A primary goal of most married couples when contemplating basic estate planning documents is to ensure that the surviving spouse, and commonly, the couple’s children and grandchildren, are supported financially.
The family’s attorney and family office advisors should exercise caution in a marriage in which there are children from a prior marriage or other nonstandard family situations.
A life estate is a form of property ownership that splits control and ownership of a property. The person who creates the life estate for their home and assets is known as the life tenant. Though the tenant retains control of the property, they share ownership during their lifetime with the remainderman, a legal term referring to the estate’s heir.
There is a popular misperception among many seniors that in order to protect their assets from creditors, including the cost of nursing home care, they should consider gifting their assets to their children.
The conditions for amending a trust, including who has the authority, is usually set out in the document.
The estate tax is a one-time tax due nine months after someone dies, if their assets reach a certain threshold.
It is very important for unmarried couples to execute estate planning documents to make their wishes clear concerning the rights and responsibilities of their significant other.
If you’re seeking guardianship or conservatorship for a relative who is unable to take care of their own personal or financial needs, get ready for the long haul.
Different people have different needs, and for most people, starting with basic legal documents, such as a will and power of attorney, are a great place to start and can make a big difference.
Estate planning is nearly always worthwhile but can be extra important when you have stepchildren.
