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July 2016 Archives

Elder law includes plans to avoid complications for loved ones

Most people in Delaware are not surprised to learn that the efficiency of their bodily functions decreases as they get older. Unfortunately, this often includes the function of a person's brain. The reduction of a person's cognitive abilities may make it more difficult to do certain tasks, such as paying bills or balancing a checkbook. This is why many people may contact an elder law attorney to ensure their wishes will be followed if they should become unable to manage their own affairs.

Elder law continues to be a growing need for Delaware residents

As Baby Boomers here in Delaware and elsewhere near retirement age, the need for long-term care has increased. This is just one reason why the area of elder law continues to grow. Not only are more people planning what will happen to their property after they die, but they are also planning for the possibility that they will need to have funds available for some type of long-term health care.

How should you fund the purchase of your retirement home?

The majority of Americans who are of retirement age, or are approaching retirement age own a home - but that doesn't necessarily mean the house is paid for. While some people may own a home that is paid off in full, many others can expect to have a mortgage into their 70s and beyond. The Social Security Administration reports that 80% of those near retirement have $150,000 in debt with $100,000 plus being their housing costs.

Caring for a special needs child through estate planning

Sussex County parents who have children with special needs are often dedicated to ensuring that the children receive the care they need under any circumstances. Knowing that they will not live forever, these parents use estate planning to help ensure that the care their children receive will continue even after they pass away. However, it can be tricky to care for a special needs child through estate planning because a balance needs to be found among protecting them from those who would take advantage of them, providing for their financial needs and not precluding them from receiving valuable government benefits.

How trusts fit into estate planning for Delaware residents

When many people think of trusts, they conjure up images of wealthy families and "trust fund babies" who may never have to earn a living. However, trusts can be important parts of estate planning for people from any financial backgrounds. If a Delaware resident's circumstances would best be served by creating a trust, there is no reason not to do so. 

Single Delaware residents need estate planning too

Married couples, especially those who have children, are told they should plan for a time when they are no longer alive. This focus does an injustice to single Delaware residents. Estate planning might actually be more critical for unmarried individuals.

Through strategic estate planning you can protect your assets for the next generation

People spend their lives working hard to save money and accumulate wealth - whether in saving accounts, investments or material assets. For many, the goal is to have something to leave their children and grandchildren when they pass on. However, even if you have been able to accumulate a significant amount of wealth, it may not actually get to go to your heirs.

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