Protecting and Keeping Assets Within your Family

Author

Stone Law, LLC

For more information about the author, click to view their website: Stone Law, LLC

Posted on

Mar 07, 2024

Book/Edition

Colorado - Denver Metro , Colorado - Northern Colorado

What about those greedy relatives?

Remember the Baudelaire children from our previous Legal Brief about Lemony Snicket’s A Series of Unfortunate Events? Let’s look at another way parents with children of any age can protect their legacy.

In Lemony Snicket’s tale the Baudelaire children are left with a significant family fortune when their parents die. Their uncle hopes to gain access to this vast fortune by taking in the children. When that does not work he tries to marry Violet, the oldest daughter, so he can access the family wealth. Hopefully your relatives are not awful like Count Olaf; yet, sometimes you only find out who people truly are after someone passes away. So, what is the estate planning remedy for greedy relatives or even your child’s questionable spouse?

Trust planning.

Trust planning ensures your family fortune, no matter the amount, stays with your children; not in the hands of a greedy relative, in-law, creditor, or even used in an unintended manner by your children.

There are many ways to write trusts to ensure your wishes are met. The general starting point for trust planning is a revocable living trust. When properly funded, this type of trust allows trust assets to pass directly to beneficiaries bypassing the probate process. Bypassing probate also keeps your wishes private. Additionally, if a surviving spouse remarries a revocable living trust can be built to keep existing family assets within the family. The surviving spouse can access assets but when they pass away trust assets continue down to your children and grandchildren instead of going to an unintended beneficiary.

More specific concerns?

Maybe you have a child with a disability? Consider a special needs trust. A special needs trust prevents a large lump sum from an inheritance going directly to a beneficiary. Instead, a trustee manages the trust and assets. Money is given on an as needed basis for anything not provided through other benefits or programs. This can be especially useful when needs based programming covers only the minimum services. This specialized trust allows you to protect and provide for your loved ones with special needs and circumstances when you are no longer able to do so, while still allowing them to maintain their other benefits.

Is one of your children caught up in drugs or debt? Consider a heritage trust. A heritage trust could help in Violet’s situation with her uncle or if some other gold-digger comes along and tries to marry her for the family fortune. How? Heritage trust planning allows you to name a trustee who can manage trust assets. This person or institution provides the beneficiary with funds for reasonable requests (e.g., housing, education, etc.). The trustee acts as a gatekeeper. Trust assets pass from your child to grandchildren or other beneficiaries. This shelters trust assets, keeping them within your family or named beneficiaries for multiple generations. Trust assets are also protected from creditors, lawsuits, and from spouses or others not directly named as beneficiaries.

What exactly is a trustee?

Your trustee is the person who manages and distributes trust assets after your passing. As with any decision regarding finances, choose your trustee carefully. Appoint someone to this role who you will take their responsibility seriously. Someone you trust to carry out your wishes and manage trust assets wisely. Allowing assets to grow and benefit your family members for years to come.

Remember: trusts do not go through the probate process like a will, so your decisions remain private. Give yourself peace of mind today by taking care of your estate planning with Stone Law! Make your guardianship wishes known in your will and put together trust planning to ensure your assets go where you want them to.

Other Articles You May Like

What is a Typical Day in a Senior Rehabilitation Facility?

Following surgery or hospitalization for an illness, seniors are typically referred to an in-patient rehabilitation center to aid in their recovery. Senior rehabilitation may include physical therapy, occupational therapy and speech therapy. Because in-patient rehab is for those who require intensive care for an extended period of time additional services are offered, such as assistance with a number of daily needs as well as social activities and counseling.What is a Senior Rehabilitation Center?A senior rehabilitation center is a place for seniors to recover with specific attention on pain reduction and improved function through multiple therapies.Physical therapy helps increase strength and improve mobility, balance and flexibility, as well as manage pain.Occupational therapy assists patients with performing daily activities that often require fine motor skills or the use of adaptive equipment like a cane or walker.Speech therapy helps with communication, swallowing and cognitive skills such as attention and memory problems.What Does a Typical Day Look Like?MorningNurses visit patients and help with personal care tasks such as bathing, dressing and grooming, as needed. Since the goal of rehabilitation is to prepare patients for a successful transition home, the facility simulates a home environment as much as possible. Patients determine their own schedules (within reason), wear their own clothes, and in some cases, have their own personal living space.After breakfast, patients begin physical therapy in a gym setting that features specialized equipment and technology to aid recovery while minimizing pain. Exercises vary depending on the patients needs and abilities. Daily physical therapy builds strength, coordination and balance all necessary to regain independence.NoonPatients have time to recuperate from therapy and socialize during lunch. Options to eat with visiting family and friends, or in their room are also available. Patients meet with the dietitian regularly to discuss food preferences and dietary needs.AfternoonTherapy sessions usually continue after a relaxing lunch. Afternoon therapy might include working with a speech-language pathologist or an occupational therapist. Depending on individual needs, activities might also include shopping, counseling or other activities, such as going on excursions, taking classes, playing games, making crafts or watching live performances, to promote socialization and mental wellbeing.EveningEvening is often a time for relaxing or visiting with family. Following dinner, patients are given ample time to rest up for the next days therapy. Quiet activities such as reading or doing puzzles are encouraged.Colavria Hospitality offers short-term in-patient rehabilitation. Each of our locations provides the perfect mix of therapy, fun and engaging activities, and rest and relaxation that will prepare patients to return home as quickly as possible.Colavria Hospitality currently manages four senior living communities in the Denver metro area which offer a unique mix of care options. Our mission is to provide those we serve with an environment that focuses on hospitality, person-centered relationships, and the well-being of each individual. Each community operates under our Core Principles of Collaboration, Innovation, and Harmony to assure a rich and secure lifestyle for patients as well as a pleasant working environment for our care team. We invite you to take a tour of our facilities.

Tips On Staying Independent as a Senior

Home care can help seniors who want to age in place and maintain their independence by helping them around the house, providing transportation, and much more.Home care can help seniors age in place and keep their independence.Not all seniors want to go to nursing homes; many want to age in place and live out their days in their own ways. This is becoming a huge trend in the senior community, and it is more doable than ever before with a home care provider. Your senior loved one can stay at home and live the life they want without having to give up quality care.Here are some of the best ways your loved one can remain independent. Go To the DoctorJust because someone chooses to age in place doesnt mean they get to stop monitoring their health. In fact, one of the best ways to remain independent for as long as possible is by going to the doctor for regular checkups. A doctor should always be monitoring the health of a senior and they should be talking regularly about medications, side effects, and any concerning health problems.Your loved one can be independent and still have a team of home care professionals supporting their health and routing for them. This support will help them age in place and live a high-quality life. Keep MovingNo matter how old you get, you should be moving around, and this goes for your senior parents, too. They may not be able to run around the block or go rock climbing, but they can get up and move around the house every day. They may want to garden during the spring and summer or walk in their yard. Whatever it is, the more movement they can do, the more likely they are to live well while aging in place. Modify The HomeNot all homes are suitable for aging in place, but there are many ways to modify the home so your loved one can live there for as long as possible. Many of these modifications are not expensive, and your loved one can work around things. Move them to the main floor, put in non-slip rugs, change the doorknobs and light switches. You may even be able to add a home security system to help keep your loved one safe.When in doubt, encourage your loved one to move to a first-floor apartment. There are many ways for a senior to remain independent, and not all of them have to be expensive or massive. Get More HelpAt some point, more help will be necessary, but that does not mean you have to give up independence. Your loved one may need to ask family members for help, and its important you show up when its needed. However, many seniors dont want to feel like a burden, and they also dont want to move to a senior home.One of the best things they can do is hire home care to help them around the house. Home care providers will help with routines, transportation, and much more. Your loved one will never have to give up their high-quality life, and they dont need to give up care when they need it most. Its time to look into hiring a home care provider for your elderly mom or dad.  If you or an aging loved one are considering Home Care in Brighton, CO, please contact the caring staff at Talem Home Care & Placement Services today. Call (720) 789-8529At Talem Home Care of Broomfield, we provide passionate, understanding, and flexible caregivers in Broomfield, Arvada, Aurora, Boulder, Brighton, Commerce City, Denver, Erie, Firestone, Lafayette, Lakewood, Longmont, Louisville, Northglenn, Sherrelwood, Thornton, Welby, Westminster, Wheat Ridge and surrounding areas in Colorado.

Dementia Challenges: Ways To Address Wandering

If you are caring for a parent or client with dementia, the thought of them wandering will no doubt causes you anxiety. Unfortunately, over 60% of dementia sufferers will wander at one time or another. However, despite the statistics, there are things you can do to help ensure their safety. Whether it has happened before or you are thinking ahead to the possibility, these practical tips can be very helpful when dealing with someone who is at risk of wandering. Practical Tips to Keep Your Senior from Wandering 1. Make sure that all of the doors and windows are secure, without creating a fire hazard.If possible, install devices that will alert you if doors or windows are opened. For doors that have deadbolt locks, try moving the locks to a less noticeable spot; perhaps higher or lower on the door. Also, if you already have an alarm system, you may be able to adjust the settings or wiring to fit your changing needs.2. Sometimes seniors try to leave home to get something to eat or drink.If that is the case with your client or loved one, perhaps you can keep water and snacks handy in areas they frequently relax, including near their bed. When that isnt plausible, ask them regularly if they need anything, before they attempt to go searching for it on their own.3. Many dementia sufferers think they still need to go to work or do other things that used to be part of their normal routine.Also, boredom and restlessness can increase the risk of them wanting to leave home. Physical activity and planned movement can help keep your loved one content. Try to establish a daily routine to help instill a sense of responsibility and stability in your loved one.4. If possible, avoid unfamiliar or busy places that can cause confusion and disorientation.When it is necessary to enter new surroundings, be sure not to leave a person with dementia unattended, even if it is just for a couple of minutes. In their attempt to get themselves to a familiar environment, they may inadvertently wander too far.5.  If your client or parent shouldnt be alone outside, try and make your neighbors aware of this.Simply seeing a senior walking outdoors will not alarm most people, especially if they dont look at all disoriented. Try to make your specific situation clear to those that live nearby and provide your phone number so they can call you if necessary.6. Look into getting ID jewelry, such as this bracelet from the Alzheimers Association.This particular model works with a 24-hour nationwide service. After you call to inform them of what has happened, they will contact members of the community network as well as emergency personnel to begin looking for the person wearing the bracelet.7. If your client or loved one does wander off, spend no more than 15 minutes looking for them in the most likely and nearby places.Then, notify law enforcement. Provide them with a recent photo and a description of the clothing there are wearing.It is wonderful when the adult children of aging parents are able to provide the care needed as they age. However, this isnt always possible due to the busy lives we all lead! Also, being the sole caregiver can be very taxing. Elderlink Home Care, Inc. can help by sending caregivers into the home to assist with daily living activities.Please contact us today for more information about our home care services.

Local Services By This Author

Stone Law, LLC

Elder Law 225 Union Boulevard, Lakewood, Colorado, 80228

At Stone Law, LLC we support you and your family with any aging and disability concerns. We can help make sure you have a solid plan for these and other 'what ifs' to give you peace of mind. Our primary goal is to advocate for the elderly so no one can take advantage or manipulate a situation to their benefit. We aim to make sure your needs and wishes are met. We will always be sensitive to your needs and emotions. We also recognize that issues and concerns are broader than simply addressing legal needs and can facilitate partnerships with other helpful agencies. At Stone Law, we get to know you and your family so we can help you create a customized plan that helps everyone be on the same page.

Stone Law

Trust Management 225 Union Boulevard, Lakewood, Colorado, 80228

At Stone Law, LLC we support you and your family with any aging and disability concerns. We can help make sure you have a solid plan for these and other 'what ifs' to give you peace of mind. Our primary goal is to advocate for the elderly so no one can take advantage or manipulate a situation to their benefit. We aim to make sure your needs and wishes are met. We will always be sensitive to your needs and emotions. We also recognize that issues and concerns are broader than simply addressing legal needs and can facilitate partnerships with other helpful agencies. At Stone Law, we get to know you and your family so we can help you create a customized plan that helps everyone be on the same page.

Stone Law, LLC

Estate Planning 225 Union Boulevard, Lakewood, Colorado, 80228

At Stone Law, LLC we support you and your family with any aging and disability concerns. We can help make sure you have a solid plan for these and other 'what ifs' to give you peace of mind. Our primary goal is to advocate for the elderly so no one can take advantage or manipulate a situation to their benefit. We aim to make sure your needs and wishes are met. We will always be sensitive to your needs and emotions as you age. We also recognize that issues and concerns are broader than simply addressing legal needs and can facilitate partnerships with other helpful agencies. At Stone Law, we get to know you and your family so we can help you create a customized estate plan that will pass along your estate exactly the way you want it.