| Globe Syndicate
for release September 20, 2002 The Sandwich Generation . . . Helping Your Aging Parents by Carol Abaya, M.A. Are you juggling doing errands for your aging parents, your children, yourself and working at the same time? Are you tired, stressed out and upset that your once vibrant parent is now frail and needy? Do you feel alone? Rest assured you are not alone! The Sandwich Generation is dedicated to the 50 million Americans who may have elder/parent care concerns and/or responsibilities. Protect Your $$$ 2nd of 2 Parts With the roller coaster stock market being what it is, protecting one's
money is critical.
The other objective (besides protecting $$) is to retain control of your finances. With these objectives in mind, DON'TS are: * joint bank or brokerage accounts with an adult child, a second spouse, or live-in friend, with right of survivorship. * house deeds with an adult child, second spouse or other person titled "joint tenancy right of survivorship." * house deed titled in someone else's name, an adult child(ren). * allowing a complete stranger to make financial decisions for you and using your money based on his/her values rather than what you would want. Any asset or house held in joint accounts with right of survivorship puts that asset at risk to the real owner. (1) If the adult child or live-in friend dies first, the value of those assets is accountable in the estate of the deceased for both federal and state estate tax purposes. (2) While the joint owner receives the asset without probate, other heirs will be cheated out of their fair share. (3) If the joint owner (adult child) is involved in a nasty divorce or creditor problem, that asset can be targeted. (4) If the second marriage doesn't work out, the money is at risk.
If a house Deed is in someone else's name, the "owner" can force you to move and/or sell the house - even though it's really yours. And creditors can put liens against it, even forcing its sale. If you don't plan and act appropriately, you and your family can lose control of the assets if you become mentally incapacitated. Even scarier is the fact you could lose complete control over your own life. For your own self-protection and control, everyone should select someone fully trusted to handle financial affairs as events necessitate. Accidents and strokes happen in a split second. No one expects either. Without a Durable Power of Attorney and a Living Will, a judge can appoint a complete stranger as your guardian. You thus lose control of your money, and it leaves your family with no alternatives or flexibility as to your care and lifestyle. There are a number of specific examples in my July 28 column and in the article "Will Your Heirs Be Cheated", available on my website www.sandwichgeneration.com. Bank and brokerage accounts should be titled in the real owner's name, with the POA available as needed. House deeds in cases of second marriages should be titled "tenants in common," with a life rights provision in the deceased's Will. * * * Do you have a question? Send it in. Although letters cannot be answered individually, appropriate letters will be answered in this column whenever possible. Letters may be edited. Send letters to Ms. Carol Abaya, c/o Name\Address of YOUR newspaper (or mail direct to her at PO Box 132,Wickatunk, NJ 07765-0132) or contact her through her web site: thesandwichgeneration.com. Carol Abaya is an international-award-winning journalist and creator of the unique magazine The Sandwich Generation: You & Your Aging Parents. NOTES TO EDITORS: text = 495 words; other material = 160 words We would appreciate it if you would include the "Globe Syndicate" bug at the end of the column. ©2002 by Globe Syndicate, all rights reserved. |