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increase in memory loss, confusion, or poor judgment indicates a parent is unable to make sound health and financial Negligent financial transactions – suspicious bank withdrawal activity, unpaid bills, and threats of service cut-off suggest a parent can no longer manage finances responsibly. The temporary guardian may be authorized to make health care decisions, decide residence, or make financial Prioritizing least restrictive care – consider assisted living instead of nursing homes or allow financial

Conservatorship & How It Can Happen To You , we discussed the importance of having the proper estate planning This means that any decisions regarding the healthcare you receive, or any financial transaction that Having even the simplest estate plan in place could help prevent you from ending up in a situation like If the answer is no, then you need to speak to an estate planning attorney. Trusting the right estate planning team to have your back is something that should not be taken lightly

Once decided, the name(s) should be included in estate planning documents. Having two people, the trustee and guardian, agree on financial issues may produce the best outcome for

is real property like a vacation home or timeshare, or even tangible property like a car, boat, or financial However, probate lawyers caution that this type of planning must be done BEFORE death, and attorneys If you are need help with an out-of-state probate or would like to plan to avoid out-of-state probate

Unfortunately, there can be bumps and hiccups with the plans. don’t realize that insurance premiums and even co-pays can change over time, and they typically don’t plan You should speak with an elder or estate planning attorney about the best way to cover long-term care Keep this in mind when planning for the future and save extra money for this expense. 2: Financial Support Planning for a successful retirement is no small feat.

Bankrate’s article, “Same-sex marriage tax and estate planning tips,” says the IRS had been accepting The court ruling also opened up a new world of estate planning for same-sex married couples. With that in mind, here are some estate planning tips. Marital deduction and portability. Don’t allow a state tax collector to get a big chunk of your estate in taxes by failing to plan for estate Reference: Bankrate (June 23, 2016) “Same-sex marriage tax and estate planning tips” #AssetProtection

Many people assume having a last will and testament is the centerpiece of any satisfactory estate plan While they certainly have their benefits, having a will is far from the only piece of planning to consider It is a better way to plan to prevent disinheriting children on second marriages. Your pet trust can include specific instructions such as provisions for financial resources, dietary Most estate planning law firms do not help clients fund their trust, but a trust does not work unless

Don’t give in to the temptation to spend it all on things like fancy vacation trips, luxury cars, or end up unemployed due to a major health crisis, this will help you cover your costs and protect your financial

If so, sound retirement planning is a necessity—not flying by the seat of your pants. Solid retirement planning is more sophisticated than just putting a few dollars into an individual retirement However, if you want to keep as much as you can, saving money is just one part of a retirement plan. Create an estate plan. Way too many people don’t have a thorough estate plan. If you start thinking and planning well ahead of time, winging it won’t be necessary.

The answer is, of course, that any retirement savings plan is better than none at all. If you have a retirement plan at work, there are some limits as to how much you can deduct of your regular If you’re covered by a retirement plan at work, you can get a full deduction only if your modified gross on your age, the amount of retirement savings you have already, your current tax bracket, and your financial This decision may also be an element of your estate planning because you are required to start withdrawing

You still need an estate plan,” they took luxury cruises around the world and family outings to strip but everyone needs a plan, even those with social problems, financial problems and marital problems. A good estate plan will consider all of those problems and keep your assets in the family and away from Estate planning doesn’t have to be complex or expensive. Estate planning is sometimes 95% social work and 5% legal, some attorneys say.

As much as we hate to think about it, it’s important to plan for what happens when we pass away. One of the most critical aspects of this planning is creating a will. Depending on the age of your children, they may need financial support until they are adults. for the future, hiring an estate planning attorney is critical. Don’t leave anything to chance regarding your estate planning needs.