Being left in the hands of unscrupulous guardians appointed by the court can be the most frightening aspect for you in the event you become incapacitated, given that you may have a loving and caring family members, but are unable to take care of you. Putting up a plan in place that clearly states all your wishes and consent prevents such from happening and ensures that the individual of your choice can make legal decisions on your behalf according to how you wanted them to be.
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.
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.
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.
Estate planning isn’t a set it and forget it practice. It’s a living process that supports you in making financial, legal and personal decisions that are right for you, throughout your lifetime. If you created an estate plan that includes a living trust, you must review it to determine if it contains language that could create unnecessary cost, effort and stress for your surviving spouse.
Most of us don’t have that much extra cash lying around. We simply don’t have the luxury of being able to pay off our family home and maxing out our retirement contributions and investing in a side business. It’s pretty much an either-or proposition. Here are a few options and their advantages.