The cycle of wealth creation—and wealth depletion—is all too typical in America. One person or family creates the wealth, and within two generations, the heirs and descendants will have depleted everything that was accumulated: from parents to children to grandchildren, and then suddenly gone.
A special report issued by the Alzheimer’s Association in March 2020 projected that by mid-century the number of Americans aged 65 and older who will suffer from dementia may grow to 13.8 million, up from 5.8 million today.
According to a 2021 Wills and Estate Planning Study by Caring.com, about 34.2% of American adults don’t have a will because they don’t know how to get one. When creating your estate planning documents, you have the option of hiring an attorney or using a do-it-yourself method by downloading online forms. If you are considering drafting your estate plan, you may be wondering whether to use online forms or retain an experienced attorney.
The pandemic and its daily statistics about hospitalizations and deaths raised awareness of the need to plan for the future, especially among young adults, according to Caring.com’s 2021 Wills and Estate Planning Study. The number of young adults with a will increased 63 percent since 2020, but despite this new awakening, the percentage of Americans with wills has not significantly changed, with only 32.9 percent of adults saying they have any estate planning document in place.
Is there a Deficit? First type of deficits identified by Probate Code Section 811:
A treating physician’s report or letter is only one piece of the capacity puzzle, it is not the final determination of the patient’s legal capacity. The Legal Perspective is TASK SPECIFIC!
One issue that I have noticed recently has to deal with the transfer of real property by an elderly person. The basic scenario is as follows:
One issue that is fundamental to estate planning is the capacity of the prospective client. Because we are an Elder Law firm, this issue comes up much more frequently. Many of the initial inquiries from the spouse or adult children of prospective clients discuss that their loved one has either declining capacity or an actual diagnosis of dementia or Alzheimer's.
Picture this: you’re sitting down to plan for the future and you understand the role of wills and trusts when it comes to passing on your assets to your heirs, but what about the subject of appointing a family member or trusted friend as your power of attorney? Do you really want to — or need to — give someone else power over your financial decisions and control of your assets?
Esther Wang and her staff ... were instrumental in helping us receive VA benefits for my elderly father. Although the VA was disorganized and unresponsive at times to our claim, their law firm knew exactly how to proceed and were persistent in receiving my father's benefits.
