Camden Delaware Real Estate Law Blog

Watching a loved one's mental state decline can be an immensely difficult experience. Though many Delaware residents want to do what they can to care for those loved ones, it is not always possible, and professional care may be needed. As a result, legal and financial hurdles for those with dementia need addressing.

It is common for individuals with Alzheimer's disease or another form of dementia to need nursing home care. Unfortunately, that care can cost thousands of dollars each month. Additionally, the mental capacity of the person often declines rapidly. As a result, family members may be left to handle the expenses and necessary decisions relating to the situation. Of course, in order for loved ones to make decisions on behalf of another person, the right legal documents need to be in place.

Buying a home involves a lot of information and paperwork. Some Delaware residents may enter into real estate transactions thinking that they understand the process only to find out that their particular proceedings do not follow the common methods of financing or closing. For instance, some individuals may utilize seller financing rather than financing through a financial institution.

Obtaining financing through an institution, like a bank or other lender, is the most common way that buyers gain funds to make a home purchase. However, this option is not always available or not always the desired route for the parties involved. Seller financing is an alternative that involves the current homeowner financing the home instead of the buyer obtaining a mortgage loan from a bank or other institution.

Many Delaware residents want to protect their assets and wealth for future generations. As a result, they often consider using trusts when going through the estate planning process. Trusts can place added protections on assets as well as allow the trustmakers to stipulate when and how assets in the trusts can be used.

However, if the trusts are created when the beneficiaries are young, some parties may wonder whether they should even tell those young loved ones that the trusts exist. This worry often stems from older individuals thinking that their younger family members will consider themselves "trust fund babies" and not work as hard as a result. Additionally, the trustmakers may fear that knowing that they already have assets waiting for them no matter what type of life they lead may set the children on a negative path.

It is unfortunate but true that most older people will need some form of long-term care. While many Delaware residents may want to think that this scenario will not affect them, it is more than likely that it will. Rather than ignoring the possibility, it makes sense to plan ahead just in case extended care is needed.

Without a plan, loved ones may not know how to obtain or pay for the care that is needed. If a person became incapacitated to a point where he or she cannot communicate wishes, those loved ones can be in a difficult predicament. This example is why it is important to plan ahead. Plans can indicate where care should take place and, hopefully, explain how to cover the costs of plans.