Contrary to popular belief, creating a trust isn’t a luxury reserved only for the ultra-rich. Your desire to maintain your privacy, to protect, and have control over your assets if you are no longer able to, no matter how much they are worth does not need you to be wealthy to create your own trust fund because there are no financial minimums required for creating one. Taking this step is an option even for people living paycheck to paycheck. Read here to learn more.
Conflicts frequently erupt in blended families as children, especially from a prior marriage and spouse's interests, often aren't aligned. As Estate Planning mistakes become costly when your family have to sort out disagreements in probate court, it is critical that you clearly state your terms in your estate plan and that you communicate and explain your wishes to your loved ones in person while you're still alive to reduce the chances of conflict and to bring them closer at the same time.
Putting a proper Estate Plan in place gives you confidence and peace of mind that your assets will be protected and that your loved ones will be provided and cared for no matter what happens to you. Without one, your heirs could face huge tax burdens, hefty attorney fees, or worse, the courts could designate how your assets are divided and even who gets to raise your children.
Scammers view seniors as easy targets and nowadays, they use a wide array of sophisticated and highly effective tactics which even the most intelligent and educated can be duped. Be alert and protect your aging loved ones and yourself from such predators by knowing the three big red flags of financial exploitation we listed to safeguard your family's finances.
Each of us is at constant risk of experiencing a devastating accident or disease that may leave us incapable of caring for ourselves & our loved ones. Temporary or not, such may render emotional trauma, or worse, financial loss. This is why incapacity planning is significant to ensure someone can take charge of your legal decisions in case you are incapacitated to keep your family out of court & out of conflict. Consult with an experienced lawyer like us to guide you in this decision making.
No matter who you are, your life will inevitably change: families change, laws change, assets change, and goals change. In the absence of any major life events, it is important to review your plan annually to make sure its terms are up to date. There are several common life events that require you to immediately update your plan—that is, if you want it to actually work and keep your loved ones out of court and out of conflict.
You might assume your close family and friends will take care of your children if anything ever happens to you, but everything won’t be simple and easy unless you prepare for it. Your family and friends would probably want to take care of your children, but it is not up to them to decide. If you did not appoint a guardian for your children, even a stranger could gain custody of your loved ones. Plan now so you could make certain that your children are never taken into the care of strangers.
Traveling, especially in foreign destinations, means you’ll likely be at greater risk than usual for illness, injury, and even death. In light of this reality, you must have a legally sound and updated estate plan in place before taking your next trip. Read here the 4 critical estate planning tasks before going on vacation.
It’s critically important to have the appropriate safeguards in place to reduce the risk of fraud and identity theft, especially for your senior parents. Because your parents are probably not as savvy about digital technology and may be losing some of their powers of discernment as they age, it’s quite likely up to you to help them protect themselves—and ultimately your inheritance.
When it comes to powers of attorney, there are several options for granting decision-making authority in your life. Which option might be better for you depends on the situation and type of decision. Here are some things to consider when considering power of attorney.