ElderLaw News January 2010
In This Issue
- Online Retirement Planning Calculators Measure Risk Poorly, Study Finds
- Bank Pays Price for Refusing to Honor Request Made Under a Power of Attorney
- Book Review: How to Care for Aging Parents
- Financial Crisis Affects Prepaid 529 Plans
- Pre-Paid Funeral Plans: Buyer Beware
To Clients, Colleagues and Friends:
We wish you all a happy, healthy and prosperous year in 2010.
If you are retired or are nearing retirement, the main questions on your mind are probably “Will I run out of money in retirement?” and “Will I be able to maintain my standard of living?” For answers, people often turn to free online retirement calculators.
Because of the risk of abuse, many banks will scrutinize a durable power of attorney (POA) carefully, and often a bank will refuse to honor one. In a recent Florida case, Bank of America did just that and the individual holding the POA fought back in court.
As parents age, their needs begin to change. This revised and expanded edition of a bestselling book can help adult children deal with these changes as they occur.
The uncertain stock market has made prepaid 529 plans more attractive to parents looking to save for their children’s college education. However, the same economic problems that have increased the popularity of the plans are also putting the plans in jeopardy.
Funerals rank among the most expensive purchases many consumers will ever make. Moreover, people often “overspend” on a funeral or burial because they think of it as a reflection of their feelings for the deceased. To help relieve their families of anxiety in a time of grief, an increasing number of people are planning their own funerals, designating their funeral preferences, and sometimes even paying for them in advance.
Disclaimer: The information contained in this newsletter is not intended as legal advice and should not be relied upon to answer any specific questions concerning your own circumstances or for purposes of legal planning. For specific legal advice, please contact our offices.