It's difficult to predict with certainty what trends will emerge in estate planning for 2023, as this will depend on a variety of factors such as changes in the law, economic conditions, and societal trends.
If your child inherits property or assets from you and then gets divorced, the inherited property or assets may be considered separate property and may not be subject to division in the divorce.
It's important to update your estate plan every now and then. This is because things can change in your life, like having a new family member or getting more money.
A cohabitation agreement, also known as a domestic partnership agreement, is a legal document that outlines the rights and responsibilities of individuals who are living together in a romantic or familial relationship but are not married.
As a parent, it can be difficult to let go and watch your child grow into an independent adult. At 18 years old, they are legally considered an adult and are able to make their own decisions, including financial and legal ones.
If you're planning on having a conversation with your family about estate planning over the Christmas holiday, it's important to approach the topic with sensitivity and understanding. Estate planning can be a difficult and emotional subject, so it's important to make sure that everyone feels comfortable and heard.
Spendthrift provisions are a common feature of many estate plans and can be a useful way to protect your children's inheritance from creditors or other potential claimants. Spendthrift provisions are clauses that are included in a trust or will that restrict the ability of beneficiaries to sell, transfer, or encumber their inheritance.
The best time to have a conversation with your parent about going into a nursing home will depend on a number of factors, including your parent's health, their preferences, and the level of care that they need. In general, it's a good idea to have this conversation before a crisis arises, so that you and your parent can make a plan for their future care in a thoughtful and considered way.
A durable power of attorney (POA) is a legal document that allows an individual (called the "principal") to appoint someone else (called the "agent" or "attorney-in-fact") to make financial and legal decisions on their behalf. The durable POA remains in effect even if the principal becomes incapacitated or unable to make decisions for themselves.
When it comes to dividing up a parent's estate, the old saying "blood is thicker than water" can quickly turn into "money is thicker than blood." Suddenly, siblings who were once close are at each other's throats, fighting over who gets the family home, the vintage car, or Grandma's china set.
