Top Elder Law Attorney Rory Clark Discusses How Living Trusts Could Help People With Dementia – Leesburg, VA
May 2, 2023
Leading Elder Law Attorney Rory Clark founder of the Legacy Elder Law Center in Leesburg, VA, reveals that living trusts can be an excellent way to give people peace of mind in their later years. For more information please visit https://legacyelderlaw.com
Leesburg, VA, United States - May 2, 2023 —
A living trust could help unlock a better future for those living with dementia, Leesburg Elder Law Attorney Rory Clark asserted this week in an interview.
For more information please visit https://legacyelderlaw.com
He elaborated that estate planning should be an essential tool for any couple, especially if one partner has been diagnosed or suspected of having dementia or Alzheimer's.
"In my experience, the couple should have a well-thought-out and professionally drafted estate plan built around a living trust," said Mr. Clark. "A healthy spouse will have powers of attorney to ensure correct financial and healthcare decisions for their loved one."
While the ideal time to plan is before any illness is diagnosed, a living trust can still be prepared if a spouse has dementia.
"Many assets can be placed in this trust, allowing the healthy spouse to take control of them and keep everything functioning normally," said the Founder of The Legacy Elder Law Center. "This means that as the spouse with dementia declines, they will not be taken advantage of or misappropriate assets."
As dementia sufferers become unable to understand financial documents and their assets or even recognize family members, a living trust is an excellent tool to help their spouse manage their existing environment.
Mr. Clark said living trusts allow room for further planning, adding: "If the healthy spouse falls ill or passes away, with a trust in place, a successor trustee can take over its management."
While a living trust is highly recommended, he said that if one has yet to be put in place, an update of a will, powers of attorney and healthcare directives is essential. He said: "A will that reflects recent wishes ensures assets land in the right hands. If they don't have a will, the state will decide what happens to their assets after death.”
"A financial power of attorney and advanced healthcare directives allow them to choose a person to make financial and medical decisions when they can no longer do so independently."
Mr. Clark concluded: "If there is a spouse with dementia who could fall prey to predatory behavior, this can be avoided with a living trust. This protects the spouse with dementia, and ensures assets are passed on to the correct beneficiaries when the couple passes on."
Source: http://RecommendedExperts.biz
Contact Info:
Name: Rory Clark
Email: Send Email
Organization: The Legacy Elder Law Center
Address: Market Station, 108 South Street, SE, Suite 212, Leesburg, VA 20175
Phone: 703-783-1195
Website: https://legacyelderlaw.com
Release ID: 89095682
If you detect any issues, problems, or errors in this press release content, kindly contact [email protected] to notify us. We will respond and rectify the situation in the next 8 hours.
More News
White House blocks Microsoft from foreign worker hiring programme
An international visa programme has for years allowed US tech companies to hire highly skilled workers from abroad.
Judge Extends Pause on Trump’s Ban Against CNN, MS NOW and Politico
The judge overseeing the case said that the pause would extend until next week, and promised to decide whether to further extend it by Tuesday.
Protesters blame 'vulture funds' for Spain's housing crisis
Hundreds have pitched their tents in central Madrid, while the Spanish prime minister has called a snap election.
Highest Mortgage Rates in 3 Years Chills the Housing Market
The average 30-year fixed-rate mortgage rose to 7.4 percent, putting more pressure on Americans struggling to afford to buy a home.
Shifting Eating Habits Have PepsiCo Investors Seeking Operational Changes
Even though sales rose in the most recent quarter, the beverage and snack company is under increasing pressure to expand its business in North America, as consumers cut costs and calories.
How soon into dating do you talk about your salary?
You've met someone and it's going well so far. But bringing up how much you both earn can be a tricky conversation.
Trump’s White House Ban on CNN, Politico and MS Now: What to Know
A judge temporarily blocked the president from barring journalists from White House grounds, but they are being excluded in other ways.
France Is Veering Toward a Potential Debt Crisis Amid Protests and Turmoil
French bond investors are demanding sharply higher interest rates, a cautionary development for other high-debt countries.
6 Broken Bathrooms Force Flight to Make an Urgent Landing
An American Airlines flight was diverted to New York on Tuesday because of an “inadequate number of operational lavatories” — two, on a plane that normally has eight.
Can Bergdorf Goodman Return to Its Golden Age?
Bergdorf Goodman, which has survived two bankruptcies in six years, is getting back to its white-glove origins.
Plans to shut Marston's Brewery in Burton revealed
Burton-upon-Trent's links with beer and brewing date back centuries.
Residents win Curo service charge legal battle
People living in a block of flats take their landlord to tribunal over a 300 per cent increase.
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.