How Estate Planning Keeps the Peace for Blended Families
Even a close family can have quarrels and confrontations, but these conflicts tend to be more prominent within a blended family.
Even a close family can have quarrels and confrontations, but these conflicts tend to be more prominent within a blended family.
What would happen if you were mentally or physically unable to take care of yourself or your day-to-day affairs? You might not be able to make sound decisions about your health or finances. You could lose the ability to pay bills, write checks, make deposits, sell assets, or otherwise conduct your affairs. Unless you’re prepared, incapacity could devastate your family, exhaust your savings and undermine your financial, tax and estate planning strategies.
Whether you are just now embarking on your succession journey or are somewhere in the middle, remember the four Cs: clarity, certainty, continuity and communication.
See something…say something! Don’t ignore signs of your loved ones changing caregiving needs.
Understanding what happens when you inherit a house, as well as addressing the tough financial and emotional decisions on what to do with the home, can be intimidating.
There’s a fine line between holding on to important financial and medical records … and hoarding.
My father only designated my mom as an agent on power of attorney forms, and they have not been updated in many years. Where do you think we should go from here?
As a result, women tend to go into retirement with fewer assets, less home equity, lower retirement account balances and a higher debt load than men.
If someone has lost capacity to execute legal documents and has no power of attorney in place or has a power of attorney that is no longer usable (for example, if the named agents are deceased), a guardianship proceeding may be the only recourse.
We often use the euphemism “getting hit by the bus” to begin the discussion and get our clients thinking about what the reality of that situation would look like, if they were suddenly no longer available.