You cannot fathom the idea of not raising your child, but you must face the possibility that something may happen to you and your partner. How do you select the right individual to step in and take over your parental duties? Forbes offers ideas to keep in mind when...
What kind of guardian is right for a special needs adult?
When you have a special needs child, you know that you need to provide for this child once he or she becomes an adult. One of the ways you can do this is by establishing guardianship. There are several different kinds of guardianship you might pursue, depending on...
Prior planning ensures smooth transfer of assets to a beneficiary
Life is full of changes and many occur unexpectedly. When it comes to estate planning, you will want to keep up with the goals you establish. Advance planning will ensure that assets such as savings account or retirement account proceeds pass in a smooth and timely...
How do you prioritize your estate plan review?
After creating an estate plan, experts generally agree that you should review it at least every 3 years even if nothing is currently changing in your life. This allows you to refresh your memory on what you wrote before and ensure everything still reflects your...
How to avoid abuses of power of attorney
During the estate planning process, you may want to create a power of attorney document. This type of document designates a representative to act on your behalf in legal and financial matters if you are ever unable to do so yourself. When you give anyone authority...
Mistakes you can avoid in your special needs planning
Making estate plans for your special needs child can be a complicated matter. Not only does your child need food and housing, but you should also plan for whatever care your child needs. Ironically, if you pass too much money on to your special needs child, your loved...
What are some essential documents for an executor?
An older relative may have asked you to serve as the executor for your relative’s estate. Now that your relative has died, the time has come to assume the duties of executor, which include overseeing the estate and dispersing its assets to heirs. To minimize the...
Should you rely on a “sweetheart will”?
A so-called sweetheart will describe an estate plan in which the first spouse to die leaves everything to his or her surviving spouse. When the second spouse dies, the couple's children divide the remaining assets. Review these considerations if you and your spouse...
Effective ways to include charitable giving in an estate plan
No matter the reasons people give to charities, most want to make their donations as powerful as possible. Estate planning has the potential to increase the effectiveness of charitable gifts through specific legal tools designed to maximize benefits. These measures...
What do financial powers of attorney do?
In addition to estate planning documents like wills and trusts, you must also protect your assets in other ways. Naming a financial power of attorney is an essential part of estate planning. While other methods protect your estate after you are gone, a power of...
