This situation requires considered estate planning to protect the arrangement, both for the parent and child, in the event of the parent’s incapacity and what may happen, if and when the parent needs to move to a care facility and/or passes away. If the child is caring for the parent at the parent’s home, the … Continue reading How Does Estate Planning Work for Caregiving Children?
Category: Power of Attorney
What is an Estate Planning Checkup?
The start of the year is the time to review and revisit your estate plan. Just like going to the doctor and dentist for regular exams, it’s basic self-care. An article from Kiplinger, “Need an Estate Planning Checkup? Now is the Perfect Time,” advises having an annual checkup with your estate planning attorney before anything goes wrong. Estate … Continue reading What is an Estate Planning Checkup?
Can Your Power of Attorney Withdraw Money from Your Bank Account?
A power of attorney, or POA, is a legal document giving another person the legal authority to make financial and legal decisions on your behalf. Known as an agent or attorney-in-fact, you should only name someone to be your POA, if you trust them implicitly and believe they will always manage your affairs with your … Continue reading Can Your Power of Attorney Withdraw Money from Your Bank Account?
Does Divorce Have an Impact on Estate Planning?
The short answer is “Yes”. Even the most amicable divorce requires a review and update of your estate plan, as explained in an article from yahoo! finance, “I’m Divorcing. Will That Impact My Estate Planning?” This includes your will, power of attorney and other documents. Not getting this part of divorce right can have long-term repercussions, even after … Continue reading Does Divorce Have an Impact on Estate Planning?
Do I Need a Will If I’m Leaving Insurance Policy to a Beneficiary?
If you aren’t thorough with your estate planning, you could create conflict, even with the best of intentions, says an article from yahoo! Entertainment titled “Life Insurance Beneficiary vs. Will: Do I Need Both?” Your life insurance beneficiary designation supersedes your will, so you’ll need to have your life insurance policy and your will aligned to save heirs … Continue reading Do I Need a Will If I’m Leaving Insurance Policy to a Beneficiary?
Do Family Secrets Hurt Estate Planning?
A study by the financial services research firm reveals just how big a problem family secrets can be, as reported in Financial Advisor’s article “Family Wealth Transfers Undermined by Secrecy.” Most asset holders plan to share their wishes and intentions with family members before they die. However, the research reveals only about half actually do so. The survey … Continue reading Do Family Secrets Hurt Estate Planning?