My loved one is too disabled to manage his life; what can I do? |
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 Can I use her estate plan to help manage her life? |
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 What if my loved one has no estate plan? |
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 Is it possible to create an estate plan? |
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| Can I manage my loved one's affairs by putting my name on his assets? |
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Generally, this is not a wise strategy for a number of reasons. These types of transfers are also generally irrevocable. We have encountered a number of situations where the trusted friend or family claims later claims that the transfer was a gift and will not return the property (for examples, click here.) Adding a party on an asset generally gives the new person some level of power and control over the asset. For instance, once on a bank account, the new individual has power to transfer or remove all of the assets. Placing a friend or family on the asset makes the asset vulnerable to the friend’s creditors. Finally, including family or friends on assets can also create unintended tax consequences. We have encountered a number of situations where families make asset transfers only to later receive bad news that they have been penalized by the taxation authorities. If you are considering listing a non-owner on any of your assets, please consult us before any action is taken so that you fully understand all the ramifications of the decision. We can usually propose simple solutions that solve the problem and avoid the negative consequences described above. |
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| If these options don't work, what else can I do? |
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| Can I use a conservatorship to manage his situation? |
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| My loved one is being victimized; what can I do? |
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| My loved one is in the hospital and I need to prepare for their death? |
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