How Do I Get a Trust for my Parents? It is wonderful that you want your parents to have a trust. A trust is one of the best ways a parent can ensure that their spouse, children and loved ones are cared for after their death. As a well-intentioned child, it may be difficult for you to hear that ultimately, only your parents can implement a trust for themselves. If your parents are resistant to implementing a trust … [Read more...]
My Relative Died…Now What?
In your lifetime, you will deal with the loss of a loved one. It is probable that, at some point in your life, you will be responsible for the funeral arrangements and estate management for a deceased loved one. Most commonly, that person is your mother, father, or grandparent, but it could be your brother or sister, an aunt or uncle, or your adult son or daughter. In any of these cases, dealing with the legal hoops … [Read more...]
How do I give power? A deeper dive into the Durable Power of Attorney.
In my last blog post, I uncovered the need to plan for an unforeseen loss of capacity resulting from an accident or illness. Regarding financial matters, the main tool to combat the many problems incapacity can bring is called a General Durable Power of Attorney (aka “DPA”). The DPA is a critical document every adult, young or old, should have in place. In a nutshell, it determines who can sign financial documents … [Read more...]
When Would I Need a Durable Power of Attorney?
When people typically think of Estate Planning, they think of death, taxes and other inevitable situations. Surprisingly, they rarely consider what would happen if they lost capacity. Imagine a husband and wife who own a house and have 2.5 children. In this scenario, both the husband and wife signed on the dotted line for the loan to buy the house. Life seems to be chugging along perfectly, when the husband … [Read more...]
Why do I need Estate Planning?
Adults of all ages often ask me why they need to meet with an Estate Planning Attorney. The quick answer is simple: to prepare for those likely and inevitable phases in life when you cannot control your money or health decisions. Often, the reality of this answer is dismissed because people are afraid to confront the hard truth that these phases could happen at any time in your life. The first phase is the loss of … [Read more...]