• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
    • Communities We Serve
      • Cook County
        • Barrington
        • Glenview
        • Northbrook
        • Skokie
      • Lake County
        • Gurnee
        • Lincolnshire
        • Riverwoods
        • Vernon Hills
        • Waukegan
  • Services
    • Asset Protection & Business Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Resources
    • Client Resources
      • Free Seminars
      • Estate and Gift Tax Figures
      • Free Estate Planning Worksheet
      • Is Your Estate Plan Outdated?
      • Probate Resources
        • Glenview Probate
        • Lake Forest Probate
        • Lincolnshire Probate
        • Northbrook Probate
        • Vernon Hills Probate
        • Waukegan Probate
    • Frequently Asked Questions
      • Asset Protection
      • Business Succession Planning
      • Estate Planning
      • Families Without an Estate Plan
      • Financial Planning Assistance
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Probate
      • Trust Administration & Probate
      • Trusts
    • Legacy Wealth Planning
    • Published Books
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
  • BLOG
  • Contact Us
  • Review Us

Hedeker Law

Illinois Estate Planning Attorneys

Connect with us today(847) 913-5415

Attend a Free Seminar
Home / Estate Planning Articles / Helping Your Parents Through Their Twilight Years

Helping Your Parents Through Their Twilight Years

December 30, 2010

Compliments of Our Law Firm,
By: The American Academy of Estate Planning Attorneys

Your parents were watching over you, smiling and encouraging, as you took your first tentative steps. As a teenager, they handed you the keys as you took the car out on your own for the first time. They were there with guidance and advice, sometimes requested and sometimes not, as you left childhood and navigated young adulthood.

Now that your parents are entering their twilight years, they are the ones taking the unsteady steps, and you wonder if it might be time to suggest gently that they relinquish their car keys. You question how best to help them while at the same time preserving their dignity and maintaining their independence. How you’ll go about this will depend on your parents’ exact circumstances, including their health and financial means, and the involvement of family members and other loved ones. Regardless of the details, though, planning ahead is key.

If your parents are of substantial financial means, estate taxes may be a concern. Planning far in advance will be necessary to minimize, or even eliminate, the impact that taxes will have on their estate. Even if estate taxes are not a concern, planning is still essential. A properly implemented estate plan that includes incapacity planning can help ease the transition as your parents become less independent. In the event of an illness like Alzheimer’s, or a debilitating event such as a stroke, having a plan that provides some protection in case of their disability is often the difference between order and chaos.

A Living Trust can serve as the cornerstone of your parents’ estate plan. Your parents can place their assets in the trust and retain full authority to manage and control the assets as long as they’re well enough to do so. Once they become unable to care for themselves, the successor trustee they select may take over management of the trust assets. The successor can serve as  trustee along with your parents, gradually taking on more responsibility until it’s time for the successor trustee to take the reins completely. One of the advantages of a Living Trust is its flexibility. It can be arranged to meet the specific needs of your family, and is adaptable to allow for a gradual transition of responsibility or to accommodate an emergency situation.

Your parents have always been with you to share life’s joys and navigate life’s challenges. In the same way, you can be your parents’ foundation, helping them negotiate their twilight years with confidence and dignity.

An attorney experienced in the areas of estate planning and elder law can help you and your parents anticipate future needs and put plans in place well in advance. This way, your parents can look to the coming years with the assurance that, no matter what lies ahead, they’ll be in your capable hands.

Primary Sidebar

FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • twitter
  • link
  • youtube

Testimonials

Client Review
September 8, 2020
    

Dean's knowledge is very comprehensive and current. He not only sees and understands the particular question but he puts it in the context my particular matter and to the overall business and tax environment. Dean has been my attorney for many (over 20) years. I am also an attorney but I would never make a tax, business or financial decision without his extraordinary advice and counsel.

default image
Raymond

Where We Are

LINCOLNSHIRE
1 Overlook Point, Suite 610,
Lincolnshire, IL 60069
Phone: (847) 913-5415

See Larger Map Get Directions

Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM
Friday8:00 AM - 5:00 PM

Map

hedeker_sidbr_map

Footer

  • Advantages of Working With Our Firm
  • About The American Academy
  • Privacy Policy
  • Disclaimer
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • twitter
  • link
  • youtube
footer-logo

Hedeker Law Ltd.
All Right Reseved.

Attorney Advertisement

© 2023 American Academy of Estate Planning Attorneys, Inc.