Tag: estate planning

Where Should I Keep My Estate Planning Documents?

The Hook Law Firm has a good article on where you should keep your estate planning documents.  Read the whole thing.
They make a number of good points.

  • Make sure that you have original copy of your will.  Copies may not be accepted for probate.
  • Make sure someone knows where your important documents are.
  • Make sure that people you trust to use the documents can get to them.
  • Destroy old or out-of-date documents to avoid confusion.

We offer a set of books: Before I Go and Before I Go Workbook to guide people through the process of preparing their estate for their heirs.  You can order a copy at Amazon.com or get an autographed set directly from us for $25.  Just send us a check made out to Korving & Company, 1510 Breezeport Way, Suite 800, Suffolk, VA 23435.

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Financial Planning in the Shadow of Dementia

Alzheimer’s, the most common form of dementia, is an epidemic. More than 5 million Americans are living with Alzheimer’s. It’s irreversible and fatal although some may linger for up to 20 years. And the number is expected to soar.

The Alzheimer’s Association has created a list of the 10 warning signs. These range from memory loss, through confusion to severe mood changes.

Because of the widespread nature of this disease, for people with Alzheimer’s and their families there are a number of things that should be done. Plans should be in place well before the onset of the symptoms.

• Review your insurance policies, especially your Long Term Care policies.
• Talk with your family and your financial advisor to make your wishes known.
• Review your wills and trusts.
• Appoint an advocate who has the legal authority to act on your behalf.
• Make sure you have provided for an appropriate Power of Attorney.

Research shows that declining financial skills is one of the first symptoms of the early stages of Alzheimer’s. This includes anything from difficulty in balancing a checkbook to being victimized by criminals who prey on the elderly. This usually leaves family members to take responsibility for the individual’s finances.

In some cases, people assume these responsibilities without having experience handling money or dealing with financial issues. This is the time to bring in a trusted financial advisor. We can provide practical guidance on both day-to-day and long-term financial decisions.

For a report on this subject, contact Korving & Company – the Financial Planning and Investment Management experts.

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