- How to Get a Financial Power of Attorney in Arizona
A financial power of attorney can be a game changer if you find yourself in a situation where you need someone to have control of your finances because you can’t make decisions for yourself. It’s also valuable to help you take care of your loved ones if they find themselves in a similar situation. You… read more…
- Differences of Wills vs. Trusts in Colorado
When planning your estate in Colorado, you may contemplate the best estate planning tool for meeting your needs: a trust or will. While there is overlap between trusts and wills, there are significant differences. The truth is that you can have both a trust and a will in Colorado but understanding what each does –… read more…
- How to Get a Financial Power of Attorney in Colorado
What if you were unable to manage your finances due to illness or old age? Who would you trust to handle your financial affairs? This is where financial power of attorney (FPOA) comes into play. In Colorado, like anywhere else, financial power of attorney is a legal arrangement that provides a framework for managing an… read more…
- How to Avoid Probate in Colorado
Probate is a legal process that deals with the assets and debts left behind after someone dies. Though necessary in some cases, it can be time-consuming, expensive and emotionally draining for the loved ones of the person who died. For these reasons, many people seek strategies to avoid probate. In Colorado, there are several legal… read more…
- I Want to Give Each of My Children $50,000. How Can I Avoid Taxes?
In most instances, giving each of your children $50,000 won’t cause you to owe any taxes, but some specifics apply to this assumption. The exception would be if all the gifts you give over your lifetime come to more than the lifetime exclusion amount, which is set at $13.61 million for 2024. Even then, you… read more…
- What to Know About Power of Attorney in Illinois
Power of attorney is an essential part of late-life planning. This is a key tool for anticipating health care issues, protecting yourself against mental decline and helping your future executor begin estate management. This is also a highly state-specific issue. Every state recognizes some form of power of attorney and most, if not all, share the… read more…
- How to Avoid Probate in Tennessee
Dealing with the loss of a loved one is already difficult. And when probate becomes part of the picture, it can bring more stress to you and your family. In Tennessee, unsecured assets enter probate court, which is a public process that could take months, and make your family vulnerable to disputes from other parties.… read more…
- How to Get a Power of Attorney Over an Elderly Parent
As family members age they may need more help. Often, they will rely you to make legal, financial and medical decisions on their behalf. This is accomplished through a power of attorney. How you get power of attorney over an elderly parent depends on their mental state. Typically there are two options: First, if legally… read more…
- Differences of a Durable vs. Springing Power of Attorney
Durable and springing powers of attorney are related, but distinct, concepts. A durable power of attorney continues after you are incapacitated and ends after your death. A springing power of attorney takes effect upon a triggering condition, typically your incapacitation. A durable springing power of attorney is a mixed grant, designed to take effect after… read more…
- How to Revoke a Power of Attorney
A power of attorney is a highly jurisdictional area of the law. The mechanics for assigning and revoking a power of attorney depend entirely your specific state. However, regardless of jurisdiction, unless you have been found legally incapacitated, you are free to revoke power of attorney at any time. Typically you will do so by… read more…
- How to Create a Power of Attorney in Texas
A power of attorney is a legal tool that lets you appoint someone to handle your affairs if you become unable to do so yourself. Texas makes establishing power of attorney relatively straightforward with standard forms available for financial matters and healthcare decisions. Meet with a financial advisor to discuss whether a power of attorney… read more…
- How Does a Medical Power of Attorney Work in Texas?
A medical power of attorney is a document that allows Texans to designate someone they trust to make healthcare decisions on their behalf if they become unable to make those decisions themselves. Medical powers of attorney are important parts of long-term financial, medical and estate planning. Laws in other states also provide for medical powers… read more…
- How to Get a Power of Attorney in Florida
A power of attorney is a legal document that lets you designate someone to handle your financial, legal and health care matters in the event you cannot. A power of attorney may be used if you are disabled due to illness or even simply are out of the country and unavailable. These documents are particularly… read more…
- How to Avoid Probate in Minnesota
Probate can put your beneficiaries through a dragged-out process that could cost money, make your estate public and produce more anxiety. If you want to protect your estate from probate in Minnesota, and streamline asset distribution for your heirs, here are a few things you can do. An financial advisor can help you create an… read more…
- Can a Nursing Home Take Our Savings? We Have a $250k IRA, a House and Other Assets
Long-term care costs like nursing home care can quickly drain retirement savings. Medicare provides little help paying these bills, but Medicaid can cover nursing home costs for those who meet strict financial eligibility rules. Certain strategies like special trusts, home equity transfers and annuities can help meet those eligibility rules and protect assets like your… read more…
- Differences of a Will vs. Trust in Illinois
Wills and trusts are important tools for managing and distributing your assets when you die. Think of a will as a legal roadmap dictating how your estate will be divided up following your passing. Trusts, on the other hand, serve as storage boxes where your assets are held by a third party – a trustee… read more…
- How to Use a 645 Election for Trusts and Estates
It’s easy to forget that income taxes are an important part of estate planning. But for executors and trustees, managing this tax burden is an essential part of handling the transfer of assets. One tool that can significantly streamline this process is the Section 645 Election. This section of the tax code allows you to combine… read more…
- What Is the California Spousal Property Petition?
The spousal property petition is a legal process in California that allows surviving spouses or domestic partners to affirm or assume full ownership of certain property without going through the full probate process. Probate can be a lengthy and costly procedure, and the spousal property petition offers a more streamlined alternative for eligible individuals. A… read more…
- How to Choose Between Wills and Trusts in New York Estate Planning
Estate planning is a crucial step in securing your legacy and ensuring that your assets are distributed according to your wishes after you pass away. In New York, two common estate planning tools are wills and trusts. Each has its advantages and disadvantages, making it essential to understand their differences to make an informed decision.… read more…
- How to Avoid Probate in North Carolina
A thorough understanding of how probate works in North Carolina can make estate planning much more manageable. Avoiding probate can help you pass your assets on to your beneficiaries while saving time and money. It’s important to break down the complexity of the probate process so that you can understand how to avoid it with… read more…
- How Tenancy By the Entirety Works in Florida
Tenancy by the entirety is a legal arrangement that provides rights and protections for married couples who jointly own property. This can help prevent individual creditors from seizing the property of one spouse to pay off debts. Here’s what you need to know about tenancy by the entirety in Florida. A financial planner can also… read more…
- How to Avoid Probate in Alabama
As you make your estate plans, if you are looking to avoid probate in Alabama, the most effective options will be to establish a living trust, hold major assets in joint tenancy, and add a payable-on-death designation to significant financial accounts. This can help you avoid the costs and time of having your estate handled… read more…
- How to Avoid Probate in South Carolina
Inheriting an estate in South Carolina can be simplified by avoiding the probate process. While probate serves an important legal function, it can also create unnecessary costs and delays for beneficiaries. Fortunately, South Carolina law provides several methods to bypass probate and ensure your assets pass directly to your chosen heirs. Partner with an experienced… read more…
- How to Avoid Probate in Washington State
Probate is a legal process that validates the will of a deceased person. It makes an inventory of assets, settles debts and distributes property under court supervision. Understanding how this process works in Washington state can help you navigate through potential challenges that can be time-consuming, stressful and expensive. Fortunately, you can use different strategies… read more…
- How to Avoid Probate in Illinois
The loss of a family member is a deeply personal and challenging experience. And the probate process can create further emotional turmoil, not to mention additional financial costs. Understanding how probate works in Illinois and the potential challenges that could arise is crucial for individuals who want to create a straightforward estate plan for their… read more…