Most people, at some point in their life, execute a power of attorney. A power of attorney is an extremely useful, and flexible, legal document that can be used to accomplish a variety of estate planning objectives. While a power of attorney can be a beneficial addition to your estate plan, it is imperative that you have a clear understanding of what you are signing and the power your signature confers on the Agent. In addition, you need to know the difference between a general and a limited … [Read more...] about What Is the Difference between a General and Limited Power of Attorney?
Just as most people prefer not to think about their inevitable death, people often prefer not to dwell on the fact that they will eventually start showing physical and mental signs of the natural aging process. While dwelling on it may not be necessary, planning for it is if you wish to avoid losing your life savings to the high cost of long-term care. To understand why it is so important to plan ahead it helps to understand how nursing home costs can impoverish you and your … [Read more...] about How Nursing Home Costs Can Impoverish You and Your Spouse
If you have a parent or other elderly loved one who is showing signs of being unable to safely care for himself/herself it may be time to consider filing for guardianship. Making the decision to seek guardianship over a parent, in particular, is not easy at it often feels like you are taking away his or her independence. Keep in mind, however, that failing to do so could result in serious harm to your parent or could allow your parent to become the target of those who prey on the elderly and … [Read more...] about How to File for Guardianship in South Carolina
Like most people you would likely prefer not to think about the possibility of becoming incapacitated at some point in your life. Unfortunately, however, incapacity can strike anyone at any time. While incapacity can be the result of an old age dementia disease such as Alzheimer’s, it can also be caused by a tragic collision or catastrophic workplace accident. If you do suddenly become incapacitated, who will manage your assets? Are there alternatives for managing property when a person becomes … [Read more...] about Are There Alternatives for Managing Property When A Person Becomes Incapacitated?
You have probably been told how important it is to create an estate plan, or at least to execute a Last Will and Testament. If, despite being told how important it is, you have yet to create and estate plan it may be because you don’t understand why it is so important. Once you have a better understanding of what will happen to your property if you die without a Will or trust in South Carolina you will likely decide it is time to work on your estate plan. People frequently make the mistake of … [Read more...] about What Will Happen to Your Property If You Die without A Will or Trust in South Carolina?
Do you already have a comprehensive estate plan in place? If so, you are in a better position than the majority of adults in the United States. That does not, however, mean you should get complacent. On the contrary, the success of your estate plan will depend not only on the plan existing, but on the plan being current and up to date as well. If you have not updated your plan recently, now is the perfect time for updating your estate plan. A well drafted an implemented estate plan provides … [Read more...] about Updating Your Estate Plan – Why the End of the Year Is the Perfect Time
There is more to estate planning than executing a last will or a trust to arrange for the distribution of your financial assets to your family members after you die. It is a good idea to discuss everything with an experienced estate planning attorney so that you are certain that you are taking care of all the details. If you were to do this your lawyer would ask you about your preferences when it comes to final arrangements. You can execute a document called an authorization for final … [Read more...] about Have You Included an Authorization for Final Disposition?
The United States Census Bureau issued a report back in 2010 that contained some data that is very relevant to those who are interested in elder law, retirement planning, and estate planning. Your anticipated longevity is going to be a very important piece of information to work with when you are attempting to come up with a budget for your retirement years. And of course, if you have specific ideas regarding what you would like to be able to do for your loved ones after you pass away this is … [Read more...] about Take Increasing Longevity Into Account When Planning Ahead
The big financial news that was on everyone's mind at the end of the year involved the possibility of the United States going over what was being called the "fiscal cliff." If the powers that be did not come up with some type of new legislation certain tax increases and spending cuts would have been implemented. One of these tax increases would have been applied to the federal estate tax. The maximum rate of the tax was scheduled to rise from 35% to 55%, and the exclusion would have gone down … [Read more...] about Budget Compromise Changes Estate Tax Rate
We all hear about "risk/reward" equations. Ask yourself this: What is the reward when you go through life without an estate plan as the parent of a young child or children? And, what exactly is the risk? It's hard to find any type of reward that goes along with failing to plan ahead for the well-being of your children. When you hear about a very challenging situation that could have been easily avoided with some simple advance planning it is quite sad to say the least. On the other side of … [Read more...] about Have You Taken Action to Protect Your Young Children?