Top Estate Planning Attorney R. Sam Price, founder of Price Law Firm, APC in Redlands, CA, reveals that living trusts can be an excellent way to give people peace of mind in their later years. For more information please visit https://pricelawfirm.com
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As more people live to an older age, the potential for more to suffer from the debilitating effects of dementia increases dramatically. However, a living trust could be an excellent way to help people enjoy their later years, California's Estate Planning Attorney Sam Price reveals.
For more information please visit https://pricelawfirm.com
The Founder of Price Law Firm, APC, of Redlands, revealed the importance of estate planning for a couple, especially if one partner is suspected of having or has been diagnosed with dementia or Alzheimer's.
"In my experience, the couple should have a well thought out and professionally drafted plan built around a living trust," he said. "The healthy spouse will then have powers of attorney to ensure correct financial and healthcare decisions are taken for their loved one.”
While the ideal time to plan is before any illness is diagnosed, a living trust can still be prepared if their spouse has dementia.
Mr Price said: "Many assets can be placed in this trust, allowing the healthy spouse to take control of assets and keep everything functioning normally. This means that as the spouse with dementia declines, they will not be taken advantage of or misappropriate assets."
As dementia renders sufferers unable to understand financial documents and their assets or even recognize family members, a living trust is an excellent counterpoint to help their spouse manage their existing environment.
Mr Price added that living trusts also allow room for further planning. "If the healthy spouse falls ill or passes away, with a trust, a successor trustee can be appointed to take over the trust's management."
While a living trust is highly recommended, he said that if one has not been put in place, then an update of your will, powers of attorney and healthcare directives is essential.
He said: "A will that reflects your most recent wishes ensures your assets land in the right hands. If you don't have a will, the state will decide what happens to your assets after death.’’
"A financial power of attorney and advanced healthcare directives allow you to choose a person to make financial and medical decisions for you when you can no longer do so for yourself."
Mr Price concluded: "If there is a spouse with dementia who could fall prey to predatory behavior, this can be avoided with an irrevocable trust. This will protect your spouse while they're ill and their assets after you both have passed on."
Source: http://RecommendedExperts.biz
Contact Info:
Name: Sam Price
Email: Send Email
Organization: Price Law Firm, APC
Address: 300 E State Street, #620 Redlands, CA 92373
Phone: 909-328-7000
Website: https://pricelawfirm.com
Release ID: 89081937
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