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Family Caregivers Should Act Quickly To Organize Legal
and Financial Affairs for Elders
WESTPORT, Conn., October 26, 2006 – If you're caring for an
older loved one—especially one who has been diagnosed with Alzheimer's
disease or dementia—it's important to address legal and financial issues
as soon as possible, ideally with a professional who has experience in both
legal and financial matters, such as an elder law attorney or an estate attorney.
A wise first step is to determine what types of insurance your loved one carries,
if any; be sure to write down life and health insurance policy numbers. Next,
establish whether key legal documents have been executed and are up-to-date;
the most critical documents are wills, trusts and advance directives, all of
which must be executed while a person is still mentally competent. Have this
information with you when you consult an advisor.
Here are other key documents to have on hand when during your
consultation:
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Bankbook, bank statements and canceled checks (dating
back three years, if possible)
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Homeowner's and auto insurance policies
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Federal and state income tax returns from the past
three years
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Information about safe deposit boxes and keys
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Information about pension plans, IRAs, Keogh plans
or other employee benefit plans
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Stock certificates, bonds, mutual funds, etc.
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The names of accountants, lawyers, doctors, etc.
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Information on property owned, mortgages held (and
coupon booklets), and payment of property taxes
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Credit cards (or account numbers) and information
on other outstanding debts |
If your loved one is no longer mentally capable of executing
any of the important documents mentioned above, guardianship proceedings are
brought into state courts—usually a probate court or surrogate's court.
A judge then appoints a person (known as a guardian or conservator) to make
decisions concerning personal or financial affairs. For more information about
guardianships, you should speak to an attorney.
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LifeCare's Successful
Aging & Caregiving series was created for
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or wish to speak to one of LifeCare's Successful AgingSM experts,
please contact Michael Civiello, manager—marketing and media relations,
at 203-291-4170 or pr1@lifecare.com.
About LifeCare®, Inc.
For 22 years, LifeCare has provided people with customized care plans for all
aspects of their personal and professional lives, including elder care and healthy
aging, child care and parenting, education and personal growth, financial and
legal matters, and more. LifeCare's Successful AgingSM Services help
individuals resolve the full spectrum of mid-life and aging issues, including
adult caregiving, cognitive health issues, legal and financial matters, and
pre- and post retirement planning. LifeCare serves 1,500 client companies with
4.5 million individuals within corporations, health plans, government agencies
and unions. For more information, visit www.lifecare.com.
Media contact: Michael Civiello
LifeCare, Inc.
pr1@lifecare.com
203-291-4170
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