Estate Planning Articles

Helping Clients Responsibly Leave Wealth to Grandchildren

Posted by Robert L. Arone Estate planning attorneys frequently hear from their clients, “I’d like to leave something to my grandchildren. What’s the best way to do that?” Naturally, grandparents love their grandchildren and want them to succeed in life. And when grandparents are in the twilight of their lives, their hearts often turn to the younger generation with a desire to give them whatever advantages they can, especially if they were unable to give their own children those same advantages when their children were younger. For most grandparents, the best way to provide for their grandchildren is to leave their accounts and property to the grandchildren’s parents to ensure the financial stability of that family unit, thereby indirectly benefiting the grandchildren. In fact, default inheritance laws in nearly every state reflect this common desire to provide first for children and then for the grandchildren in the event that an

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5 Key Questions to Answer When Creating Your Will

By Eric P. Rothenberg, Esq. If you don’t want important decisions to be left up to the state when you’re gone, you need a will. If the idea of creating a will feels like you’re tempting fate, think of it as a road map you’re leaving your family, so they don’t have to stress over making the right decisions on your behalf. First, you need to understand the differences between a living will and a last will and testament, usually referred to as a will. These are two different documents that serve different purposes. A living will allows you to state your wishes in the event you cannot communicate and is only effective if you are alive. This is a legal document which outlines which life support services you approve or disapprove of in certain situations and removes the difficulty of such decisions from your children or other heirs. It

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Why Does Estate Planning Matter to Your Clients?

Posted by Robert L. Arone In 2008, Congress recognized the need for the public to understand the importance and benefits of estate planning by passing House Resolution 1499, which designated the third week of October as National Estate Planning Awareness Week. Nevertheless, according to a 2019 survey carried out by Caring.com, 57% of adults in the United States have not prepared any estate planning documents such as a will or trust despite the fact that 76% viewed them as important. Many of the respondents said this was due to procrastination, but many others mistakenly believed that it was not necessary because they did not have many assets. Estate Planning Awareness Week is a great reminder of the need to explain what estate planning is to your clients and why it is crucial for them not to delay putting an estate plan in place, regardless of the size of their estate. What

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How seniors can keep busy by working from home

Posted by Gerald J. Turner – Working Americans often dream of the day when they can retire and wind it down after decades of punching a clock. But this is to be expected — who would not want to rid themselves of the daily rat race which probably includes getting up early dressing in uncomfortable clothes, and fighting traffic on the daily commute? But when the time finally comes, many seniors find that something unexpected occurs. They miss the sense of purpose and social interaction they received from working every day. For these people, and for seniors whose financial situation necessitates it, returning to work is a way to feel great and earn extra money on the side. Many retirees have found it a positive experience to work from home. Working from home can alleviate numerous stressors of working life, including the grind of driving to and from work, and

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Conservators, guardianship, and durable powers of attorney

Conservators, guardianship, and durable powers of attorney – what are the differences, which ones do I need, and why should I care? Each of these tools allows a person to make decisions for another individual whom may or may not be able to make decisions for themselves. Conservator A conservator is a person appointed by a Court to control the financial and personal affairs of an adult who can not adequately do so for themselves. An adult may voluntarily allow someone to act as conservator. In the alternative, a conservator may be appointed by the court if an incapacitated adult cannot or refuses to agree. The court may designate a relative or friend to act as conservator, but in cases of family strife or in the absence of a suitable person, a disinterested party like an attorney or social worker may be appointed. Guardian In some jurisdictions, conservators are called

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