Having served as a conservatorship and trust attorney for Burbank residents for over 26 years, we bring a unique professional experience into the elder law practice. The creation of a trust is only one aspect of estate planning in Los Angeles County. The other parts of planning a workable estate involve incapacity planning for our clients who want to completely avoid the probate court.
If a proper plan is not implemented, or if a power of attorney is invalid, has expired, or poses a risk to the elder, the assets of the elderly or the affected disabled person fall under the jurisdiction of the probate court, when someone files papers in the conservatorship court to get conservatorship over someone who can no longer pay his or her bills, or exercise good judgment with regards to his or her money.
INABILITY TO MANAGE ASSETS IMPACTS ELDER IRA OWNERS
The inability to manage one's money creates all sorts of issues, both in estate planning and in incapacity. Elder adults sometimes become resistant to accepting help. The leads to much frustration by children who have the desire to help their parent, but whose parent is unable to effectively either manage his or her assets, or is making financial mistakes about the use of his or her funds. How to pay for caregiving is one issue that we discuss with our clients in conjunction with a conservatorship or power of attorney.
Depending on the nature of the assets of the older adult, configuration of the payment for health services may become a challenge during the cognitive decline of an adult parent. For example, if the last remaining asset of the elderly is an IRA account, the amount over the Required Minimum Distribution which comes out of the IRA is subject to income taxation. Most people erroneously believe that an IRA is tax free. It is not. It is tax-deferred. When a power of attorney does not exist, or is invalidly executed during incapacity, access to assets such as the IRA become impossible without aconservatorship for Burbank residents.
We have many ways of preparing our clients to pay for health care, in home, and nursing home services, when appropriate. Contact estate planning and trust attorney, Mina Sirkin, if you have need for help for an elder family member, or to discuss a conservatorship near Burbank Ca. Call us at 818.340.4479 or email Info@SirkinLaw.com.
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