A power of attorney, or POA, can be an extremely helpful legal document, which is one reason why it is so widely used. The ability to give another individual the authority to conduct business on your behalf comes in handy in many situations. A POA is an especially popular legal document for seniors; however, it is also often used to deceive and defraud those same people. If you have been asked to sign a POA by someone, the best thing you can do is to have your estate planning attorney review the … [Read more...] about Think Twice Before Signing a Power of Attorney
If You Become Incapacitated, Who Will Manage Your Money?
Understandably, most people don’t want to think about the possibility of becoming incapacitated, particularly at a young age. It can happen, and if it does someone will have to manage your money. Whether or not you decide who will manage your money depends on whether or not you take the time to plan ahead. Many people make the mistake of assuming that a spouse, child or parent will be legally allowed access to their assets in the event of incapacity simply because of the relationship. This is … [Read more...] about If You Become Incapacitated, Who Will Manage Your Money?
Do You Need to Update Your Beneficiary Designations?
Over the course of your lifetime you have probably made numerous beneficiary designations. Some, like those in your Last Will and Testament, you likely put a considerable amount of thought into. Others you may have made without much thought and have since forgotten about. Forgotten beneficiary designations, however, can wreak havoc with your estate plan. Because of this, it may be time to update your beneficiary designations. The following documents may require your attention: Life Insurance … [Read more...] about Do You Need to Update Your Beneficiary Designations?
Why A Pour Over Will Should Be Included In Your Estate Plan
Trusts are often used as the primary manner to transfer wealth either while a trustor is alive or after death. A living trust becomes effective as soon as it is created and may begin distributing trust funds at any point thereafter. If you are depending on one or more living trusts to transfer your wealth, don’t make the mistake of assuming that you do not need to execute a Last Will and Testament as well. Because a living trust has the ability to legally own and distribute all of a person’s … [Read more...] about Why A Pour Over Will Should Be Included In Your Estate Plan
Alzheimer’s Disease—When to Become Concerned
Alzheimer’s disease is a disease that affects a sufferer’s brain. The disease currently affects over 5 million people throughout the United States. Estimates are that someone is diagnosed with Alzheimer’s disease every two minutes. Unfortunately, there is no cure for Alzheimer’s disease at this point in time although there are medications that can help ease the symptoms associated with the disease. As with most diseases, early detection is the key. If you are concerned about a loved one, some of … [Read more...] about Alzheimer’s Disease—When to Become Concerned
Why You Need an Estate Plan If You Are Single
A surprising number of people in the United States do not have an estate plan in place. Many of those people are single individuals who do not have children. The reason many of these people have not created an estate plan is that they are under the impression that a single individual without children really doesn’t need an estate plan. That could not be farther from the truth. An estate plan is intended to accomplish numerous goals at the same time. Disposing of your assets upon your death is, … [Read more...] about Why You Need an Estate Plan If You Are Single
The Real Story Behind Cinderella – Failed Estate Planning
We all know how Cinderella ends – she winds up with the handsome prince and they live happily ever after. But how did Cinderella end up in dire straits to begin with? The simple answer is failed estate planning on her parents’ part. As you may recall, Cinderella lost her mother when she was very young. As often happens, her father remarried. Her new step-mother already had two daughters about the same age as Cinderella. Cinderella’s new step-sisters were very jealous of her because of her … [Read more...] about The Real Story Behind Cinderella – Failed Estate Planning
Discussing Your Estate Plan with Your Family
Creating an estate plan is one of the best gifts you ever give to your loved ones. Don’t stop at just creating an estate plan though, take the time to sit down and explain it to them as well. Your estate plan should do more than just decide who will receive what when you die. It should also include an incapacity plan as well as take into account retirement goals and long-term care needs. All of these components of your estate plan are important and each should be discussed with loved ones who … [Read more...] about Discussing Your Estate Plan with Your Family
Should I Include a Personal Property Memorandum in My Estate Plan?
Your Last Will and Testament allows you to make both general and specific gifts. For example, you can simply leave all your property, both real and personal, to one or more beneficiaries in your Will, or you can choose to include specific bequests such as leaving a family heirloom to a child. Often, the division of personal property becomes more complicated than the gifting of real property, bank accounts, and investment funds. When this is the case, people often choose to include a personal … [Read more...] about Should I Include a Personal Property Memorandum in My Estate Plan?
Hello world!
Welcome to Academy Member Websites. This is your first post. Edit or delete it, then start blogging! … [Read more...] about Hello world!
