Question 1: If I die, will my partner inherit my property? Answer: Probably not. Unless you have taken steps to ensure that your partner will inherit your assets after you die, there is no provision in the law that grants your partner the right to inherit. Unlike married couples, cohabitating couples are not entitled to receive property from the other upon that person's death. You can, however, choose to leave your partner an inheritance by creating a will or other estate planning … [Read more...] about Cohabitating Couples and Estate Planning – 3 Questions
Incapacity Planning
Estate Planning For Young Parents
All too often, young parents ignore estate planning because they believe they are too young, cannot afford the expense, or are in excellent health and will not have to worry about it for very long time. Regardless of your reasons, young parents are almost at a greater need of estate planning than the elderly. Let's take a look at why young families need to develop estate plans as soon as possible. Childcare If your child is faced with a sudden reality of both parents dying, who will step in to … [Read more...] about Estate Planning For Young Parents
Learning From Mike Wallace – 3 Incapacity Planning Steps
When famed journalist Mike Wallace died in April at the age of 93, he left behind a lifetime of hard-nosed investigating and aggressive interviews. He also, in the final years of his life, suffered what an estimated one out of eight baby boomers will suffer from: dementia. This disease, as well as other medical conditions, can rob us of our mental faculties, which is why it's important to begin planning for the possibility now. Lesson 1: Have someone else ready to make decisions for you. If … [Read more...] about Learning From Mike Wallace – 3 Incapacity Planning Steps
Watch The Oscar Nominated Descendants – Especially If You’re Leaving Your Children A Lot
The 2011 film The Descendants was nominated for five Oscars in 2012 and took away one for best adapted screenplay, but it also has some estate planning issues involved in it that should be of interest to many people who are beginning the estate planning process. In the film, George Clooney plays wealthy attorney Matt King, who is left to care for his two daughters after his wife is injured and left in a coma. As the descendant of a Hawaiian princess and a wealthy white man, King is one of the … [Read more...] about Watch The Oscar Nominated Descendants – Especially If You’re Leaving Your Children A Lot
Preventing Elder Abuse: 3 Essential Tips
Tip 1: Plan Ahead. Many of the issues associated with elder abuse can be dealt with in advance by creating a comprehensive estate plan. For example, estate plans typically include provisions that allow you to pass your decision-making rights to others through a power of attorney. If you create a financial power of attorney, you can allow someone else to manage your finances when you are no longer able to do so. Tip 2: Stay In Touch. Elderly people often lose contact with friends and loved ones … [Read more...] about Preventing Elder Abuse: 3 Essential Tips
Standby Guardians in New York: 3 Questions
Question 1: What is a Standby Guardian? In New York, parents can appoint guardians who will care for their children in the event the parents die. They can also appoint stand-by guardians who will take over in the event the parent becomes ill and is no longer able to care for the child. Question 2: How are stand-by guardians appointed? There are two ways a parent can appoint a stand-by guardian in New York. First, the parent or person who wants to be a stand-by guardian can appear before a … [Read more...] about Standby Guardians in New York: 3 Questions
Your Will Should Not Include Your Health Care Directives
Not only should you ask an attorney to help you draft a health care directive, this directive should be a written document separate and apart from your will. Placing your health care directives in a will does not make practical sense, since your will is typically discovered after your death – not prior to it. Furthermore, your attorney should place your funeral and burial wishes in a separate document for those reasons. You can take care of your future health care needs, in case of … [Read more...] about Your Will Should Not Include Your Health Care Directives
Name Contingent Trusted Helpers in Your Estate Planning Documents
One of the estate planning tasks that is commonly forgotten, and wreaks havoc, is the appointment of contingent trusted helpers in your estate planning documents. If you don’t have contingent helpers and your named helper is unwilling or unable to serve, your plan fails; and, court interference will be mandated. Identifying Estate Planning Trusted Helpers Trusted helpers are personal representatives, executors, power of attorney agents, trustees, and guardians for minor children. Why You … [Read more...] about Name Contingent Trusted Helpers in Your Estate Planning Documents
What Are the Most Important Estate Planning Documents?
When you begin your estate planning, you and your estate planning attorney will need to determine which documents and planning tools you need as part of your individualized, comprehensive estate plan. Take a look at the following information, to learn about the most commonly used base estate planning documents. If you have any questions, or if you’d like to begin your estate planning affairs, contact an estate planning attorney. Most people choose to begin their planning with the … [Read more...] about What Are the Most Important Estate Planning Documents?
Is It Time for Your Loved One to Leave the Nursing Home?
Not everyone has to live in a nursing home for the rest of their life. If your loved one is ready to move out of a nursing home, it’s important to make sure that he or she is ready to go home. Take a look at the following information, to better prepare for your loved one’s next step, with less assistance. If you have any questions, or if you’d like to discuss other ways to prepare for nursing home departure, contact an estate planning attorney. It can be difficult to know for sure whether a … [Read more...] about Is It Time for Your Loved One to Leave the Nursing Home?
