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Divorce and remarriage can create families where some of the kids have one but not both parents in common Or do they come on as silent owners, owning but not having control of running the business? When a parent needs home-health-care attention. One solution is making them the beneficiary of a life insurance policy, payable to the heirs who have This can leave them with a chosen amount of tax-free cash.

In Texas, to date, we have seen more than 854,000 cases and 17,000 deaths. An advanced directive is an order to your health care provider directing your provider, family, or surrogate decision-maker to manage your health care if you become incapacitated and can no longer communicate dies or is no longer capable of making these decisions for you; or You receive a serious or terminal health best health care possible, according to your wishes, if you become seriously ill with COVID-19.

Of course, so will both incomes, so simply having one partner apply is not necessarily the best option On the other hand, if one spouse makes significantly more than the other, the averaging of these two amounts If you have children, estate planning becomes even more vital! Health Care Being married brings with it additional rights for you and your partner, such as the ability Along those same lines, it is a good idea to create a living will with your spouse so he or she is aware

The savings she found were unbelievable. By shopping around, she was able to save hundreds of dollars per month on their mother’s prescriptions in more than one pharmacy, the savings alone will make it worth it. But by taking the time to shop around and compare prices, significant savings can be found. So, do not hesitate to look into these options and potentially save money on your prescription costs.

Many employers offer dependent care flexible spending accounts, and with a new family, you should definitely fund an account. These accounts are “use it or lose it,” so spend every dollar you put in each year. Using an account can impact your ability to claim the dependent care tax credit, but it may be better Consider an education savings account, such as a 529 plan, early on and contribute regularly.

important step in estate planning because at your death, certain assets pass to beneficiaries named on your accounts terminate your ex’s beneficiary designation on separate documents like your employer-sponsored retirement accounts If your former spouse remains as the beneficiary on an account, he or she will most likely inherit those Spousal rights laws say that your spouse must be the primary beneficiary of a 401(k) or profit-sharing account A spouse who is financially independent and wants to earmark the account for philanthropic pursuits may

For instance, if you are experiencing health issues and are concerned about what might happen to your A trust also provides accountability for the money you will leave the caretaker to be sure it is used Other Arrangements What if you do not have a trusted friend or family member to take care of your pets

professor of neurology at the University of Alabama at Birmingham, is referring to an estimate of household wealth Get online access to their bank accounts—even if you just watch what comes in and goes out. Tell these professionals about any concerns you have and keep in touch.

This professional fiduciary can be a bank with trust powers, a certified public accountant (CPA), or Backup Agent In addition to having a trustworthy agent, it is encouraged for you to have a backup agent Third-party Accounting Another way to prevent an agent under a power of attorney from exploiting the principal is to require the agent to provide an accounting to a third party. The accounting does not have to be formal; it could be a summary of the financial transactions.

vague, but if caught early, there are steps that you can take to improve your loved one’s cognitive health So even if an individual is suffering from dementia as long as they still have periods of lucidity they If the will is successfully contested it will be considered invalid and the estate would have to pass

Basic wills, holographic wills, and pour-over wills all have different purposes. Elements that all wills have in common include: Naming beneficiaries to receive property/assets. During the execution of the will, these additional requirements apply: Have at least two credible witnesses At the same time, the affidavits deter disputes over testamentary capacity questions. Health Changes – updating is wise if diminished health requires more care oversight for heirs.

Here is a handy checklist for all your estate planning needs: Your Will Even if you already have a will kids should you become incapacitated Naming a new executor for your estate Powers of Attorney If you have Retirement Accounts Once your divorce has been finalized, you will also want to make sure to update the beneficiaries listed on your retirement accounts. Many people have multiple 401ks, Roth IRAs, and other retirement accounts, so take the time to make sure