Wednesday, 04 December 2013 08:18
Warning Signs that a Person Needs Daily Assistance and Tips for Planning for It
The holidays and their aftermath are the busiest time of year for long-term care admissions, says expert Chris Orestis.
"Between Thanksgiving and Christmas, families get together and many are seeing Mom and/or Dad for the first time in months," says Orestis, senior health-care advocate and CEO of Life Care Funding, (www.lifecarefunding.com).
"Some will discover that their parent's health has declined and he or she should not be left to live on their own any longer."
Warning signs that your parent may need to be evaluated for in-home nursing assistance, or a move to a more supportive setting, include: Confusion or forgetfulness about taking medications; Unstable/unbalanced (at risk of falling); and Change in hygiene habits or personality.
"Most families are not prepared for this, they don't have a plan or resources, so the situation becomes traumatic and heart-breaking for everyone," Orestis says. "It doesn't have to be that way. Every family should be talking about this now and exploring options."
He offers these tips to help families better plan:
Wednesday, 04 December 2013 07:43
A trust is simply a document that contains provisions whereby one person makes provision for someone to manage his or her property. There are several types of trusts in common usage. A trust can be characterized by whether its terms are revocable (subject to change or cancellation by the creator) or irrevocable (not subject to change or cancellation by the creator). A trust can also be characterized by when it becomes effective. Living trusts are those established during the creator's lifetime. Testamentary trusts are those created in a will that only come into being upon the creator's death. When a trust is revocable, the creator generally reserves the power to transfer assets into and out of the trust, to amend the trust provisions or to revoke the trust altogether.
Regardless of the type of trust, each has common features. First, in order to be valid, a trust needs to be funded, i.e., have the ownership of assets transferred under its umbrella. The transfer of assets is accomplished by either changing the ownership of the asset to the trust or making the trust its beneficiary. Unfortunately, many people go through the time and expense of having a trust created but never take the all-important step of funding it. An unfunded trust is virtually worthless.
The trust needs to have provisions stating who is authorized to manage the assets in the trust. This person is called the trustee. Generally, the person creating the trust is the initial trustee. He or she identifies a successor trustee to take over the management of the trust in the event that he or she is unable to do so. I recommend that there also be an alternate successor trustee named, just in case the first choice is unable or unwilling to act. If there is no trustee designated in the trust itself, or if those set forth in the trust are not able to take over the management of the trust, someone will have to go to court to have a trustee appointed.
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