Q – My mother recently decided to formalize her will and get her estate in order and has asked me if she can name me as estate executor on her will. I’m open to taking responsibility for her affairs after her death, but I don’t know much about the process. What are the responsibilities of an estate executor in Phoenix?

A – While it’s not uncommon for adult children to be appointed estate executors for their aging parents because there is already a strong element of trust in the relationship; you should first know that it won’t be an easy job. If your mother’s affairs are in good order, the estate executor process itself could go smoothly, but dealing with the emotional repercussions of losing a parent while managing all the responsibility can be a challenge. But, if you are sure you’re up to the job, here is a lists of tasks you may be responsible for carrying out:

• Beginning the probate process – filing the will and petition for probate. Specific probate laws apply for the process in Phoenix and may vary between states.

• Notifying the family – close family members can be notified that their loved one has deceased.

• Obtaining death certificates and EIN (Federal tax number for the estate)

• Determining and collecting the deceased assets (locating documents that verify value of the estate and make an inventory list)

• Letting people know who the executor is – family members and friends with claims will need to get in touch with the estate executor

• Managing the property of the estate – paying bills, taxes and other legalities

• Settle Finances – filing income tax returns on behalf of the deceased

• Distributing assets – distribute assets to those named on the will

• Be removed as executor – once the estate is settled, petition the courts to be removed as executor

Sources:
1. Third Age Alan S. Novik
2. AFSP

Greater Phoenix Assisted Living Alternative & Central Phoenix Assisted Living Alternative helps elders and seniors in Phoenix remain at home safely and independently. Call us today at 623-583-5868, 602.265.8228 or 480-991-3959.

Grants for seniors in Phoenix are available from the Federal Government and foundations that provide financial assistance for seniors relating to housing, education and more. There are Federal Grants for seniors that cover a number of areas like housing, volunteerism, nutrition and housing.

Popular Federal Grants for Seniors Include:

•    Capital Assistance Program for Elderly Persons and Persons with Disabilities provides funds to provide transportation to elderly persons in areas public transportation services are not available, or when they are inappropriate due to a senior’s physical or mental condition.
•    The Foster Grandparent Program encourages seniors to volunteer in their communities, specifically with special needs children, through funding which is available for seniors 60 and older who have limited incomes.
•    Mortgage Insurance-Rental Housing for the Elderly -  this grant insures mortgage lenders against loss, to increase the number of quality and affordable rental properties available for seniors.
•    Retired and Senior Volunteer Program encourages community service by seniors 55 and older by offering reimbursement
•    Nutrition Services Incentive Program works with the Department of Agriculture to provide nutritious foods to senior meal delivery programs and other nutritional-focused organizations.

To apply for senior grants provided by the Federal Government or foundations, Phoenix seniors must write a proposal, demonstrating the benefits that they would receive, or be able to dispense to others were they to become an approved recipient of the grant.

Sources:
1.   LovetoKnow
2.    Foundation Center

Image: www.heartlandconnection.com

Greater Phoenix Assisted Living Alternative & Central Phoenix Assisted Living Alternative helps elders and seniors in Phoenix remain at home safely and independently. Call us today at 623-583-5868, 602.265.8228 or 480-991-3959.

Q – My mother is very ill, and I know that she has debt that was acquired by her and my father before he passed away. Will her children be responsible for paying off her debt when she passes away?

A – In your mother’s case, any shared debt with your father, would have been passed along to her in probate; especially if she was the sole beneficiary of his estate (or all assets were shared). Children are not directly responsible for the debts of their senior relatives, however, debts owing may first be deducted from the senior’s estate before distribution during probate, decreasing or eliminating completely the assets left to beneficiaries of the will or trust because when creditors are unable to collect debts during a senior’s life, seniors remain responsible even after they are deceased. If after your mother’s death, her estate demonstrates insufficient assets to pay off her debts, the creditors will be forced to take a loss; however, you and your siblings will not be responsible for paying her debts.

The only other situations where the survivors of a senior’s family may be responsible for the debts, are if they co-signed on a loan, or guaranteed payment to a creditor.

Sources:
1. Lawyers.com
2. Money Tips
3. Wikipedia

Greater Phoenix Assisted Living Alternative & Central Phoenix Assisted Living Alternative helps elders and seniors in Phoenix remain at home safely and independently. Call us today at 623-583-5868, 602.265.8228 or 480-991-3959.

Q – What should be included in a living will and should all seniors have them?
A – A living will communicates a senior’s wishes with regards to their healthcare, to ensure that family and medical practitioners carry them out even once they no longer have the ability to voice what they want. Every senior should prepare a living will before their health comes into question, because unfortunately illness just can’t always be predicted.

When creating living trusts and living wills during the process of estate planning, seniors should understand their options and clearly state their wishes when different medical issues occur. In a general statement, seniors can include treatments they would consider having or prefer should specific medical issues arise (for example, chemotherapy to treat cancer); while general statements are not legally binding, doctors will keep them in mind when determining the course of treatment. Advance decisions and advance directives also allow seniors to refuse specific treatments and actions by a medical doctor; for example, refusing life support under any circumstance. When creating a living will, seniors should also appoint an advocate, which can be a family member or caregiver, to ensure that medical wishes outlined in the living will are abided by.

Having a living will ensures that all seniors have a voice, and play a role in their own medical care; even when they are not physically able to communicate their healthcare needs.

Sources:
1.    CNNMoney.com Gerri Willis
2.   Directgov

Greater Phoenix Assisted Living Alternative & Central Phoenix Assisted Living Alternative helps elders and seniors in Phoenix remain at home safely and independently. Call us today at 623-583-5868, 602.265.8228 or 480-991-3959.

Family Law - Choosing an Attorney

The search to find the “right” attorney for your parent can happen through a friend or co-workers recommendation, or a caregiver support group. Also, ask your local area Agency on Aging, they can also lead you in the right direction.

When you are interviewing Attorneys, make sure they have a lot of knowledge about Medicaid laws and regulations, tax planning, trusts, power of attorney laws for healthcare and asset management, conservatorships, social security, and housing and/ or healthcare contracts.

Be prepared when you go to your consultation. Here is a simple list of things to bring with you:

1. Existing wills

2. Bank statements

3. Lists of debts

4. Documents of title

5. Lists of major assets

6. Contracts or legally binding documents

Preparation is the key to keeping everyone happy and feeling good about the choices being made. Make sure all family members are on the same page, and keep the emphasis on your parent and the fact that you are all doing this for them. Also, try to praise each other after accomplishing these difficult tasks. Stay positive and focused!

Greater Phoenix Assisted Living Alternative & Central Phoenix Assisted Living Alternative helps elders and seniors live safely at home. Call 623.583.5868, 602.265.8228 or 480.991.3959 for Home Care and Independence.