Our firm has a well-established estate planning practice. We often work with individuals and couples planning for retirement. But some of our most challenging work is with adult children seeking to understand financial alternatives for elderly parents no longer able to make decisions for themselves.
Seniors citizens are physically, emotionally and financially vulnerable. Protecting yourself or an elderly loved one means considering multiple measures including:
- Physical safety: Preparing an Advance Directive is essential for anyone over age 18. An Advance Directive names a health care agent to make important end-of-life or other medical decisions if you become incapacitated. The Directive also sets forth instruction on palliative care measures you desire.
- Financial security: Financial elder abuse is on the rise and often unnoticed until it is too late. Fragile elderly persons are often abused by caregivers and relatives seeking to make off with retirement and inheritance funds or property. Effective estate planning documentation provides a structure for asset protection and transfer.
- Scams: While people of all ages are scam victims, senior citizens are especially vulnerable to fraudulent sweepstakes, phishing, phony bank investigations and identity theft. Elderly people living alone fall prey to home repair schemes and unwittingly pay money for incomplete or poorly done work. The Door to Door Sales Act provides three days to rescind an agreement signed in your home. If considering home improvement, ask a friend or other advisor to ensure you are not being set up.
Get good legal advice to protect yourself or your parent. If you have questions about estate planning or guardianship, we can help.