Due to the debilitating nature of Alzheimer’s and related forms of dementia on your loved one’s ability to make sound financial decisions, the sooner you can get financial matters in order the better.
The person signing the power of attorney, which gives someone else the authority to act for them, is called the ‘principal’, and the person who is given the power to act for you is called the ‘agent.’
If you plan to pass your business to your offspring, there is more to keep in mind when creating your succession plan than your descendants—there are also their spouses—especially if they become ex-spouses.
Many baby boomers may hesitate to discuss money with their children. However, the reality is that a massive amount of wealth will be transferred in the next couple of decades. Cerulli Associates estimates that about $68 trillion will move between generations within 25 years, with most of those assets transferred to Generation X households.
Mehmet Öz, a U.S. celebrity surgeon of Turkish origin better known as “Dr. Oz,” took legal action against his sister Nazlım Suna Öz, claiming she forged documents over their father’s inheritance.
While a Last Will can help ensure that one’s wishes regarding the distribution of their estate upon death are followed, it is the living trust that allows the estate to avoid probate.
How do we move into probate, so we do not lose the house and bank accounts, while not killing ourselves in the process?
Just as you have trust in a relationship, trusting your document and those with responsibilities in the trust are crucial to obtaining your objectives.
Looking for an extra incentive to spend some quality time with your grandchildren? Try telling their parents that it could extend your life.
Aging parents grow stubborn, and researchers are uncovering the reasons why.
