A recent court decision stating that children do not have the legal standing to sue on behalf of their parents, simply by being their child and closest family member, reiterates the need for older parents and their adult children to engage in basic planning for the possibility of the parent experiencing a loss of capacity, or even diminished capacity, which could leave the parent vulnerable to exploitation. » Read More
The COVID-19 pandemic has altered our daily lives. Social distancing measures advanced by the CDC (i.e., maintaining six feet of distance, no group gatherings, wearing masks outside, setting aside documents traveling in the mail for 2-3 days to allow the virus to die on surfaces) are designed to slow the spread of the virus by flattening the curve and keep us safe. » Read More
We have all heard the expression about the “poor man’s will” being created by adding children or spouses as joint owners of one’s assets, including bank accounts.
The rationale is that this avoids the judicial probate process by having all of one’s assets pass outside of probate, according to the joint designation. » Read More
Let’s face it, forcing yourself to contemplate your own demise and make a Will is, to most of us, unsettling at best. Add to that the need to plan your own funeral and it’s enough for many people to avoid all of it entirely. » Read More
We all know how important it is to have a will. Yet, we see one celebrity after another, with substantial estates and who could pay to receive the best advice, die without one. Until recently, the law viewed the issue as an “either/or” – either you had a validly executed will when you died, or you did not, in which case your assets passed by the laws of intestacy, which were intended to reflect traditional expectations of how a person would want his assets to pass (first to his spouse, then to his children, etc.). » Read More
The care of an elderly parent can present an existential threat to family harmony and unity even in the closest of families. Even in large families where caregiving responsibilities can ostensibly be shared equitably, it is not uncommon for one or more children to shoulder much more of the burden than the others. » Read More
Among the many issues that factor into whether a loved one should start receiving nursing-home care is the cost, especially when the need for this level of care develops quickly or is unexpected. At some point during this time, when emotions are running high and it seems decisions must be made quickly, the facility may present you, as well as your family member, an admissions agreement that must be signed as part of your family member’s admission to the facility. » Read More
You don’t need to be a tax lawyer or accountant to appreciate the government’s heightened efforts to crack down on tax fraud and money laundering. Trust and estate beneficiaries need to be aware that those efforts may now impact them as well. » Read More
It’s a common scenario- a couple gets married, each having children from a prior relationship. They each set up their Wills to provide for the surviving spouse and then for all their children, collectively, when they are both gone. The understanding is that when one dies, the survivor will not modify or revoke the survivor’s Will in a way that diminishes the inheritance of the children of the spouse who dies first. » Read More
