A Growing Number of People Are Navigating Retirement Alone. This Woman Is Spearheading a Movement to Change That
By Elizabeth O'Brien
July 18, 2018
Carol Marak helped her aging parents for a total of six years, frequently driving the 125 miles between her home in Dallas and theirs in West, Texas, to shop, clean, cook and do other tasks for them. Read More....
By Sidney Kess, JD, LLM, CPA, James R. Grimaldi, CPA, James A.J. Revels, CPA and Elizabeth Forspan, JD
The American Association of Retired Persons (AARP) projects that by 2030, approximately 16% of women will be between 80 and 84 years old and childless (Donald Redfoot, Lynn Feinberg, and Ari Houser, “The Aging of the Baby Boom and the Growing Care Gap: A Look at Future Declines in the Availability of Family Caregivers,” Insight on the Issues, AARP Public Policy Institute, August 2013, http://bit.ly/2rZDYS8). What are elderly persons who are without children or other family to serve as caregivers supposed to do? This article outlines some practical issues to consider, along with legal and financial matters for those who are fortunate enough to reach their 80s and beyond. Read More....
By now, most of your little ones and not-so-little ones are back to school. Let the lessons and the homework begin for the little ones and the "life lessons" begin for the not-so-little ones. Something to consider for all the New Adults (18+) and potentially their parents: Executing a Healthcare Power of Attorney and a Durable Power of Attorney. I know it's not commonly mentioned with regards to the "young adults" it's usually it is discussed with the "older adults" but I think it worth mentioning.
To be fair, I believe everyone, young and old and in between should have these documents executed and updated every 5 years, but I digress. The reason I am talking about 18+ is because there are a lot things "to do" and to be taken of as you make the transition to adulthood and many times executing these documents are overlooked because most folks don't understand the value.
The Healthcare Power of Attorney or Healthcare Agent document purpose is to appoint a trust individual to make healthcare decisions in the event the person is not able. There are many sets of circumstances that can occur when you are at college and/or on "your own" for the first time including health related issues. Sometimes the 18 year old is still on their parent's health insurance and sometimes tax return, however if there is no such Healthcare Power of Attorney in place, there is a good chance the parents are not going to be able to make those healthcare decisions. I would also recommend having a HIPPA Release drawn up and signed as well.
The other document to consider is a Durable Power of Attorney. A Durable Power of Attorney allows for someone you appointed to make decisions "as if they are you." So, if for some reason a lease needs to be signed while your 18 year old is still backpacking through Europe, you can execute the document. Or if you need to inquire with the College Financial Department or Banking institution to take care of an account, you can do this. Please know, a Durable Power of Attorney can be all encompassing with regards to the powers it allows or it can be limited. Most people have a great aversion to signing a Durable Power of Attorney, some of which is good. You should always be aware of the possibility of unscrupulous individuals. However, please don't let this fear cripple your decision to execute this document. First, you need to find an Attorney that your trust and understand you can maintain complete control by appointing an individual that you trust. The alternative of not having this in place in some form or fashion may make much harder to take care of things if the need arises.
There are a few other legal documents that are also beneficial to have as well, like a Living Will, HIPPA Release as mentioned above, but we will save that discussion for another time. PLEASE NOTE: Both of these documents, the Healthcare Power of Attorney and the Durable Power of Attorney are important and everyone should have at least these executed so you know who is taking care of you and your life if you are not able. You should consult with an Attorney to determine what make the most sense for you and your circumstances.
Page Maintained by: Jennifer Shulman
Jennifer is committed to helping her clients as well as other folks improve their daily financial circumstances by providing simple financial solutions.