Estate planning, including the creation of a trust, is important for everyone in Virginia, not just for those who are wealthy. When a trust is created, a grantor transfers their assets to a trustee. A trustee is in charge of managing the trust property for a beneficiary in accordance with to the terms of the trust created by the grantor.
When an aging loved one may have dementia or mental illness, but is resisting family care, it can be difficult on family members. In one case, an 82-year-old mother has been accusing her children of spying on her, listening to her phone conversations and entering her home when she wasn't there. The aging mother told her doctor that she wouldn't talk to any of them. Unable to care for their mother, the children didn't know where to turn.
With several changes to the federal tax code taking effect in 2012, taxpayers in Virginia and elsewhere can utilize many estate planning tips to protect their wealth.
An elder law expert who spoke at a recent lecture noted that elderly people are often financially exploited by people they trust, such as their children, lawyers, accountants and family planners. In addition, strangers such as cold callers using high-pressure sales techniques frequently exploit unsuspecting seniors. Elderly people are more susceptible than others to such schemes, especially when they have poor physical or emotional health, or when they lack the ability to make sound financial decisions.
The untimely deaths of celebrities, while sad for their fans and family members, can provide important lessons in the area of estate planning. People don't expect to die prematurely, but that's not an excuse for failing to have an estate plan in place in case it does happen.