It can be overwhelming for clients to consider and plan for elder care issues. What will happen if the client becomes mentally incapacitated or succumbs to a neurological condition that makes it difficult to make decisions or carry out the necessities of daily living? Who will help the client with these decisions, and how will the client afford care if he needs it? What if the client has no children? The articles in our Committee Report on Elder Care attempt to answer these questions. The topics covered include how to plan ahead for clients with diminished capacity; how neurologic conditions affect planning and how you can help clients with these conditions; whether it makes sense to pay for long-term care insurance; and the unique planning needs of “dual-income, no kids” couples.
On another note, we’re very fortunate to have two industry thought leaders as co-chairs of our editorial advisory board: Charles (Clary) A. Redd and Al W.King III. We decided to take advantage of their knowledge and expertise by asking them to take turns writing a column, “Tips From the Pros,” to share their observations and insights on various estate-planning issues. We’re pleased that they agreed to take on this challenge. Clary starts us off this month with his column, “The Most Disrespected Decision in Estate Planning,” p. 13, discussing the importance of selecting the right trustee for the client’s circumstances.
We also have some changes on our editorial advisory board. Sara Hamilton, chair of the High-Net-Worth Families and Family Offices committee, has stepped down. We thank Sara for her many contributions to the journal and wish her well. Patricia M. Soldano has taken over as committee chair. Patricia is chairman, western region at GenSpring Family Offices in Costa Mesa, Calif. She’s written numerous articles for Trusts & Estates, ranging in topics from Internet security to the lessons she’s learned after 25 years in family office management. We’re thrilled to have Patricia as our new committee chair.