Item 1: Create a list of all your property. Think of your estate plan as your road map, and you cannot make a good map unless you know where you're starting and where you want to go. Part of your starting point is a list of all your property. It doesn't have to be so detailed to include all of your credit card account numbers or anything like that, but it should be a detailed list of everything you own and how much it is worth. Include all real property, investments, insurance policies and … [Read more...] about Your To-Do List Before You Meet With Your Estate Planning Attorney
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3 Sources Of Celebrity Estate Problems
Problem Source 1: Family Business Positions. A successful family business can be both a benefit and a burden for an estate plan, especially when children stand to inherit different responsibilities after a parent and head of the business dies. While decisions about managing the enterprise may seem like purely a business decision, children or relatives who feel left out can be a source of conflict. Problem Source 2: Fighting Families. If a family is already distant or fighting before a wealthy … [Read more...] about 3 Sources Of Celebrity Estate Problems
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
The New York Times article: Wealth Matters: Making Plans for Prized Collections, Heartstrings Included
YOUR MONEY | February 25, 2012 Wealth Matters: Making Plans for Prized Collections, Heartstrings Included By PAUL SULLIVAN Collectors and advisers describe the difficulty in selling or bequeathing items that took years to accumulate. … [Read more...] about The New York Times article: Wealth Matters: Making Plans for Prized Collections, Heartstrings Included
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
