“To put it bluntly, what if you were in a serious accident or were suddenly rushed to the hospital with COVID-19 symptoms or another life-threatening illness, and you were unable to make health care decisions for yourself?” The coronavirus pandemic has had an impact on the entire world. No wonder—it’s a frightening disease that experts […]

“External events that cause reflection are good reminders to update estate planning documents.” Now is a good time to reach out to an estate planning attorney to review and update beneficiaries, named executors, financial and health care proxies, wills and trusts, advises the article “Planning Strategies During Market Uncertainty & Volatility: Estate Planning and Debt […]

“If your will was signed before 2013 and you have a so-called by-pass estate tax saving trust that is no longer necessary, you really should update and simplify your will.” Estate administration, that is, when the executor gets busy with paying debts, taxes and distributing assets, is often the time when any missing steps in […]

“Here is what you need to know about delaying required withdrawals from a retirement account until 2021.” Before the CARES Act, most retirees had to take withdrawals from their IRAs and other retirement accounts every year after age 72. However, the Coronavirus Aid, Relief and Economic Security Act, known as the CARES Act, has made […]

“Utilization of a testamentary trust for the surviving spouse is an excellent idea, whether the survivor is the husband or wife.” A couple doing some retirement planning has an updated will and a health care proxy in place, prepared with the help of an estate planning attorney. They own some rental property, a small business […]

“When a member of your family dies, you could be left to pick up the financial pieces. Finding all the information you need can be challenging.” This year, more families than usual are finding themselves grappling with the challenge of managing the affairs of a loved one who has died. Handling these tasks while mourning […]

“When parents start the planning process for a child with special needs, they usually work under the perception that if they create a special needs trust (SNT), the child will be taken care of and the needs will be met.” Funding a Special Needs Trust is just the start of the planning process for families […]

“An immature or troubled child could try to misuse your money or goad you into handing over assets you might need later. Complicated family dynamics, or just your desire for privacy, may make you hesitant to open up.” Talking about who will control your assets is always a tricky thing, says AARP.org in a recent […]

“The official figure for elder financial fraud used by a congressional committee is around $3 billion a year, but that’s based solely on reported cases of fraud. Other estimates are 10 times that much.” Aging baby boomers are a giant target for scammers. A report issued last year from a federal agency, the Consumer Financial […]

“Survivorship periods don’t usually surpass 60 days. If this period surpasses 120 days, it could put the tax-free estate transfer of assets to a surviving spouse at risk.” A survivorship clause in a will or a trust says that beneficiaries can inherit only if they live a certain number of days after the person who […]