Wednesday, August 14, 2013

Adult Financial Planning: Protecting Property

assett-protection-300x195Today’s post is part of a monthly series by Deborah Higgins, president of Higgins Capital Management, Inc., on adult care financial planning.

By Deborah M. Higgins/ President/ Higgins Capital

My mother is 77 years old and discussing her finances, housing, etc. is extremely difficult. I get, “I know Debbie; I am not ready to move out of my house just yet.” She is of sound mind and somewhat sound body, so making decisions on what to do as she ages only becomes more stressful and difficult for all of us.

My husband’s mother was 81 years old when she called and said she was lonely in her condo and wanted to move to assisted living. The transition for her was seamless. My mother is going to be a challenge. Last month’s blog focus was ascertaining the financial aspects of caring for your parent(s). A list of common incapacity documents was provided.

If you are at the stage where you need to protect property against incapacity, I have attached information on how incapacity is determined and how to begin the protection process. It gives insight into the questions you should be asking:
1) What is incapacity?

2) How is incapacity determined?

3) What happens to your property if you don’t plan for incapacity?

4) What can you do to protect your property?

5) How do you decide what you should do?

(Click on the link above to review the questions.)

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