Downs Law Firm, P.C.
With the number of children learning at home jumping from 2.5 Million to 55.1 Million households due to the coronavirus, many parents need help coping.
One wrong decision can lead to expensive consequences, and good luck trying to persuade the IRS to give you a do-over.
If you have updated your estate plan during the Covid crisis and even found a way to sign your documents while maintaining social distance, do not overlook the last step of trust funding.
Seniors who can identify smells like roses, turpentine, paint-thinner, and lemons, and have retained their senses of hearing, vision, and touch, may have half the risk of developing dementia as their peers with marked sensory decline.
The possibility that a power of attorney might be rejected may be one reason not to simply pull a form off the internet and hope it will be accepted.
When you open a financial account, you’re often asked to name a beneficiary. Simply stated, a beneficiary is someone who is entitled to the benefits of the account on the death of the account holder. For example, if you’ve purchased life insurance, you name a beneficiary who receives the benefits of the policy when you pass away.
So, you’ve decided that a family member won’t be getting an inheritance after all. Maybe you have an ungrateful or irresponsible family member you want to cut out of the will.
By discussing finances with your children early and often you can set them—and future generations—up for success, when it’s time to receive the wealth you’ve accrued.
Probate and trust administration are not the same. There are important differences and similarities between administering a decedent’s probate estate and administering a decedent’s trust estate.
Estate planning documents often are treated like the photocopied permission slip for a child’s field trip. You fill in your name, include the children’s names and dates of birth, and sign. The document is filed away to be used if needed, but you really never expect it to be used.
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