With a rise in “gray divorces,” it’s only natural that remarriage has become more prevalent among seniors. However, they also tend to be lax about updating their estate planning. Here are some common pitfalls and how to avoid them.
If you don’t have a full estate plan in place, including a health care power of attorney (POA), now is the time to get one squared away. The coronavirus pandemic is changing priorities for many people, and estate planning should be at the top of the list. Too many people don’t realize how an estate plan’s key elements can help if you become sick or die from the virus.
Every 70 seconds, another American family is affected by Alzheimer’s. Too often, I witness Alzheimer’s and dementia care and estate squabbles that tear families apart. When there has not been the foresight and cooperative transparency regarding how the family wants the patient’s estate plan executed, chaos and legal entanglements can ensue, irreparably damaging family bonds.
What do Picasso, Jimi Hendrix, Michael Jackson, Abraham Lincoln, and “Sonny” Bono all have in common? You’re probably thinking, not much. But they do, in fact, have one big thing in common. They all died intestate—which means they died without having a will.
Estate planning — it is an incredibly important tool, not just for the uber-wealthy or those thinking about retirement. On the contrary, estate planning is something every adult should do. Estate planning can help you accomplish any number of goals, including appointing guardians for minor childr…
When you have children, you’ll go to the ends of the earth to protect them and make sure they are safe and happy. It’s a major reason why parents buy life insurance — or the main one at least. Having life insurance means that if something happened to you, your children would be OK financially.
B…
In the event of a divorce, it is important to remember about changing the beneficiaries nominated on any life insurance policies and pensions (both employer and personal). Failing to do so could mean that, in the event of death, your assets would not be distributed in accordance with your wishes….
Equality is a noble concept and one that many people turn to when deciding how to divide up their estate. There are many circumstances in which equal distribution of assets among beneficiaries is the right choice, but there are some cases where identical inheritances do not make the most sense. I…
Have you been wondering… What is the difference between a living will and a health care directive? Let us explain! An advance directive is a set of instructions someone prepares in advance of ill health that determines his healthcare wishes. A living will is one type of advance directive that becomes effective when a person is terminally ill and incapacitated.
Having a family member pass away is something that is so emotionally draining, but thinking about the next steps are right at the top of mind. So, if you are wondering what that next step is, we are recommending probate.