Comprehensive Planning. Lifelong Solutions.

How to Approach Your Parents About Their Estate Plan

By Hook Law Center

Hook Law Center often hears from children who are concerned that their parents may not have an estate plan in place. Many children are concerned that they would not be able to assist their parents in the event a parent had a disability such as a stroke or dementia. Understandably, these subjects may be hard for children to discuss with their parents as children do not want to appear greedy, and the parents may fear loss of control or independence

How can an individual approach their parents about these issues? First, we recommend individuals update their estate plan including properly executed durable power of attorneys and advance medical directives. After individuals complete their plan, they often feel they can approach their parents by referring to the work they have completed with an elder law attorney. We also recommend asking about a general durable power of attorney and advance medical directive rather than a will. Those documents plan for the parents care while they are still alive and show a desire to see parents cared for while they are still here rather than focusing on who will get assets after the parents have passed.

Posted on Friday, November 23rd, 2012. Filed under Estate Planning.

Elder Care Research Gaining Traction

By Hook Law Center

Researchers at the Bureau of Labor Statistics interview people every day to see how they managed the tasks of the previous day – everything from work to child care to running errands. They contacted more than 12,000 U.S. respondents for the report known as “The American Time Use Survey.”

Though the BLS started the survey in 2003, only in the last year did they include questions for the respondents about caring for elderly family members. What they have since found has surprised many: 39.8 million people above the age of 15 report they are regularly providing unpaid care to someone over 65. More than 23 percent of respondents between 45 and 64 consider themselves “elder care providers,” meaning, researchers assume, an adult child who provides some level of care for an aged parent or parents. One-third of them care for two or more older people. Some 23 percent of those elder-person caregivers report that they also have a minor child in their households – meaning that they are what is called “the sandwich generation,” caring for someone older as well as someone younger.

As America “grays,” the subject of elder care is gaining traction. The resources required – financial, emotional, time-based – will continue to be examined.

The elder law attorneys and estate planning lawyers at the Hook Law Center in Virgina Beach and Suffolk, help Virginia families with trust & estate administration, guardianships, long term care planning, special needs planning, veterans benefits, and more. Learn more at https://www.hooklawcenter.com/

Posted on Wednesday, November 14th, 2012. Filed under Senior Law News.
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