Formal legal documentation of your wishes related to your body and healthcare, should you become incapacitated or die. They may include living wills, durable health care powers of attorney, durable mental health care declarations, and anatomical gift forms.
The annual payment of an allowance or income. Commercial annuities are usually issued by an insurance company or investment company in exchange for an initial monetary deposit. They can also be issued by a charity, in exchange for a donation. The purchase of an annuity can be part of an estate plan or could be part of the monetary settlement from an injury or malpractice claim.
Typically a combination of apartment-style living with supportive services, designed to help older adults live in an independent setting for as long as possible. Assisted living facilities buildings are not licensed but they have to meet the Department of Public Health (DPH) definition of a “managed residential community (MRC)” and provide certain “core services” in order to be allowed to offer assisted living services there. The agencies that provide the services, assisted living service agencies (ALSAs), must be licensed with DPH. Residential care homes (RCH), are not included in Connecticut's MRCs, but in other states, these entities offer assisted living. Assisted living facilities, as well as nursing homes and other types of facilities that have special Alzheimer's units, are required to make certain disclosures to consumers and provide extra training to their staff. http://www.cga.ct.gov/2006/rpt/2006-R-0422.htm
Refers to the person or entity (like a charity) who receives assets or profits from an estate, a trust, an insurance policy or any other financial vehicle from which assets are distributed after death.
Durable Power of Attorney
A document that grants a person of your choice (usually called your agent or attorney-in-fact) legal authority to manage your financial affairs, effective immediately and whether or not you are incapacitated or incompetent.
Refers to people who die without a will. In this case, the state (probate court) will make a will for your estate.
The person named in a will to be in charge of finalizing a deceased person's financial affairs after death, taking care of property and assets and paying debts and taxes until the balance of the estate is transferred to the heirs, according to the will. Executors handle probate court proceedings or hire an attorney to do so on behalf of the estate. The executor will need to find all property, open estate bank accounts to receive checks or funds owed during the probate process, pay estate bills from the estate fund until it is finalized. If there is no will, the person who handles these details is appointed by the court and called an administrator, and will be required to determine who the deceased person’s heirs are, according to state law.
The person(s) you choose, should both parents die, to be responsible for the care, health, education, and welfare of minor children until they reach 18 years old. Guardians can also be chosen to provide care for pets should owners precede them in death. Permission should be sought of guardians in advance to be sure they are willing to take on this responsibility.
Home Equity Conversion
A term referring to a variety of plans designed to help older homeowners use the equity in their homes without requiring them to move. The three main types are: sale-leaseback, reverse mortgages, and deferred payment loans. Home Equity Conversion Mortgages (HECM) are federally-insured reverse mortgages where the FHA determines the amount HECM lenders can loan to individuals based on the age of the individuals, the value of their homes, and the current expected rate. Fees associated with these loans are limited by the FHA, which insure these loans against late payments or loss to the borrower or their estate. These loans generally provide the largest loan advances for borrowers whose properties are under $600,000 and offer a variety of ways on how the money can be paid to recipients including a lump sum, line of credit or monthly payments. There are generally no restrictions on how money from these loans can be used; however, a reverse mortgage cannot be used to purchase an annuity. HECMs also allow lifetime payments or higher payments for a selected period of time and are paid upon sale of the property. The origination fees and closing costs associated with the mortgage are paid when the loan is paid off. Applicants are required to discuss the loan
Connecticut also allows the Reverse Annuity Mortgages (RAM) program offered by the Connecticut Housing Finance Authority and Proprietary Reverse Mortgages offered by banks, mortgage companies and other private lenders. Eligibility, costs, loan terms and conditions associated with each type may be different. It is important for homeowners to consider all the options carefully and to obtain advice from an attorney, financial advisor, housing counselor or other reliable professional before deciding whether a reverse mortgage is appropriate and which reverse mortgage is right for them.
Sometimes abbreviated as JTWROS on financial dSometimes abbreviated as JTWROS on financial documents, refers to the joint and equal ownership of property or assets by two people. Married couples with bank accounts often have joint tenancy, giving each equal access to the funds. Joint tenant accounts are also sometimes set up for an elderly person so that a caretaker or child may have access to funds to care for the person or pay their bills. Assets in joint tenancy are not required to go through probate court after death. Joint tenant accounts should only be set up when both people can be trusted absolutely to act in the other’s best interest.
Considered an “advance directive” plan, a living will is a legal document that expresses your intentions about whether extraordinary life-support should be maintained by your physicians in the event you are in a terminal condition (having an incurable or irreversible medical condition which, without the administration of life support systems, will, in the opinion of the attending physician, result in death within a relatively short time) or permanently unconscious state (a permanent coma or persistent vegetative state which is an irreversible condition in which the patient is at no time aware of himself or the environment and shows no behavioral response to the environment), and grants a person of your choice (usually called your agent or attorney-in-fact) legal authority to make this difficult decision in accordance with your wishes if you are unable to do so. Living wills for most states indicate what situations warrant life-support being discontinued and require that the decision be made in conjunction with the patient’s doctor.
Payable on Death (P.O.D.)
Refers to financial accounts that immediately transfer to a named person (beneficiary) on your death. The beneficiary has no access to the funds during your lifetime. Common Payable on Death accounts are life insurance, annuities, and retirement funds, all of which typically require that you name a beneficiary to whom the assets will immediately pass upon your death. Other accounts, like savings or checking accounts can also be set up as Payable on Death, so that the monies are not required to be dispersed by probate court.
Also known as Reverse Annuity Mortgage (RAM). RAM is a special mortgage where a lender makes monthly payments to the homeowner in an amount determined by the age and health of the homeowner, the term of the loan, and the value of the home. Payments may be for a set period of time or for as long as the homeowner lives in the home. Some plans offer cash payments, a line of credit, and/or some combination of these. In most plans, the owner retains title to the home, and need not repay any of the money until sale or transfer of the property. See also: Home Equity Conversion
A person who possesses or controls property or is otherwise allowed to be on it is justified in using reasonable physical force to the extent he reasonably believes it to be necessary to stop an aggressor from trespassing or attempting to trespass in or upon it. The owner can use deadly physical force to defend himself or a third party when he believes an aggressor is about to inflict deadly or serious bodily harm, when he reasonably believes it is necessary to prevent the trespasser from attempting to commit arson or any violent crime, or to the extent he reasonably believes it is necessary to stop someone from forcibly entering his home or workplace. A person is not justified in using deadly physical force if he knows he can safely retreat (except from his home or office), surrender possession of property if the aggressor claims to own it, obey a demand not to take action he is not required to take, or if he is the initial aggressor. The test for the degree of force in self-defense requires the jury to view the situation from the defendant's perspective and then decide whether the defendant's belief was reasonable.
Springing Power of Attorney
A document that grants a person of your choice (usually called your agent or attorney-in-fact) legal authority to take action or manage your affairs on your behalf, effective only when you (the principal) become incapacitated, incompetent, or unable to manage your affairs.