Downs Law Firm, P.C.
Divorce significantly impacts estate planning, requiring updates to wills, trusts and beneficiary designations to ensure that assets are distributed according to new intentions.
Regardless of your religious beliefs, Pope Francis can inspire all Seniors to age with purpose. With age comes wisdom and sometimes physical and health challenges that affect even the pontiff. Pope Francis, at 88, continues to exemplify resilience and dedication, even as he faces significant health challenges. Recently he has been hospitalized due to double pneumonia and a complex lung infection, conditions that have required intensive medical care. Despite these serious health issues, the Pope remains alert and has continued to fulfill some of his papal duties from his hospital room, such as signing decrees for new saints. His openness about his health struggles serves as a powerful example for seniors worldwide, demonstrating that physical limitations need not hinder one’s purpose or contributions. Cardinal Kevin Farrell has highlighted the Pope’s transparency, stating that it encourages older adults to acknowledge their limitations while continuing to engage actively in life. Pope Francis has also been a vocal advocate for the elderly, instituting the World Day for Grandparents and the Elderly to honor their invaluable contributions to society. He emphasizes that aging should be viewed as a blessing, urging seniors to embrace their later years with gratitude and purpose. The Pope’s journey underscores the importance of proactive planning in the later stages of life. Engaging in thoughtful estate planning can provide peace of mind and security for individuals and their loved ones. Addressing healthcare directives, powers of attorney, and asset distribution ensures that one’s wishes are respected, regardless of health challenges they may arise. “Along with old age and white hairs, God continues to give us the gift of life and to keep us from being overcome by evil,” Pope Francis has said. “Aging is not a condemnation, but a blessing!” Pope Francis truly inspires us to age with purpose! Reference: ABC News (May 10, 2022) “Cardinal: Pope’s wheelchair use an example to older adults”
Managing and planning one’s estate sounds like a task reserved for the uber-rich. However, that’s a common, and potentially costly, misconception.
Estate planning isn’t about focusing on your demise; it’s about taking control and making decisions that ensure that your loved ones are cared for.
Everyone needs an estate plan, and when you understand what a trust does, your plan should probably include one, at least conditionally.
Between 1% and 3% of wills are contested in the United States each year, research shows.
Helping grandchildren financially can be rewarding. However, avoiding common mistakes ensures that your generosity doesn’t harm your finances or family relationships.
The older I get, the older I think someone should be before they are mature enough to handle money. I used to say 25 was the right age. Now it’s 30 to 35.
Serving as an executor is a significant responsibility that requires careful attention to legal, financial and administrative details to ensure a smooth probate process.
There are some common estate planning myths that you know: Your work isn’t done just because you have a will. There are many myths floating around about wills, trusts, and estate planning. Those myths can easily confuse people who haven’t taken the time to bust them before getting on to the real work … taking care of the family, according to the Cleveland Jewish News in “Estate planning myths common, but debunkable.” One common myth is that a trust is wholly creditor-protected. While some trusts achieve this goal, many don’t. It is easier to provide that to your beneficiaries than to yourself. Another myth is that once an estate plan is completed, there’s no need to revisit or make changes. We look at the planning you put in place as an ongoing rough draft. Perhaps the biggest myth around estate plans is that they are only needed by wealthy people. Everyone needs a will. A property power of attorney can save your loved ones thousands of dollars and massive aggravation. People chat with their friends and neighbors and pick up snippets of often incorrect information. As with any story, once a piece of information has moved through a few different people, it becomes confusing, even if it started accurately. The value of such “Street lawyers” is usually what you pay for it. Unless it comes from an estate planning attorney, don’t get legal advice at a neighborhood or family gathering. The results can be disastrous. If you think having a trust alone is enough to prevent your heirs from having to pay any taxes, your kids will be in for a big and expensive mistake. The court will appoint a guardian if you don’t set up guardianship for your minor children. It may be a person you would never have wanted to raise your children. If a separate financial trustee is not named, there won’t be any checks and balances on how the money left for your children is spent. If you don’t have an estate plan, especially if your family includes minor children, make an appointment to speak with an estate planning attorney who can advise you on an estate plan that fits your unique circumstances. Reference: Cleveland Jewish News (Sep. 20, 2018) “Estate planning myths common, but debunkable”
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