Estate Planning Articles
Many adult children today find themselves caring not only for their own children but also for their parent. This is a difficult transition for the adult child who has always thought of their parent as strong and independent. It is also difficult for the parent because they need to accept that they are losing some of their faculties and are now vulnerable and in need of assistance. The challenge for the adult child is to know when to move from the traditional role of a child to that of a caretaker for a parent.
Many clients believe that their Will or Trust will govern the distribution of all of their assets upon their death. If you read those documents, they typically sound all-encompassing. However, in reality, assets such as life insurance and retirement plans are contractual arrangements between the owner of the asset and the company administering the insurance policy or retirement plan.
Did you know that the burden is upon you to prove that you have repaid your student loans, and that the government is not subject to any statute of limitations in its efforts to recover payments it believes are due?
For those who are considering purchasing or inheriting a cottage or other vacation property with other people, there are plenty of issues to consider. The practical and legal issues involved can be somewhat daunting when you stop long enough to consider them all. And, you need to determine how far you want or need to go in a legal document to address them. Part of this determination depends upon the parties involved. They may be family or friends. Either way, you will need to anticipate the kinds of issues that can arise and how they will best be resolved.
10 of the most common mistakes people make with respect to estate planning