Virtually every senior faces the risk that they or their spouse may have cognitive issues and not be able to manage their affairs or make prudent financial decisions. Here are 3 critical points:
- Use a living trust. For most seniors, this is the safest, most flexible, most reliable option. It lets you pick who you would want to take over the money if you are no longer able, and to name your own test of what constitutes “able.”
- Use powers of attorney, and keep them fresh! Since financial fraud by family members is a huge problem, banks and brokers are often distrustful of POAs – and note trusts get a lot more respect than POAs. The fresher the POA, the more respect it is likely to get. But remember it is a very powerful tool without the controls you can build into a trust, and more likely to be misused.
- Take careful stock of your asset structure and estate plan, and make sure everything fits together and will work smoothly for all assets and intents.
Camarda is more than happy to give you a complimentary review of your plan, and make recommendations to help it work more effectively. Simply ask your Personal Wealth Advisor.
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