In pop culture news, one of the biggest stories currently circulating is Britney Spears’ conservatorship. According to the courts, her conservatorship has been in place since 2008. This high-profile case has brought a little-understood piece of US law into the spotlight: the role of conservatorships.
Many Americans believe that an estate plan consists of nothing but a will. While it is possible for some persons to benefit from simple wills, most people would benefit from a more complex estate plan to better suit their financial wants and needs.
Long-term care planning often presents a lot of financial difficulty to families. In fact, estimates from the National Institute of Health state that over 40% of persons who live to the age of 70 will spend at least some amount of time in a nursing home before they die.
One of the most important conversations to have as a family is how to handle the finances of aging loved ones. Naturally, most individuals wish to maintain personal control over their assets for as long as possible; however, incapacity at old age is a reality. If your loved one loses the ability to make decisions, somebody will need to make those decisions in their stead.
Given how difficult it has been to travel over the past year, we would not blame you if you were looking forward to returning to a jet-setting lifestyle. But whether it is your first time taking to the skies or if you are finally setting out on that road trip you have always dreamed of, it is vital to prepare.
Rest assured that you are not expected to get to work as the executor or trustee of a living trust the day after your loved one dies. Keep in mind that most tasks related to a person's estate are not actual emergencies and you can take the time you need to grieve. You will have space to make plans for memorial services and other related events.
Managing appreciated assets can be a challenge for multiple reasons. If you are looking to take an appreciated asset and turn it into retirement income or benefits for your children and grandchildren, your first thought might be to sell the asset and reinvest the money into something else.
If you are a veteran or married to one, it is vital that you understand the many benefits that potentially come along with your status. For veterans that qualify, Aid and Attendance can enhance the pension that you received from the US government and help you manage health care expenses. Both veterans and surviving spouses are eligible for Aid and Attendance.
The period of time directly after a loved one's death is stressful. If the deceased named you in charge of their trust in the state of California, an additional responsibility you have is controlling the trajectory of the trust.
There are millions of Americans without a Last Will and Testament, which presents huge potential problems for families of all kinds. Even if you do not hold much in the way of assets, it is still wise to at least have a simple Will on hand to ensure that the probate courts can disseminate your estate as efficiently as possible. Failure to do so can lead to lingering family repercussions, such as in the case of Wilbur Fox's estate.