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Parents can make medical decisions for their children. After a child reaches the age of 18, however, and is viewed in the eyes of the law as an adult and a parent’s ability to make these decisions ends. Fortunately, through the use of a few simple estate planning documents,…
Trust protectors are becoming an increasingly common part of estate plans in New York as well as the rest of the country. A trust protector refers to someone who is appointed to look over a trust and make sure that the trust is not adversely affected by changes in the…
Many of you may recall when President John F. Kennedy founded the Peace Corps in 1961 and may have even signed up as a volunteer to help provide social and economic development assistance abroad. Borrowing on this model, an initiative is underway to establish an internal national volunteer care corps…
Many conversations mention estate and inheritance taxes together, but there are some substantial differences between these two things. Both these taxes, however, have one thing in common: not everybody pays them. As a result, it is a wise idea to begin by deciding whether you will be required to…
A common question asked of us is what happens when a will’s language is inconsistent with the titling of an account held with survivorship benefits? The immediate answer to the question is that the titling of an account will control over a will’s language. The practical effect on the survivor…
The Supreme Court of Montana recently affirmed a judgment by the district court distributing assets from a trust established by a husband and wife to the couple’s three children. The district court had interpreted the trust creator’s handwritten codicil as a wish and not a specific bequest of the…
The Mississippi Court of Appeals recently decided that a man convicted of DUI manslaughter that led to the death of his wife can collect survivor benefits from the state. The late woman had designated her husband as a 40% beneficiary while the deceased woman’s sister was a 60% beneficiary. While…
More seniors than ever are carrying high debt into retirement. Managing high debt simultaneously with managing the cost of daily living and medical care on a fixed income is a recurring problem in many households. The amount of debt burden has skyrocketed over the past decade. The National Council…
Losing a parent is not easy. While being prepared for the event might not make the emotional aspect any easier, it can help to eliminate the potential for additional problems. As a result, this article reviews some of the important financial steps that you can take after a parent passes…
Wills play an important part in the estate planning process. The best estate plans, however, include more than wills. Instead, the best estate plans anticipate the numerous complications that can arise at the end of a person’s life. Advance Healthcare Directives Medical powers of attorney and living wills…