Discussing estate planning with your parents is a conversation that can be difficult to have. You might not want to think about the day they are no longer here, or even consider that they might experience a decline in health that severely limits their ability to think clearly or communicate with you.
There are 6.2 million people living with Alzheimer’s disease in the U.S. alone, making it the fifth leading cause of death in the country. That’s roughly 1 in 9 people over age 65. That number is estimated to go up due to the COVID-19 pandemic. Unfortunately, these stats mean that many of us likely know someone with dementia or Alzheimer’s and may even have a family history of cognitive-related conditions.
For many families with elderly people or engaged in estate planning, power of attorney is essential, especially if the elderly person’s mental abilities are compromised. Having someone who can take care of legal and financial matters can make this part of life far easier. However, power of attorney is a sweeping grant of authority.
The Texas Department of Adult Protective Services (APS) recommended Tuesday morning that community members, aged 65 and older, keep their private information, like social security numbers, passwords, maiden names and bank account information, in a locked drawer or somewhere safe.
Digital assets have been around for quite some time. However, they seem to be dominating headlines again this year. In part, you can thank high-profile figures, such as Elon Musk, for promoting cryptocurrency, or music artist Grimes for selling $6 million in NFTs.
Would your loved ones have necessary access to your bank accounts after you die to help carry out your last wishes and handle arrangements?