Posts Tagged ‘durable power of attorney’

Joni Mitchell and Conservatorship

Wednesday, August 5th, 2015

Beloved singer-songwriter Joni Mitchell was found unconscious in her Los Angeles home on March 31, having suffered a brain aneurysm. After Mitchell spent more than a month in the hospital, her longtime friend Leslie Morris was appointed her conservator to make medical decisions for her while she recovers. As fans wish Mitchell a full recovery, they may also be wondering, “What is a conservator?”

A conservator or adult guardian is appointed by the court to make certain decisions on behalf of an adult who has become unable to make such decisions on his or her own, due to a physical or mental condition, or advanced age. The court may place certain limits on the guardianship or conservatorship. For instance, the court in Los Angeles granted Morris control only over Mitchell’s medical care, in the absence of the 24-hour care she received in the hospital. A court may also grant a conservator or guardian control over a disabled person’s financial affairs or other aspects of his or her life, such as whether the person should reside at home or in a nursing facility.

A conservator or guardian can be essential in protecting the well-being of a person who has become unable to make his or her own decisions. A conservator or guardian can pay bills for the incapacitated person, prevent financial abuse, prevent self-neglect, and advocate for the person’s health.

The court may appoint a conservator or guardian in response to a petition submitted to the court. For example, in New York, a guardianship proceeding is brought under Article 81 of the Mental Hygiene Law. However, guardianship is considered a drastic remedy, and the court is required to consider less restrictive alternatives, such as home health aides, representative payees and other solutions that may meet the person’s needs without the appointment of a guardian.

In many cases, if a durable power of attorney or health care proxy has been appointed before the person becomes incapacitated, then guardianship proceedings are unlikely to be necessary. This is one reason why people planning their estate should give such appointments careful consideration.

 

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Planning to Retire Soon? Create a Retirement Checklist

Monday, July 16th, 2012

If you are considering retiring within the next five years, now is the time to create a retirement plan.  Many seniors say they wish they had planned more carefully for retirement.  There are several things you can do now to make sure your legal and financial affairs are in order when you retire.

Define Your Financial Goals

Naturally, one of the most important considerations in planning for retirement is safeguarding your financial security.  That means defining what you expect your lifestyle to be during retirement, and how your financial goals will be met.  You will want to consider factors such as how you will allocate money from your savings to supplement your retirement income, the possibility of rising health care expenses, and the effect that inflation may have on your purchasing power.

Your retirement plan will need to include a budget and an asset allocation strategy, and you will need to consider how to balance different sources of income and benefits, including Social Security, Medicare, and your own assets.  If you are employed, one thing you can do to maximize your savings is to invest as much as you can in your 401(k) before you retire.  Your employer can be a valuable source of information on how best to make use of your 401(k), and what benefits you will receive in retirement.  If you are married, then you and your spouse should create a joint retirement plan.

Create an Estate Plan

If you do not already have an estate plan, now is the time to create one.  Before retirement, you will want to be sure that you have taken the necessary steps to ensure that your assets will be distributed according to your wishes, through the execution of a will, and the establishment of any trusts that would benefit you and your family.  It is also important to establish a durable power of attorney, designating a person to make decisions for you in the event you become incapacitated.  Through a living will, you can issue specific instructions for what is to be done in certain medical situations.  An estate planning attorney can help you create a holistic plan for the management of your assets.

Retirement is something to look forward to, and something to plan for carefully.

To learn more about our elder law services, visit www.elderlawnewyork.com.