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Solid estate planning can decrease or even eliminate the potential for this type of problem. Strategies include planning methods such as using a revocable living trust rather than a will. Contest Clause, which stipulates that if somebody files a lawsuit in an attempt to litigate your estate plan surviving spouse a “limited power of appointment,” which lets him or her cut an estranged child out of your plan—even

of these battles hinge on whether an aging person had the capacity to decide important personal and financial off legal challenges like Redstone tried to do, they can get a doctor’s evaluation at the time key financial

If you don’t plan your estate, a judge will distribute your assets by applying the state’s intestate In addition, your estate plan should name a guardian and financial manager for minor children, state Also, a durable power of attorney designates an individual to control your financial affairs in the event Another benefit of estate planning is that it forces you to organize your financial records and files Have an estate planning attorney draft these estate planning documents for you.

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.

When it comes to estate planning, understanding the difference between an administrator vs executor can administrator and an executor so that you can make informed decisions when putting together your own estate plan We will also explore some of the duties and limitations of these roles and how you can get help planning At Your Legacy Legal Care™ , we make estate planning efficient, effective, and easy so you can protect They should not prioritize their own financial interests over those of the estate.

Loose ends in estate planning can lead to lost opportunities, stress, last-minute fixes or—worst of all—failing You should speak with your estate planning attorney if you haven’t already. If you just had your estate planning attorney draft a trust without changing the deed to your real estate

Review your assets and financial plan. Those who are nearly retired should examine their financial plan at least annually, and retirees should on the federal and state health exchanges, January 15 is the deadline to enroll in or change health plans October 15: Open enrollment begins for private Medicare Part D prescription drug plans and Advantage plans.

This could include managing financial affairs, making healthcare decisions, or handling other personal For example, the agent might hire a financial advisor to manage investments or an attorney to handle The power of attorney is a powerful legal tool that requires careful consideration and planning.

Organizing your estate now will ease the burden on loved ones later,” organization is critical in estate planning plan data in one secure location. homeowner policies, birth certificates, marriage license, immunization records, wills, and other estate planning It’s important that these kids be involved in the estate planning discussions to understand how the estate a terrific way for folks and their kids to see how important it is to remain diligent about estate planning

Some of the money that’s owed is from Whitney’s song and performance royalties. There’s also a $9 million dispute over the value of her album catalog. The Whitney Houston estate claims that the IRS is in error by increasing the value of her publicity rights from $11.5 million to $11.7 million. There’s no indication as to the agency’s rationale for the increase, but it shows that the IRS means business and will continue to pursue money from the name and image of dead stars. A trial is scheduled for next February. Right now, the IRS is currently in court fighting with another pop legend’s estate. The Michael Jackson estate is litigating over the value of his publicity rights. The IRS originally stipulated that the value of these rights upon death was $434 million. However, it has recently backed off from this precise amount. On the other hand, the Michael Jackson estate argued it’s worth just $2,105. Reference: Billboard (May 27, 2016) “Whitney Houston Estate Challenges $11 Million Tax Bill” #estateplanning #IRS #TaxPlanning

Now, he’s reportedly making plans for his funeral and his estate. Mallette, who expressed some surprise at her son’s detailed planning. If you are young, consider planning sooner rather than later. With a plan in place, you will be giving yourself and your loved ones peace of mind. Star allegedly making ‘elaborate plans’” #AssetProtection #estateplanning #Wills

This authority can cover a range of activities, from managing financial affairs to making healthcare Durable POA Medical POA Financial POA Limited or Special POA General POA The Full Faith and Credit Clause Constitution plays a role in POA recognition.