Placing an aging parent in a nursing home or long-term care facility is one of the most difficult decisions an adult child will make. Although the parent may need medical care and assistance, realizing the parent is incapacitated can be heartbreaking to the children. This situation is even worse when the parent resists the move.
Although many people think of trusts as something only for the very wealthy, trusts are appropriate estate planning tools for a wide variety of estates, including those with modest assets.
No one really likes to contemplate the possibility of being incapacitated, terminally ill, or unable to function normally. Although these are unpleasant things to think about, planning in advance can provide the peace of mind that comes with knowing you have appointed someone trustworthy and caring to look out for you if you can no longer look after yourself.
Although same-sex marriage has been legal in Minnesota since 2013, the rights of such couples remained unsettled in many states, where gay marriage was not recognized. For years, gay couples struggled with uncertain laws that required them to jump through legal hoops to ensure their rights and property were protected regardless of where they lived or owned property.
When an older person wishes to update a will or make changes to other estate planning documents, it's common for an adult child to accompany them to the lawyer's office.
Unfortunately, the elderly are a frequent target of dishonest companies and individuals who attempt to capitalize on seniors' financial fears. Many of these companies sell trusts and annuities that end up harming a senior's finances instead of improving or preserving them.
Whether you help care for an elderly parent or other aging loved one, you probably have a lot of tasks and obligations on your mind. Many families share the workload of taking an older family member to doctors' appointments, preparing meals, and helping with bathing, feeding, and other daily tasks. Protecting your older loved one is a full-time job that requires time, patience, and effort.
Divorce and remarriage are part of life for many people. In fact, a recent report reveals four out of 10 Americans identify as being part of a "blended family." Whether you, your spouse, or both have brought children from a previous marriage into a new union, it is important to consider how your family situation affects your estate plan.
Your estate plan is one of the most important legal documents you will sign. Unfortunately, many people attempt to cut corners or save money by preparing their own estate documents or using an online service.