Many divorcing couples stay in the family residence and live together pending the finalization of the divorce. While this might make sense for some families, it also creates an environment of stress and tension, not only for the divorcing couple, but also for the children.
Starting a new life after divorce introduces many financial challenges. Retirement may seem far away, but it should stay at the top of the list.
State intestacy laws are a "best guess" as to what the average person wants to happen to their property when they die. Don't leave such an important decision about your legacy up to the state's "best guess."
Say your grandfather is an excellent fisherman and he wants his heirs to be great at it, too. He could have his attorney write up a set of instructions. Or, if he really wants his heirs to learn how to fish, he could take them on a fishing trip to Montana every year for 40 years.
Many people think that estate plans are just for the wealthy, but that's just not true. I know you're thinking to yourself, this guy's a lawyer, of...
As you ponder what to do with your own tax refund, or how to pay less next year, now is a great time to make sure that your dough will get to your kids without them paying half (or more) to Uncle Sam in income taxes.
It seems just about every week we read a news story of some woman or man who is alive and living reasonably well past age 110. But leaving aside those exceptional few super-centenarians, just about everyone now knows someone who has reached triple digits.
Take your driver's license out of your wallet. Flip it over. Now look carefully at the back of it. There's no box to check for "Identity Donor." Yet when it comes to identity-related crimes, one of the greatest times of vulnerability is immediately after you die.
Every adult -- especially seniors -- should have at least four essential legal documents to protect them and their family. These documents will make sure your wishes regarding your estate are legal and clear, and will help minimize any conflicts and confusion with your family and your health care providers if you become seriously illness or when you die.
You have arrived at your second marriage a little bit older and (hopefully) a little bit wiser. Second marriages and blended families present their own issues when it comes to estate planning.
You don't want your relatives and your spouse fighting over some piece of furniture or other trinket. If you are single, then it won't be as obvious as to who gets what, especially if your siblings and parents survive you.
Estate administration involves the probate of the decedent's estate and typically includes three broad actions: (1) asset collection, inventory and appraisal; (2) collecting and paying debts and taxes; and (3) distributing the remaining assets to beneficiaries. This process may occur with or without a will and may occur subject to a probate court or outside a probate court.
If a senior relative faces a sudden, debilitating illness or starts losing control of everyday finances, would you know where his or her retirement, estate and long-term care issues stand?
Can you remember who you listed as beneficiary on all your different accounts? Maybe you think you know, but you should review your beneficiary designations on all applicable accounts. Here are some reasons why naming and updating your beneficiaries is so important.
With some preparation and planning, your children can be well-cared for even if you are not the one to do it. A well-drafted and thoughtful estate plan will reduce stress and conflict at a difficult time. Here are the documents of an estate plan and how they can help you as a single parent.
Couples planning to blend families often have to make financial arrangements that respect previous relationships with ex-spouses and their families. Issues range from childcare and eldercare to potentially complex matters. That's why involving trained experts in stepfamily financial planning is a must.