Mary and her mother, Louise, have just met with Louise’s estate attorney. Louise wanted to update her living will (advanced directives) and healthcare power of attorney. Louise has not updated these documents in thirty years, and her wishes have changed. She plans to move into an assisted living facility within the next six months and […]
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Mike S. is a 40-year-old venture capitalist who fell on the wrong side of the law. He faces a two-year incarceration and needs to make some financial plans for his wife, a stay-at-home caregiver, and two minor children. Mike has several concerns, including paying the bills for his family and business, providing his family with […]
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A right of first refusal (ROFR) is a legal tool that can be applied to an estate plan for specific properties under certain types of circumstances. The following example helps to illustrate the way this legal tool is used and why it might be appropriate for your situation. Family Farm Roger and Sally have owned […]
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The notion of “fairness” often drives family dynamics during the child-rearing years, and this concept often continues to play a strong role as parents age. The dynamics that are established at this point often carry on beyond death when decisions about property divisions arise. The law addresses different notions of fairness with a variety of […]
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Who has the potential to be sued? Everyone. If you drive a car and get into an accident or if someone has an accident on your property, you may be sued. If you are in a profession, such as the medical, legal, or business professions, among others, each decision you make has the potential to […]
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A trust is an important estate planning tool that can protect your assets and distribute them to your loved ones according to your wishes after you pass away. When a trust is created, the trustmaker appoints someone else (the trustee) to manage the accounts and property placed inside the trust for the benefit of the […]
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Does looking back at 2020 bring on a feeling of panic? What happened? An unforeseen viral pandemic spread globally and brought financial destruction in its wake. Economists estimate that the pandemic’s total cost was more than $16 trillion in the U.S. alone. Each family of four had an estimated financial loss of $200,000.1 That, or […]
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When snowbirds start feeling cooler weather, they hit the road and head south. If you’re traveling with the flock, keep these “estate planning for snowbirds” considerations in mind as you pack your things. What is happening in your destination state? We are still in the midst of a pandemic, so check-in and do some research […]
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According to the National Center for Education Statistics (NCES), in the 2023–2024 academic year, the average tuition and fees for a public four-year institution were $8,878; $32,575 for a private nonprofit four-year institution; $4,072 for a public two-year institution; and $17,786 for a private nonprofit two-year institution. If you’re saving for school to pay tuition […]
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Funding a College Education: Don’t Be Overwhelmed by the Options New parents focus on milestones such as first steps and first words, not funding a college education. Investing in your child’s college education early in life can pay off in the long run. Each plan has a different menu of benefits and restrictions. It is […]
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