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Estate planning is a roadmap for transferring a person's assets upon their death. It preserves their value and lays out the distribution of assets to the beneficiaries. One overlooked but essential aspect of estate planning is a strategy to manage and maintain an estate's assets if the owner loses cognitive functioning and cannot make rational or mentally sound decisions.
A recent case highlighted by Alan Feigenbaum in J.D. Supra's article "Confronting Cognitive Abilities in Well-Rounded Estate Planning" reminds us of the complexities and challenges that can arise when cognitive decline is not adequately addressed in estate planning.
The case involves an 80-year-old retired advertising executive, referred to as K.K., who suffered from severe delusions. Influenced by a fraudulent business associate, K.K.'s delusions led to misguided investments that resulted in a significant financial loss. Despite the clear signs of cognitive impairment, K.K. continued to engage in financial decisions that jeopardized his estate's financial well-being.
K.K.'s son filed a petition to appoint him guardian of his father's estate to prevent further loss. This situation underscores the need for an estate plan that includes managing the assets and protecting the estate's value if the individual is cognitively or mentally impaired.
Estate planning for cognitive decline requires careful consideration and proactive measures to protect vulnerable individuals from fraud and financial exploitation. Families can confidently navigate these challenges by understanding legal safeguards, assessing capacity, and seeking expert guidance. If you want to safeguard the economic welfare of your vulnerable loved ones, we can help. Our probate attorneys in Los Angeles can guide you through it.
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Reference: JD Supra, (March 2024), Confronting Cognitive Abilities in Well-Rounded Estate Planning
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