I get calls often from people moving to another state and wanting to know if they are going to need to have their estate plan updated. This is a very good question, and the answer is . . . it depends. That is what attorneys always say, right?
I get calls a lot from people asking how they should title their house. The answer is . . . you guessed it . . . it depends. First, it depends a LOT on whether you are married or single.
I have lost count of the number of times I have met with potential clients who are convinced that they need this or that document or amendment or whatnot, but they at least have open minds, and by the end of the meeting they realize that what they actually need is completely different, and far superior to what they had in mind.
It doesn't happen very often, fortunately, but every once in a while I get a call from an individual wanting me to prepare a particular document that he or she specifies by name. The only concern the caller has is how much it is going to cost. The caller is resistant to answering questions. That is like calling a doctor and asking him or her to write out a prescription for a certain pharmaceutical but refusing to provide your medical history and symptoms and refusing to allow a physical examination. Most doctors (the good ones anyway) will send you packing. You see, doctors don't sell drugs (the good ones anyway); they sell diagnoses and advice. And most doctors tailor that advice to your particular condition.
If your child has reached the teenage years, you may already feel as though you are losing control of her life. This is legally true once your child reaches the age of 18 because then the state considers your child to be an adult with the legal right to govern his or her own life.
Parents want their children to be taken care of after they die. But children with disabilities have increased financial and care needs, so ensuring their long-term welfare can be tricky. Proper planning by parents is necessary to benefit the child with a disability, including an adult child, as...
A power of attorney is one of the most important estate planning documents you can create, but it is also one that can be misused. While it isn't possible to entirely prevent the possibility of abuse, there are steps you can take in drafting the document to greatly reduce the chances.
How frequently you should review your estate plan depends on how old you are and whether there has been a significant change in your circumstances. If you are over age 60 and you haven't updated your estate plan in many decades, it's almost certain that you need to update your documents. Afte...
The key is to make your plans and prepare for problems BEFORE they happen. An article explaining why one should prepare before a crisis arises appeared on OakPark.com in “START WITH A PLAN (not a heart attack).” The article details an incident that happens all too often.
A good plan accomplishes your goals when you are gone and protects your loved ones.Most people realize that they need an estate plan, yet the vast majority of Americans do not have one, according to the Lockport Journal in “Senior Spotlight: Composing the ‘family love letter.'”
With the traditional family on a downward trend, the modern family is raising some new questions for estate planning. The rising numbers of modern and blended families have created some challenges for estate planning, according to Forbes in “How Long Will Stepmom Live? And Other Vexing Estate ...
The tale might be light-hearted, but it is actually a dire position for the daughter. Proper estate planning by Cinderella's father could have created an entirely different outcome in that very famous fairy tale, according to The National Law Review in “A Cautionary Fairy-Tale–If Only Cinder...
The larger picture needs to be considered rather than the short term. The federal estate planning exemptions have been increased. However, that doesn't mean an estate plan is not needed, because it is still a good tool when it comes to protecting your heirs, according to ThinkAdvisor...
Want to become more in control? Get that estate plan in order. When it comes to investments, the risks involved can make us feel we are not in control. However, if you want to feel more in control, take a good look at your estate plan, according to the Daily Camera...
It isn't difficult to get the process started. Many Americans make New Year's resolutions. However, it turns out that very few keep them. One New Year's resolution that is relatively easy to keep and helps prevent your family from unnecessary stress in the future is getting your estate plan ...
Assets will have to be divided in addition to dealing with paperwork, courts and tax law changes. Dividing up assets is difficult in a divorce and the new tax law changes that went into effect in January are not going to make it any easier, according to Next Avenue...
Don't wait until you are under pressure to create these safeguards. If you don't have documents that protect you, your family and your assets, you should consider doing yourself a favor and putting them on your list to accomplish in 2019, according to Fox Business...
Now is the time to handle those details you have overlooked. There may be a number of estate planning details that you have not addressed in previous years. This year is a good year to get it done, according to the Pittsburgh Post-Gazette...
The decision to disinherit someone isn't made lightly and needs careful consideration. Sometimes as the difficulties of life wind through families, it is decided it would be best to disinherit a family member. It can be done. However, it needs careful legal consideration, according to Next Avenue...
Where do you want your assets to go, when you think of your loved ones? Estate planning can be a comfort to you but is also a gift of peace of mind to your family and may be a good way to begin the New Year, according to the Brainerd Dispatch...
The estate plan is a major tool to protect your family. Okay, you now have an estate plan. What's the biggest mistake you can make? Not updating the plan as the years go by and life changes occur, according to the Times Herald in “Top six estate planning mistakes.”
An estate planning resolution can be beneficial to everyone. There are many possible New Year's resolutions. However, a good one to consider may well be creating an estate plan or taking a fresh look at your current plan, according to the Grand Rapids Business Journal ...
You can eliminate stress and expense and save your loved ones a lot of trouble. If you don't make some decisions about what you would like to happen with your assets when you are gone, it is likely that your heirs will be facing some pretty difficult challenges.
Everyone dies but what documents do you need in your lifetime? When it comes to estate planning, people often focus on what is needed when you pass away. However, there are some key documents you don't want to go without in your lifetime, according to nwi.com...
You may have to take care of your parents in later life and it's best to prepare one step at a time. Life starts out with your parents taking care of you but often that scenario changes and you end up caring for your parents. Sometimes preparing for that situation is easy but not always...
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