Virtual currency may not show up in portfolios of many senior adults, but it shouldn’t be overlooked when putting together wills, trusts and powers of attorney. Not surprisingly, a national survey on consumer use of virtual currencies found that among those 65 or older, 75 percent said they were “very unlikely” to purchase Bitcoins. However, some seniors are trendy and tech savvy and might have a virtual currency “wallet.” Here’s a well written blog article on the importance of addressing bitcoin and other virtual currencies in the estate planning process. I’ll add that it is also critical to identify all assets and resources when trying to qualify for Medicaid and VA assistance to pay for long-term care. Without adequate planning a legal representative, whether agent under power of attorney, personal representative (a/k/a executor) of a will, or trustee of a trust will have difficulty dealing with unique property, such as virtual currency, if the owner is incapacitated or has died.
The elder law and estate planning attorneys at Cummings, McClorey, Davis & Acho, P.L.C. (CMDA) regularly assist clients in planning with unique assets, such as virtual currency. Even if it is too late to plan, the CMDA attorneys can still help by petitioning for the appointment a conservator in the local probate courts. Gene Richards may be reached at (734) 261-2400 or firstname.lastname@example.org.
We want to share a series of videos (5 total) that demonstrate how Elder Law attorneys can help those with MS. The forth video focuses on Property and Health Care Decision-Making Agents. When an individual is diagnosed with MS, preparing for medical and financial decision-making by other people is a necessity. The video outlines what legal documents must be in place to ensure wishes regarding financial management and healthcare will be honored.
These videos were produced through the collaborative efforts of the National Academy of Elder Law Attorneys (NAELA), the National Multiple Sclerosis Society, and Stetson University College of Law. The videos will be posted on successive days. Or you can go directly here to watch them all at once.
The elder law team at CMDA is experienced in helping vulnerable clients of every age. We are available to assist younger individuals dealing with a disability or debilitating illness such as MS. We help our clients maintain quality of life and preserving independence for as long as possible. We hope you find value from these videos. We also welcome your feedback. Contact Gene at CMDA’s Livonia office by calling (734) 261-2400 or by email at email@example.com.
On Thursday, April 20th Norman E. Richards (Gene), a partner in our Livonia office, will join other elder law experts to present a panel discussion on Understanding Long Term Care Needs. The seminar will be held at Waltonwood Cherry Hill in Canton and is open to the public. For more information, please click here.
Norman E. Richards (Gene) focuses his practice on estate planning and elder law. He assists clients with the development of customized estate plans to address their specific needs, including family owned businesses, senior adults concerned about long term care needs, and special needs trusts for children with special needs. He may be reached at (734) 261-2400 or firstname.lastname@example.org.