Tuesday, January 24, 2012

Common error: We will die at the same time

One of the most common error in the trusts is that couples assume they will die at about the same time. When one of the couple survives by years and the survivor needs to have access to the assets without family interference. It is amazing how many times an adult child will say she wants her deceased's parent's half of the funds and wants to keep money from the surviving parent -- or argues about how the money was spent after they both died. A trust needs enough flexibility to protect the couple whether one survives the other for years or if they pass at about the same time.

Friday, January 6, 2012

New Year Time for Resolutions to Have Powers of Attorney

The courts have made guardianships and conservatorships more complicated and expensive with new rules which were intended to limit court costs and attorneys fees. Avoid having the court in your business or health care, by having your own health care powers of attorney and financial durable powers of attorney. When I prepare powers of attorney, I cover concerns that have arisen with other clients such as when we deal with banks and hospitals, not just the the statutory requirements.