When deciding how to split your assets among your children at death, there are many different factors to consider. Equality is certainly one of those factors. But it’s not the only factor. Fair doesn’t always mean equal and vice versa.Here are some situations in which some parents might think an equal division isn’t necessarily the fairest result:One of the children has greater need due to no fault of their own.One of the children has won the lottery and has much, much more money than the … [Read more...] about Fair Isn’t Always Equal and Vice Versa
legal education
Staying Current is Especially Important in the Pandemic
President Trump and First Lady Melania Trump announced they tested positive for COVID-19. Around the same time, numerous others at the White House also tested positive. In the United States alone, the pandemic has infected over 7.5 million people and has killed nearly 215,000 of them. Worldwide, the pandemic has infected over 36.5 million people and has killed over a million of them. In today’s pandemic, it’s more important than ever to make sure your estate planning documents are current. It’s … [Read more...] about Staying Current is Especially Important in the Pandemic
Planning Is Important
As Autumn arrives, it’s not too early to consider end-of-year planning. Fundamental to end-of-year planning is deciding whether to shift income or expenses from this year to the next, to the extent possible.All other things being equal, typically you’d want to defer income (and the taxation on it) until the following year. However, if your income is lower in the current year, you may want to keep extra income in the current year to be taxed in a lower tax bracket and hence a lower marginal tax … [Read more...] about Planning Is Important
Chadwick Boseman Demonstrates the Importance of Planning
The star of multiple films, including the blockbuster superhero film “Black Panther,” died on August 28 of colon cancer. “Black Panther” by Marvel was nominated for 6 Academy Awards, including Best Picture. The film grossed over $1.3 billion worldwide. Chadwick Boseman became a role model for millions by playing Marvel Studio’s first Black superhero. Boseman also starred in films portraying real-life heroes, like Jackie Robinson (“42”), James Brown (“Get On Up”), and Thurgood Marshall … [Read more...] about Chadwick Boseman Demonstrates the Importance of Planning
Planning for Incapacity
Every year, many people in the United States are unable to manage their own affairs due to incapacity. They might be young or old. They may have had a gradual decline or a sudden onset. They might have had a stroke, heart attack, or some disabling disease such as Parkinson’s, Alzheimer’s, or COVID-19.If you are incapacitated without having prepared, it can be an ordeal for you and those who care for you. Your loved ones might need to go to court to have you declared incompetent and have a … [Read more...] about Planning for Incapacity
Building Flexibility into Your Plan
When you prepare your estate plan, there are formalities required. In most states, a Will must be signed by the testator (the person whose property is governed by the Will) and that signature must be witnessed by two people and notarized by an official notary. The rules vary a little from state to state. For example, in some states, three witnesses are required. In other states, a Will need not be witnessed by others, as long as it is entirely in the handwriting of the testator and signed by the … [Read more...] about Building Flexibility into Your Plan
The Basics: “HIPAA” Powers
This is the third in a three-part series of articles on Powers of Attorney. The first article examined the Financial Power of Attorney. The second article examined the Healthcare Power of Attorney and Advance Directive. This third article in the series focuses on a “HIPAA” Authorization. These three documents are the keystone in even the most basic estate plan.Earlier in the series, we saw that a Power of Attorney is a document by which you appoint someone as your “Agent” to act on your … [Read more...] about The Basics: “HIPAA” Powers
The Basics: Powers of Attorney for Healthcare
This is the second in a three-part series of articles on Powers of Attorney. The first article examined the Financial Power of Attorney. This second article examines the Healthcare Power of Attorney and Advance Directive. The third article in the series will focus on a “HIPAA” Authorization. These three documents are the keystone in even the most basic estate plan.As outlined in the first article in the series, a Power of Attorney is a document by which you appoint someone as your “Agent” to … [Read more...] about The Basics: Powers of Attorney for Healthcare
The Basics: Financial Power of Attorney
This is the first in a three-part series of articles on Powers of Attorney. This first article examines the Financial Power of Attorney. The second article will address the Healthcare Powers of Attorney. The third article in the series will focus on a “HIPAA” Authorization. These three documents are the keystone in even the most basic estate plan.First, what’s a Power of Attorney? It’s a document by which you appoint someone as your “Agent” to act on your behalf. If that Agent is unwilling or … [Read more...] about The Basics: Financial Power of Attorney
Avoiding Family Chaos in the Coronavirus Age
The novel “coronavirus” (also called “SARS-CoV-2”) causes the disease “COVID-19.” It first appeared in late 2019 and was reported to the World Health Organization (WHO) on December 31, 2019. Here’s a link to the WHO’s site for the latest global information. COVID-19 has impacted the lives of millions of people and countless events around the world.The coronavirus has infected over four million people around the world, including over a million in the United States. It has killed over 80,000 … [Read more...] about Avoiding Family Chaos in the Coronavirus Age
