Estate Planning and Elder Law Issues
Managing and preserving the property of the elderly and protecting the financial well-being of the family in the face of catastrophic long term care costs, are major problems confronting many families today. As the elderly loses the ability to make decisions on medical and financial issues, the family must take a more active role. The client and family should develop a plan early on. Planning ahead allows for the wishes of the family to be carried out, the most efficient use of the family’s assets, and ensures that the family is legally protected.

Estate Power of Attorney
This is a legal document that an individual (the principal) uses to give another person the power to act on the principal’s behalf. The power may be general or specific. The power may be permanent or expire at a specific date or event. However, a power of attorney is only valid if the principal is competent when it is executed.

Living Will/Health Care Proxy
A living will allows an individual to leave instructions to family and friends explaining his or her preferences for medical treatment. The instructions can be as general or specific as the individual wants.

Like a living will the health care proxy allows one to leave instructions regarding treatment wishes. But the proxy document goes beyond the living will. With this document, the individual appoints another person (the proxy) to make health care decisions in the event of incapacitated person’s wishes, and will act accordingly. The proxy has the power to authorize or withhold treatment.

Guardianship
When an incapacitated individual has not drawn up any advance directives but there is a need to act on his or her behalf family members must to go to court to seek appointment of a guardian. Rather then the individual, the terms of the guardianship are determined by the court. Consequently, they can be narrower or broader than the incapacitated individual’s wishes. Further, applying for guardianship is very expensive and time consuming. For this reason, a guardianship petition should be avoided at all costs. This can be done with a proper estate plan.Last Will and Testament

Wills & Trusts
A will specifies how the assets of an individual (the testator) are to be distributed. It may also include other instructions, such as the testator’s wishes regarding funeral arrangements. In the will an executor is appointed who is responsible for carrying out the testator’s wishes.

A trust is an agreement whereby an individual appoints another person to hold and manage the grantor’s assets on behalf of a beneficiary.

Wills and Trusts can be very useful instruments, and take many forms, but they are also somewhat complicated. The Law Office of Palumbo & Associates, P.C., can execute these important documents on your behalf.

Home Transfers and Retained Life Estate
Long Term Care Insurance
Estate Litigation