At the end of the month, we like to survey the elder law landscape and share interesting developments. It’s not the end of the month, but we need a break from the all-corona-all-the-time news. So here’s a completely corona-free roundup. Take a few moments and pretend everything’s normal:
- Every so often a celebrity estate illustrates an important planning consideration. Aretha Franklin’s estate has had more than a few (such as don’t create a bunch of hand-written wills). Sometimes, a neutral executor (called a “personal representative” in Arizona) instead of a family member or friend is a wise choice. Now, more than a year an a half after Franklin’s death, her estate is getting one. The presence of a neutral administrator should help contain family squabbles, and the administration should go more smoothly. We’ll see. Did you know Elvis Presley’s estate was a mess, too? An outside, neutral fiduciary probably would have helped.
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Clients sometimes ask whether there’s anything to stop their trustee or personal representative from taking all the money. Well, prison, for one thing. Here are two examples of executors (and attorneys!) who are in some serious trouble, one accused of stealing millions and one who pleaded guilty.
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Charities need our help more than ever. If you aren’t in a position to donate now, consider including them in your estate plan.
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Older people can be vulnerable to scams, and it takes an emotional as well as financial toll. One way to help prevent a loved one from falling for a scam is to identify and employ a “protective tribe” who can help ward off the scammers. It helps to have the following response at the ready: “I’m sorry, I’ll have to consult with my attorney/CPA/financial adviser before I can send you any money.”
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Research keeps telling us promising ways to keep our brains young. This month, it’s exercise and a low-carb diet. Plus findings regarding inflammation might help certain types of dementia at some point.
We hope our corona-free roundup provided you a little bit of a diversion. Now go back to washing your hands and reading your news feed. Check on your loved ones, too, but keep your distance!
