John Potter, an Ohio veteran who fought in Alaska’s Aleutian Islands during World War II, has been fighting a new battle to regain the title to the home he had built with his own hands. The Ohio man recently fought a legal and Internet campaign against his daughter, the woman who had retitled the home’s deed to her name after she received general power of attorney from her father. The saga started in 2004 when Mr. Potter and his wife, who has subsequently passed away, gave their daughter … [Read more...] about Ohio Veteran’s Cautionary Power of Attorney Tale
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If Estate Taxes Don’t Apply to You, You Still Need an Estate Plan
As a recent MarketWatch article points out, the federal estate tax exemption limit is a robust $5.25 million per person. That means that married couples won’t have to pay any estate taxes as long as they have estates worth less than $10.5 million. With such a high limit, many families in New York come to believe that they don’t need an estate plan at all. However, the New York estate tax exemption limit is only $1 million, so anyone with assets totaling $1 million or more will want to plan to … [Read more...] about If Estate Taxes Don’t Apply to You, You Still Need an Estate Plan
For Boomers, Retirement Statistics May Come as a Surprise
The first members of the baby boomer generation have already reached retirement age, and millions of them will get there over the coming decades. As more people grow older and the number of senior citizens balloons, many retiring boomers are unprepared for the reality of retired life. Here are some numbers that may prompt you to think about issues you might have put aside for too long. Your income will decrease. Retirement means a life of leisure and enjoyment, but it also means a time … [Read more...] about For Boomers, Retirement Statistics May Come as a Surprise
Why Estate Planning Mistakes Can Plague Everyone, Even the Famous
Even rich and famous celebrities can fall victim to a serious mistake planning mistakes. Whether they failed to get advice, make bad choices, or, like most people, fail to have a good plan in place, there are many celebrities who have had disastrous estate plans. Here are a few examples. Jim Morrison The lead singer of The Doors died young in 1971, leaving behind an estate and a legacy that still lives on today. He left the entirety of his estate to his girlfriend Pamela Courson. Courson … [Read more...] about Why Estate Planning Mistakes Can Plague Everyone, Even the Famous
Your Estate Plans and Your Fiduciaries
When you create an estate plan, part of the process involves selecting a number of people or organizations to act on your behalf. Whether you are choosing a trustee to manage your living trust, an attorney-in-fact to make medical or financial decisions for you, or an executor who will manage your estate, numerous people will be your fiduciaries. Here’s what you need to know about fiduciaries and fiduciary duties. Legal responsibility In everyone’s day-to-day life, you owe little to no duty … [Read more...] about Your Estate Plans and Your Fiduciaries
