We look around us and we see the changing face of America. Americans are living longer now than ever before. According to the National Center for Health Statistics, the average life expectancy at birth is now 77.2 years. The life expectancy has ratcheted up gradually from 59.7 years in 1930. This, combined with an increased rate of divorce, results in more marriages per individual and more blended families. Let’s look at a typical situation. Susan and Mike have been married for 5 … [Read more...]
When Harry Met Sally: A Lesson in Preventing Family Discord
The American Declaration of Independence begins “We hold these truths to be self-evident, that all men are created equal . . .” While this may hold true for people and their rights, all Trusts are not created equal. Seemingly small differences in wording can make a big difference in reality. For example, one Trust may have a “No Contest” clause while another Trust might not. A No Contest clause provides that if someone unsuccessfully contests the validity of the Trust, negative consequences … [Read more...]
Tips to Help Siblings Avoid or Resolve an Estate Battle
KEY TAKEAWAYS Sibling disputes over assets in a parent’s estate can be avoided by taking certain steps both before and after the parent dies.Strategies parents can implement include expressing their wishes in a will, setting up a trust, using a non-sibling as executor or trustee, and giving gifts during their lifetime.After a parent dies, siblings can use a mediator, split the proceeds after liquidating assets, and defer to an independent fiduciary. Read the full article here … [Read more...]
Special Considerations for Divorced Parents AND BLENDED FAMILIES
It’s no secret that the divorce rate in the US has continued to skyrocket over the years. Now, some of you reading this might be single, divorced or part of a blended family, and even if you’re not, given the statistics, there is a good chance that you or someone you know could end up in one of these circumstances. We aren’t trying to be a killjoy, we just want you to be prepared for the unexpected, and ultimately make sure your exact wishes are carried out, no matter your situation. Let’s … [Read more...]
9 Things Every Divorcee Should Do NOW
Recently divorced? Take back control by eliminating your "ex" from those old estate planning records. Give your divorce arrangement to your estate planning attorney. Your attorney needs to understand any obligations you have to your ex-spouse in the event of your death. Update your medial power of attorney. Your medical power of attorney lets you name someone to legally make health care decisions for you if, for instance, you were in an auto crash or had a health crisis and were not able … [Read more...]
