When you were young your parents found ways to protect and provide for you. As your parents age they increasingly need your care. You need answers including legal realities. This article and the audio content describes the type of information you need to receive. It also provides practical tips to create open communication.
Dynamics of Communicating with the “Silent Generation”
People born before 1946 are known as the “Silent Generation”. Their world was shaped by the Great Depression, WWII, The Cold War and the Civil Rights Movement. They are often described as less open with personal issues including health and finances. They value simple concepts and rarely view themselves of wealthy regardless of their net worth. “Waste not want not” means much to them.
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015 The 5 Things Adult Children Of Aging Parents Need To Know NOW (Part 1) With Audrey Earhart - ElderCounsel - Nicole Wipp
An estate plan must be coordinated to provided desired protection and results.
Formal written instructions for your family, doctors, and others regarding your:
Property
Finances
Family
It also empowers individuals to act on your behalf.
It keeps you in charge as long as you are alive and well.
It minimizes the need for guardianship or probate.
Powers of Attorney:
Grants somebody else to make decisions
Have access to information
Have ability to deal with property.
Have ability to make decisions
Financial Powers
Healthcare Powers
No POAs? May require the appointment of a guardian to
manage your affairs.
Advanced
Healthcare Directives:
Instructs family and doctors
about the care you want or don’t want at the end of your life.
It is followed when you
are unable to speak for yourself.
Provides basic choices
regarding lifesaving care, feeding tubes for food and hydration.
Can name a health care
proxy to make other care decisions.
No Advanced
Directive: Can cause family
disagreements concerning your care and end up in court.
Last
Testament
Provides for payment of debts and expenses
Names a person to be in charge
Disposes of property left in your name
Requires a Court to admit it to probate
No Will (or other plan): Probate property will be distributed
according to intestacy statutes and involve cumbersome probate procedures.
Trusts:
Avoids probate court
Can be changed
Can protect family from
predators
Can protect assets from
poor decisions
Provides inheritance
Works while you are
alive
No Trust: Probate may be required to transfer titles to
properties.
Transfer
on Death
Vehicles, Minerals
& Land
Avoids probate
Easy to set up
Inexpensive to create
Negative: Possible Disinheritance
Beneficiary
Designations:
Life Insurance &
Annuities
IRA, 401k, 403b other
Retirement
Bank / Credit Union
Accounts & CDs
Disadvantages: Limited Contingency
Estate Planning
involves a skill set that identifies how property is held and how it is passed
upon death. It also involves knowing
what danger signs are ahead and how to plan for them. Knowledge of the formalities of various documents
is a necessity to an effective estate plan.
This company is building a 186-mile pipeline through Gavin, Stephens, Coal, Pontotoc and Murray Counties Oklahoma. Oklahoma
You have Constitutional Rights when Eminent Domain is Claimed
They must pay:
Value of what is taken.
Value to diminished value to the remainder of the property
Expect the Easement to be Forever!
As with most proposed easements there are onerous terms that can
prevent the owner from building ponds, changing grade, planting trees or
shrubs.
As in all such cases, if an agreement is reached, there will be a one-time payment and no opportunity to re-negotiate the terms.
Don’t be Afraid to Say “NO” to the Initial Offer, or any offer.
In
a similar pipeline project, another company paid a range from $180 to
$745 per rod with an average of a 50 foot easement. The price obtained
depended upon the nature of the property and the negotiation skills of
the landowner.
Permanent means permanent.
An easement may prevent you from constructing or the loss of:
This company is building a 186-mile pipeline through Grant, Garfield and Kingfisher County Oklahoma. Oklahoma
You have Constitutional Rights when Eminent Domain is Claimed
They must pay:
Value of what is taken.
Value to diminished value to the remainder of the property
Expect the Easement to be Forever!
As with most proposed easements there are onerous terms that can
prevent the owner from building ponds, changing grade, planting trees or
shrubs.
As in all such cases, if an agreement is reached, there will be a one-time payment and no opportunity to re-negotiate the terms.
Don’t be Afraid to Say “NO” to the Initial Offer, or any offer.
In
a similar pipeline project, another company paid a range from $180 to
$745 per rod with an average of a 50 foot easement. The price obtained
depended upon the nature of the property and the negotiation skills of
the landowner.
Permanent means permanent.
An easement may prevent you from constructing or the loss of:
