Mary was concerned that she would soon need nursing home care. She did not want her funds used up in long term care expenses so she gave her only son, Joe, her life savings of $100,000. One year after giving Joe the money Mary experienced a major health crisis and needed to move into a nursing home.
I’d like to tell you a story about Tom, an imaginary middle aged man. Tom passed away after a long illness. Anticipating his demise, Tom planned his estate by himself and made sure everything was “in order.” He prepared his own will from one he found online.
In my profession as an elder law attorney I have the opportunity to speak with people about their final wishes almost every day. We then craft legal documents such as wills and trusts that comply with the law so that the individual’s assets are passed along as smoothly as possible.
You would be surprised how many times we get that call in our office. A Daughter or son calls and wants us to prepare a “simple” power of attorney for the parent. But it doesn’t always work out. Before anything else we ask, “Why is your parent not calling?” The answer to that question will tell us so much.
One day, a few years back, Nancy came to us to protect her mother, Betty’s, last $25,000. Betty, had been in a nursing home for three years and had used all of her savings except for that little bit. Nancy wanted to hold it back to use for Betty to buy clothes, a special chair and pay travel expenses so her disabled brother could visit Betty.