Know that no matter how poor or rich your parents are, they must have an estate plan in place because their affairs will affect you and become your responsibility if they become incapacitated or die. Their estate plan ensures that their assets will be distributed to their heirs according to their personal wishes, no matter how much or how little they can be. If you do not know whether or not your parents have an estate plan in place that will help you best support them, read on!
Although married same-gender couples are now enjoying nearly all of the same rights as opposite-gender couples, there is still one key right that’s still up in the air—the automatic right to be legal parents. While parental rights are automatically bestowed upon the biological parent, the non-biological spouse/parent still faces a number of challenges when it comes to obtaining full parental rights. Luckily, same-gender couples do have an alternative to adoption—estate planning.
Although same-gender marriage is legally recognized in all 50 states, long-held prejudice at both political and family levels continues to create complications for married and unmarried same-gender couples. With this, especially if you're a member LGBTQ+ community, estate planning is even more critical for you and your beloved to ensure that they will be protected and provided for in the event of your death or incapacity.
Most people immediately think of taking legal steps to ensure the right people inherit their stuff when they die. Although that thought is not wrong, it also highlights the importance of planning for life. Planning that’s focused solely on who gets what when you die is ignoring that death isn’t the only thing you must prepare for. Consider that at some point before your eventual death, you could be incapacitated, which can drag out over many years, leaving you and your family in agonizing limbo.
Wills and trusts are two of the most commonly used estate planning documents. Both documents are legal vehicles designed to distribute your assets to your loved ones upon your death, but the way in which they work is quite different. To know the best way to determine whether or not your estate plan should include a will, living trust, or some combination of the two, meet a Personal Family Lawyer for a Family Wealth Planning Session.
Summer is coming, young people across the country are about to reach a key milestone: high school graduation. If you have a child claiming their diploma, now is the time to prepare them for life after leaving the nest, but make sure they've got the proper planning in place. By doing so, you're modeling good financial stewardship and setting them up right from the start. Financial and legal illiteracy is an epidemic that you can quickly address, starting with yourself and your own family.
Planning for your potential incapacity and eventual death is probably the farthest thing you have in mind, but getting it handled as part of your wedding planning is the greatest gift you can give your soon-to-be spouse. Indeed, once your marriage is official, your relationship becomes entirely different from both legal and financial perspectives, so here's we cover the final three of the six essential items you need to address in your plan.
Should you become incapacitated without any planning in place, your family should apply to the court for guardianship. In most cases, the court appoints a family member as guardian, but this isn't always the case. If you have no living family members, or those you do have are unwilling to serve or deemed unsuitable by the court, a professional guardian would be appointed. Here's how you can protect yourself in the event of your incapacity using proactive estate planning.
Biden’s proposed Build Back Better plan would require approximately $7 trillion. Such an astounding amount of revenue most likely means a surge in taxes. Biden’s policy front is zeroed in on high-income taxpayers, and yes, that includes corporations and estates. You might want to plan ahead to minimize legal and financial repercussions arising from these proposed changes. From increased business taxes to lowered itemized deductions, here is an outline of Biden’s economic plans.
Nothing says you love your pets more than having a legal plan in place for their care in the event of your death or incapacity. Unfortunately, too many animals are abandoned each year because their owners take for granted their furry friend's good fortune. You don't have to worry, however. Because now we have an easy solution that offers your faithful companion with the best security - emotional and financial - in the event of your death or incapacity.