What Would You Risk for "Life, Liberty and the Pursuit of Happiness"?

     The civilians of Egypt, Tunisia and now Libya have risked literally everything for an opportunity to obtain liberty rights similar to those that we are born with as Americans.  Watching this incredible sacrifice has reminded me of the value of these amazing rights.  We may not agree with everything our government does but we have the right to voice our disagreements and make changes.  If the threat of losing our liberty rights was real, what would you risk to regain them?  Your house?  Food and water?  Your life?  Your child's life?  Do you value the right to vote?  Are you teaching your children the value of the right to vote?

Are You Sure Mom Has Dementia?

     Just because Mom might be showing signs of memory loss does not necessarily mean she has dementia or Alzheimer's.  There are numerous factors that can impact cognitive ability.  Disrupted sleep; medication for pain, heart problems, infections, etc.; recent surgery; depression; stress and vitamin deficiencies are just a few of the factors that can have a negative impact on Mom's memory.  Many well-intentioned doctors and/or family members too quickly jump to a diagnosis/conclusion of dementia or Alzheimer's with an elderly person.  An incorrect diagnosis/conclusion can result in the loss of a person's liberty rights and could potentially create a cycle of decline even though Mom's cognitive abilities are in line with her age and level of education.  Therefore, please take the time to make sure that Mom's memory loss cannot be attributed to some other factor before pursuing legal measures.

Do Your Assets Compliment or Hinder Your Estate Plan?

     One of the most common misconceptions that I run into with clients is a misunderstanding about the importance of asset titling and the types of assets that are not governed by a Last Will and Testament.

     Assets that name a surviving joint tenant or designate a beneficiary (i.e. 401(k), IRA, life insurance, bank account) are not governed by a Last Will and Testament.  The only assets that are governed by a Last Will and Testament are those assets that are titled solely in the decedent's name and do not designate a beneficiary.  Therefore, if Mom lists her oldest child as a joint tenant on her residence and designates him or her as a beneficiary on her IRA to "avoid probate", her house and IRA will pass solely to her oldest child even if her Last Will and Testament names all three of her children.  In this scenario, even if the oldest child decides to honor Mom's wishes and divide the house and IRA with his or her two siblings, there are tax ramifications.  In most cases, the oldest child will simply take the distribution of the house and IRA.  Unfortunately, this usually results in permanent damage to family relationships, which is not what Mom wanted.

Can Mom Continue to Stay in Her Home?

     Moving into a retirement community is a big change for a senior.  Very often, he or she has lived in his or her home for a long time.  If the decision to move is not initiated by the senior, it can be a very negative change that may increase emotional distress and family turmoil.

     However, with the advancement of technology, there are a variety of devices that can prolong a senior's ability to stay in his or her home.  There are now sensors that can detect if the senior does not get out of bed or out of a favorite chair as well as detecting that the stove has not been turned off.  In addition, there are devices that monitor blood pressure, respiration and other conditions to minimize the number of visits to a doctor's office and will notify family members of a significant change.

     Evaluating whether or not a senior is still able to live at home alone can be a difficult process.  While safety is the most important factor, the senior's preference is also an important factor.  The availability of technological devices should be thoroughly researched and utilized, if possible, to honor a senior's desire to remain in his or her home.