. This, again, just makes things easier if you need to prove where some money went if applying for Medicaid down the road.

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Alternative Living Arrangements – Types (Part 3)

Tue, 24 May 2016 20:30:00 GMT

A couple of weeks ago, we discussed when is a good time to talk with our loved ones about alternative living arrangements.

Next we talked about how to broach the subject in a way that facilitates receptiveness to the idea.

Today, to wrap up our three-part series, we’ll talk about the different types of alternative living arrangements.

If it is not feasible for your parent to remain safely in his or her own home (with assistance if needed), and it is also not realistic to move your parent into your own home, there are several different types of alternative living facilities that are appropriate for seniors at different stages of independence and dependence.

The 4 most common types include: Independent Living Facilities, Assisted Living Facilities, Nursing Homes, and Continuing Care Retirement Communities.

(1) Independent Living Facilities (ILFs)

These include senior apartments and congregate senior housing. The senior citizen leads an independent lifestyle that requires minimal or no extra help. These are most appropriate for seniors who are able to walk without assistance and prefer living in an environment where there are other seniors. Senior apartments are rental apartments restricted for lease to seniors only. They do not include services like meals, transportation, or social activities. Many seniors enjoy living near others of the same generation in these types of apartments. Congregate senior housing is a multiunit senior housing development that is paid for on a monthly basis. This fee usually includes supportive services, such as meals, housekeeping, social activities, and transportation.

(2) Assisted Living Facilities (ALFs)

These are group residential facilities that provide for daily meals, personal and other supportive services, health care, and 24-hour supervision. ALFs strive to give seniors as much privacy and autonomy as possible. They are most appropriate for seniors who need some assistance with activities of daily living, such as dressing, eating, or bathing, but who don’t need the level of medical care provided in nursing homes. The assisted living industry is the fastest-growing segment of the senior housing industry. ALFs are generally paid for through private funds, Social Security benefits, or long-term care insurance policies. Medicare does not pay for assisted living.

(3) Nursing Homes

These are facilities that provide 24-hour nursing care for seniors with long-term care needs. Medical supervision and rehabilitation therapy are typically available. Many homes offer dietary, therapeutic, social, and recreational services. Meals, laundry, housekeeping, and medical services are provided. The cost of nursing home residence is generally paid through private funds, Medicaid, Medicare (short-term only), or long-term care insurance.

(4) Continuing Care Retirement Communities (CCRCs)

These facilities are “all-in-one” communities in which a senior typically enters as healthy and independent and moves from one level of care to another as their needs change. CCRCs are for older adults who want the security of knowing that as they age, most of their long-term health care needs will be met within the retirement community without the need to relocate.

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Alternative Living Arrangements – How? (Part 2)

Wed, 11 May 2016 14:45:00 GMT

Last week, we discussed when is a good time to talk with our loved ones about alternative living arrangements.

This week, we’ll discuss how to go about broaching the subject in a way that facilitates receptiveness to the idea.

Next week, we’ll talk about the different types of alternative living arrangements.

The subject of alternative living arrangements is not an easy one to bring up. The person with whom you are speaking may feel defensive at the suggestion that he or she may need to think about moving out of the house. Rather than starting the conversation with something like, “Mom, if you have to move into a nursing home, which one do you want us to put you into?,” a more successful approach can be to introduce the subject in a casual and sensitive manner by following three guidelines:

Talk about other people. Story-telling is a powerfully persuasive device. You might say, “my friend Sue’s mom just moved into an assisted living community, and she’s really loving it. She was surprised at how nice it is having to worry less about cooking meals and taking care of her house and is loving all the social activities and the new friends she is making.” Or you might tell a story about how a third party did not plan in advance and is now having difficulty transitioning into an alternative living arrangement following a medical incident.

Talk first about your own concerns. Use “I” statements to emphasize your own concern rather than focusing on what your parent should or should not do. Instead of saying, “You obviously are having trouble taking care of yourself in the house. You need to move somewhere before you fall and break a hip.” You might try, “I’m worried because I can see that it’s becoming harder for you to take care of yourself here. I wonder if that’s bothering you, too.”

Talk with your parent, not at her. When you and your parent agrees that it’s time to look into alternative living arrangements, don’t take over and dictate every step of the process. Your parent needs to be actively involved in the decision-making process about where she will live. It is, after all, your parent who will be moving into a new place. You might ask, “Do you have any ideas about the type of place you’d like to live in?”

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Alternative Living Arrangements – When? (Part 1)

Tue, 03 May 2016 15:13:00 GMT

As our loved ones age, it is often necessary to begin thinking about the possibility of an alternative living arrangement. It’s admittedly a tough topic to talk or think about; an aging person, who may feel as though he or she has already had to give up some degree of independence and control, may not want to accept or ponder the possibility of changing the living arrangement that he or she has been used to for the last 70+ years.

In this week’s post, we’ll discuss when we should talk to our loved ones about alternative living arrangements. Next week, we’ll discuss how to go about broaching the topic without offending our loved one. The week after, we’ll discuss the various types of alternative living arrangements.

When should we talk to our parents about alternative living arrangements? It’s a good idea to bring up the subject in these three situations:

(1) Before a crisis

(2) Before it’s a surprise

(3) Before a small problem gets worse

Before a Crisis

Waiting until your father has experienced a broken hip from a fall, been through a month or two of physical therapy at a skilled nursing facility, and has just been issued a 48-hour discharge notice, is not an optimal time to start the discussion of alternative living arrangements. When you have to find alternative housing for your parent in the middle of a crisis, you have to deal with the stress over the lack of time, the stress of the physical or cognitive problem, the stress of an elderly person who has just gone through a medical crisis, the stress of having to choose which personal items your parent would like to transfer to the new home, and what to do with the rest of the things. In the above example, your father is capable of making his wishes known, but in situations like those following a stroke, the elderly person may not be able to communicate. The choice of an alternative living arrangement then falls on the family members, who may be unsure or in disagreement, or who may live too far away to invest the time needed for “shopping around,” or who may be too upset by the medical crisis to make sound decisions. It is very difficult to know what is best if you haven’t asked your parents in advance what they want.

Before It’s a Surprise

Usually, before seniors surprise the family by selling their house and moving to an adult community, there are signs of unrest. They may be having trouble with the bills, they may feel “lost” in a big home, or they may feel lonely if they’re isolated from social activities. When they hint around these kinds of problems, take the opportunity to talk to them about the possibility of moving to another location. Let them know that you’re open to talking about the subject.

Before a Small Problem Gets Worse

A good time to talk about housing options is when you see signs of problems that you know are only going to get worse. These signs of difficulty are often noticeable during the holidays when you return to your parents’ home and see changes that worry you. You may notice that house itself is falling into disrepair. Maybe the dishes are piled in the sink where your parents used to always keep the kitchen spotless. Or you may notice a decline in the functioning level of your parent.

There are eight areas in which some aging people need assistance – if you parent has problems in any of these areas, it may mean she is having trouble living independently:

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Covering All Your Bases: Planning for Incapacity

Wed, 06 Apr 2016 14:29:00 GMT

Today Shannon here at Carney Dye offers some good pointers for planning for incapacity. Maybe not the most fun topic to think about, but one that is vitally important as we continue to age. Most folks of all demographics are much more likely to become incapacitated than we are to die suddenly, and it is crucial to plan for this probability to ensure our loved ones can care for us if this happens…

Covering All Your Bases: Planning for Incapacity

Shannon H. Dye

Carney Dye, LLC

Birmingham, Alabama

Unfortunately, many of us will be faced with the issue of how to plan for, or assist a loved one in planning for, what happens in the event of incapacity. While there are court-created, protective proceedings that are available to help in situations such as these — i.e. guardianships or conservatorships — these may not always be ideal because the process may not happen as quickly as it should, it is expensive, and it can cause potential strife within the family. Thankfully, there are ways in which we can help avoid the need for these protective proceedings by planning for our own incapacity in advance.

Planning for Incapacity: What Documents are Important?

1. Durable Power of Attorney

A validly executed durable power of attorney will allow a designated agent to handle legal and financial matters for you, in the event you are unable to do so for yourself. You may choose to appoint more than one agent, or have co-agents who serve together. Traditionally, there are two types of Durable Powers of Attorney: Sprung and Springing. Sprung is effective immediately upon execution. Springing is effective upon the occurrence of some pre-designated event (usually one or more doctors declaring that you are incapacitated).

One issue that sometimes arises with the Durable Power of Attorney is that the principal and agent may take actions simultaneously that conflict with one another. This doesn’t happen often, but when it does it can cause great conflict.

2. Revocable Living Trust

In light of the foregoing issues with Durable Powers of Attorney, you may want to consider utilizing a Revocable Living Trust when planning for incapacity. A Living Trust can provide for the Grantor (or creator) of that trust during his or her lifetime. For example, if I create a Living Trust, I typically would name myself as the initial Trustee. The trust would provide that all assets in the trust are to be used for my benefit during my lifetime. I also have the power to revoke or amend the trust agreement at any time. If I lose capacity and can no longer care for myself, my successor Trustee under my Living Trust can utilize the trust instrument to provide for all of my needs.

The important piece to remember is that a Living Trust must be fully funded in order to work properly. For a trust to be “fully funded,” all the Grantor’s assets must be placed in the name of the trust. Thus, it is our practice to assist clients in completing any necessary bank forms, deeds, etc. in order to ensure that the trust is fully funded. Also, a Living Trust doesn’t solve any potential issues with healthcare decisions. You will still need to make sure you still have a valid Advance Health Care Directive, and/or a Medical Durable Power of Attorney in order to appoint an agent to make health care decisions for you.

These are two of the documents that can really help someone to plan for potential future incapacity. Although it is clearly not the easiest scenario to consider when you are thinking about your future, it is something that can be accomplished easily and will give you piece of mind knowing that your loved ones (or potentially a court) will not be left to make all of these decisions on their own.

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First Things First: A Solid Estate Plan

Wed, 30 Mar 2016 13:59:00 GMT

At that point her family is in a difficult position. They are frantic about the future, and more importantly how they are going to pay for the over $200-per-day nursing home care that may be required. Furthermore, they are not sure about what assets she even has in her name. When they go to the bank to access the accounts, they are told that they do not have authority. They realize that their only option to begin caring for their loved one is to petition a court to become a guardian and conservator. This process will take time and thousands of dollars.

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How to Age Well

Tue, 22 Mar 2016 21:24:00 GMT

The folks at Carney Dye are interested in aging.

We’ve helped clients plan for the care of aging parents, plan their own estates as they think about their own aging process, and plan for the care of their children with special needs when they are gone.

Our question is: Who isn’t interested in aging? After all, to live is to age. From the moment we are born into this world, we begin to experience aging.

We want to talk about aging: to plan for it, face it, embrace it, celebrate it. While we certainly have some ideas about how to plan for all of the issues surrounding the process of aging, we want this blog to be more than just that. We want to explore how to age well , in every way imaginable.

We’ll share some ideas we have from our experience working with clients. We’ll also share some ideas from other people whose work touches on the concept of aging well.

We want to hear from you! If you have any thoughts on topics that interest you about aging, please email us .

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Fast and Furious Litigation

Tue, 30 Dec 2014 20:46:00 GMT

The Estate of Paul Walker is currently involved in a court proceeding to recover property (various exotic cars) from his business partner’s estate, which they claim belonged to Mr. Walker individually and should therefore be a part of his estate. His partner was driving the vehicle in the crash that took both of their lives.

The two men were partners in a car shop and in a non-profit organization. One lesson we can all learn from this tragedy is the importance of differentiating business and individual property. If the cars were owned by a business, then they would not be a part of anyone’s estate, but rather an asset on the books of the business. The business entity itself would be the asset that is included in the estate. Second, it is always important for business owners to clarify their relationship in writing and to address what happens to their respective business interests in the event of death.

For more information, see:

http://www.msn.com/en-us/movies/news/paul-walker-family-demands-nearly-dollar2-million-from-crash-drivers-heirs/ar-BBhmkVG?ocid=mailsignout

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One Final Long Distance Dedication

Thu, 30 Oct 2014 20:47:00 GMT

Whenever you see an estate or probate attorney being interviewed on CNN, you can almost guarantee a celebrity has died and the estate plan is a mess. One of the most recent stories has been the tragic last days and eventual death of radio icon Casey Kasem.

The Kasem family first surfaced in the news when there was an apparent dispute between his wife and his children regarding his care. It even rose to the level of his wife hurling uncooked meat at his children. If you practice law in this area, you are not surprised (even by the beefy projectiles). These types of family matters can be incredibly emotional, especially when there is a blended family.

Prior to his death, one of Casey’s daughters was successfully appointed as the conservator of his estate, which is a court appointed person designated to care for a person who can no longer care for themselves.

The Kasem tragedy can teach the rest of us some valuable estate planning lessons. The emotions and potential problems are not lessened for non-celebrities. If anything, things may be even more extreme as there is no fear of media spotlight and subsequent public embarrassment.

When planning your estate, it is not enough to plan for the distributions of your assets at death. Whereas this type of planning is vital, a Will alone is an incomplete estate plan. It is just as important to plan for sickness and disability and take steps while you have capacity to outline a plan about what will happen when you no longer do.

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Does Your College Freshman Have Everything They Needs for School?

Mon, 06 Oct 2014 20:47:00 GMT

School has started again, and many people have children who have started college this year. For most of those children, this will be the first time that they have moved away from home, many a great distance from their parents. In preparation for the move to school most parents and their children make a comprehensive list of things to do or purchase before the child moves away.

I would suggest that on that list of things to complete, should be to put some simple estate planning documents in place for your child. In Alabama, once your child is nineteen (eighteen in most other states) he or she is considered an adult, and thus parents are no longer entitled to make medical or financial decisions on their behalf.

Therefore, I would recommend having your child execute both a Durable Power of Attorney and an Advance Health Care Directive. The power of attorney comes in very handy when an issue arises and a parent needs to obtain financial or other protected information on a child’s behalf while they are away. For example, a parent might need to speak with an insurance company regarding a claim, or replace a lost debit card. If you are appointed as their agent in a Durable Power of Attorney, you can speak directly with that insurance company or bank on your child’s behalf, thereby alleviating any potential delays.

The Advance Health Care Directive would allow you be appointed as your child’s health care proxy. This means that, in the event they were injured while away at college and were unable to make decisions for themselves, you would be designated as someone who is able to make health care decisions for them. I would recommend sending a copy of this directive to your child’s physician to keep in their record. In addition, I would recommend executing a HIPAA release so that you might be able to receive any necessary medical records on your child’s behalf.

You may also consider having your child execute a simple Will. Having that Will in place would help ensure that in the event something unexpected were to happen, that you would be able to serve as the Personal Representative (executor) without having to post a bond or file an inventory with the Probate Court.

Doing just these few things should help to give you peace of mind, and help protect your child in the event something unexpected was to happen. So, the question remains, does your college freshman have everything they need for school?

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