We have approximately $1.5 million in cash and investments, mostly in Certificates of Deposit (CDs). Our mortgage is paid and we have no debt. We have three adult children. Should we put out assets into a trust to better protect them for the future?
Many people equate estate planning with older people who have more assets and more to protect. However, that doesn’t mean younger people should ignore the benefits of estate planning. According to Caring.com, only 34% of adults ages 35 to 44 have a will and 18% of adults ages 18 to 34 have one.
Picture this scenario at the bank: A woman walks into her branch with her 25-year-old grandson and they’re ready to transfer $4,000 or so out of Grandma’s account into his. Is the grandson running a scam? If so, can the bank do anything to stop it?
It is estimated that more than 50 percent of all Americans don’t have a will, and in our Future File business, we have estimated that less than 10 percent of the U.S. population has a complete legacy and wishes planning system.
A few years ago, researchers at the Johns Hopkins University School of Medicine gave us yet another reason to worry about getting Alzheimer’s disease and other dementias: They demonstrated an association between hearing loss and cognitive decline.
As a result, women tend to go into retirement with fewer assets, less home equity, lower retirement account balances and a higher debt load than men.
Thinking of exit and estate planning in tandem, allows owners to ask relevant questions to bring their entire picture into focus.
We often use the euphemism “getting hit by the bus” to begin the discussion and get our clients thinking about what the reality of that situation would look like, if they were suddenly no longer available.
My father only designated my mom as an agent on power of attorney forms, and they have not been updated in many years. Where do you think we should go from here?
If someone has lost capacity to execute legal documents and has no power of attorney in place or has a power of attorney that is no longer usable (for example, if the named agents are deceased), a guardianship proceeding may be the only recourse.