Comprehensive Planning. Lifelong Solutions.

Estate Planning Basics

By Hook Law Center

When clients hear the term “estate planning,” they often think it does not apply to them. The word “estate” often conjures up something (a home, finances, etc) on a grand scale. However, estate planning covers everything from medical care when you are incapacitated to where assets will go when you are deceased.. Estate planning is for the benefit of loved ones left behind. Things to consider when planning your estate:

How would you like to dispose of personal items, such as photographs, heirlooms, sentimental pieces of jewelry, etc?

Do you have an accounting or listing of all your assets, from your mortgage to your insurance policies and any personal possessions?

Do you have a plan in place which allows someone to access your social networking accounts, respond to emails, conduct PIN-protected banking transactions, etc, if you are unable to do so?

Would you like to leave any items or a monetary amount to an organization which is meaningful to you?

What plans do you have for your pets if you become incapacitated?

Who will oversee your medical care and carryout your wishes?

Estate planning can be as simple as you need or as elaborate.

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 Thursday, February 28th, 2013. Filed under Estate Planning.

Are Granny Pods The Future of Elder Care?

By Hook Law Center

The MedCottage is a new type of portable, small dwelling. Designed by a Virginia-based company with advice from Virginia Tech Corporate Research Center, the MedCottage is classified by Virginia state law as a temporary, family health-care structure. It is better known by its nickname: “granny pod.”

These auxiliary dwelling units, or ADUs, are part of an expected, growing demand to provide housing and care for the elderly as Baby Boomers “gray.” According to the Census Bureau, the number of Americans 65 and older has increased faster than the total population. It is expected that the U.S. will have more than 72 million people older than 65 within the next two decades, many of whom will likely need some sort of care.

Other ADUs showing up on the market are the Seattle-based FabCabs, Massachusetts-based in-law modulars known as “Elderly Cottage Housing Opportunities,” and freestanding models from Connecticut called “Practical Assisted Living Solutions,” or “PALS.”

The MedCottage has a steel shell, surveillance cameras, and an Internet portal with which to monitor the occupant’s vital signs, receive any alerts, and heat or cool the dwelling. The MedCottage currently sells for approximately $85,000.

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 Monday, February 11th, 2013. Filed under Long-Term Care.
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