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Posted on in Estate Planning

Lombard estate planning attorneyThe Illinois Living Will Act states that every citizen has the basic right to control decisions about his or her health care. Unfortunately, however, there may come a point in a person’s life where he or she is not able to make such decisions on the spot. Advance medical directives, including living wills, can be used to document a person’s wishes regarding certain types of medical care in certain situations, removing the burden of making such decisions from family members and loved ones.

Those who advocate for living wills say that such instruments are crucial in protecting a patient’s rights. Living wills, in particular, address which types of death-delaying procedures the patient wishes to receive—or not receive—if he or she is ever diagnosed with a terminal condition and is unable to communicate his or her wishes at the time. A terminal condition is one that is incurable and will ultimately result in the patient’s death. Death delaying procedures are defined as treatments that will only serve to postpone the moment of death and commonly include:

  • Assisted ventilation and the application of artificial respirators;
  • Intravenous medication and nutrition;
  • Whole blood transfusions; and
  • Artificial kidney treatments, including dialysis.

A living will cannot direct medical personnel to withhold food or water to allow death to occur from starvation or dehydration.

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Lombard estate planning lawyerRecently, a previous post on this blog discussed the definition and some of the possible benefits of reverse mortgages. In that article, we talked about how reverse mortgages are often taken out by seniors to supplement their retirement income by borrowing against the equity they have built in their homes. In many situations, a reverse mortgage may be an appropriate option, but it is important to consider that reverse mortgages could also have some disadvantages—including an impact on the assets passed down to a person’s heirs.

Unforeseen Costs

The entire point of a reverse mortgage is to give an elderly person—62 is the minimum qualifying age—access to additional money during his or her lifetime. The amount a person can borrow in reverse mortgage is dependent on a number of factors including the type of reverse mortgage, the borrower’s age, the value of the home, and interest rates. Of course, in most cases, the lender will also apply a number of costs and fees, including an origination fee, costs at closing, and servicing fees for the life of the loan. Some lenders also charge for mortgage insurance premiums for certain reverse mortgages.

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Lombard estate planning lawyersIf you watch television at certain times of the day, you are likely to see occasional advertisements for reverse mortgages. These ads often run in similar timeslots as commercials for arthritis medication and electric scooters. It is clear that they are intended to reach a certain demographic—namely, seniors who are starting to consider the reality that they will not live forever. As with most television pitches, it understandable that the audience would be skeptical, but a reverse mortgage may be an option for certain individuals and families.

Reverse Mortgages Defined

Most people understand that a standard mortgage is a financial arrangement in which a lender provides a borrower with money to buy real estate, including a home. The property itself is the collateral used to secure the loan. The borrower makes regular installment payments until the amount borrowed and any accumulated interest is repaid.

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Lombard estate planning attorneyOlder men and women are often among the most vulnerable members of our society. Children, of course, are also vulnerable, but as a whole, we have been historically more likely to aggressively protect children than adults and seniors. Unfortunately, this means that is relatively easy for elder men and women to be exploited—often by those who have been entrusted with guardianship or other responsibilities. With proper estate planning that includes contingency clauses and protections, it may be possible to reduce the likelihood of such abuse. A new federal law will also provide additional help in the battle against elder abuse and exploitation.

Bipartisan Efforts

The Elder Abuse Prevention and Protection Act was drafted by Representative Elizabeth Esty, a Democrat from Connecticut, and Representative Barbara Comstock, a Virginia Republican. The bipartisan measure passed the House and Senate and was signed into law by President Donald Trump earlier this month.

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Posted on in Estate Planning

Lombard estate planning lawyersEstate planning can be a difficult task for many individuals. Rare is the person who is excited about confronting his or her own mortality. The reality is that none of us will live forever, and estate planning affords us the opportunity to provide for our family members and loved ones well beyond our lifetime. Some elements of estate planning, however, are intended to take effect, if necessary, while you are still living so that your affairs can be properly managed, no matter what happens to you. Powers of Attorney are among the most important estate planning instruments, but they are often overlooked by those who are unfamiliar with their application.

Two Types

There are two different kinds of Powers of Attorney (POA): Power of Attorney for Property and Power of Attorney for Health Care. The two categories refer to the subject matter covered by the document, but both types give a trusted friend or family member the authority to make decisions for you in the event you are not able to make them for yourself. As their names imply, a POA for Property gives your chosen individual or entity—known as an agent—the power to make decisions regarding your finances, assets, and debts while a POA for Health Care appoints an agent to make medical and health-related decisions. By using POAs properly, you can help protect your family from uncertainty and unnecessary costs associated with guardianship proceedings.

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