When you procrastinate with regard to any given responsibility you may recognize the fact that you are taking a risk. Taking risks when you will be the person suffering the consequences should they arise is one thing. But when you gamble with the well-being of your children the situation is far more serious. Everyone should have an estate plan in place, but it is absolutely essential for parents with young children. You may think that you don't have to worry about it because you will be living … [Read more...] about Estate Planning for Parents With Young Children
It is important to plan ahead for the eventualities of aging in a pragmatic manner. It may not be the most pleasant thing to consider, but many people become incapacitated late in their lives. Who would handle your affairs in the event of your incapacitation? This is a question that you can answer yourself if you take the appropriate action. Guardianship Proceedings If you do not plan ahead for the possibility of future incapacity, the state could be petitioned to appoint a guardian to act on … [Read more...] about What Are the Advantages and Disadvantages of a Guardianship?
Incapacity is quite common among elder Americans. This may not be the most pleasant thing to contemplate, but it is a fact of life nonetheless. Who would act on your behalf in the event of your incapacitation? You can actually answer this question yourself. With this in mind, let's look at the difference between a guardianship and a power of attorney. Guardianship Proceedings If you do not take any steps in advance to prepare for the possibility of incapacity, interested parties could … [Read more...] about What’s the Difference Between a Guardianship and a Power of Attorney?
Incapacity planning is an important part of your overall strategy for aging. If you look at it logically, for the most part people do not suddenly pass away without going through a period of ill health. This can often involve losing the ability to make sound personal, medical, and financial decisions. What are the alternatives for managing property when a person becomes incapacitated? In a general sense, you have two options. You can do nothing and allow the state of Connecticut to decide who … [Read more...] about What Are the Alternatives for Managing Property When a Person Becomes Incapacitated?
Comprehensive, holistic estate planning takes every possibility into account and this includes addressing the realities of aging in addition to the distribution of assets after death. The fact is that senior citizens are the most rapidly growing segment of American society, and people are indeed living longer than ever before. It is not the most pleasant thought in the world, but the fact is that many of us go through a period of incapacity before we pass away, and it is important to address … [Read more...] about Guardianship & Conservatorship
A will not only addresses the distribution of your assets, but through Probate can also nominate a guardian for minor children. While there are legalities to consider, it’s important to remember that you are also determining the quality of your children’s lives if you die before they reach the age of 18. Many parents understandably have a difficult time imagining their children without them. But they need to consider many factors for guardianship, including: Similar Values Choosing someone … [Read more...] about Five Important Considerations for Choosing Your Child’s Guardian