As parents age and their physical and mental capacities diminish, it's natural for their adult children to step in and take care of them. Sometimes, their caregiver crosses a line into financial exploitation. In this article, we'll discuss the signs that your elderly parent is being manipulated by their caretaker, and what you can do about it.
There are many reasons why you may want to update your estate plan. If your life, or the law, has changed since you signed your last will and testament or trust agreement, you need to update your document. You can make updates to a revocable living trust by way of an amendment or a complete restatement of the trust agreement. If you have a will, you can make small changes or updates with a codicil. Making too many revisions can make a document confusing. So, when is the best time to completely re-do your estate plan?
Meat Loaf, born Marvin Lee Aday, passed away in January of 2022 at the age of 74. There is no questioning that this rock and roll icon left a hole in the music industry at his death. And there are still unanswered legal questions about the fate of Meat Loaf’s estate. Here is what we know, and what we don't know, about Meat Loaf's estate plan and legacy.
The point of creating an estate plan is to be able to use it when you pass away and/or become incapacitated. By creating an estate plan, this couple avoided the costly probate process.
A life estate, sometimes called a right of occupancy, is a legal agreement that allows a property owner to split their ownership interest. They may use and enjoy the property during their lifetime, and automatically transfer the ownership to another individual at their death. This person is called the remainderman.
If you can no longer manage your affairs, you will need somebody who can act on your behalf. A financial power of attorney (POA) is a legal document that allows someone else to make financial decisions for you if you can't on your own. A springing financial POA gets its name because it 'springs' into action only when you become incapacitated.
In Ohio, your child cannot take your home without your permission while you're still alive. Naming your child as the recipient of your home in your will does not give them any right to your home while you are still living. A will has no real legal significance until you die. It does not change title (ownership) to property during your lifetime. There are, however, some special estate planning tools in which a homeowner gives up their right to the property in exchange for other benefits.
A silent trust eliminates the legal requirement that the trustee tell the beneficiaries about the trust’s existence - for a period of time. High-net-worth individuals who expect to have a taxable estate may want to consider creating a trust. Parents who want to create trusts to transfer wealth but who worry about the effect such large wealth transfers may have on their beneficiaries may want to consider including silent trust provisions.
Domestic partnerships generally don't have the same rights as married couples when it comes to estate planning. The state in which you live, and maybe even the city or county, largely determine domestic partnership rights. Because domestic partnership laws vary so widely, it is important to consult an experienced estate planning attorney. They can help you understand the laws that apply to your situation, and the estate planning you must do to ensure that your significant other will have the rights and benefits you want them to have.
The federal tax code has very specific rules about how much you are allowed to give to others each year—and over the course of your lifetime—in the form of a gift. But not every gift is subject to tax. Learn how you can avoid gift tax via tuition and medical exemptions.
