Legal

Legal

Get as Much as You Give with Volunteering

 

Volunteering your time and energy helps strengthen your community and helps others. Plus, researchers are finding definitive links between volunteerism and important emotional and physical benefits.

Why Do It?

Volunteering decreases the risk of depression and dementia for both the volunteer and the recipient. It provides increased social interactions and a greater sense of purpose and accomplishment for both. The National Institute on Aging reported that participating in volunteer activities lowers the risk of dementia and other health problems.

Successful aging requires physical activity. Helping with a local sports team or walking as a companion to help another promotes physical and mental fitness. Older volunteers experience greater life satisfaction and increased perceived health.

The anti-depression effects and physical activity also can help reduce stress. This can help boost the immune system, promote better health and cut the risk of disease.

Giving your time to others also can make you feel like you have more time to give. A Wharton College study found that volunteers felt more capable, confident and useful. This feeling boosts self-esteem and makes you feel like you can accomplish even more. Plus, folks who volunteer by giving not only time but also money can feel wealthier, again boosting mental health.

 

Face Time

Social isolation is a major problem for older adults, and volunteerism can help you make new friends and strengthen existing relationships. A strong social network can aid in practicing social skills and aging successfully.

Studies also point out the benefits of intergenerational relationships. Many high school students are encouraged to volunteer to bolster college applications. Seniors who volunteer can engage with this younger generation of volunteers, creating lasting friendships and shared experiences.

Retirement can be difficult for seniors, especially when someone is forced out at a relatively young age. Starting a new “career” by volunteering fills the void left by not having a workplace to go to every day.

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Legal Legacy; Plan Today for Your Heirs Tomorrow

We always say there is no one-size-fits-all in estate planning. This case points out, though, that all families can benefit from talking about long-term care before it's needed and before it comes to fisticuffs and court. ...
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Just Bein’ Neighborly – Avoiding ‘Hood Hassles

How do you solve an issue with noise? The most obvious is to talk to the neighbor and work out a solution. If necessary, let them know about penalties for noise by sending a copy of the local ordinance. The next step might be calling the police to stop the noise. ...
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Grandparent Legal Checklist

 

In such a youth-oriented society, it’s easy to feel over the hill at age 50 or 60. It really is the prime of life, and that means it’s time to update your affairs so you can enjoy retirement and your grandchildren.

Get the proper legal documents in place. That includes a Last Will and Testament, Financial Power of Attorney, Health Care Power of Attorney, Living Will Declaration and maybe a Living Trust.

Without a will specifying who’s in charge and who gets what, the wrong people might inherit your assets. For example, if you wanted to leave all of your assets to two of three of your children because you already gave the third child money, it needs to be specified in your will. Without a will, Ohio law would force your assets to be paid in equal shares to your three children, with no regard to your wishes.

Who’s In Charge?

If you become disabled, you’ll need a Financial Power of Attorney, Health Care Power of Attorney, and Living Will Declaration to name someone who will handle your affairs. Without these documents, the court will appoint a guardian to oversee your affairs. That’s a lot of money and paperwork that can be avoided with smart legal planning. Keep copies of these documents handy so your family can find them when needed.

Coordinate your bank accounts, investments, retirement funds, life insurance, real estate and cars — the titling, the beneficiaries and the asset allocation. This may take a team, which might include your attorney, financial planner, tax preparer, banker and life insurance agent. Your family will thank you for making sure everything is organized and easy to find.

Take advantage of senior discounts and bank accounts. Turning 50 makes you eligible for AARP. Sign up and use it for the many senior discounts available — don’t let it make you feel old.

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Elder Care Solutions for the Sandwich Generation

 

By Kabb Law

What and who is the Sandwich Generation? It’s group of people mostly between the ages of 40 and 65, who are “sandwiched” between the obligations of bringing up their own children, a job and caring for aging parents.

What are the problems? They include stress from financial, legal, care and family dynamics, and pressure from the responsibility of providing for parents and the loss of parents’ financial assistance. The result for caregivers may be family arguments, higher health costs for themselves from stress, illnesses and substance abuse.

What are some solutions? Open communication on aging, driving and finances. Get legal documents in place. You can prevent caregiver burnout by finding solutions early and building a support network. If it is difficult for a child to have “the talk” with elderly parents, seek out professional services to be a facilitator. Good planning will allow you to be free to manage the sandwich and enjoy the process.

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Tidy Your Estate Plan

Many folks see springtime as a time of renewal, new life and a fresh start. When you start your household cleaning this year, think of your important papers, too.

Everyone should have a Last Will and Testament, a Financial Power of Attorney, a Health Care Power of Attorney and a Living Will Declaration. Too many people see these documents as a once-and-done proposition. Nothing could be further from the truth. They need to be reviewed on a regular basis to make sure they still meet your needs. Times change, and so must your documents.

Keep Up

How do you know when it’s time to make a change? A good time frame is that you should review your documents every three to five years. Tax, trust, estate and financial law changes may impact your documents.

For example, the repeal of the Ohio estate tax rules several years ago allowed many folks to simplify their planning, eliminating the need for complicated Trust Agreements. The ramifications of the most recent tax changes are still being evaluated. That could signal a trip to the attorney to find out if they affect you.

Changes in family situations can mean updates for your will or powers of attorney. Examples are illness, death, marriage or divorce of a family member, executor, trustee, guardian or beneficiary. A job change or loss also could impact estate planning documents.

If you have started your own business or become involved in a partnership, or closely held corporation, not only might your documents need to be changed, but your tax situation could be affected. A large increase in assets from an inheritance is another signal that it’s time for a review.

Changes in mental or physical health requiring long-term health care planning definitely mean that you need to consult an elder law attorney for guidance.

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A Legal Form Bucket List

Legal

 

It’s fun to make a bucket list of all the exciting things you want to accomplish before you die. Personally, I want to travel overseas.

You also need to have a legal bucket list of documents that must be signed now — before life’s inevitable curveballs come your way.

 

What You Need

Everyone should have the following Core Four documents in place before a health crisis happens: a Last Will and Testament, Financial Durable Power of Attorney, Health Care Power of Attorney and Living Will Declaration. Let’s review each of those documents.

A will is a written document formally signed in which you describe how your assets should be distributed at death and who will be in charge of your estate. Your will directs what happens with your probate assets, which are assets in your sole name alone. A will simplifies the probate process and gives authority to the executor to handle legal issues. Without a will, the probate process is more complicated and costly.

Most people want to avoid probate. Solely owned assets have to be probated because there is no beneficiary connected to the asset. For example, if your assets listed as joint and survivorship, Payable on Death or Transfer on Death are in a Trust Agreement or name a beneficiary, your assets won’t have to go through probate and will go the people named to receive them. If assets are titled correctly to avoid probate, then you don’t have to use a will, but it’s still a good idea to have a will just in case of a snag.

The Financial Durable Power of Attorney is vital because it names the person who will oversee your financial matters if you become mentally or physically unable to take care of them yourself. Many people think that spouses don’t need to have these for each other because they are married, but that is not true.

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The Executor Question: Are You Willing to Take it On? Should You?

Call it Executor Duties 101: A Guide to Estate Settlement. Or call it a major inconvenience. If you've never been an executor, you probably know someone who has, and you've likely heard their complaints. Carrying out the terms of someone’s will comes with a lot of responsibilities. While you will most likely work with a lawyer who specializes in estate planning and probate, keeping track of your obligations can feel overwhelming. ...
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