Tag Archives: family

Things to Consider Before Signing a Contract for Assisted Living

When someone gets ready to move into an assisted living facility there will inevitably be a lot of paperwork involved.  Much of that paperwork is fairly straightforward and need not be a cause for concern.  However, amid the big stack of needed signatures, there is one document you must review carefully before signing.  That document is the admissions agreement.  An assisted living admissions agreement is really a contract.  And like all contracts, there are important provisions you need to understand fully.  In the October 2017 edition of Consumer Reports, Penelope Wang does an excellent job of listing the key provisions you need to understand when reviewing an admissions agreement.  See “Putting the Assisted Living Facility Contract Under a Microscope,” Penelope Wang, Consumer Reports, October 2017. Continue reading

Writing a Memorandum of Intent for Your Child with Special Needs

How can you ensure that your child will remain well cared for and secure once others assume the role of guardian or caregiver? While creating a financial plan and establishing a specialized trust are central to preparing for your child’s future, special needs planners also advise families to write down their intentions and expectations in a document referred to as a Memorandum of Intent, also known as a “Letter of Intent.” This document can be used to describe your child’s health care and therapeutic needs, identify lifestyle preferences and provide contact information for doctors, therapists and teachers. It also can be used to convey insights into your child’s personality and history that future caregivers might not easily gain on their own. Continue reading

Role Reversal: Discussing Estate Planning with Aging Parents

The parent-child relationship is pretty well defined. Children generally don’t advise their parents. It’s the other way around. However, this dynamic can shift as parents get older and children become adults. This becomes especially prevalent when considering estate planning and elder law issues. Continue reading

Capital Gains Tax Bypassed

Peter and Gail were nearing retirement. Over the years, with the help of their financial advisor, they made solid investments in securities and built a sizable portfolio. While their investments increased substantially in value, their potential capital gains tax bill was rising. Now with retirement on the horizon, they were looking for a way to sell their highly appreciated stock, generate income for their future and avoid paying high capital gains tax. Continue reading