Guardianship: the Default Solution When Failing to Plan for Incapacity

Regrettably, many people fail to incorporate measures in their estate and retirement planning to deal with possible incapacity. For most, doing so can be as simple as having comprehensive financial and health care powers of attorney. For others, a trust may be more appropriate. Once incapacitated, it may be too late to implement these measures.

7 Things to Know About Living Wills

A “Living Will” is a legally-enforceable written statement that indicates your preferences regarding end-of-life treatment. It applies if you are unable to communicate those preferences. Living Wills are not just for the elderly. People of any age can lose capacity. They may have an accident, suffer a serious injury, or develop a disability at any

The Tax Consequences of Selling a House After Death

Buying or selling a home can be one of the most important financial transactions in one’s life. Sale or other disposition of one’s home after death is often the most significant financial transaction in the distribution of a decedent’s estate. Tax consequences play an important role. The biggest concern when selling property is usually capital

What Is the Difference Between a Will and a Trust?

Wills and trusts are foundational estate planning tools. While each is used to distribute assets to beneficiaries, they do so in different ways. Each also has its own distinct uses and advantages. They’re often used together to close gaps in an estate plan and prepare for multiple scenarios that might otherwise cause unexpected burdens for

Is a Personal Injury Settlement Taxed?

Approximately 6 percent of adult Americans experience an activity-limiting injury every three months, according to the Centers for Disease Control and Prevention (CDC). Injuries can happen because of carelessness, such as distracted driving or a slippery floor at a restaurant or store. In fact, accidental injuries are also the fourth-leading cause of death. Many people

Children Are Liable for Unpaid Nursing Home Bills of Parents Even If They Never Got Any of the Money

Sam, Mary’s son and agent under her power of attorney, didn’t bother to seek legal advice after Mary entered a nursing home.   “She only has $70,000.  There’s nothing we can do”, he told his sisters.  Six months later, with her funds exhausted, Mary sought Medicaid to pay for her nursing home care.  To Sam’s shock

Family Caregiver Agreements – An Alterantive To Nursing Homes

70% of all Americans over age 65 will need some form of long-term care. A properly-structured Family Caregiver Agreement provides an alternative to placement in a facility and to the impoverishment that comes with it. Benefits of a Family Caregiver Agreement You may ask “Why do I need to enter into a contract to take