It can be difficult to accept the fact that cognitive ability declines for some senior citizens, especially those who suffer from dementia or Alzheimer’s disease. At the early stages of these conditions, many seniors are still living independently and have full control of their finances. Our team at the Law Offices of Roshni T. Desai has seen the heartbreaking results of older and vulnerable Californians who have been taken advantage of by unscrupulous people. If your parent is beginning to show the symptoms of a cognitive disorder, you may worry how to protect him or her from being targeted in this manner.
If you are a California resident who feels strongly about the type and quantity of medical care you receive, you may wish to consider executing a medical power of attorney that will give someone else the power to make medical care decisions for you if and when you are unable to make them for yourself. Aging Options explains that while your appointed representative can go by a variety of names, such as your health care agent, surrogate or attorney in fact, he or she will be charged with making your medical care decisions in the event a physician determines that you do not understand the decisions you must make and/or that you cannot communicate those decisions.
California residents can plan wisely for the future when they choose a power of attorney to assist with financial management. Making the decision with mental faculties intact is important, a fact that seems to favor selecting a POA before getting too old. Yet, including another person in financial decisions can be risky. What can individuals do to minimize the risk?
If you are a California resident who believes that estate planning should be a major part of your life, you may have heard about living wills and wondered what they are and how they differ from regular wills. Actually, as FindLaw explains, a living will is not a will at all. Whereas a regular will allows you to state who you want to receive your assets and various pieces of your property upon your death, a living will allows you to state your medical treatment preferences if you are terminally ill or suffer an injury or illness that leaves you in a permanent vegetative state.
If you are a California resident who is concerned about how your financial decisions will be made and who will make them in the event you are unable to make them yourself, you may wish to consider creating a durable financial power of attorney. As FindLaw explains, a financial power of attorney is a document you sign that grants someone else the authority to take care of your financial matters if and when you are in a position where you cannot do it yourself. This person usually is called your financial agent or your attorney-in-fact.
At the Law Offices of Roshni T. Desai, we understand that you want the best for your loved ones. For this reason, it is never a bad time to begin your estate planning or update an existing will or trust. However, estate planning might seem overwhelming if you are just starting to think about it. This holiday season, you and other Californians might find it useful to talk to your family members about estate planning while you are together celebrating.
If you are a reasonably wealthy California resident who desires to make a substantial contribution to your favorite charity, you may wish to consider creating a charitable trust. As Fidelity Investments explains, there are two different types of charitable trusts: charitable remainder trusts and charitable lead trusts. Both types split the assets you contribute between the charity and a noncharitable beneficiary of your choice.
If you are a California resident who has not yet made a will, you may have wondered about who will get your property should you die in an accident before you have had the opportunity to make your wishes known. The California Probate Code makes extensive provision for cases of intestate succession. This means that should you die without having made a will, the State of California determines who receives your property and assets.
California residents diving into estate planning for the first time may have a lot of questions. Why are things done the way they're done? What is the point behind many of the steps of estate planning? In this case, we at the Law Offices of Roshni T. Desai will explain the point of trusts and the benefits that they can have for your family well into the future.
While the purpose of each trust is designed to meet the specific needs of a person or family, there are characteristics common to all trusts. For example, each trust involves an interest in property that is held for the benefit of another. Notwithstanding certain elements common to all trusts, there are several different types of trusts. Trusts generally fall into one of two categories: revocable and irrevocable.