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Remarriage among individuals who are 55 and older increased approximately 15 percent between 1960 to 2013.
No matter the reason for remarriage, estate planning often becomes much more complex when a new partner is involved. These issues can be made even more complex if a couple makes the decision to remarry later in life.
# 1 – Determine what Each Person Brought into the Marriage
Parents with dementia and other memory loss disorders, such as Alzheimer’s and Parkinson’s disease, present extraordinary challenges for the parent and adult children tasked with assisting them. Drafting a will, making health care decisions, and taking care of legal and financial matters are just some of the items that must be sorted out, hopefully before the onset of the worst conditions.
The first step when caring for a parent is to assess their mental capacity. It is important that you seek medical guidance, including a diagnosis, when you observe signs of dementia. If your parent has been diagnosed with dementia-causing illnesses, like Alzheimer’s or Parkinson’s disease, adjustments should be made to all legal and financial matters.
Durable power of attorney
There are a number of common estate planning errors that we see people make. These errors occur in almost equal proportion among the wealthiest as well as individuals of modest means.
In the hopes of making the estate planning process more efficient for everyone, this article reviews some of the most common mistakes made by people during the estate plan.
# 1 – Not Having an Estate Plan
This is the second post in a two-part series on the opioid crisis at home. Addiction, the subject of our first post, is not the only opioid-related impact on older adults. The following post will examine the rise in elder abuse tied to the opioid epidemic.
I assisted a client with the purchase of commercial real estate property and had the opportunity to talk to the sellers at the property closing. I was surprised to learn that the building had been a family restaurant, in business for nearly eighty years. I asked the sellers why they were selling their business. They told me that they could no longer keep running it. They continued to share that they have two adult children battling opioid addiction.
The dad confided further that their children used to break into their restaurant and steal steaks and seafood to fund their drug habit. They were tired of hiding their valuables around their children and were having a difficult time anticipating what they would raid next. When the kids started breaking into the business, they knew they could not keep it going. In addition, they have grandchildren that they are raising as the primary caregivers because their children and their partners were not able to care for the young ones.
After creating an estate plan, you might think that you’ve made all of the steps necessary to plan for your future.
Instead, it is just as important to make sure that estate planning documents are stored in a safe location. This article reviews some of the various options that people utilize to make sure that estate planning documents are safely stored.
# 1 – A Lawyer Holds the Documents
Many of us don’t keep our assets in tangible items. Instead, many people’s assets are retirement accounts including 401(k)s, IRAs, and worker benefit plans.
One way in which retirement accounts differ from more tangible assets is that wills do not dictate how individual accounts are disposed. As a result, it is vital to make sure that beneficiary designations on individual retirement accounts are properly updated.
After all, there are a number of events including births and deaths, which can greatly impact a person’s estate plans.
A recurring theme in estate planning is that it is not a once and done activity. Instead, it is critical to revise estate plans following major life changes.
One of the countless life changes that many people still do not think necessitates changes to estate plans is divorce. In reality, divorce changes a number of things about asset ownership as well as forever alters plans that a couple might have for the future.
If you’re navigating the divorce process, you might encounter irrevocable trusts.
The federal estate tax is a tax that is placed on a person’s estate after death.
While many people are familiar with this general concept, they have a number of more specific questions about what the federal estate tax does and does not include.
For one, many people confuse estate taxes with income taxes. One difference between these two is that estate taxes are not a tax placed on a person’s income.
New York Governor Andrew Cuomo signed a group of bills intended to increase consumer homeowner protections. By press release, the Governor’s office announced three important improvements in an effort to strengthen homeowner safeguards and close loopholes to prevent deed fraud and mortgage scams.
Unbeknownst to the homeowner, deed fraud occurs when someone steals your identity, forges your name on a deed, and takes title to your home. The homeowner only becomes aware of the fraud when a third-party tries to collect on a mortgage or debt. Seniors are often targeted as unknowing participants in mortgage scams, especially surrounding reverse mortgage products. The purpose of the scam is to steal the equity from your home. Beware of any offer for a free home, investment opportunity or foreclosure or refinance assistance. No reputable company will be calling you cold or knocking on your door with offers that sound too good to be true.
The new laws passed in New York to protect homeowners are as follows:
It’s a tale as old as time. A couple is married for several years and during that time, the couple successfully grows a small business into a million dollar one. The couple’s marriage ultimately does not last and they divorce. Because the couple is still young, they do not have any estate plans. Tragedy strikes and the husband or wife does not survive. Because the deceased person’s will was never change, all of their assets are inherited by the estranged spouse rather than the deceased person’s family.
This story demonstrates why it is important to revise your estate plans during a divorce. In addition to making certain that estate planning advice is followed, this article reviews some of the other important advice that you follow after a divorce.
# 1 – Update Your Healthcare Proxy
New York Estate Planning & Elder Law Blog