iqnection, Author at Estate Planning & Elder Law Attorney Montgomery County

an older couple who is planning for retirement

A Retirement Plan is Much More Than Funding the Right Investment

Most retirees’ goals are to enjoy retirement, with such methods as travel, entertainment, and spending time with the children and grandchildren. This is what retirees want, rather than worrying about having enough money available for home healthcare or assisted living if needed, without the fear of running out of money, losing a majority over night in the stock market, or worse, leaving a spouse impoverished due to a skilled care event (the cost of which averages $10,000.00 per month).

Senior, woman and hand with closeup in retirement home for comfort, care or support for nostalgia of past. Elderly patient, alone and depression for bad mental health, stress or anxiety with worry - a representation for nursing home negligence and abuse

Elder Abuse Takes Many Different Forms – Nursing Home Negligence

Elder abuse tends to take place where the senior lives, so it is likely that elder abuse can occur in institutional settings, especially long-term care facilities. Abuse of elders takes many different forms, some involving intimidation or threats against the elderly, some involving neglect, and others involving financial chicanery.

A Hispanic woman, helping a senior aged woman prepare financial documents - a representation of choosing a power of attorney

Invalidate a Power of Attorney

Generally when creating a Power of Attorney, you want to appoint someone who you trust, who will act in your best interests, and who will handle your affairs with trust and honesty. However, if your Agent is no longer acting in your best interests, you need to take action.

Book guardianship as part of family law.

Guardianship Proceedings

A guardianship is a legal proceeding in which a guardian is appointed to exercise the legal rights of an incapacitated person.

Hands of senior retirement woman writing a finance savings budget plan on paper or legal trust fund for after her funeral. Elderly person apply for pension or government financial support and help

Two Ways To Contest A Will

There are two ways to contest a will, a Caveat Prior to Probate Decree, and an Appeal from Probate Decree.

a young female caregiver with an older woman in a chair

Benefits of Long Term Care Insurance

Long term care insurance is not necessarily intended for the sick, but rather, it is designed for individuals who may need assistance with activities of daily living, such as bathing or eating. Because of this, the insurance is not restricted based on age, but is available to anyone who may suffer some type of infirmity that may require assistance. Long-term care insurance can cover home care, assisted living, respite care, hospice care, and nursing home facilities.

Life Insurance on magazine with magnifying glass. ++All text written by photographer++

What Types of Life Insurance Are There?

Life insurance is a contract that exists between a policyholder and the insurer. The policy holder pays premiums to the insurer. In return, the insurer agrees to pay money to a beneficiary upon the death of the insured person. Often, the policy holder and the insured person are the same person, but this is not always the case. Each insurance company will have different terms and conditions to its life insurance policies.

a female young person doing work on a computer and calculator

What is An Annuity?

An annuity is a contract in the form of an insurance product, in which the seller makes future payments to a buyer in exchange for a single lump sum payment (single-payment annuity) before the annuity begins. The payments continue until the death of the annuity purchaser. There are two possible phases for an annuity: the accumulation phase, in which the customer deposits and accumulates money, and the distribution phase, in which the income payments are made. It has been described by some as “buying your own person.”

close up on an open neon sign to represent business and business continuation plans for estate planning

6 Important Steps to Business Continuation Planning

There will come a point where every business owner will want to retire from their business. Other times, the owner may not be able to leave voluntarily, but instead be forced to do so due to incapacity or death. Inthese instances, the loss of such and individual can wreak havoc on a business. Therefore having an appropriate “exit strategy” could be vital to a business owner’s financial and estate planning. This type of planning is referred to as a “business succession planning,” or “business continuation planning.”

an image with an elder man and a younger person that represents a legal agreement and the nature of a trust during estate planning

What is the Nature of a Trust?

Trusts are useful for many purposes, including avoiding probate, reducing or eliminating federal estate taxes, and managing property for a beneficiary when direct ownership by the beneficiary is not desired. Trusts also can be very useful for asset protection if the creditors of the beneficiary are prevented from reaching trust assets.

Author: iqnection