Estate Planning Articles

Conservators, guardianship, and durable powers of attorney

Conservators, guardianship, and durable powers of attorney – what are the differences, which ones do I need, and why should I care? Each of these tools allows a person to make decisions for another individual whom may or may not be able to make decisions for themselves. Conservator A conservator is a person appointed by a Court to control the financial and personal affairs of an adult who can not adequately do so for themselves. An adult may voluntarily allow someone to act as conservator. In the alternative, a conservator may be appointed by the court if an incapacitated adult cannot or refuses to agree. The court may designate a relative or friend to act as conservator, but in cases of family strife or in the absence of a suitable person, a disinterested party like an attorney or social worker may be appointed. Guardian In some jurisdictions, conservators are called

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What seniors should know about eyesight and aging

Posted by Gerald J. Turner – As we grow older, our eyesight is one of the things that begins to change. While the majority of the time a senior citizen’s eyesight will never diminish to the point where they cannot function properly, you should be prepared for any vision related problems that you experience as a senior and learn how to confront them. Ophthalmologists agree that the age of 60 is when significant vision related problems generally decide to show up. The bad news is that many of these eye issues do not present any warning signs. The good news? Most are treatable. Below are a few common age-related eye and vision problems and how to treat them. Cataracts are a relatively common vision problem among senior citizens, and present as cloudy areas in the lens of one or both eyes. Blurry vision usually follows, as does a decreased sensitivity

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Grandkids off to college? Tips on helping them pay

Posted by Gerald J. Turner – Many grandparents want to help their grandchildren pay for their education. However, the cost of a college education is on the rise, making funding a student’s education a real sacrifice, especially for those moving toward retirement or living on a fixed-income. College financial-aid and student loan regulations are also changing rapidly, and qualifying for need-based financial aid can be tricky. That’s why it is important for students, parents, and grandparents to be on the same page about funding a young person’s college experience. Here’s how to help the student while still getting the most out of need-based aid: 1. Take advantage of a parental 529 savings plan, but make sure it belongs to the parent or student. If you’re thinking about helping a student pay for college, then you have probably heard of a 529 plan. If a 529 belongs to the parent or

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The rise of the “Gray Divorce” – Things you should consider

“‘Til death do us part,” says the traditional wedding vows. However, we all know that it isn’t always that simple. More and more people are opting to get divorced at a mature age. In fact, of all of those who went through a divorce in 2009, 1 in 4 individuals was age 50 or older according to a paper written by two sociologists at Bowling Green State University. While the logistics and mechanics of so-called “gray divorce” are legally similar to that of a younger couple, there are usually special factors, most of them money-related, that need to be considered. First is the issue of alimony, sometimes called spousal support. Judges are, for multiple reasons, far more likely to grant alimony to the spouse whose current financial situation and earning potential is the weakest. Another issue is the length time alimony payments must be made. While a younger worker whose

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4 easy ways to save more for retirement

Posted by Gerald J. Turner – No adult likes to feel like they can’t take care of themselves. One of the unfortunate truths of growing older is that many of us will not be able to get along without a little help. It’s important to have a well-structured, detailed financial plan in place as you prepare for retirement. One of the most important ways to prepare for retirement is also one of the simplest: save more cash. For many of us, finding more dollars to stash into our savings can be difficult. But by saving a little extra each month, you will be more financially secure as you move toward retirement and beyond. Here are a few simple reminders of ways to step up your savings game: 1. Automate your savings. For many of us, several important expenditures come off the top of our paychecks before we even see it.

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