In first marriages, working together to raise children can solidify a marriage. However, in a second marriage, the adult children are in a different position altogether. If important estate planning issues are not addressed, the relationship between the siblings and the new spouses can have serious consequences, according to an article titled “Into the Breach; Getting … Continue reading How Do I Protect Myself and My Children in a Second Marriage?
Category: Power of Attorney
What Does a Will Do and Not Do?
Estate plans are like life—over time, it changes, people are added and subtracted and your wishes and goals change. Regardless of your income, amount of assets or family circumstances, everyone wants to minimize taxes and facilitate a smooth transfer of property at death. Consider a recent aptly named article titled “Does Your Estate Plan Call for … Continue reading What Does a Will Do and Not Do?
Does ‘Gray Divorce’ Fit into Estate Planning?
According to the Pew Research Center, the divorce rate has more than doubled for people over 50 since the 1990s. According to the AARP’s article entitled “Getting Divorced? It’s Time to Update Your Caregiving Plan.” A divorce can be financially draining. Moreover, later-in-life divorces frequently impact women’s finances more than men’s. That is because in addition … Continue reading Does ‘Gray Divorce’ Fit into Estate Planning?
The Most Common Estate Planning Mistakes
Estate administration is the process of managing the estate when a loved one has passed. For the inexperienced executor, there are pitfalls to be avoided, warns the article “Top 5 Probate and Estate Administration Mistakes” from Long Island Press. The biggest mistake is creating an estate plan from generic documents on the internet. Wills must meet many technical … Continue reading The Most Common Estate Planning Mistakes
Does a Will Protect My Money and My Family?
If you die without a valid will, your state may keep more of your assets than if you have a will. Your family won’t have any control and the court will follow the laws of your state regarding how your assets are distributed. That’s probably not what you want to happen, according to the article “People … Continue reading Does a Will Protect My Money and My Family?
Should I Update My Estate Plan?
An estate plan exists to accomplish three things. Real Daily’s article entitled “4 Good Reasons to Update Your Estate Plan” says that as you age, you should consider updating your estate plan. Why? Well, your feelings may change over time or you may experience a significant life event that requires you to update things. These are events … Continue reading Should I Update My Estate Plan?
Do You Need a Power of Attorney?
Did you know estate planning attorneys recommend anyone over age 18 have a power of attorney? Without one, even a long-married spouse may not be able to make financial or medical decisions if their spouse became incapacitated, according to an article “How to Set Up a Power of Attorney” from U.S. News & World Report. Naming someone … Continue reading Do You Need a Power of Attorney?
The Risks of Creating Your Own Estate Plan
We call it the brother-in-law syndrome: your brother-in-law knows everything, even though he doesn’t. He tells anyone who’ll listen how much money he’s saved by doing things himself. Sadly, it’s the family who has to make things right after the do-it-yourself estate plan fails. This is the message from an article titled “Dangers of Do-It-Yourself Estate … Continue reading The Risks of Creating Your Own Estate Plan
Yes, You Need a Will. Now.
Less than half of Americans have a will, or have any idea of how they would like to have their money and property handled at the time of their passing, according to an article titled “How to make a will and why you need one while you’re still alive” from Today. Why do you need a will? A … Continue reading Yes, You Need a Will. Now.
How Can I Choose an Estate Planning Lawyer?
Only about a third of Americans have an estate plan, according to the article “Choosing an estate planning lawyer” from Senior Matters. The number of people with wills is decreasing, rather than increasing, despite the events of recent years. Estate planning is worth doing, for the peace of mind, the personal and financial protection it provides, not to … Continue reading How Can I Choose an Estate Planning Lawyer?