Incapacity

Besides directing what happens to your finances when you pass away, a comprehensive estate plan also addresses the possibility that you could become unable to handle your financial affairs while you are still alive.

You may have signed a financial power of attorney (POA) that allows one or more people to act on your behalf if and when you become unable to act for yourself. However, a financial POA is not valid in certain situations. Knowing when your POA will not be recognized is an often-overlooked aspect of estate planning. To ensure that you have anticipated every contingency, you should discuss with your estate planning attorney the POA exceptions noted in this article.

Comprehensive estate and financial plans are not just for the wealthy. Anyone who cares for a person or cause and who wants to provide for the person or cause after they die can benefit from such plans. Along with comprehensive estate and financial plans comes a team to help you create, manage, and support those plans. This team includes your estate planning attorney, financial advisor, certified public accountant, insurance agent, and even your spiritual advisor. They work together to make sure that you are protected during your lifetime and that your loved ones and the causes you support are taken care of after your passing.

According to a study conducted by Caring.com, the percentage of people aged fifty-five and older who have created a will has fallen from 60 percent to 44 percent since 2019.^[1] Although creating or updating your estate planning may seem like a daunting task, a proper estate plan can help address the concerns you may face as a senior citizen. We are here to help you.

With our society becoming increasingly mobile and international travel becoming more affordable than ever before, families and family-like relationships have steadily grown far more diverse in terms of citizenship. It is no longer uncommon for spouses from different countries to retain citizenship in their native countries. Many couples split their time between the United States and another country to be near their families and enjoy the many benefits of such a lifestyle. In addition, it is not uncommon for a couple’s children or other loved ones to move away from their country of origin and take up permanent residence abroad, or even renounce their home country citizenship, depending on their choices of careers or domestic partners or other considerations.

Diversity of citizenship among friends and family also creates a fair share of complications.
Read more . . .

You may have heard of a revocable living trust (RLT), which is a commonly used estate planning solution. But what exactly are they, who is affected by them, how can they be changed, and what do they accomplish?

When you sit down to create your estate plan, there are likely dozens of questions running through your mind. Who should get possession of your home? Who should run the family business? Will you create a college fund for your grandkids? What charity should you donate to? The options can be dizzying.

Many believe that estate planning is simply instructions on how to distribute your assets when you pass away, but the reality is that proper estate planning can do much more. While one major benefit of estate planning is to provide for your family and friends when you are gone, there are many benefits for you as well. 

Additional Benefits of Estate Planning

Life can give us surprises, both good and bad. Estate planning can help you be prepared for  some unfortunate surprises in life. This is because proper estate planning includes planning for you and your care in the event you become incapacitated.
Read more . . .

Preparing your company for your incapacity or death is vital to the survival of the enterprise. Otherwise, your business will be disrupted, harming your customers, employees, vendors, and ultimately, your family. For this reason, proactive financial planning -- including your business and your estate plan -- is key. Below are some tips on how to protect your company and keep the business on track and operating day-to-day in your absence.

Preparing for the Unexpected

If you are a small business owner, your focus is likely on keeping the company running on a daily basis.
Read more . . .