You never stop being a parent, but in some cases, estate planning decisions can be challenging if you have an adult child who may be troubled or demonstrate problematic behavior in some way (e.g., is addicted to drugs or alcohol, is financially irresponsible). You likely already know the heartbreak associated with trying to help that …
Using a testamentary supplemental needs trust to protect assets from the cost of nursing home care
What is a testamentary supplemental needs trust? A trust is a written agreement between the person(s) who creates the trust and the person who administers the trust as to how any property owned by the trust may be used. A testamentary trust is any trust created by the terms of a person’s Will. A supplemental …
Have You Checked Your Beneficiary Forms Lately?
By: Brandon C. Walecka, Esq. Walecka Law, P.C. 774-203-9003 Brandon@WaleckaLaw.com Have you checked your beneficiary designations for your retirement accounts or life insurance policies recently? If not, you may find that your designated beneficiary is not who or what you think it should be, especially if you have had a major life event, such as …
Planning for Parents with a Disabled Adult Child
By: Brandon C. Walecka, Esq. Walecka Law, P.C. 774-203-9003 Brandon@WaleckaLaw.com Buy enough life insurance A parent of any child is irreplaceable, but in the case of a disabled adult child, older adult parents are faced with the challenge of deciding how best to care for their child in the event of their passing. In that …
What is MOLST?
By: Brandon C. Walecka, Esq. Walecka Law, P.C. 774-203-9003 Brandon@WaleckaLaw.com MOLST is a medical order containing the patient’s preferences about life-sustaining medical treatments. A MOLST form is signed by the patient (or health care agent/guardian) and the clinician. The MOLST is the doctor’s order. Where does MOLST fit in advanced care planning? There are several …
How Parents Can Provide for a Caregiver Child
By: Brandon C. Walecka, Esq. Walecka Law, P.C. 774-203-9003 Brandon@WaleckaLaw.com Taking care of a parent in need can be a full-time job. Children may have to give up paying jobs to provide care to aging parents, though unfortunately, caregiving is usually unpaid work. Parents who want to compensate a child for taking on the challenge …
Forbes Article: 3 Estate Planning Documents Every College Student Needs
If you have a college-aged child, estate planning is probably the last thing on your mind. However, estate planning isn’t just for the wealthy and aging. It also includes provisions for while you’re still alive, and everyone can benefit from having a plan in place if they’re no longer able to care for themselves or …
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Estate Planning for Your Young Adult Child
By: Brandon C. Walecka, Esq. Walecka Law, P.C. 774-203-9003 Brandon@WaleckaLaw.com If you have a young adult child or grandchild, estate planning for them is probably the last thing on your mind. At this time of year, young adults are heading off to a new and exciting chapter in their lives; college students are packing their …