All couples can now take advantage of tax benefits for married partners, pass assets from one spouse to another with ease and qualify for Social Security spousal and survivor benefits. However, not all couples want to get married.
Perhaps the largest number of people who may benefit from asset protection planning are those who are at most mildly concerned about asset protection issues, or not even aware of the need for such planning.
Of all of the essential estate planning documents, the durable general power of attorney is usually the document that is needed first.
Even if you’ve already drawn up a will, if you’re in one of these situations, it’s a good idea to review your final wishes and make any necessary changes, so your money and personal belongings are left in the right hands.
So, what happens with your estate plans if you are not in a traditional nuclear family? There is quite a lot that can fall under the umbrella of a non-traditional family, and the recommendations will vary depending on your specific circumstances.
Special needs trusts can help fund quality-of-life improvements for the beneficiary, such as a phone, a trip or a private room in a group care facility.
What will happen to your assets when you can no longer manage them?
Changes in tax law and in your personal life may mean that yours needs to be updated. Here are the easiest (and smartest) ways to do it.
A common dilemma that families face upon the incapacity or death of a loved one is locating estate planning documents. While preparing the documents are the most important step, that is irrelevant if the documents are lost when they most need to be used.
Stuck in a senior facility during the pandemic and unable to participate from far away, an elderly woman needed to sell her home but had never drafted her POA.
