A poll by TD Wealth asked attorneys, trust officers and accountants this very question. Their answer was family conflict – nearly half were on the same page that this is the biggest threat.
At our law firm, we provide estate planning and asset protection advice to clients in a wide variety of personal and business circumstances. When a client is a business owner, establishing a carefully thought out business succession plan is a key part of the process. Creating such a plan earlier, rather than later, can be a bonus, but at any stage of a business, succession planning can begin.
This is a continuation from our last post on whether a change of beneficiary designation was actually a mistake. In this post, we summarize the facts and discuss the duty of loyalty required in a fiduciary conservator relationship.
Here at our law firm, we advise family members and other interested persons about steps to take when they suspect some kind of abuse may be going on with an elderly loved one. We also represent senior citizens themselves as well as their family members, guardians or conservators who are seeking legal remedies like lawsuits for financial exploitation or for neglect or abuse in a care arrangement.
Cryptocurrency is a concept first introduced in 2009 with the first offering of bitcoin, the most well known virtual currency. Many people do not understand the concept, but it can be an asset with value, so it should be included in the owner’s estate plan. Legal concepts are evolving regarding how cryptocurrency will be passed to heirs or beneficiaries through means like gifts, wills, trusts or by operation of law like other property when someone dies without a will.
The quality of the Smartphone cameras has improved to the point it is hard to lug along the digital SLR. As we document the big and little occasions on these devices, image and video storage often remains digital - a Google photo account, YouTube channel or somewhere else in the cloud. When was the last time you printed anything?
In our last post, we covered questions to discuss with a health care surrogate (the person your appoint to make medical treatment decisions on your behalf through advance directives, such as the medical durable power of attorney). Along the same vein, everyone needs to have a financial power of attorney that authorizes a trusted relative or friend to take over your finances if you cannot.
While it may feel difficult to bring up sensitive issues related to aging, adult children should think carefully about how to facilitate conversations with their parents about the possibility of eventual physical or cognitive decline and about getting their personal and financial affairs in order, sooner rather than later. Doing this while they are healthy allows them to plan for eventualities according to their personal wishes during a calmer stretch of life with plenty of time for thorough planning.
People have been making New Year’s resolutions for 4,000 years since the Babylonians started the practice, according to the History Channel. The beginning of a new year is a time to examine your life to see what steps you may take to make improvements, including things you might have been putting off. For many people, a smart resolution would be to establish or update an estate plan.
This question involves two separate legal practice areas: family law and probate law. In September, the Colorado Court of Appeals ruled that in most situations spousal support/maintenance payments end when the obligor (spouse ordered to pay it) dies.