July 2009 Law Articles

The average age of the world’s population is increasing at an unprecedented rate. The number of people worldwide 65 and older is estimated at 506 million as of midyear 2008; by 2040, that number will hit 1.3 billion, according to a report commissioned by the National Institute on Aging and produced by the U.S. Census Bureau.  Thus, in just over thirty (30) years, the proportion of older people will double from 7% to 14% of the total world population, according to the report, “An Aging World:  2008.” 

Key findings include:

• The oldest old, people 80 and older, are the fastest growing portion of the total population in many countries.
• Older people provide support to as well as receive support from their children.  In countries with well-established pension and social security programs, many older adults provide shelter and financial assistance to their adult children and grandchildren.  Older people in developing countries, although less likely to provide financial help to children, make substantial contributions to family well-being through such activities as household maintenance and grandchild care.
• Widowhood rises sharply after the age of 65. Data from Denmark in 2007 typifies the upward curve of widowhood with age, as well as gender differences.  Whereas widowhood for men is minimal until age 50 and increases steeply from age 70 (11 percent) to age 90 (53 percent), widowhood among women increases noticeably at an earlier age (10 percent by age 60) and rises steeply after age 65.

The brief excerpt above is from the July 24, 2009 issue of Retirement Weekly. 

To access the report in its entirety, please visit http://www.census.gov/prod/2009pubs/p95-09-1.pdf.

Benjamin Franklin once said, “The only certainties in life are death and taxes.”  The U.S. Government pretty much ensures we are all paying  taxes.  But, with respect to estate planning, Americans have not been as successful with preparing for death.  Estate planning enables people to take their loved ones and heirs into account and make these types of decisions.  Don’t delay. Even though the statistics above may indicate you have a bit longer, we know there are no guarantees.

Items in this article may be excerpts or summaries of original or secondary source material, and may have been reorganized for clarity and brevity. This article is general in nature and is not intended to provide specific legal or other advice.

 

Knowledge is Power - July 24, 2009

Since starting my own law practice, people have come up with great and innovative ideas to spread the word about my law practice. I truly believe knowledge is power and when a good friend named Jill suggested hosting an event at her house to help educate people as to the importance of estate planning, I readily agreed to conduct a presentation at her home as to the importance of a Health Care Directive, Power of Attorney and Last Will and Testament. 

Jill handled all the details from sending out invitations with a great title “Keys to Your Independence” to picking up food and beverages.  Seven women attended.  It was the perfect size group and we sat around Jill’s large table. We even had a mixture of singles and married, which made for a lively discussion after I did my presentation.   The evening was laid back. No pressure to retain my services. 

The participants even took a quiz that I had found on MSN Money at http://moneycentral.msn.com/quiz/make-a-will-quiz/home.aspx.  Go ahead and test yourself.

What I hoped would come out of this evening was increased knowledge.  The women who attended said that was achieved and even discussed hosting future events.

Items in this article may be excerpts or summaries of original or secondary source material, and may have been reorganized for clarity and brevity. This article is general in nature and is not intended to provide specific legal or other advice.

Recently, due to the efforts of the founder of LegalOut, Lindalisa Severo, I had the opportunity to write a guest entry. Read on. LegalOut :: Are we waiting for something to happen?

Items in this article may be excerpts or summaries of original or secondary source material, and may have been reorganized for clarity and brevity. This article is general in nature and is not intended to provide specific legal or other advice.

Most people do not like being told how to manage any aspect of their lives.  And yet, incredibly, I find that many individuals have not taken the necessary legal steps to ensure that their wishes will be respected when critical decisions must be made about their their treatment, financial affairs, or the division of their property. 

For instance, have you considered what would happen if you had a fatal automobile accident?  Would your property be distributed as you wished? 

What if you survived the automobile accident but had a long road of recovery ahead of you?  Do you know who would be in the best position to see to it that your bills are paid? 

Or, on the other hand, if after the automobile accident you ended up in a coma, do you know who would be in the best position to make life and death decisions about your treatment?

Even in the absence of legal documents outlining such wishes, many people assume that someone close to them can be trusted to make these decisions.  Perhaps this is the case, but why risk it? The situation is already fraught with emotion; thus, why add to it?  And, why run the risk of having differing opinions from family members and loved ones?

Please do not fall into this trap.  Take the initiative and empower yourself to make these decisions ahead of time.  I believe you will find it is not the nerve-racking or time-consuming process that many people think it is.  Please contact me at paige@stanleylawoffice.com or (404) 386-9950 to set up an appointment for a risk-free consultation.

Items in this article may be excerpts or summaries of original or secondary source material, and may have been reorganized for clarity and brevity. This article is general in nature and is not intended to provide specific legal or other advice.