Many people have signed at least one power of attorney in their life. A power of attorney, which names a trusted family member, friend or advisor as your “attorney-in-fact” to control your assets, is meant to be used, if you are incapacitated.
The financial problems of Tom Girardi and his law firm, Girardi Keese, continue to multiply, with the latest claim coming from the estate of Ed Masry, the attorney who worked with Girardi on the environmental contamination case made famous by the 2000 film “Erin Brockovich.”
Many people focus on only protecting their estate from probate. However, in the big picture, probate is the least of their worries.
According to the American Association of Retired Persons (AARP), roughly 50% of those aged 65 will need long-term care (LTC) one day. Long-term care insurance covers things not normally covered by regular medical insurance. This includes nursing home, assisted living or home care for those who need it, due to chronic conditions like dementia or other disabilities.
As you age, it is important to have your affairs in order to ensure peace of mind for you and your family. Several documents need to be in place to help your family know and carry out your wishes.
Each year, senior citizens lose billions of dollars to financial fraud, with the loss to individual victims averaging tens of thousands of dollars.