Many elders rely on their children, grandchildren, nieces, or nephews to care for them, but for those without family - or whose families predecease them - that is not an option. This set of seniors is a growing population. Often these folks are called "Elder orphans" or "solo-agers" on the internet and in the media. Whatever the moniker, this stage of life presents the same challenges - and some unique ones - for those facing their golden years on their own. Thankfully there are some splendid estate planning techniques and terrific technological ideas out there to help.
Estate Planning isn't just for the old and gray, it's for anyone who owns anything and cares what happens to it. Maybe you don't own a home, or have other major assets, but you have a life insurance plan from your employer. Maybe you have none of those things but still need to legally designate who makes healthcare decisions when you cannot - you still need a plan, or the government makes one for you. Our American Academy of Estate Planning Attorneys colleague, Steve Hartnett breaks it all down in this blog. CONTINUE READING
In the last blog we shared from our American Academy of Estate Planning Attorneys colleague, Attorney Steve Hartnett, we looked at 529 accounts. Here, he discusses 529A accounts. Like 529 accounts, the 529A is meant to be used for educational opportunities. The difference is that the 529A was created under the The Achieving a Better Life Experience or "ABLE" Act, and is specifically for people who became disabled prior to the age of 26 years old. CLick here to learn more.